TagInsolvency

Fixing Limits to the Number of Assignments for an Insolvency Professional: A Bad Idea

[Ragini Agarwal and Mayank Udhwani are 5th Year B.A. LL.B. (Hons.) students at National Law University, Jodhpur] In its latest Discussion Paper, the Insolvency and Bankruptcy Board of India (‘IBBI’) has proposed to issue guidelines for imposing a cap on the number of assignments that an insolvency professional (‘IP’) can take up at a time. In this post, the authors argue that setting a limit on...

Decoding the Myths of Asset Value Maximisation in Insolvency

[Mudit Jain is a penultimate year B.A. LL.B. (Hons.) student at the National University of Advanced Legal Studies, Kochi] The Insolvency and Bankruptcy Code, 2016 (“IBC”) envisages ‘asset value maximisation’ under the long title of the statute. This has been amply litigated before being settled that the role of the committee of creditors (“CoC”) in a corporate insolvency resolution process...

A Banker’s Tax: Accepting the Inevitability of Bailouts and Enhancing Government Response

[Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune] Since the 2008 financial crisis, regulators around the world have made regulations more stringent to prevent, inter alia,bank collapses and resultant bailouts. Governments maintain that bailouts are not something they wish to repeat. However, bailouts have been resorted to rather commonly. A 2016 economics...

Disgorgement by SEBI under Section 32A of IBC: Death-Knell for Insolvency Resolution?

[Rongeet Poddar is a graduate of West Bengal National University of Juridical Sciences & Vishal Hablani is a final year student at West Bengal National University of Juridical Sciences]  The Securities and Exchange Board of India (“SEBI”) has released a ‘Report on the Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues’ on 16 June 2020. The Report has...

Demystifying the Interface between Securities Law and the IBC

[Hitoishi Sarkar and Yash More are II year students at Gujarat National Law University, Gandhinagar] On June 16, 2020, a high-level committee constituted by the Securities and Exchange Board of India (“SEBI”) under the chairmanship of Justice Anil R. Dave released its report titled Measures for Strengthening the Enforcement Mechanism of the Board and Incidental Issues (“SEBI...

IBC v. Arbitration: A Case for Prevalence of the IBC over the Arbitration and Conciliation Act

[Mayank Udhwani is a 5th year law student at National Law University, Jodhpur] The decision of the Mumbai Bench of the National Company Law Tribunal (NCLT) in Indus Biotech Private Limited v. Kotak India Venture Fund-I has recently made the headlines for allowing the Arbitration and Conciliation Act, 1996 [“Arbitration Act”] to prevail over the Insolvency and Bankruptcy Code, 2016 [“IBC”]. The...

Modifying an Approved Resolution Plan Due To Covid-19

[Shebani Bhargava is a 4th year student at the Maharashtra National Law University Mumbai (MNLU Mumbai)] The novel coronavirus and the unprecedented nationwide lockdown have disrupted the country’s economy. As a consequence, multiple businesses may face the threat of insolvency. In order to soften the setback and ease the financial stress, the Government, along with the Insolvency and Bankruptcy...

Suspension of the Insolvency and Bankruptcy Code: The Way Forward

[Shreya Choudhary and Arnav Sinha are final year students of ILS Law College, Pune] In the wake of recent developments involving the Insolvency and Bankruptcy Code of 2016 (IBC), it is important to explore the various alternatives to restructuring debt, dealing with stressed assets and furthering the economic growth in the country. The Finance Minister announced various changes to the IBC to...

A Good “Bad Bank”: Analysis of an Alternative tool for Resolution

[Winy Daigavane and Pavan Belmannu are 4th year B.A.LLB. (Hons.) students at the National University of Advanced Legal Studies, Kochi] With the Insolvency & Bankruptcy Code (Amendment) Ordinance, 2020 coming into force, the operation of the Insolvency & Bankruptcy Code 2016 (IBC) has been suspended for a period of six months or a for a further period not exceeding one year. This...

UK’s Corporate Insolvency and Governance Bill, 2020: A Model for India?

[Apurva Vats and Vishal Bijlani are 2nd and 3rd year students respectively of National Law University Odisha] In the midst of a global pandemic, several nations have been working towards enhancing their insolvency regimes to mitigate the current situation. The Corporate Insolvency and Governance Bill published by the UK Government on 20 May 2020 is expected to be enacted as soon as possible if...

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