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Search results: Insolvency and Bankruptcy Code, 2016

Arbitration

Overlap between insolvency code and arbitration law

By Charanya Lakshmikumaran and Puneeth Ganapathy, Lakshmikumaran & Sridharan
Arbitral awards are treated as orders of a court and can be enforced as such, under the Civil Procedure Code, 1908 (CPC), subject to defences under the Arbitration and Conciliation Act, 1996. The Insolvency...
insolvency

Reverse insolvency to the rescue in housing projects

The National Company Law Appellate Tribunal (NCLAT) in Flat Buyers Association Winter Hills – 77, Gurgaon v Umang Realtech Pvt Ltd & Ors, brought by disaffected flat buyers of the Winter Hills project represented...
insolvency

NBFCs brought under purview of insolvency code

By Anisha Shroff and Sharanya Kundu, Samvad Partners
With the introduction of a codified law on insolvency and bankruptcy processes, restructuring jurisprudence entered a new era. While the new law focused on rehabilitating and restructuring stressed companies, restructuring processes involving financial service...
pmla

Harmonizing IBC and money laundering laws

By Ashwin Mathew and Gopal Machiraju, Lakshmikumaran & Sridharan
The interplay between the Insolvency and Bankruptcy Code, 2016 (IBC), and the Prevention of Money Laundering Act, 2002 (PMLA), has been the subject of much debate. In light of multiple conflicting decisions of various...
insolvency

Insolvency rules issued for financial services providers

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The presence of insolvency rules for non-financial companies in the form of the Insolvency and Bankruptcy Code, 2016 (IBC), and the lack of similar rules for financial companies led to a peculiar dichotomy. The...
claims

Resolution of disputed claims in insolvency process

By Charanya Lakshmikumaran and Gopal Machiraju, Lakshmikumaran & Sridharan
One of the key issues in the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (code), is the status and resolution of disputed claims. This has now been set to...
insolvency

Insolvency and related considerations for directors

By Shivaji Bhattacharya and Prateek Sharma, S&R Associates
Directors of a company in financial difficulty should be aware that their conduct may be subject to close scrutiny if the company falls into insolvency under the Insolvency and Bankruptcy Code, 2016, as amended....
proprietary

Sole proprietary concerns cannot file insolvency petitions

The National Company Law Tribunal (NCLT), Delhi in a recent judgment held that insolvency proceedings cannot be initiated by sole proprietary concern as the “sole proprietary concern” is not a person within the meaning...
Abhishek Dutta, Vineet Shrivastava and Aayushi Agarwal, Aureus Law Partners

Recent amendments to insolvency regulations

By Abhishek Dutta, Vineet Shrivastava and Aayushi Agarwal, Aureus Law Partners
With the introduction of The Insolvency and Bankruptcy Code (Amendment) Bill, 2019, on 24 July 2019 in the Rajya Sabha, the government has sought to amend the Insolvency & Bankruptcy Code, 2016. Earlier, the...
demergers

Choosing between business transfers and demergers

By Natashaa Shroff and Taranjeet Singh, Shardul Amarchand Mangaldas & Co
Until 2015, demergers were a popular form of divestment, where the business would be transferred under a court approved scheme as a going concern to the acquirer. Despite the fact that a typical scheme...
creditors

Creditors browbeat debtors with bankruptcy threat

By Supriya Majumdar, Vidhii Partners
“When secured creditors like the respondent are driven from pillar to post to recover what is legitimately due to them, in attempting to avail of more than one remedy at the same time, they...
Deccan Chronicle

Many hurdles in Deccan Chronicle insolvency

The legal team that advised on the Deccan Chronicle Holdings insolvency had to contend with multiple issues and challenges. The National Company Law Tribunal (NCLT) approved the resolution plan put forward by SREI Multiple...
think big

Historic mandate

Challenges abound as India’s new government takes charge Applause for the efficient running of the recent elections has been loud and long. With 900 million potential voters, 12 million polling workers and a million polling...
insolvency

Insolvency code: Judicial trends

By Abhishek Tripathi and Avantika Shukla, Sarthak Advocates & Solicitors
Abhishek Tripathi and Avantika Shukla look at role of adjudicating bodies in IBC's evolution The Insolvency and Bankruptcy Code, 2016 (IBC), is considered to be among the biggest achievements of the National Democratic Alliance (NDA)...
insolvency

Investing through insolvency code

By Sanjay Asher and Nikhil Kaul, Crawford Bayley & Co.
IBC has created opportunities for equity and debt investors alike, write Sanjay Asher and Nikhil Kaul The Insolvency and Bankruptcy Code, 2016 (code), notified by the government of India in May 2016, was in response...
labour laws

SC weighs in on interplay of labour laws and IBC

By Abhishek Dutta and Vineet Shrivastava, Aureus Law Partners
India as a welfare state has enacted various labour laws in order to ensure the protection and promotion of the social and economic status of workers and the elimination of their exploitation. Under the Indian...
Trade unions are operational creditors under insolvency code

Trade unions are operational creditors under insolvency code

The Supreme Court, in the recent case of JK Jute Mill Mazdoor Morcha v Juggilal Kamlapat Jute Mills Company Ltd through Its Director & Ors, held that a trade union can file as an operational...
Abhishek Dutta, Vineet Shrivastava and Manish Parmar, Aureus Law Partners

IBC: Law of guarantees and corporate insolvency process

By Abhishek Dutta, Vineet Shrivastava and Manish Parmar, Aureus Law Partners
The National Company Law Appellate Tribunal (NCLAT), in its recent ruling in the case of Vishnu Kumar Agarwal v Piramal Enterprises Ltd, while examining the validity of an application made under section 7 of...
Avinash-Kumar-Khard-HSA-Advocates - 副本

Rescue financing: Helping hand for entities in distress

By Avinash Kumar Khard, HSA Advocates
Super priority lending (also known as rescue financing) has been recognized in many jurisdictions. In India, it has now been expressly covered, to some extent, under the Insolvency and Bankruptcy Code, 2016 (IBC). It...
Karthik Somasundram and Shreya Gupta, Bharucha & Partners

Time-barred debts and the insolvency code

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
The Insolvency and Bankruptcy Code, 2016, has been construed as a complete code. Based on that construction and noting that the code contained no provision expressly making the Limitation Act applicable, and as the...