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Search results: Insolvency and Bankruptcy Code, 2016

Corporate and commercial e-interests yield to consumers, Manoj Kumar, Hammurabi & Solomon Partners

New law on pre-pack resolution plans under IBC

By Manoj Kumar, Hammurabi & Solomon Partners
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, which provides for pre-packaged insolvency resolution processes (PPIRP), has received assent and replaces the Insolvency and Bankruptcy (Amendment) Ordinance, 2021. The bill inserts a new chapter, III-A,...
Certificate of recovery constitutes fresh cause of action

Certificate of recovery constitutes fresh cause of action

The Supreme Court, in its judgment dated 4 August in the matter of Dena Bank (now Bank of Baroda) v C Shivkumar Reddy and Anr, has held that a certificate of recovery, if not...
Deep mining yields rewards from IBC resolutions, Charanya Lakshmikumaran and Ishita Mathur, Lakshmikumaran & Sridharan 

Deep mining yields rewards from IBC resolutions

By Charanya Lakshmikumaran and Ishita Mathur, Lakshmikumaran & Sridharan 
India is mineral rich, with the mining sector a powerhouse contributing INR913 billion (USD12.3 billion) to GDP. However, this sector, which is integral to government plans to revive the economy, has profitability problems. Falls...
Ascertaining impact of IBC’s section 32A on criminal proceedings, Sonam Gupta and Anurag Tandon, Bharucha & Partners

Ascertaining impact of IBC’s section 32A on criminal proceedings

By Sonam Gupta and Anurag Tandon, Bharucha & Partners
The Insolvency Law Committee (committee), in its third report, recommended that section 32A be inserted into the Insolvency and Bankruptcy Code, 2016 (code). This granted immunity to the corporate debtor and its property from...
Secured creditors not always financial creditors, Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners

Secured creditors not always financial creditors

By Karthik Somasundram, Sneha Jaisingh and Alabh Lal, Bharucha & Partners
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...
Troubled MSMEs thrown a lifeline with pre-pack resolutions, Satish Anand Sharma and Anshita Gupta, SNG & Partners 

Troubled MSMEs thrown a lifeline with pre-pack resolutions

By Satish Anand Sharma and Anshita Gupta, SNG & Partners 
The long-awaited Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, (ordinance) has amended the Insolvency and Bankruptcy Code, 2016 (code), with the aim of reviving micro, small and medium enterprises (MSME). The ordinance has inserted...
Second proviso to IBC not needed

Second proviso to IBC not needed

Recently in Manish Kumar v Union of India, the Supreme Court upheld the constitutional validity of all the provisos added to section 7(1) of the Insolvency and Bankruptcy Code, 2016(IBC), via the Insolvency and...
Guarantees will now better ensure payment of debts, Aditya Vikram Dua and Aniket Sawant, SNG & Partners

Guarantees will ensure better payment of debts for now

By Aditya Vikram Dua and Aniket Sawant, SNG & Partners
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...
Related party exclusion cannot be avoided through divestment 

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...
The conundrum of third-party security holders, Satish Anand Sharma and Abhimanyu Chandan Rajguru, SNG & Partners

The conundrum of third-party security holders

By Satish Anand Sharma and Abhimanyu Chandan Rajguru, SNG & Partners
Much has been said about the obligation of a third-party security provider when a borrower enters the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Under a financing transaction,...
Pledging shares does not create a financial creditor, Shweta Bharti and Nitesh Sachdeva, Hammurabi & Solomon_

Pledging shares does not create a financial creditor

By Shweta Bharti and Nitesh Sachdeva, Hammurabi & Solomon
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...
India law firms- deals of the year 2020video

Deals of the Year

Deals of the year 2022 Deals of the year 2021 Deals of the year 2019 Deals of the year 2018 Deals of the year 2017 Deals of the year 2016 Deals of the year 2015 Deals of...
Force Majeure

Invocation of force majeure in insolvencies

The doctrine of frustration envisaged in section 56 of the Indian Contract Act, 1872, was recently applied by the National Company Law Tribunal (NCLT) in the case of Suraksha Asset Reconstruction Ltd & Ors...
law firms crisi point

Crisis point

Enduring one of the most challenging periods in their lives, lawyers tell India Business Law Journal how their firms have been managing and how the violent disruption of the pandemic is forcing change. Gautam...
Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan, Decree holders

