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Black & white
While the decision to update the competition act is commendable there are significant negatives, including the potential abuse of power, that lawyers say make the pending bill’s success anything but clear. Freny Patel reports
India’s...
Solving the problem of interest and insolvency
The component of interest has played a significant role in the admission of a company into insolvency where the required monetary threshold is partially unmet. The question that arises in these situations is whether...
Supreme Court says financial creditors not so supreme
In the recent case of Vidarbha Industries Power Limited v Axis Bank Limited, the Supreme Court held that the National Company Law Tribunal (NCLT), as the adjudicating authority, has discretion to admit or reject...
New electricity bill likely to spark controversy
The government has introduced the Electricity (Amendment) Bill, 2022 (new bill) to amend the Electricity Act, 2003 (act). A similar attempt in 2020 (2020 bill) was shelved following the farmers’ protests. The new bill...
JSA acts for SBI in stalled Dunar Foods insolvency proceedings
The National Company Law Appellate Tribunal (NCLAT) upheld an NCLT decision setting a precedent and paving the way for progress on the resolution of the Dunar Foods insolvency proceedings. JSA acted as the legal...
Rules of engagement
There are two different rulebooks for dealing with anti-competitive behaviour around the world. Respected legal academic Souvik Chatterji analyses the differences from an India perspective and explains how one makes for quicker and more...
NOIDA dues are not a financial debt
The Supreme Court in NOIDA v Anand Sonbhadra recently considered whether sums owed by real estate developers to New Okhla Industrial Development Authority (NOIDA) under long-term leases could be classified as financial debts and...
Employee secondment becomes taxing for Japanese companies
Japanese multinational companies often second their nationals to connected companies in different jurisdictions. The group learns about internal cultural differences, employees gain valuable experience and relationships are strengthened within the group.
In a secondment, the...
Questions arise over restricting ‘sale of pledged shares to self’
In the recent case of PTC India Financial Services Limited v Venkateswarlu Kari and Anr, the Supreme Court delivered a landmark judgement settling key aspects of the law in relation to pledges and the...
Jayashree Dasgupta quits Dhir & Dhir to launch independent litigation chambers
Dhir & Dhir Associates’ partner Jayashree Dasgupta has left the firm after serving an 18-year career to open her own independent litigation chambers in South Delhi. She currently has two lawyers, with other appointments...
Condition critical
A conflict has played out before several judicial forums over the fate of Future Retail, a company in grave health with creditors and two of the world’s richest men entangled in its fate. Freny...
Argus hires Bhavya Mohan as disputes partner in Bengaluru
Argus Partners named Bhavya Mohan as a partner in the dispute resolution practice from June at the firm’s Bengaluru office.
Prior to joining Argus, she was an advocate with Arista Chambers, and as an associate...
Sale to self of pledged securities not legal
In PTC India Financial Services Limited v Venkateshwarlu Kari and Anr., the Supreme Court ruled on the exercise of rights under a pledge of dematerialised shares. The issue was whether the re-classification of the...
Ignoring precedent risks stability in real estate
The concept of precedent and the binding effect of precedents set by higher courts on lower courts is one of the cardinal bases on which the judiciary functions and the doctrine of stare decisis...
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NCLT’s ability to issue warrants strengthens insolvency resolution
The inability to resolve the insolvency of a corporate debtor does not merely stem from the fact that the entity is, in fact, distressed. In many cases, the resolution professional (RP) is unable to...
Trilegal counsels Ola on NCLAT win
Trilegal advised Ola Cabs when the National Company Law Appellate Tribunal on 7 January dismissed appeals filed by rival cab companies Meru Travels and Fast Track.
The appeals pertained to a 2017 order of the...
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Insolvency resolution process has time limits
The Supreme Court, in the matter of Committee of Creditors of Amtek Auto Limited through Corporation Bank v Dinkar T Venkatsubramanian, observed that the entire resolution process had to be completed within the period stipulated...
Do shareholder activists face barriers to calling meetings?
In Zee Entertainment Enterprises Ltd v Invesco Developing Markets Fund & Ors, the Bombay High Court considered shareholders’ right to requisition a general meeting.
Invesco, a shareholder in Zee, requisitioned an extraordinary general meeting to...
When does CCI consider low pricing predatory?
Predatory pricing can be an abuse of dominance under Indian competition law. While the Competition Commission of India (CCI) is yet to issue a final ruling on predatory pricing by an enterprise, its decisions...
