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NCLT proper forum for power purchase agreement insolvency, Abhishek Tripathi and Vedant Kumar, Sarthak Advocates & Solicitors

NCLT proper forum for power purchase agreement insolvency

By Abhishek Tripathi and Vedant Kumar, Sarthak Advocates & Solicitors
The Supreme Court has ruled that the National Company Law Tribunal (NCLT) has jurisdiction under the Insolvency and Bankruptcy Code, 2016 (IBC) in disputes involving Power Purchase Agreements (PPA). Gujarat Urja Vikas Nigam Limited...
IBC decides the fate of PPAs in insolvency, Abhirup Dasgupta and Bhawana Sharma, HSA Advocates

IBC decides the fate of PPAs in insolvency

By Abhirup Dasgupta and Bhawana Sharma, HSA Advocates
A power purchase agreement (PPA) is essential not only for the way a power project functions, but also for its very existence. There has, however, been significant uncertainty regarding the status of power generators...
Retrospective domestic measures and international investment protection, Puneeth Ganapathy, Lakshmikumaran & Sridharan

Retrospective domestic measures and international investment protection

By Puneeth Ganapathy, Lakshmikumaran & Sridharan
In two cases in 2020, Vodafone and Cairn Energy, India lost significant arbitral awards. These awards followed retrospective measures imposed on foreign investments, despite bilateral investment treaties (BIT) that protect foreign investors from unfair...
The committee of creditors and its commercial wisdom, Sonam Gupta, Sneha Jaisingh and Divyam Sharma, Bharucha & Partners

The committee of creditors and its commercial wisdom

By Sonam Gupta, Sneha Jaisingh and Divyam Sharma, Bharucha & Partners
The Insolvency and Bankruptcy Code, 2016 (code) was enacted to enable corporate insolvency resolution of financially stressed corporate debtors in a time bound manner, so as to maximise the value of their assets. The...
GST seizure and confiscation still causing problems, Surbhi Premi, Lakshmikumaran & Sridharan

GST seizure and confiscation still causing problems

By Surbhi Premi, Lakshmikumaran & Sridharan
Sections 129 and 130 of the Central Goods and Services Tax Act, 2017, have frequently raised problems. Section 129 provides for the detention, seizure and release of goods and conveyances in transit. Section 130...
Disadvantages faced by MSMEs in insolvency law, Gautam Khurana and Sanjeev Ahuja, India Law Offices

Impact of insolvency and bankruptcy code on MSMEs

By Gautam Khurana and Sanjeev Ahuja, India Law Offices
Micro, small and medium enterprises (MSME) contribute 8% to GDP, employ 106 million, that is 40% of the workforce, produce 45% of manufacturing output and 40% of total exports. While MSMEs play a vital...
Gambling laws- Interpretations and issues, L Badri Narayanan and Gopal Machiraju

Gambling laws: Interpretations and issues

By L Badri Narayanan and Gopal Machiraju, Lakshmikumaran & Sridharan
The Public Gambling Act, 1867 (Gambling Act), enacted prior to the constitution is the central law governing gambling in India. While under entry 34 of list II of schedule VII of the constitution, “betting...
Keeping the power on during insolvency, Abhishek Nath Tripathi and Vedant Kumar

Keeping the power on during insolvency

By Abhishek Nath Tripathi and Vedant Kumar, Sarthak Advocates & Solicitors
The National Company Law Appellate Tribunal (NCLAT) in Gujarat Urja Vikas Nigam Ltd (GUVNL) v Yes Bank Limited recently confirmed a National Company Law Tribunal (NCLT) decision restraining GUVNL from terminating the power purchase...
Satish Anand Sharma and Aniket Sawant, SNG & Partners, Liquidation

Assigning NRRAs and claims during liquidation

By Satish Anand Sharma and Aniket Sawant, SNG & Partners
While the Insolvency and Bankruptcy Code, 2016 (code), stipulates that the liquidation of a corporate debtor must be completed within one year from its commencement date, most liquidations continue beyond that period. Among other...
Anush Raajan,Swastika Chakravarti,Lakshmikumaran & Sridharan

Guarantors may be vulnerable to pandemic default risks

By Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan
The government recognised the economic impact of covid-19 on businesses by enacting the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020. The ordinance, among other measures, inserted section 10A into the Insolvency and Bankruptcy Code,...
India Atma Nirbhar Bharat Scheme micro, small and medium enterprises

Lifeline for MSMES dragged down by pandemic

The pandemic and ensuing economic crisis have disproportionately impacted micro, small and medium enterprises (MSMEs). A large number of them face dire operational and financial constraints including a shortage of working capital, difficulty in...
Manoj Kumar and Shweta Bharti, Hammur balance Insolvency and Bankruptcy Code and Prevention of Money Laundering Act abi & Solomon

How to balance the IBC and the PMLA

By Manoj Kumar and Shweta Bharti, Hammurabi & Solomon
The Prevention of Money Laundering Act, 2002 (PMLA) seeks to prevent money laundering, to prosecute those committing money laundering and to recover and seize properties acquired by means of laundered money. However, the effective...
creditors

COVID-19, IBC suspension and operational creditors

By Shweta Bharti and Sukrit Kapoor,Hammurabi & Solomon
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (ordinance), provides that no application to start a corporate insolvency resolution process (CIRP) in respect of a corporate debtor may be made for any default arising...
insolvency

How to implement pre-packaged insolvency

By Charanya Lakshmikumaran and Puneeth Ganapathy, Lakshmikumaran & Sridharan
Since last year, the government has been considering introducing pre-packaged insolvency schemes within the framework of the Insolvency and Bankruptcy Code, 2016 (IBC). With COVID-19 severely affecting the credit ecosystem, however, the right to...
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...