Decree holders not financial creditors under IBC

By Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan
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...
Aatma Nirbhar Bharat Abhiyaan, Disinvestment

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...
Amit Ronald Charan, Anshita Kaur,HSA Advocates

Impact of covid-19 on project finance, banking transactions

By Amit Ronald Charan and Anshita Kaur, HSA Advocates
Industry has been struggling to cope with the ongoing economic slowdown despite fiscal, monetary and other support from the government. Reduced availability of capital has impacted several industry sectors, one of which is infrastructure....
IBC Ordinance suspends sections of insolvency code

IBC ordinance imposes rigid timelines

On 9 July 2020, the Chennai bench of the National Company Law Tribunal (NCLT), in the matter of M/S Siemens Gemesa Renewable Power Pvt Ltd v Ramesh Kymal, held that the Insolvency and Bankruptcy...
Anush Raajan Swastika Chakravarti Lakshmikumaran & Sridharan Insolvency and Bankruptcy code india

Disputed claims are not defaults under IBC

By Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan
Under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), the National Company Law Tribunal (NCLT) in admitting a petition by a financial creditor is concerned only with the existence of a default...
creditorsvideo

Left without remedy

Creditors are in need of a credible mechanism for the resolution of covid-19-related distress until the suspension of the corporate insolvency resolution process is in place, writes Shardul Shroff Effective from 5 June 2020, section...
regulatory

Awkward regulatory tango over COVID-19 relief

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The COVID-19 pandemic and its dampening effects on economies has compelled governments and regulators to introduce innovative measures, in particular to restore stakeholder confidence in financial markets. Among Indian regulators, the Reserve Bank of...
financial

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...

Analysing financing models for infrastructure projects

By Sharmil Bhushan and Jyoti Punjabi, HSA Advocates
The infrastructure sector is critical to India’s development. Financing in infrastructure is expected to grow exponentially over the next few years, particularly as India needs to spend about US$1.4 trillion on infrastructure if it...
Brookfield real estate

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...
insolvency

IBC cannot be used as a threat

In a recent judgment, the Calcutta High Court dealt with the question of whether an application under section 34 of the Arbitration & Conciliation Act, 1996, can be kept in abeyance owing to the...
policy

Interplay of polity, policy on infrastructure development

By Shreshth Sharma and Molshree Bhatnagar, HSA Advocates
Governed by its constitution and derivative laws, a country speaks through its policies. Sound economic and regulatory policy creation coupled with effective implementation encourages investor confidence and forms the fundamental basis of attracting large...
Dhaval

New rainmakers at Dhaval Vussonji

Dhaval Vussonji & Associates has promoted two associate partners to the partnership, and four senior associates to principal associates. Manisha Paranjape and Sonam Mhatre, both also qualified solicitors, are the firm’s newest partners. Commenting on...

Lenders assign GSML debt to ARC

Argus Partners advised a Garden Silk Mills (GSML) consortium of lenders, led by Bank of Baroda, on the resolution of its stressed assets and account under the Reserve Bank of India’s (RBI) circular dated...
deals

Deals of the Year 2019

Deals of the year 2022 Deals of the year 2021 Deals of the year 2020 Deals of the year 2018 Deals of the year 2017 Deals of the year 2016 Deals of the year 2015 Deals of...
creditors

Court rules committee of creditors is supreme

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
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....
受压资

The evolving resolution of stressed assets

By Ramya Hariharan and Dipti Srivastava, HSA Advocates
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....
creditor

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...
Essar

Something for everyone in the Essar judgment

By Aniket Sawant and Arvind Nagaraj, SNG & Partners
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,...
committee

Evolution of the committee of creditors’ authority

By Charanya Lakshmikumaran and Gopal Machiraju, Lakshmikumaran & Sridharan
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...
ECB

IBC to lure foreign funds following ECB reforms

By Sameen Vyas and Vishrut Kansal, L&L Partners
Consistent with the views of the government, the Reserve Bank of India (RBI) regards the Insolvency and Bankruptcy Code, 2016 (IBC), as a credible way of removing obstructions to economic progress represented by non-performing...
law firms

State of play

Indian law firms face a daunting pace attack from big accountancy firms amid a slow-wicket economy. On top of this, in-house counsel are facing up to more work internally, leaving less for law firms....
subsidiary

