Banking, Recovery and Insolvency
IBC proceedings, SARFAESI action, debt recovery and cheque dishonour.
What is banking, recovery and insolvency practice?
This practice covers the recovery of debts and the legal process that follows default. Atreya Legal represents creditors, corporate debtors, guarantors and resolution applicants under the Insolvency and Bankruptcy Code, 2016, and acts in SARFAESI, Debts Recovery Tribunal and cheque dishonour proceedings.
- Practice group
- Corporate and tax
- Principal statute
- Insolvency and Bankruptcy Code, 2016
- Heard before
- National Company Law Tribunal and Appellate Tribunal, Debts Recovery Tribunal and Appellate Tribunal, Magistrate courts
- Advocate
- Adv. Bhawani Shanker Atrey
What the practice covers
Corporate insolvency
Applications under Sections 7, 9 and 10 of the Code and representation during the resolution process.
Claims and resolution plans
Filing and defending claims, and advice to resolution applicants.
Personal guarantors
Insolvency proceedings against guarantors of corporate debt.
SARFAESI action
Objections to demand notices and applications under Section 17 before the Debts Recovery Tribunal.
Debt recovery
Original applications by banks and financial institutions and defences by borrowers.
Cheque dishonour
Complaints and defence under Section 138 of the Negotiable Instruments Act, 1881.
Statutes and courts
Governing statutes
- Insolvency and Bankruptcy Code, 2016
- SARFAESI Act, 2002
- Recovery of Debts and Bankruptcy Act, 1993
- Negotiable Instruments Act, 1881
Courts and authorities
- National Company Law Tribunal and Appellate Tribunal
- Debts Recovery Tribunal and Appellate Tribunal
- Magistrate courts
- High Courts
Common questions on insolvency matters
What is the minimum default to start corporate insolvency?
One crore rupees. The Central Government raised the threshold under Section 4 of the Insolvency and Bankruptcy Code from one lakh rupees to one crore rupees by notification dated 24 March 2020.
How does a borrower challenge possession under SARFAESI?
By an application under Section 17 of the SARFAESI Act before the Debts Recovery Tribunal, within forty-five days of the measure taken by the secured creditor under Section 13(4).
Discuss a insolvency matter with the firm.
Write or call with a short account of the facts and the papers you hold. The firm will tell you whether it can act and what the first step is.