JSC Energony, a global energy solutions provider, sought advice on potential remedies against an Indian entity under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Majmudar & Partners provided legal counsel, guiding JSC Energony through the complexities of Indian insolvency law and exploring the best course of action to protect its interests.
Assistance with Dispute Resolution
Majmudar & Partners’ key contributions included:
- Legal Analysis of Claims: Conducted a thorough analysis of JSC Energony’s claims against the Indian entity to determine their enforceability under Indian insolvency law. Identified the entity’s financial position, including its status as a corporate debtor under the IBC.
- Advice on Remedies under the IBC: Explained the statutory framework of the IBC to JSC Energony, detailing available remedies such as initiating corporate insolvency resolution proceedings (“CIRP”) and implications of participating in a CIRP as an operational or financial creditor.
- Drafting and Filing Applications: Assisted in preparing the requisite documentation, including demand notices under Section 8 of the IBC. Provided strategic guidance on initiating CIRP before the National Company Law Tribunal (NCLT) to recover dues effectively.
- Resolution Process: Advised JSC Energony during CIRP, including in respect of its participation in the Committee of Creditors’ meetings if insolvency proceedings were admitted. Evaluated potential recovery scenarios and provided recommendations on negotiating a settlement with the debtor.
Majmudar & Partners’ detailed understanding of the Indian insolvency framework enabled JSC Energony to make informed decisions and pursue effective remedies to secure its interests.
With a proven track record in handling insolvency and dispute resolution matters, Majmudar & Partners offers expert legal solutions for businesses navigating the complexities of the Insolvency and Bankruptcy Code. Contact us today to explore how we can help protect your commercial interests in India.