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....
India Business Law Journal

Mixed fortunes

Differing real estate trends emblematic of India? A recent bidding war for an office building in the heart of Mumbai’s business district, the Bandra Kurla Complex, that had earlier drawn lukewarm interest, points to the...
Private equity

Watch your step

Steering clear of conflicts of interest can be the difference between life and death for private equity investments, writes PM Devaiah It may be trite to say that trust is the force that drives the...
SEBI

SEBI limits exemption from open offer on debt conversion

By Ambarish and Mihir Roy, Shardul Amarchand Mangaldas & Co
The Securities and Exchange Board of India (SEBI) no longer considers entities that are not scheduled commercial banks (SCBs) or all India financial institutions (AIFIs) as “lenders” for exemption from a mandatory open offer...
SEBI

SEBI raises questions on IBC’s overriding provisions

By Abhishek Dutta, Manish Parmar and Sayli Petiwale, Aureus Law Partners
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...
waterfall mechanism

Ensuring fair distribution under waterfall mechanism

By Aditya Vikram Dua and Satish Anand Sharma, SNG & Partners
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

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...
resolution

Views on RBI’s new stressed asset resolution framework

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The Supreme Court, in Dharani Sugars and Chemicals Ltd v Union of India, quashed the Reserve Bank of India’s (RBI) directions of 12 February 2018 on resolution of stressed assets on certain grounds such...
Liquidation

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...
real estate

Building trust

RERA has introduced accountability to the real estate sector but loopholes remain, writes Tata Housing GC Parveen Mahtani The Real Estate (Regulation and Development) Act, 2016 (RERA), was implemented two years ago. Its effective implementation...
insolvency

Giving creditors their fair share

By Mahesh Agarwal, Agarwal Law Associates
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...
insolvency

Charting the way ahead for IBC

By Dhananjay Kumar and Hamraj Singh, Cyril Amarchand Mangaldas
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...
Bankruptcy

Courts play prudent role in IBC’s logical evolution

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
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...
arbitration

Effectiveness of arbitration in financing document disputes

By Nishtha Arora and Sounak Chakraborty, SNG & Partners
Globally, litigation and arbitration are the most commonly used methods for resolving commercial and transactional disputes. However, in India, in case of a dispute arising from financing transactions, the most preferred mechanism opted by...
Grounded Jet Airways

Grounded

Did the reluctance of Jet Airways’ creditors to pursue bankruptcy proceedings point to turbulence in the insolvency regime? Rebecca Abraham reports Editor’s note: The National Company Law Tribunal (NCLT) Mumbai bench admitted the insolvency petition...
News in brief

News in brief

CAM GETS IBC PARTNER Cyril Amarchand Mangaldas has hired Richa Roy as a partner in its insolvency and bankruptcy and policy practice in Mumbai. Roy recently worked as a graduate research fellow at the University...
Rupinder-Malik-Sidharrth-Shankar-J.-Sagar-Associates

Risks in acquiring distressed infrastructure assets

By Rupinder Malik, Sidharrth Shankar and Srishti Moitra, J. Sagar Associates
The government of India has taken several steps in the past few years to attract foreign investment in the infrastructure sector and to solve the issues that have plagued the sector for decades. These...
Abhishek Dutta, Sayli Petiwale, Aureus Law Partners

NCLAT says statutory dues also operational debt

By Abhishek Dutta and Sayli Petiwale, Aureus Law Partners
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...
Devyani-Dhawan-Jyotika-Bajaj-SNG-Partners

Ordinance puts depositors ahead of secured creditors

By Devyani Dhawan and Jyotika Bajaj, SNG & Partners
The last three decades have seen an unprecedented rise in dubious deposit-taking schemes run by unscrupulous operators in various parts of India such as the Saradha Realty scam, the MPS Greenery scheme and the...
Ramya-Hariharan-Asmita-Rakhecha-HSA-Advocates-business-law

Lenders face a choice between debtor, guarantor

By Ramya Hariharan and Asmita Rakhecha, HSA Advocates
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...
Abhishek-Dutta-Vineet-Shrivastava-Aureus-Law-Partners-March

Supreme Court upholds constitutional validity of IBC

By Abhishek Dutta, Vineet Shrivastava and Manish Parmar, Aureus Law Partners
The Supreme Court, while deciding the constitutional validity of various provisions of the Insolvency and Bankruptcy Code, 2016 (code), in the case of Swiss Ribbons Pvt Ltd v Union of India, upheld the mandate...
Board meeting procedures clarified

