[Announcement on behalf of Umang Foundation] This course is an annual 3-day course on Corporate Restructuring and Insolvency especially focusing on the developments in the insolvency regime in India and the major cases. The academic session is spread across nearly 25 hours and covers various areas such as the Insolvency and Bankruptcy Code, 2016, corporate restructuring, the role of the...
Proposed Amendments to the IBC: A Half Baked Scheme?
[Anushka Garg is a fourth-year B.B.A., LL.B. (Business Law Hons.) student at National Law University, Jodhpur] In wake of the economic fallout caused by the COVID-19 crisis, India’s Finance Minister Nirmala Sitharaman rolled out several measures to provide relief to companies that face the threat of insolvency. The Insolvency and Bankruptcy Code, 2016 will be modified to bring various important...
Avoidance Proceedings under the IBC: Time for a Tweak in the Regime?
[Arnav Maru is a fourth year B.A. LL.B. (Hons.) student and Bhavya Solanki a second year B.A. LL.B. (Hons.) student, both at MNLU Mumbai] As the Insolvency and Bankruptcy Code, 2016 approaches its fourth anniversary, it has proven effective in reshaping the Indian insolvency landscape. A 2019 report by CRISIL had highlighted that the Code had greatly benefited creditors, as compared to the...
Application of Section 29A of the IBC to Schemes of Arrangement
[Nipuna Varman is a student at the NALSAR University of Law, Hyderabad and Lalitha Nandula a student at the Gujarat National Law University, Gandhinagar] The Insolvency and Bankruptcy Code 2016 (IBC) focuses on two aspects, i.e., the corporate insolvency resolution process (CIRP) and the liquidation process. The CIRP is prescribed for the revival of the corporate debtor. Under the IBC, the focal...
The Draft Valuers Bill, 2020: Catapulting Valuation as a Profession
[Amogh Sharma is a B.A L.L.B (Hons.) student at HNLU Raipur] On 30 August 2019, the Ministry of Corporate Affairs (MCA) had constituted a Committee of Experts to examine the need for an institutional framework to regulate and develop valuation as a profession. On the basis of the Committee’s recommendation, a Draft Valuers Bill, 2020 has been drafted to establish a National Institute of Valuers...
The Game of Jurisdictions: Arbitration and Insolvency Proceedings
[Kunal Dey is an Associate at Argus Partners, Kolkata] The Arbitration and Conciliation Act, 1996 has undergone significant changes as a result of the Arbitration and Conciliation (Amendment) Act, 2015. However, before the contours of the amendments (brought into effect on 23 October 2015) could be established by the courts, the Insolvency and Bankruptcy Code, 2016 (IBC) was introduced into the...
Super Priority Financing: An Opportunity in a Crisis
[Apoorva Upadhyay and Parthsarthi Srivastava are 3rd year BBA.LL.B students at National Law University Odisha] As the economic conditions continue to deteriorate, several corporations will likely turn to file for bankruptcy protection in the near future. One of the most sought after alternatives for such distressed companies would be access to capital to ensure minimum liquidity and continuation...
Revisiting Corporate Insolvency: An Empirical Case for Protection of Operational Creditors
[Surbhi Soni is a third year student at the National Law School of India University, Bangalore] The Insolvency and Bankruptcy Code 2016 adopts the conventional court-mediated contract enforcement mechanism for debt resolution and restructuring of a corporate debtor. The basic principle of such resolution is that it mirrors the application of a predetermined (or ex ante) contractual bargain...
Withdrawal of Resolution Plans due to Covid-19: A Legal Analysis
[Sikander Hyaat and Sara Jain are 5th year B.A., LL.B. (Hons.) students at MNLU Mumbai] The outbreak of the coronavirus pandemic has caused substantial market disruptions and deterioration of consumption. Recently, the Fitch Ratings has reduced India’s GDP growth forecast from 5.1% to 2%, making it the slowest growth rate over the past 30 years. Consequently, businesses are facing severe...
Section 61 of the IBC: A Case for Contextual Statutory Interpretation
[Hitoishi Sarkar and Yash More are II year students at Gujarat National Law University, Gandhinagar] Section 61 of the Insolvency and Bankruptcy Code, 2016 provides for appeals from the National Company Law Tribunal (NCLT) to the National Company Law Appellate Tribunal (NCLAT). However, section 61 does not mention, in express terms, any details regarding the mechanism for calculating the...
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