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Search results: Insolvency and Bankruptcy Code, 2016

Cross-border insolvency report: A bird’s eye view

By Abhishek Dutta and Astha Srivastava, Aureus Law Partners
The Insolvency Law Committee issued a report on cross-border insolvency in October after considering public comments received on a draft framework issued by the Ministry of Corporate Affairs. The committee considered the UNCITRAL Model...

Managing and mitigating risks in distress transactions

By Dorothy Thomas and Teza Jose, Shardul Amarchand Mangaldas & Co
In the last two years, we have seen a significant rise in M&As, largely driven by big ticket consolidation across sectors as companies divested distressed assets in an effort to reduce debt. The Insolvency...

Unfair balance: Guarantees and the insolvency code

By Satish Anand Sharma and Devashree Limaye, SNG & Partners
The uncertainty on whether guarantees would attract moratorium under section 14 of the Insolvency and Bankruptcy Code, 2016 (code), has ended with the promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 (ordinance).This...
cross-border insolvency discussed by Abhishek Dutta

Cross-border insolvency requires a new framework

By Abhishek Dutta and the Knowledge Management Team, Aureus Law Partners
While a corporate entity may have creditors, debtors and assets in various countries, the Insolvency and Bankruptcy Code, 2016 (IBC), in its current avatar has no comprehensive legal framework on cross-border insolvency (CBI). The...

NCLAT clarifies ‘dispute’ under the insolvency code

The National Company Law Appellate Tribunal (NCLAT) recently held in an appeal against the Allahabad bench of the National Company Law Tribunal (NCLT) that any disputes within a corporate debtor company is not one...
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Changes aim to halt abuse of insolvency proceedings

By Deepak Sabharwal, Deepak Sabharwal & Associates
A rise in high-profile banking frauds led to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The ordinance, effective from 6 June, presses for greater transparency in the corporate insolvency resolution process (CIRP), to...
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IBC’s position on supply of essential goods and services

Dear Editor, Section 14(2) of the Insolvency and Bankruptcy Code, 2016 (IBC), states that the “supply of essential goods or services to a corporate debtor shall not be suspended during the moratorium period”. The purpose...

Sound insolvency resolution key to infrastructure growth

By Divyanshu Pandey and Arpita Garg, J. Sagar Associates
Infrastructure developers in India have traditionally placed significant reliance on bank financing for infrastructure development. However, because of aggressive bidding, delayed payments causing strain on cash flows and lack of a secondary market for...

Jury is out on aspects of winding up and insolvency

By Varsha Banerjee, Dhir & Dhir Associates
Winding up proceedings were earlier initiated and conducted under the Companies Act, 1956. However, with the coming into force of the Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016 (IBC), the process...

President promulgates amendment to insolvency and bankruptcy law

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, dated 23 November 2017, was promulgated by President RN Kovind to amend the provisions relating to the insolvency resolution process contained in the Insolvency and Bankruptcy...

Demand notice filing procedure clarified for lawyers

The Supreme Court had the opportunity to settle the law on important questions arising under the Insolvency and Bankruptcy Code, 2016 (IBC), which have impaired operational creditors from enforcing their rights under the IBC. In...

Insolvency ordinance: A boon or a bane?

By Amit Ronald Charan and Satish Anand Sharma, SNG & Partners
The Insolvency and Bankruptcy Code (Amendment) Act, 2017, is based on an ordinance promulgated by the president on 23 November. It is intended to improve the credibility of the corporate insolvency resolution process (CIRP)...

Rule change urged to allow insolvency proceedings halt

By Deepak Biswas and Sneha Jaisingh, Bharucha & Partners
The Insolvency and Bankruptcy Code, 2016, primarily aims to achieve reorganization and insolvency resolution in a time-bound manner for maximizing the value of assets of insolvents. The National Company Law Tribunal (NCLT), the adjudicating...

Circular on anomaly shows goals of code take priority

By Sachin Gupta, Dhir & Dhir Associates
The Insolvency and Bankruptcy Code, 2016 (IBC), implements a “creditor-in-possession” regime that vests decision making powers of the insolvent company with a “committee of creditors” (CoC), astutely recognizing that financial creditors will be better...

Information utility: A vital cog in the code

By Rahul Sud and Satish Anand Sharma, SNG & Partners
The four pillars envisaged under the Insolvency and Bankruptcy Code, 2016, are now in place:A regulator, the Insolvency and Bankruptcy Board of India (IBBI); Adjudicating authorities (AA), the National Company Law Tribunal (NCLT) and debt...

Business in India and insolvency laws

By Manoj Kumar and Shweta Bharti, Hammurabi & Solomon
The Insolvency and Bankruptcy Code, 2016 (IBC), has come into effect in India at a time when overseas companies are seeing increased India business as well as an increasing number of Indian businesses going...
Insolvency and Bankruptcy Code: Two sides of the coin. Column by Alok Dhir, Dhir & Dhir Associates

Insolvency and Bankruptcy Code: Two sides of the coin

By Alok Dhir, Dhir & Dhir Associates
The Insolvency and Bankruptcy Code, 2016 (IBC), is a watershed in the history of India’s banking credit culture. Replacing a plethora of legislation it provides for a single-window, time-bound process designed to revive a...

Real estate test for the new insolvency code

By Rahul Sud and Satish Anand Sharma, SNG & Partners
The recently introduced Insolvency and Bankruptcy Code, 2016 (IBC), has been put to a real test with the admission of corporate insolvency resolution proceedings (CIRP) against Jaypee Infratech for defaulting on a loan from...

‘Dispute’ meaning settled for corporate insolvency cases

By Vivek Vashi and Utkarsh Srivastava, Bharucha & Partners
The National Company Law Appellate Tribunal (NCLAT), in Kirusa Software Pvt Ltd v Mobilox Innovations Pvt Ltd, has finally decided the scope of the term “dispute” under section 9 of the Insolvency and Bankruptcy...

Is the budget a bellwether or a Cassandra for reforms?

By Sawant Singh and Aditya Bhargava, Phoenix Legal
With the last throes of the demonetization saga closely nipping at the government’s heels, much theatre and fanfare accompanied the introduction of its 2017-18 budget. Tension was heightened as the union budget was merged...