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...
best indian law firms 2019

Indian Law Firm Awards 2019

Indian Law Firm Awards 2023 Indian Law Firm Awards 2022 Indian Law Firm Awards 2021 Indian Law Firm Awards 2020 Indian Law Firm Awards 2018 Indian Law Firm Awards 2017 Indian Law Firm Awards 2016 Indian Law Firm Awards 2015 Indian Law...
Legal-frontier-India

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 Bankruptcy & insolvency Data privacy Taxation  INTERNET PLATFORM LIABILITY  Intermediary liability in India...
DHANANJAY KUMAR is partner and co-author GAUTAM SUNDARESH is an associate in the restructuring and insolvency practice at Cyril Amarchand Mangaldas

IBC: Ensuring dissenting creditors get fair deal

By Dhananjay Kumar and Gautam Sundaresh, Cyril Amarchand Mangaldas
 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...
Deals of the year 2018 | India Business Law Journal

Deals of the Year 2018

Deals of the year 2022 Deals of the year 2021 Deals of the year 2020 Deals of the year 2019 Deals of the year 2017 Deals of the year 2016 Deals of the year 2015 Deals of...
Insolvency and Bankruptcy Code

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...

Sigh of relief for bankers on international insolvencies

By Soumyajit Mitra, SNG & Partners
The banking and finance sector was struggling due to the lack of a clear framework in India with regards to cross-border insolvency despite the recent Insolvency and Bankruptcy Code, 2016. In order to address...

Supreme Court says arbitral award not operational debt

By Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners
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...

Forex rules hinder foreign participation in debt unwind

By Apurva Jayant and Amritha Kumar, L&L Partners
“It is said that the world is in a state of bankruptcy, that the world owes the world more than the world can pay.” (Ralph Waldo Emerson.) Whether or not universally true, this quotation...

Moves on multiple fronts to improve infrastructure

By Venkatesh Prasad, J. Sagar Associates
Matching the speed of economic growth, the government has made infrastructure development a priority. It has taken legislative and policy initiatives to promote growth in the infrastructure sector, and the allocation of about US$82.48...

Analysis: High court powers down stressed sector

By Abhishek Dutta and Astha Srivastava, Aureus Law Partners
The Reserve Bank of India (RBI) issued a circular on 12 February 2018 under sections 35AA and 35AB (Provisions) of the Banking Regulation Act, 1949, on the identification and resolution of stressed assets. In case...
Editor's note IBLJ

Transformative thinking

“I am what I am, so take me as I am” These were the famous words of Goethe quoted in the opening paragraph of the recent Supreme Court judgment decriminalizing gay sex. The historic ruling was...

Lenders’ dilemma resolved as guarantors caught in net

By Shweta Bharti and Sukrit Kapoor, Hammurabi & Solomon
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

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

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...

Extension beyond 270 days: New attempt at resolution

By Aniket Sawant and Medha Unadkat, SNG & Partners
Strict timelines distinguish the Insolvency and Bankruptcy Code, 2016, from previous insolvency regimes. The code prescribes a 180-day period for completion of the corporate insolvency resolution process (CIRP), which can be extended to 270...

Mega-sale of ailing players is looming: Any financers?

By Aashit Shah and Utsav Johri, J. Sagar Associates
Recognizing that infrastructure is the bone marrow of any economy, the Indian government has budgeted approximately US$90 billion towards the infrastructure sector for the fiscal year 2018-19. This sector, however, has some of the...
India's legal industry

The state of India’s legal market

Undercutting of legal fees is set to continue, as opposing forces of fragmentation and consolidation battle to shape the legal industry in India. Gautam Kagalwala reports To coincide with the publication of the 2018-19...

Homebuyers’ arsenal adds financial creditor status

By Aditya Vikram Dua and Satish Anand Sharma, SNG & Partners
With the recent amendment in the Insolvency and Bankruptcy Code, 2016 (IBC), effective 6 June 2018, the status of homebuyers who are allottees of a real estate project is raised to financial creditors, enabling...

Recognition of homebuyers: Sympathy without security

By Varsha Banerjee and Juhi Bhambhani, Dhir & Dhir Associates
The fate of homebuyers when a real estate developer (RED) undergoes a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), has been intensely deliberated. An amendment of the IBC...