IBC offers attractive options for M&A deals
The Insolvency and Bankruptcy Code, 2016 (IBC) has gradually evolved but, following a number of amendments, now offers a value route for M&A transactions. Corporate insolvency prior to 2016 was a disordered process but...
CCI throws curveball in Amazon-Future saga
A penalty of USD27 million imposed on Amazon might just be petty change for the USD1.6 trillion-dollar tech giant, but there is much more at stake, not just for the US e-tailer but more...
Competition law needs framework for private enforcement
Competition law jurisprudence in India has evolved significantly since the Competition Act, 2002 (act), came into force. However, the private enforcement of competition law infringement is yet to take off.
Private enforcement claims can only...
SC overreach undermines the purpose of IBC
The Supreme Court in Dena Bank (now Bank of Baroda) v C Shivakumar Reddy held that a money decree or adjudication of a claim creates a fresh cause of action for a financial creditor...
Keeping up with IP
India’s IP regime is going through a tumultuous period with the abolition of the IP appellate board earlier this year, the emergence of new technologies, and challenges associated with covid-19 vaccines. We brought together...
The rebuild
The IP division at Delhi High Court may be a harbinger of a new era, but India would do well to look further afield for examples of best-practice IP dispute resolution, argues KS Kardam,...
Delays and inconsistent treatment reduce RERA’s effectiveness
RERA, or the Real Estate (Regulation and Development) Act, 2016 (act) and the Real Estate Regulatory Authority established under it, aimed to balance the interests of the various stakeholders in the real estate ecosystem,...
Do hybrid companies still exist?
Private entities that are legally deemed to be public, yet permitted to retain private characteristics such as restrictions on share transferability, are called hybrid companies. In the Tata-Mistry dispute, the National Company Law Appellate...
The fragile position of independent directors of banks
The improvement of corporate governance norms of banks has been on the agenda for many years. However, after egregious irregularities and misconduct at the highest levels were found at some well-known banks and non-banking...
Khaitan, CAM assist IL&FS on sale of waste management arm
Khaitan & Co advised EverEnviro Resource Management when it acquired the entire waste management business of Infrastructure Leasing and Financial Services (IL&FS), consisting of IL&FS Environmental Infrastructure & Services (IEISL), along with its subsidiaries...
Secured creditors not always financial creditors
In Phoenix Arc Pvt Ltd v Ketulbhai Ramubhai Patel, the issue before the Supreme Court was whether a person holding a security interest over the assets of a corporate debtor in respect of the...
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Relying on specialists
Debate on wisdom of specialised courts returns
It is no surprise that the recent scrapping of the Intellectual Property Appellate Board (IPAB) – a tribunal that decided on appeals from the patent and trademark office,...
NCLT proper forum for power purchase agreement insolvency
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...
Guarantees will ensure better payment of debts for now
It is a common practice for lenders to obtain guarantees for securing financial assistance granted to a borrower entity. The guarantor’s liability crystallises as soon as the borrower defaults on the debt. However, the...
IBC decides the fate of PPAs in insolvency
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...
Related party exclusion cannot be avoided through divestment
Financial creditors that cease to be related parties in order to circumvent the exclusion under the Insolvency and Bankruptcy Code, 2016, should also be considered as being covered by the exclusion, according to a...
Pledging shares does not create a financial creditor
In Phoenix Arc Pvt Ltd v Ketulbhai Ramubhai Patel, the Supreme Court held that a creditor cannot be a financial creditor on the basis of a pledge agreement unless that agreement contains an undertaking...
The committee of creditors and its commercial wisdom
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...
Manchanda joins partnership at Chandhiok
Deeksha Manchanda has been inducted into the partnership of Chandhiok & Mahajan.
Previously a counsel at the firm working in the competition and regulatory practice areas, Manchanda specializes in advising clients on all aspects of...
DSK advises Dighi Port on successful insolvency resolution
DSK Legal advised the resolution professional of Dighi Port on its corporate insolvency resolution process, a result of which was the port’s acquisition by Adani Ports and Special Economic Zone for ₹7.05 billion (US$97.3...
Future legal leaders
India Business Law Journal reveals 50 up-and-coming lawyers who are making a name for themselves in the profession
Access The List
In a year where leadership has never been a more crucial quality, India Business Law...
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What the 2021 budget holds for business
The budget for 2021-22, which was unveiled on 1 February 2021, impacts a number of commercial sectors.
In the corporate field, small companies are now defined as companies with paid up capital of ₹20 million...
