Tag: Insolvency
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Invocation of Pledged Shares: Disqualification from Seat on Committee of Creditors?
[Viti Bansal is a fourth year student of B.A. LL.B. (Hons) at Gujarat National Law University] The Insolvency & Bankruptcy Code, 2016 (“IBC”), under section 21(2), provides that a related party to the corporate debtor who is also a financial creditor of the corporate debtor will have no right of representation, participation or voting in a meeting of…
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The NCLAT Decision in Hystone Merchants: Conferring Unruly Discretion
[Shubhansh Thakur is a fourth-year student at the Symbiosis Law School, Noida. The author wants to thank Mr. Deepak Joshi for his comments on the draft version] The National Company Law Tribunal (“NCLAT”) in Hytone Merchants Pvt Ltd v. Satabadi Investments Consultants Pvt. Ltd. has held that the Adjudicating Authority (“AA”) can refuse to admit an application that is otherwise complete in all respects…
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Impediments to the Enforcement of Arbitral Awards under IBC
[Anuj Dubey and Amay Bahri are 4th year students at National Law University, Delhi] The jurisprudence on the interplay between the Insolvency and Bankruptcy Code 2016 (IBC) and the Arbitration and Conciliation Act 1996 (Arbitration Act) is in nascent stages. While friction arises during multiple stages of the proceedings under both laws, the conflict arising…
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Call for Submissions: Centre for Insolvency and Bankruptcy Studies Blog
[Announcement on behalf of the Centre for Insolvency and Bankruptcy Studies Blog] The Centre for Insolvency and Bankruptcy Studies Blog welcomes all kinds of submissions in the form of articles, research pieces, opinions, case comments and short notes dealing with any contemporary and pertinent development related to insolvency and bankruptcy laws. Originality All submissions must…
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Pre-Packaged Insolvency: A Stumbling Block for the MSME Sector
[Gunjan Singh and Umang Chaturvedi are 3rd year B.A. LL.B. (Hons.) students at Rajiv Gandhi National University of Law, Punjab] The disruption of economic processes and business cycles owing to the pandemic caused a major blow to the functioning of the industrial sector. Additionally, it impacted the entities who had already borrowed money from the…
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Priority and Value of Security Interest Cannot be a Ground for Challenge of Resolution Plan
[Anugya Mukati and Kirti Dhoke are undergraduate students at the National Law Institute University, Bhopal] The Supreme Court of India in a recent judgment in the matter of India Resurgence Arc Private Limited v. Amit Metaliks Limited, held that a Resolution Plan that has been approved under the Insolvency and Bankruptcy Code ( “the Code”)…
