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NCLT's jurisdiction upheld in Section 95 applications under IBC
Our partner Ankur Singh along with counsel Pallavi Sengupta have authored an article on the NCLT's jurisdiction to adjudicate insolvency proceedings against personal guarantors. This article succinctly captures the case laws leading to the recent judgement, Anita Goyal vs. Vistara ITLC (India) Ltd. & Anr (Company Appeal (AT) (Insolvency) No.2282 of 2024), where the NCLAT upheld the jurisdiction of NCLT as the Adjudicating Authority to entertain applications for initiation of insolvency process against Personal Guarantors to Corporate Debtors.
Our disputes and insolvency team led by Ankur successfully represented the respondent/creditor in this case.
IBBI (Liquidation Process) (Amendment) Regulations, 2024
The Insolvency and Bankruptcy Board of India recently notified amendments to the IBBI (Liquidation Process) Regulations, 2016, that provide for greater stakeholder participation and are intended to increase accountability and transparency of the liquidation process.
Treatment of Statutory Employment Dues in a Resolution Plan: The Case of Jet Airways
This update considers the basis for the NCLAT’s judgment that directed the successful resolution applicant to discharge the corporate debtor’s liability towards provident fund and gratuity dues in full up to the insolvency commencement date.
Indian Supreme Court’s Judgment on Priority of Tax Dues in Insolvency—A Setback for the IBC?
Over the past few months, several judgments of the Indian Supreme Court on the Insolvency and Bankruptcy Code, 2016 (IBC) have departed from the scheme and broader purpose of the legislation. Read in isolation and within the narrow confines of the facts in question, these judgments could perhaps appear logical. However, considered in the context of the IBC and the intent of the legislation, the judgments contradict not only specific provisions of the IBC, but also prior judicial pronouncements (including from the Supreme Court itself) on similar questions.
Avoidance Actions under the IBC: Learnings and Challenges
Covid-19: Insolvency and Bankruptcy Code (Amendement) Ordinance, 2020
The much anticipated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (“Ordinance”), was promulgated on June 5, 2020 and came into immediate effect. The Ordinance provides for a limited suspension on the initiation of proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”), with the aim of giving businesses some breathing room in light of the devastating economic impact of the COVID-19 pandemic.
NBFCs brought under purview of insolvency code
This article mainly focuses on the legislative change brought under the IBC 2016 for the inclusion of restructuring processes for a Financial Service Provider, more specifically Non- Banking Financial Companies (NBFC). In light of this significant development, we have also analyzed the role of RBI for initiating any corporate resolution process under these new rules.
Insolvency and Bankruptcy Code, 2016 – A Recap of the Last Quarter of the Decade!
The last quarter of 2019 saw a number of developments in the IBC landscape, both in terms of legislative and regulatory changes as well as landmark judgments. While some of the developments did clarify certain positions in law, some also added more ambiguity to the ever changing landscape.
Click here for the read more on the key developments in the last quarter of the decade
Insolvency and Bankruptcy Code
A discussion of the key provisions of India’s much-awaited new insolvency and bankruptcy law.
Insolvency and Bankruptcy Code comes into effect for Corporate Persons
A discussion of certain key implementation steps as India’s new insolvency and bankruptcy law is operationalised.
Operational Creditors and Disputed Debt – An Update on Decisions under the Insolvency and Bankruptcy Code, 2016
An analysis of some decisions of the Mumbai Bench and the Principal Bench of the National Company Law Tribunal relating to applications filed by operational creditors.