SC expands role of informant under Competition Law
In a noteworthy judgment pronounced by the Supreme Court, the locus standi (right or capacity to bring an action or to appear in a court) of a person as an informant in matters pertaining...
Keeping the power on during insolvency
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...
Decree holders not financial creditors under IBC
The Insolvency and Bankruptcy Code, 2016 (IBC) was conceived as a solution to the growing problem of non-performing assets. Together with the Reserve Bank of India’s framework for the resolution of stressed assets, the...
S&R promotions include new disputes partner
S&R Associates has promoted disputes counsel Shahezad Kazi to the firm’s partnership. Kazi is the second disputes partner at the firm, along with Niti Dixit, who heads the practice.
Kazi is based in Mumbai and...
Destination disinvestment?
Selling off public sector enterprises could be the key to strengthening a sluggish economy, writes Subir Bikas Mitra. Will a new privatization drive succeed where earlier attempts have failed?
Aatma Nirbhar Bharat Abhiyaan (ANBA), which...
How to balance the IBC and the PMLA
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...
An opportunity lost for corporate law reforms
The announcements forming part of the Atma Nirbhar Bharat Abhiyan (Self-Reliant India Mission) were expected to introduce big and bold reforms. Follow-up actions would shore up the ailing Indian economy, which faces an unprecedented...
A tool for financial trouble
Now is a perfect time to introduce a composite code for the resolution of financial service providers, following a series of high-profile incidents in this area, writes Mohit Shukla
Editor’s note: Large banking and financial...
News in brief – April 2020
Disputes partner joins IndusLaw
IndusLaw has hired Mayank Mishra as a partner in its Delhi office. Mishra joins from J Sagar Associates' dispute practice, where he was a partner and has more than 15 years...
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Competition and COVID-19: Compliance for businesses
Competition authorities worldwide including in the UK, the US, Australia and the EU have responded swiftly to the unprecedented situation created by the COVID-19 pandemic. In India, the Competition Commission of India (CCI) has...
Blue sky thinking
The competition regulator has over the years allowed companies to undertake innovative commitments to enable their mergers to go through, writes Soumya Hariharan of Trilegal.
In the past nine years, the merger regime in India...
Overlap between insolvency code and arbitration law
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...
News in brief – February 2020
Real estate partner at HSA
HSA Advocates has hired Amaresh Kumar Singh as a partner at the firm’s New Delhi office. Prior to joining HSA, Singh worked at L&L Partners. He has more than 25...
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...
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India Business Law Journal reveals the...
Court rules committee of creditors is supreme
Essar Steel India defaulted on repayment obligations to its creditors and in 2017 Standard Chartered Bank (SCB) and State Bank of India filed petitions for financial debt under the Insolvency and Bankruptcy Code, 2016....
The evolving resolution of stressed assets
The banking sector has been under tremendous stress in the past few years due to the increasing number of non-performing assets (NPA) caused among other things by the absence of a comprehensive bankruptcy regime....
NBFCs brought under purview of insolvency code
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...
Pecking order
The significance of the insolvency code may be put into question if state governments do not observe the order of priority for creditors over a corporate debtor’s assets, write Arvind Varma and Amita Chohan
“The...
Creditors’ wisdom should be heeded
The verdict of the Supreme Court on 15 November 2019, in the case of Committee of Creditors of Essar Steel India Limited through Authorised Signatory v Satish Kumar Gupta & Ors, has brought clarity...
Courting mediation
The Singapore Mediation Convention offers hope to businesses looking for an alternative to time-consuming litigation in overburdened courts. Amar Sundram reports
A recent article headlined “Trust Deficit” in a leading Indian financial newspaper pointed out...
Auditor’s professional lapses not fraud
In January 2018, the Securities and Exchange Board of India (SEBI) banned the accountancy firm Price Waterhouse (PW) from auditing listed companies for a period of two years due to lapses in the audit...
Something for everyone in the Essar judgment
The long-awaited decision of the Supreme Court in Committee of Creditors of Essar Steel India Limited v Satish Kumar Gupta & Ors case comes as a relief for financial creditors, especially those holding security,...
Resolution of disputed claims in insolvency process
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...
India at crossroads with cross-border insolvency
The National Company Law Appellate Tribunal (NCLAT) in the Jet Airways insolvency proceedings upheld the recent cross-border protocol agreed between the National Company Law Tribunal (NCLT) appointed Resolution Professional (RP) and the Dutch insolvency...
