[Harsh Bansal is a 4th year B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law] On 1 April 2025, the Supreme Court (SC) in Piramal Capital & Housing Finance Ltd. v. 63 Moons Technologies Ltd.(PCHFL), albeit as an ancillary issue, answered the question of who benefits from recoveries in fraudulent or wrongful trading transactions under the Insolvency and...
“Prior” CCI Approval of Resolution Plans: A Case for Legislative Amendment
[Rajat Sethi is a Partner and Akanksha Agrahari an Associate at S&R Associates] The recent judgement of the Supreme Court in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja has reignited the debate in respect of the timing for approval of the Competition Commission of India (“CCI”) for resolution plans under the Insolvency and Bankruptcy...
Unity in Distress: Intra-Class Distinctions Among Homebuyers in Real Estate Insolvency
[Anushka Aggarwal is a third-year B.A. LL.B. (Hons.) student at the National Law School of India University, Bengaluru] The 2018 amendment to the Insolvency and Bankruptcy Code, 2016 (‘IBC’) marked a significant evolution, granting the status of financial creditors to homebuyers. As real estate insolvency cases continue to burden the courts, the question of whether homebuyers...
Mediation under the IBC Framework: A Pragmatic Shift or Premature Experimentation?
[Shashyak Roy is a 1st year student and Arima Kaushal a 3rd year student at West Bengal National University of Juridical Sciences, Kolkata] In November 2024, the Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper proposing the introduction of a voluntary pre-institution mediation mechanism for operational...
Appointing Arbitrators Following the Approval of Resolution Plans: Adopting A Pro-IBC Stance
[Udai Yashvir Singh and Aditi Gupta are 5th year students at National Law University Delhi] The principle of clean slate was propounded by the Supreme Court in the seminal case of CoC of Essar Steel India Limited v. Satish Gupta. The principle essentially entails that any claim which is pending before a court or arbitral tribunal or any claim which has not been...
Compulsorily Convertible Debentures: Debt or Equity? Analysing NCLAT’s Ruling
[Raghav Bhatia is an Advocate practising at the Supreme Court of India and High Court of Delhi and Lishika Sahni is a 4th year law student at Dr. RMLNLU, Lucknow]. In December last year, in Indian Renewable Energy Development Agency Limited v. Waaree Energies Limited, the National Company Law Appellate Tribunal (“NCLAT”) observed that compulsorily convertible...
India’s Cross-Border Insolvency Framework: Time to Honour Exclusive Jurisdiction Clauses
[Vishrut Kansal is a Principal Associate at the Delhi office of Shardul Amarchand Mangaldas, and Mohd Fahad Ansari is a 4th year B.A., LL.B. (Hons.) student at NUSRL Ranchi] In cross-border commercial transactions that involve parties from India and other jurisdictions, it is common to include a clause which specifies that any dispute arising shall be subject to the exclusive jurisdiction of the...
Share Application Money: Is it Financial Debt under the IBC?
[Tejas Venkatesh is a Final Year student at Jindal Global Law School] On 26 November 2025, the principal bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi dismissed an appeal arising from an order of the National Company Law Tribunal (NCLT). The order of the NCLT rejected an application by Muralidhar Vincom Pvt. Ltd. to initiate corporate insolvency resolution process...
CIRP Amendment Regulations 2025: Streamlining Resolution Processes and Protecting Homebuyer Interests
[Aparna Ravi is a Partner and Manan Sheth an Associate at S&R Associates, Advocates] As of December 2024, insolvencies in the real estate sector accounted for approximately 22% of admitted cases under the Insolvency and Bankruptcy Code, 2016 (“IBC”), making it second only to the manufacturing sector that accounted for 37% of admitted cases, as noted in the Insolvency and Bankruptcy Board of...
Streamlining Insolvency Resolutions: A Critical Look at New Proposals
[Yarabham Akshit Reddy and Chakkapalli Satya Kaushik are 3rd year BA.LLB (Hons) students at Hidayatullah National Law University, Raipur] On 4 February 2025, the Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper proposing 11 significant changes to the regulations under the Insolvency and Bankruptcy Code (IBC). These amendments aim at resolving various operational...
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