Caught in the firing line

Are conflicts of interest on the rise and should clients be more wary? Rebecca Abraham finds out Action between companies and at the courts has been fast and furious across the country as the new...

Skipping justice

Embattled tycoon Vijay Mallya has failed in his latest battle in the English High Court. An Indian judgment against him can now be enforced in the UK and a worldwide freezing order stands. Paul...

Bhushan Steel IBC’s first big win

The legal team advising Tata Steel in its acquisition of Bhushan Steel faced significant challenges while carrying out a limited due diligence on the target. “The due diligence process was very complex, as the information...

Timely ordinance replies to resolution process feedback

By Manoj Kumar, Hammurabi & Solomon
As of 31 March, 525 corporate debtors were undergoing resolution under the Insolvency and Bankruptcy Code, 2016. Resolution plans had been approved for 22 of them and 87 liquidations had commenced, all in 15...

Realty sector reality check tempers home buyer news

By Sachin Gupta, Dhir & Dhir Associates
With the coming into force of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, home buyers have finally been recognized as financial creditors, at par with others in the same category. However, a reality...
insolvency-code-india-challenges

Full steam ahead

Banks are beginning to see the light at the end of the lending tunnel, but the challenges facing investors are still daunting. Rebecca Abraham reports As the clean-up of the balance sheets of lenders continues,...

Sale as a going concern: Alternative in liquidation?

By Ashu Kansal and Manmayi Sharma, Dhir & Dhir Associates
The need for interpretation and amendment of the Insolvency and Bankruptcy Code, 2016 (IBC), has arisen repeatedly since its enactment. A recent instance can be seen in the matter of Gujarat NRE Coke Ltd. As...

Personal guarantee: A loophole finally plugged

By Sachin Gupta and Pragya Khaitan, Dhir & Dhir Associates
The Insolvency and Bankruptcy Code, 2016, is still embryonic and constantly evolving. At this stage, it is of utmost importance that issues that lack absolute clarity be settled promptly to avoid any obstacles to...
Aditya-Vikram-Dua,-Satish-Anand-Sharma,-SNG-&-Partners

Judgments resolving issues facilitate resolution process in India

By Aditya Vikram Dua and Satish Anand Sharma, SNG & Partners
Issues arising in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, are being resolved by decisions of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal...
India Business Law Journal

A pivotal moment

Have the country’s debt woes come home to roost? Action on the legal front has been fast and furious as companies across the country adjust to the realities of the new insolvency law. While the recently...

Management in motion

General counsel can be better at their jobs by incorporating the ‘management by walking around’ approach into their working style, writes Nitin Mittal The term “management by walking around” was coined in 1982 by management...

Revised restructuring norms: Impact on project loans

By Avinash Kumar Khard, HSA Advocates
On 12 February, the Reserve Bank of India (RBI) issued a revised framework on resolution of stressed assets. The revised framework replaces most of the RBI’s previous guidelines on stressed assets, and tries to...

Replacement of resolution professionals in liquidation

By Varsha Banerjee, Dhir & Dhir Associates
The Insolvency and Bankruptcy Code, 2016 (IBC), has been in the news since it came into force in December 2016. Apart from laying down new law in the restructuring domain, the code provides guidelines...

Parliament: The winter session

Continuing our regular coverage of India’s parliamentary sessions, Mandira Kala and Gayatri Mann assess key commercial bills that were debated and passed during the recent session Last year witnessed the introduction and passage of key...

How the budget taxes you

L Badri Narayanan, S Vasudevan and R Subhashree analyse updates to tax laws and other measures proposed for companies in the 2018 Budget Finance Minister Arun Jaitley quoted Swami Vivekananda’s vision of a New India...
top Indian top law firms

Indian Law Firm Awards 2017

Indian Law Firm Awards 2023 Indian Law Firm Awards 2022 Indian Law Firm Awards 2021 Indian Law Firm Awards 2020 Indian Law Firm Awards 2019 Indian Law Firm Awards 2018 Indian Law Firm Awards 2016 Indian Law Firm Awards 2015 Indian Law...
India in 2018

India in 2018

In-house counsel foretell the key issues and developments that will shape the country’s business and legal environment in the year ahead  DIBYOJYOTI MAINAK  India’s ‘start-up boom’ has seen a considerable decline over the last year especially...
India Business Law Journal

Discordant voices

Sunlight, as US Justice Louis Brandeis famously said, is the best disinfectant  When four judges of the Supreme Court recently spoke out about what they see as abuse of power by the chief justice of...
Insolvency-code

A time for prudence

The insolvency code is being wielded against real estate companies that accumulated large debts in order to outpace the competition. Tushar Chawla, Alpana Srivastava and Ishani Nayyar explain India’s new insolvency regulations i.e. the Insolvency and Bankruptcy...

