TagInsolvency

Delhi High Court on the Overriding Effect of IBC over PMLA

[Pallavi Meena is a IV Year BSW, LL.B (Hons.) student and Ridhi Arora a IV Year B.A., LL.B (Hons.) student, both at Gujarat National Law University] In Nitin Jain, Liquidator, PSL Limited. v.  Enforcement Directorate (15 December 2021), the Delhi High Court ruled that the power under the Prevention of Money Laundering Act, 2002 (“PMLA”) to attach properties ceases to exist when an order of...

SC Scrutinizes NCLT’s Powers Conferred under Section 7(5) of IBC

[Govind Gupta and Roshi Surele are 3rd Year BA. LL.B. students at the Institute of Law, Nirma University, Ahmedabad] The Insolvency and Bankruptcy Code, 2016 (“IBC”) is a complete code in itself. Both the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”) derive their powers in insolvency matters from the IBC itself while their jurisdiction is...

Supreme Court on NCLT’s Powers under IBC, 2016

[Swarnendu Chatterjee is a Principal Associate at Saraf and Partners, Law Offices in New Delhi and Sneha Rath is a 3rd year B.A., LL.B. (Hons.) student at National Law University Odisha] The Supreme Court in Gujarat Urja Vikas v. Amit Gupta had propounded that the residuary powers of the National Company Law Tribunal (NCLT) under section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC)...

Strict Timeline for Filing an Appeal Under the IBC Regime

[Megha Shaw is a final year law student at WBNUJS Kolkata] Section 61(2) of the Insolvency and Bankruptcy Code, 2016, (Code) provides a limitation period of 30 days from the date of the NCLT order to allow the aggrieved party to file an appeal in the NCLAT. The NCLAT has the power to condone further delay, not exceeding 15 days, in addition to the 30 days, if the appellate tribunal is satisfied...

Bringing State-Owned Electricity Companies within the IBC Ambit

[Aradhana Parmeshwar is a 4th year student pursuing her B.A. L.L.B (Hons.) at WBNUJS, Kolkata] On 8 November 2021, in a letter written to the Secretary, Department of Legal Affairs, the Ministry of Power clarifiedthat the Corporate Insolvency Resolution Process (‘CIRP’) can be initiated against state-owned electricity distribution and generation companies. The communication was in pursuance of a...

Applicability of Triangular Set-off in the Indian Insolvency Regime

[Ankit Singh Rajput and Pragati Yadav are fourth-year law students at Faculty of Law, Jamia Millia Islamia, New Delhi] Triangular set-off occurs when A owes a debt to B, B owes a debt to C and C owes a debt to A. In the triangular set-off, A attempts to set off the amount it owes to B against the amount that C owes to A. The validity of triangular set-off in the bankruptcy context, as...

Assessing the Recently Reinterpreted Period of Limitation under Section 61 of the IBC

[Raghav Sengupta is pursuing the B.A., LL. B (Hons.) course at Jindal Global Law School] In its recent decision in V. Nagarajan v. SKS Ispat and Power Ltd. (22 October 2021), the Supreme Court of India has ruled that the period of limitation to file an appeal against an order under section 61 of the Insolvency and Bankruptcy Code (“IBC”) would commence from the time of the decision’s...

A Plan Carved in Stone? Effect of CoC Approval in Corporate Insolvency

[Gaurav Chaliya and Krishan Singhal are final year students at National Law University, Jodhpur.] The Supreme Court has in Ebix Singapore Private Ltd. v. Committee of Creditors of Educomp Solutions Ltd. finally put to rest the variegated stances concerning the withdrawal of a resolution plan under the Insolvency and Bankruptcy Code, 2016 (the “Code”). In unequivocal terms, the Court ruled that an...

A Proposal to Add Mediation within India’s Corporate Insolvency Resolution Process

India’s Insolvency and Bankruptcy Code, 2016 (IBC) was introduced with the aim of improving the efficiency of the resolution process. While there is much to be credited in the law, the practice of it has shown that the process is often delayed by excessive litigation. In our forthcoming  article, Aparajita Kaul and I study delays under the IBC by assessing the law through a feminist lens. We...

Indian Insolvency Law and Pre-Pack Insolvency Resolution Process: An Analysis: Part 2

[Krrishan Singhania is the Managing Partner at K. Singhania & Co. Srishti Singhania is a Senior Associate at K. Singhania & Co. and Ashuthosh V (trainee) is a IV-year law student at Nirma University. Part 1 of this post is available here] Comparative Analysis The concept of pre-packaged insolvency resolution mechanism is not a new one as it is a huge success in other jurisdictions like...

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