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Search results: Insolvency and Bankruptcy Code, 2016

‘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...

India’s Bankruptcy Code: Lessons from Singapore

By Amit Aggarwal and Rahul Sud, SNG & Partners
The personal and corporate insolvency regimes under India’s Insolvency and Bankruptcy Code, 2015, are largely underpinned by UK statutes and common law. Singapore also follows the UK position and thus it may be useful...

Bankruptcy code decoded

The rewriting of India’s bankruptcy laws has prompted the publication of at least two books. The first is a section-by-section commentary on the Insolvency and Bankrupty Code, 2016, by Pranav Khatavkar, an independent lawyer...

Provisions notified under Bankruptcy Code

On 24 August, the government notified certain provisions of the Insolvency and Bankruptcy Code, 2016. These provisions came into effect on 19 August. The notified provisions relate to the following:Definition of “Insolvency and Bankruptcy...

Bankruptcy Code’s impact on ease of doing business

By Siddharth Srivastava and Kanika Kadam, Link Legal India Law Services
The World Bank’s Doing Business Report, 2016, ranks India 130 among 189 economies on “ease of doing business”. One of the sub-indexes on which the ranking depends is resolving insolvency. It is interesting to...

Parliament passes insolvency and bankruptcy code

The Insolvency and Bankruptcy Code, 2015, provides a consolidated statutory framework for the resolution of bankruptcy and insolvency proceedings. This framework is a far cry from the multiple legislative and judicial forums that creditors...

Budget 2016: Good times ahead for bond markets?

By Sawant Singh and Aditya Bhargava, Phoenix Legal
While the Indian corporate bond market has become more active in the private placement segment in the past few years, the market’s overall development has been ad hoc. This situation seems set for a...

Decoding the bankruptcy code

Proposed changes to the insolvency regime will boost credit markets and entrepreneurship, argues Debanshu Mukherjee The Insolvency and Bankruptcy Code, 2015, which was introduced in parliament in December 2015, proposes large-scale reforms to India’s corporate insolvency...

Conflict between company law and the SARFAESI Act

By Babu Sivaprakasam, Deep Roy and Megha Agarwal, Economic Laws Practice
The Indian legal framework for recovery of debt and for dealing with companies in distress is spread across various statutes. Creditors can seek recourse under the provisions of statutes such as the Companies Act,...

COVID-19: Relief for forgotten homebuyers

Homebuyers were included as financial creditors under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) vide an amendment in the code in 2018. Pursuant to their inclusion, homebuyers could either individually or...
relief

Slowing the free fall

Taking stock of the relief measures deployed by regulators to soften the impact of the lockdown. Gautam Kagalwala reports With the COVID-19 outbreak, the government has been fighting on two fronts. It has introduced a...
corporate debtors

Net tightens for promoters of corporate debtors

By Manoj Kumar and Shweta Bharti, Hammurabi & Solomon
2020 has witnessed two legal developments that will impact the recovery strategies of operational creditors in India. The first development is the insertion of section 32A into the Insolvency and Bankruptcy Code, 2016 (code),...
M&A

What’s in store for M&As in a post COVID-19 economy

By Raghubir Menon and Aditya Parolia, Shardul Amarchand Mangaldas & Co
The economy has come to a halt in the current unprecedented situation. Apart from medical and essential service providers, labour and capital have been idle during the coronavirus-induced lockdown, and the world economy seems...

Avoiding preferential transfers by debtors

By Charanya Lakshmikumaran and Gopal Machiraju, Lakshmikumaran & Sridharan
Creditors are often faced with circumstances in which debtors have transferred their assets, thus reducing the assets available for distribution in cases of insolvency or liquidation. Section 53 of the Transfer of Property Act,...
energy sector

COVID-19 may power down the energy sector

By Abhishek Tripathi and Mani Gupta, Sarthak Advocates & Solicitors
The power sector is not excepted from the impact of COVID-19. While power remains an essential supply, lockdowns mean shrinking demand. This will affect every link of the supply chain. Power generation companies may...
competition law

2019 was a significant year in competition law

By Vaibhav Choukse and Nripi Jolly, J. Sagar Associates
2019 marks a decade of enforcement by the Competition Commission of India (CCI), following the notification in 2009 of the antitrust provisions of the Competition Act, 2002 (act). Despite challenges to its jurisdiction and...
RERA

At a crossroads

Recognizing homebuyers as financial creditors in the event of insolvencies is a welcome move, but the RERA remains the preferred route for recovering funds, writes Vineeta Bansal Homebuyers have been given equal rights as financial...
insolvency

IBC: Intent continues to prevail over form

By Charanya Lakshmikumaran and Puneeth Ganapathy, Lakshmikumaran & Sridharan
The Insolvency and Bankruptcy Code, 2016 (code) whose objectives and implementation constantly appear to be in opposition, continues to provide material for purposive interpretation by the Supreme Court. The recent decision of Anuj Jain...
lenders

Jaypee judgment creates a conundrum for lenders

By Soumyajit Mitra and Mohit Yadav, SNG & Partners
The Supreme Court (SC) in deciding several issues in litigation calling into question the meaning and scope of preferential transactions in corporate insolvency and the nature of financial debt particularly in relation to third-party...