SKILL ROADMAP 47 · SPECIALISED LEGAL FIELDS
Insolvency and Bankruptcy
IBC basics → Corporate insolvency process → Claims → Resolution plans → Liquidation → Litigation before tribunals
Track your progress
- This roadmap has 6 steps, 3 checkpoints and 2 projects.
- Open the interactive version to tick checkpoints and projects. Your progress is saved in your browser.
1 What this path is
Insolvency lawyers handle what happens when businesses or individuals cannot pay their debts, mainly under the Insolvency and Bankruptcy Code 2016.
2 Who this path may suit
The work involves litigation before NCLT and NCLAT, detailed process work and close work with creditors and professionals.
3 The roadmap, step by step
- Learn the IBC basics.
Learn: the Code's structure and the roles of NCLT, NCLAT and the IBBI.
Practise: by charting the key players in an insolvency case. - Learn the corporate insolvency process.
Learn: how financial and operational creditors start the process and the timelines involved.
Practise: by drafting an application by an operational creditor. - Learn claims.
Learn: how claims are filed and verified.
Practise: by preparing a claim on imaginary facts. - Learn resolution plans.
Learn: the committee of creditors and how plans are approved.
Practise: by analysing a reported resolution plan approval. - Learn liquidation.
Learn: the liquidation process and the distribution waterfall.
Practise: by applying the waterfall to an example. - Litigate before tribunals.
Learn: NCLT and NCLAT practice and leading Supreme Court decisions.
Practise: by writing a case comment.
4 Your levels and checkpoints
Beginner level
- Explain the corporate insolvency process
Intermediate level
- Draft an insolvency application
Advanced level
- Handle tribunal hearings and advise creditors
Advanced professional level
You handle complex insolvency matters independently. Some go on to qualify as insolvency professionals through the IBBI's process. Check the current eligibility.
These checklists are for honest self assessment. They are not an official certification.
5 Build these projects
- An insolvency application
- A waterfall analysis
6 Internship direction
Look for insolvency teams, NCLT practitioners and insolvency professionals.
7 Portfolio evidence
Applications, analyses and case comments.
8 Common mistakes
- Ignoring strict timelines under the Code