What is the NCLT's role in a merger scheme under Section 232?

Under Companies Act 2013 Section 232, the NCLT oversees the entire merger scheme process: the company first applies to NCLT for directions to hold creditor and shareholder meetings; the tribunal reviews whether the scheme is fair and not contrary to public interest; after meetings, the approved scheme is presented to NCLT for sanction; the sanction order is filed with the ROC. CS professionals manage every step of this process — preparation of the scheme document, filing the tribunal petition, coordinating meetings, and filing with the ROC.

How many days does a CIRP take under IBC 2016?

The CIRP must be completed within 180 days from the date of admission of the application (with a possible 90-day extension by NCLT, subject to 66% CoC approval), and a further extension if the matter is sub judice. The Supreme Court has interpreted the outer limit as 330 days including all litigation periods, though courts have allowed exceptions. The Insolvency Law Committee has proposed further timeline revisions — check the latest IBBI amendments for the current framework applicable to November 2026.

CS Professional Corporate Restructuring, Valuation and Insolvency Classes

BrowseCS Professional Environmental, Social and Governance (ESG) - Principles and Practice CS Professional Drafting, Pleadings and Appearances CS Professional Compliance Management, Audit and Due Diligence CS Professional Elective Paper 1 CS Professional Strategic Management and Corporate Finance CS Professional Elective Paper 2 All CS Professional Classes

0 classes

No classes match your filters

Try removing a filter or searching something else.

What students say

Real reviews from CS Professional Corporate Restructuring, Valuation and Insolvency aspirants on ClearLevel

“The CS Professional Corporate Restructuring, Valuation and Insolvency faculty here are exceptional - every concept is exam-oriented and crystal clear.”

Ananya Rao

Delhi

★ 5.0

“Cleared my CS Professional Corporate Restructuring, Valuation and Insolvency attempt in the first go. The content and 24-hour doubt support are top class.”

Rohit Mehta

Pune

★ 5.0

“Great structure and pace for CS Professional Corporate Restructuring, Valuation and Insolvency. The free previews helped me choose with confidence.”

Sneha Patel

Surat

★ 4.0

“Best value for CS Professional Corporate Restructuring, Valuation and Insolvency preparation - always-updated content with flexible options.”

Karan Verma

Jaipur

★ 5.0

“Doubt solving within hours genuinely kept me on track for CS Professional Corporate Restructuring, Valuation and Insolvency. Highly recommend ClearLevel.”

Ishita Nair

Kochi

★ 5.0

“The notes and chapter tests for CS Professional Corporate Restructuring, Valuation and Insolvency are gold. Felt fully prepared walking into the exam.”

Aditya Joshi

Indore

★ 5.0

“Loved that I could compare options and read genuine reviews before buying my CS Professional Corporate Restructuring, Valuation and Insolvency material.”

Megha Shah

Ahmedabad

★ 4.0

“Affordable, modern and super smooth on the app. Made CS Professional Corporate Restructuring, Valuation and Insolvency far less stressful for me.”

Pranav Iyer

Chennai

★ 5.0

CS Professional Paper 6 - Corporate Restructuring, Valuation and Insolvency

Syllabus note: under the ICSI New Syllabus 2022 this paper was renamed from "Corporate Restructuring, Insolvency, Liquidation and Winding Up" to "Corporate Restructuring, Valuation and Insolvency". The significant addition is business valuation - valuation approaches, methods and the registered valuer framework under the Companies Act - which sits alongside the restructuring and IBC content.

This is the most transactionally intensive paper in CS Professional — it covers the full lifecycle of corporate transactions from voluntary restructuring to involuntary insolvency, making it directly relevant to M&A advisory, insolvency professional work, and corporate restructuring practice. It is a 100-mark paper.

Corporate Restructuring

Mergers and Amalgamations — Types (horizontal, vertical, conglomerate), objectives, merger process under Sections 230–232 of Companies Act 2013, NCLT's role, creditor and shareholder meetings, scheme sanction
Demergers and Spin-offs — Demerger mechanism under Section 232, tax neutrality conditions under Income Tax Act Section 2(19AA), accounting treatment
Cross-Border Mergers — Section 234 of Companies Act and Companies (Compromises, Arrangements and Amalgamations) Rules 2016, RBI approval, foreign merger structures
Takeovers — SEBI SAST 2011 — mandatory and voluntary open offer, creeping acquisition limits, open offer process, competing bids, SEBI review
Disinvestment — Government disinvestment policy, strategic and financial disinvestment, DIPAM framework
Private Equity and PIPE transactions — PE investment structures, CCPS (Compulsorily Convertible Preference Shares), anti-dilution mechanisms
Management Buyout (MBO) and Leveraged Buyout (LBO) — Structure, financing, CS secretarial obligations in MBO/LBO

Insolvency and Bankruptcy Code 2016

CIRP — Initiation by financial creditor (Section 7), operational creditor (Section 9), corporate debtor itself (Section 10)
Moratorium — Scope and implications for company operations
Insolvency Resolution Professional (IRP) and Resolution Professional (RP) — Appointment, powers, duties
Committee of Creditors (CoC) — Constitution, voting (minimum 66% for resolution plan, 75% for critical decisions)
Resolution Plan — Approval by CoC, NCLT confirmation, IBBI regulation
Liquidation — Waterfall mechanism (Section 53), liquidation estate, avoidance transactions (preference, undervalue)
Pre-packaged Insolvency Resolution Process (PIRP) — For MSMEs, pre-negotiated resolution plan submission

Frequently asked questions

Everything about CS Professional Corporate Restructuring, Valuation and Insolvency classes on ClearLevel

Still have questions? Talk to a course counsellor