Evolution of the committee of creditors’ authority
The role of the committee of creditors (CoC) in a corporate insolvency resolution process (CIRP) has increasingly been scrutinized and clarified by various courts and tribunals, including the Supreme Court. There have also been...
Retaining the independence of a subsidiary
Dear Editor,
An insolvency resolution professional (IRP) can stop a holding company from moving assets of a subsidiary that is going through a corporate insolvency resolution process because both the companies are separate legal entities....
Rebuilding trust
Maharashtra Real Estate Regulatory Authority chief Gautam Chatterjee talks to Gautam Kagalawala about the role of the regulator, challenges, friction with IBC and other regulations and stress in the state’s realty sector
The government introduced...
Court clarifies conditions for reopening of accounts
A Supreme Court bench comprising justices Indu Malhotra and MR Shah has held that the observations made by the National Company Law Tribunal (NCLT) while making an order under sections 241 and 242 of...
SEBI raises questions on IBC’s overriding provisions
A recent challenge by the Securities and Exchange Board of India (SEBI) before the Supreme Court exemplifies how the Insolvency and Bankruptcy Code, 2016 (IBC), remains a heavily contested field. The Supreme Court is...
Ensuring fair distribution under waterfall mechanism
The Insolvency and Bankruptcy Code, 2016 (IBC), has been severely tested on many fronts since its enactment. One concept that remains to be tested is the waterfall mechanism, or priority of payments, in the...
Home finance lenders are not financial creditors to developers
In a recent judgment in Indiabulls Housing Finance Ltd v Rudra Buildwell Projects (P) Ltd, the National Company Law Appellate Tribunal (NCLAT) dismissed the appeal of Indiabulls claiming to be a financial creditor of...
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...
Liquidation under IBC
Dear Editor,
In the matter of SC Sekaran vs Amit Gupta & Ors, relying on the decisions of the Supreme Court in Swiss Ribbons Pvt Ltd & Anr v Union of India & Ors and...
Insolvency code: Judicial trends
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)...
Giving creditors their fair share
Protecting the interests of operational creditors is key to IBC's success, writes Mahesh Agarwal
The preamble of the Insolvency and Bankruptcy Code, 2016 (IBC), lays out the code’s dual objectives of “maximization of value of...
Charting the way ahead for IBC
Dhananjay Kumar and Hamraj Singh suggest ways to speed up insolvency resolution
The Insolvency and Bankruptcy Code, 2016 (IBC) emphasizes the importance of “time-bound” reorganization and resolution for distressed entities and it is touted as...
Courts play prudent role in IBC’s logical evolution
The bankruptcy process in India before the enactment of the Insolvency and Bankruptcy Code, 2016 (code), was fragmented with the rights of creditors and debtors decided by different judicial forums with sometimes conflicting decisions...
SC weighs in on interplay of labour laws and IBC
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
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...
Are designs provided to auto-parts makers dutiable?
Tax authorities have issued several show-cause notices (SCNs) to auto-component manufacturers (ACMs) recently, seeking to recover additional excise duty on designs or drawings provided by automobile companies to the ACMs for the production and...
NCLAT says statutory dues also operational debt
The National Company Law Appellate Tribunal (NCLAT) on 20 March 2019 dismissed a batch of appeals in the matter of PR Director General of Income Tax (Admn & TPS) v Synergies Dooray Automotive Ltd...
Commercial implications of RBI circular strike-down
The Supreme Court recently struck down the Reserve Bank of India Circular dated 12 February 2018 (RBI circular), which directed banks to mandatorily initiate corporate insolvency resolution process (CIRP) for defaulting companies with loan...
Lenders face a choice between debtor, guarantor
Guarantee as a form of collateral security is popular in financing deals as the liability of a guarantor and the principal debtor are coextensive. Thus, the creditor has a remedy against both the principal...
Former directors must be given agenda before creditors meeting
The Supreme Court, while dealing with an issue relating to the Insolvency and Bankruptcy Code, 2016 (IBC), held that former members of the board of directors, being vitally interested in resolution plans that may...
Rising to the occasion
Priya Mehra began her career at Ajay Bahl & Co, then moved to Singapore with Jones Day, and later to Gibson Dunn & Crutcher, where she helped build the India practice. Now the general...
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IBC: Law of guarantees and corporate insolvency process
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...
Legal frontiers
Leading law firms shed light on the cutting-edge practice areas that are receiving the attention of India’s top legal minds
Internet platform liability
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INTERNET PLATFORM LIABILITY
Intermediary liability in India...
