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Q: What is the adjective that lawyers use to describe Fridays when there are no court proceedings?
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The National Company Law Tribunal (NCLT) is a specialized forum in India that is critical in corporate insolvency resolution. As per the Insolvency and Bankruptcy Code (IBC), 2016, the NCLT adjudicates insolvency and liquidation proceedings against corporate debtors. The role of NCLT lawyers in corporate insolvency resolution is paramount. The NCLT lawyers help the clients navigate the complex insolvency proceedings and ensure that their interests are safeguarded at every step of the process. They assist in drafting and filing the insolvency petition, representing the clients before the NCLT, and negotiating with creditors and other stakeholders. The NCLT lawyers also help in the formation and functioning of the committee of creditors (CoC), which is responsible for approving or rejecting the resolution plan submitted by the resolution applicant. They assist the CoC in evaluating the feasibility and viability of the resolution plan and ensure that it is in the best interests of all stakeholders. Furthermore, NCLT lawyers play a crucial role in the liquidation proceedings of corporate debtors. They help appoint a liquidator, the realization of assets, and distribution of proceeds to the stakeholders as per the priority specified in the IBC. NCLT lawyers play a vital role in corporate insolvency resolution in India. They help clients navigate complex insolvency proceedings and ensure that their interests are safeguarded at every step of the process. Their expertise is crucial in ensuring the smooth functioning of the insolvency and liquidation proceedings and the protection of the rights of all stakeholders involved.


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