Resolution regime needed for financial sector entities

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Following the Insolvency and Bankruptcy Code, 2016, which applies to individuals and non-financial entities, the Financial Resolution and Deposit Insurance Bill, 2017, aims to provide a resolution regime for financial sector entities. The bill...

Operational creditors face new challenges all the time

By Sachin Gupta, Dhir & Dhir Associates
An important aspect of the Insolvency and Bankruptcy Code, 2016, that needs to be addressed is whether an individual or a corporate body other than the operational creditor can act on behalf of the...

Supreme Court resolves disputes over ‘dispute’

By Sneha Jaisingh and Shreya Gupta, Bharucha & Partners
A UN legislative guide states that insolvency law “should be transparent and predictable”. In India, different interpretations of the definition of “dispute” under the Insolvency and Bankruptcy Code, 2016, had led to disputes and...

New liquidation waterfall: A sea change for creditors

By Satish Anand Sharma and Aditya Dua, SNG & Partners
Implementation of the Insolvency and Bankruptcy Code, 2016, has led to several challenges and questions to be settled by policy makers, the judiciary and the regulator. The code has brought a sea change in...

MCA delegates functions for registered valuers

The Ministry of Corporate Affairs (MCA), issued Notification No. SO 3401 (E) on 23 October stating that it would be delegating all its powers and functions to prescribe rules regarding registered valuers, to the...

Notice filing procedures clarified for operational creditors

The National Company Law Appellate Tribunal (NCLAT) recently passed a judgment setting aside an admission order by the Chennai bench of the National Company Law Tribunal (NCLT) over procedural issues with the manner a...
A feature image of Sushmita Gandhi and Bhargav Kosuru

Impact of moratorium on troubled project vehicles

By Sushmita Gandhi and Bhargav Kosuru, HSA Advocates
The inflow of cases filed in relation to large-value stressed project finance loans under the recently enacted and much required Insolvency and Bankruptcy Code, 2016, has been galloping ever since the code came into...
Insolvency and Bankruptcy Code: Two sides of the coin. Column by Alok Dhir, Dhir & Dhir Associates

Does moratorium apply to action for bounced cheque?

By Alok Dhir, Dhir & Dhir Associates
Moratorium under section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC), means a period when no judicial proceedings for recovery, enforcement of security interest, sale or transfer of assets, or termination of essential...

Stressed project loans: Will banks have to take a haircut?

By Anjan Dasgupta and Malav K Virani, HSA Advocates
Disclosures by bankers in recent months have highlighted a huge divergence between the quantum of stressed project loans as assessed by the Reserve Bank of India (RBI) and by the banking sector. This divergence...
Indian parliament: The monsoon session

Parliament: The monsoon session

In the first of our planned regular coverage of India's parliamentary sessions, Mandira Kala provides a roundup of important commercial bills that were debated and passed during the recent session, and an assessment of...

Payback time?

The evolution of the Insolvency and Bankruptcy Code is being closely watched by companies, creditors and the government for the part they hope it will play in alleviating the country’s stressed assets problem. Gautam...
India Business Law Journal

Moving forward

Time to return to the drawing board As concern mounts over the health of the Indian economy there is a growing realization of the enormity of the task at hand. As has been widely reported,...

IBBI creates third class of creditors

The Insolvency and Bankruptcy Board of India (IBBI) amended regulations relating to the insolvency resolution process, and the fast-track insolvency resolution process for corporate persons under the Insolvency and Bankruptcy Code, 2016 (IBC), on...
Open for business? Key developments in India's legal sector

India: Open for business?

After much debate and anticipation, the liberalization of the legal sector now seems imminent. Gautam Kagalwala speaks to lawyers about the arrival of foreign firms and other key developments affecting the state of play...

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