IBC: Ensuring dissenting creditors get fair deal
BANKRUPTCY & INSOLVENCY
A resolution plan passed under the Insolvency and Bankruptcy Code, 2016 (IBC), binds all stakeholders of the company including any dissenting creditors. Providing a 66% voting threshold by value for approval is...
NCLAT: case pending under negotiable instruments act not a dispute
The National Company Law Appellate Tribunal (NCLAT) recently held that if a case is pending under section 138/141 of the Negotiable Instruments Act, 1881 (NIA), it cannot be held to be a dispute pending...
Deals in brief – December 2018/January 2019
ACTIS EXITS SYMBIOTEC STAKE
A consortium of private equity funds formed by Motilal Oswal Private Equity and Invascent bought out the entire stake of private equity investor Actis in drugmaker Symbiotec Pharmalab. The Indore, India-based...
Analysis: the cement price-fixing dispute
VASANTH RAJASEKARAN of Phoenix Legal provides an insider’s perspective
The Builders Association of India (BAI) brought an action under section 19 of the Competition Act, 2002 against the Cement Manufacturers Association (CMA) and 11 major cement...
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In sickness & health
Rajiv Choubey explores the evolution of law surrounding insolvency and bankruptcy, and how regulations designed to protect sick companies had been misused until the Insolvency and Bankruptcy Code was enacted
Insolvency and Bankruptcy Code 2016
The...
2018: The year that was
Aman Abbas and Anant Ghuge review the major legal issues and policy developments that made headlines in India’s mainstream media
The pages, websites and studios of the mainstream media were buzzing with matters before India’s...
Time-barred debts and the insolvency code
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...
Government constitutes accounting regulator
The Ministry of Corporate Affairs (MCA) notified the constitution of the National Financial Reporting Authority (NFRA) on 1 October 2018. NFRA is mandated to act as an independent regulator for the accounting and auditing...
Rising Stars 2018
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50 law firms that are on the ascent
by Rebecca Abraham
Ask any in-house lawyer to name India’s most reputed law firms and most will mention the six or seven...
Deals in brief – November 2018
SBI lists green bonds MTNs
State Bank of India (SBI) completed a maiden green bond offering as well as Medium Term Notes (MTN) issue on the Global Securities Market (GSM) platform of Bombay Stock Exchange’s...
IBC amendment gives voice to beleaguered homebuyers
The recent amendment to the Insolvency and Bankruptcy Code 2016 (IBC) has created a special status for the homebuyers as “financial creditors” with effect from 6 June 2018. The amendment was brought into force...
Supreme Court says arbitral award not operational debt
Is an arbitration award against which a challenge is pending under the Arbitration and Conciliation Act, 1996, sufficient to commence insolvency proceedings under the Insolvency and Bankruptcy Code, 2016? “No”, said the Supreme Court...
Limitation Act applies to IBC proceedings
The Supreme Court, while hearing an appeal against an order of National Company Law Appellate Tribunal (NCLAT), held that Limitation Act, 1963, is applicable to applications filed under the Insolvency and Bankruptcy Code, 2016...
Lenders’ dilemma resolved as guarantors caught in net
The impact of economic and financial crises and the accumulation of non-performing assets paved way for the Insolvency and Bankruptcy Code, 2016 (IBC). The aim of the IBC was to curtail the financial uncertainty,...
Criminal action possible despite moratorium under IBC
The National Company Law Appellate Tribunal (NCLAT) recently considered whether a moratorium order covers a criminal proceeding under section 138 of Negotiable Instruments Act, 1881 (NI Act), which provides for punishment in the form...
Parliament: the monsoon session
Continuing our regular coverage of India’s parliamentary sessions, Mandira Kala and Roopal Suhag assess key commercial bills that were debated and passed during the recent session
The monsoon session of parliament in 2018 marked the...
Hyundai case: A lesson for CCI
Atul Dua and Anupam Sanghi analyse why the competition regulator’s order was set aside
The automobile industry is prominent for a high incidence of alleged anti-competitive conduct on the part of car manufacturers and their...
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...
Legal discord?
Clashes between intellectual property laws and antitrust laws are causing a headache for rights owners
Intellectual property (IP) and antitrust laws seem to be two areas of law that are in conflict. In IP rights,...
Promoter-investor disputes may be solved by mediation
Startups, early-stage and even growth-stage companies seek investors with capital, experience and connections to help fuel their business, while investors hope for an exit with fabulous returns. Private equity funds have a finite life...
Changes aim to halt abuse of insolvency proceedings
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...
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...
