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Search results: Insolvency and Bankruptcy Code, 2016
New law on pre-pack resolution plans under IBC
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
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
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
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
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
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
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 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...
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
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
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...
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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...
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...
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...
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...
Impact of covid-19 on project finance, banking transactions
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 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...
Disputed claims are not defaults under IBC
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...
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...
Awkward regulatory tango over COVID-19 relief
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...
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
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...
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...
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...
Net tightens for promoters of corporate debtors
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),...
What’s in store for M&As in a post COVID-19 economy
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
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,...
COVID-19 may power down the energy sector
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...
2019 was a significant year in competition law
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...
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...
IBC: Intent continues to prevail over form
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...
Jaypee judgment creates a conundrum for lenders
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...
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...
Interplay of polity, policy on infrastructure development
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...
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...
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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....
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...
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,...
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...
IBC to lure foreign funds following ECB reforms
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...
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....
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....
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...
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 limits exemption from open offer on debt conversion
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 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...
Views on RBI’s new stressed asset resolution framework
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 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...
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...
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...
Effectiveness of arbitration in financing document disputes
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...
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...
Risks in acquiring distressed infrastructure assets
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...
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...
Ordinance puts depositors ahead of secured creditors
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...
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...
Supreme Court upholds constitutional validity of IBC
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...
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...
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Leading law firms shed light on the cutting-edge practice areas that are receiving the attention of India’s top legal minds
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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...
Deals of the Year 2018
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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...
Sigh of relief for bankers on international insolvencies
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
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
“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
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
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...
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
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...
Extension beyond 270 days: New attempt at resolution
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?
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...
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
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
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
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
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...
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?
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
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...
Judgments resolving issues facilitate resolution process in India
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...
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
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
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...
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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...
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...
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
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
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’
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
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...
Impact of moratorium on troubled project vehicles
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...
Does moratorium apply to action for bounced cheque?
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?
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...
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...
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...
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...