IBC Petition Filing: Mastering CIRP Initiation Procedures

Course Description

This intensive 5-day course provides a comprehensive understanding of filing insolvency petitions under the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP). Participants will gain practical knowledge on petition types, documentation requirements, NCLT procedures, and best practices for successful CIRP initiation.

Learning Objectives

• Understand the legal framework and key provisions of IBC related to CIRP initiation
• Master the process of filing petitions as financial creditors, operational creditors, and corporate applicants
• Learn to prepare and submit required documentation for CIRP petitions
• Gain insights into NCLT procedures, timelines, and potential challenges in petition filing
• Develop strategies to navigate common pitfalls and increase chances of petition admission

Course Modules

Day 1: Introduction to IBC and CIRP

• Overview of IBC and its objectives
• Understanding CIRP and its significance
• Key stakeholders in the CIRP process
• Grounds for initiating CIRP

Day 2: Petition Filing by Financial Creditors

• Eligibility criteria for financial creditors
• Documentation requirements for Form 1
• Supporting evidence and financial records
• Procedural steps for filing Form 1

Day 3: Petition Filing by Operational Creditors

• Demand notice and invoice requirements
• Preparing Form 3 and Form 5
• Dealing with disputed debts
• NCLT filing procedure for operational creditors

Day 4: Corporate Applicant Petitions

• Eligibility as a corporate applicant
• Board resolution and special requirements
• Preparing Form 6 and supporting documents
• Strategies for successful corporate applicant petitions

Day 5: NCLT Procedures and Best Practices

• Understanding NCLT timelines and processes
• Drafting effective applications and affidavits
• Responding to objections and disputes
• Best practices for increasing petition success rates

Practical Wins for Participants

• Ability to independently prepare and file CIRP petitions for various creditor types
• Enhanced understanding of NCLT procedures to navigate the petition process efficiently
• Improved skills in gathering and presenting compelling evidence for CIRP initiation
• Strategies to overcome common challenges and increase petition admission rates