[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...
The IBC (Amendment) Ordinance, 2020: Need to Iron Out the Creases
[Rongeet Poddar is a graduate of West Bengal National University of Juridical Sciences and Sayak Banerjee a 3rd year student at National Law University, Jodhpur] The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 was promulgated on June 5, 2020 and came into force immediately. The amendment acknowledges that the Covid-19 pandemic has harmed businesses around the world following a...
Interpreting Bias in the IBC: Lessons from SBI v. Metenere Ltd.
[Eeshan Mohapatra and Shubhaankar Ray are IV year students at NALSAR University of Law Hyderabad] The National Company Law Appellate Tribunal (‘NCLAT’) in the recent decision of SBI v. Metenere Limited held that the substitution of an interim resolution professional (‘IRP’) under the Insolvency and Bankruptcy Code, 2016 was valid for the fact that the appointment of the IRP, who was...
Post COVID-19 Mergers and the ‘Failing Firm Defence’ : A Need for CCI’s Proactive Role
[Parina Muchhala is a 3rd year student and Ira Pandya a 4th year student, both at the Maharashtra National Law University Mumbai] The effects of the COVID-19 outbreak has led to interruption of supply chains, reduction in consumer demand and disruption of economies. It has also led many companies to file for bankruptcy worldwide. This indicates that while COVID-19 has also negatively impacted...
Adjudicatory Powers of the (Interim) Resolution Professional: Murky Legal Waters
[Muskan Agarwal is a 4th year law student at National Law Institute University, Bhopal] Sections 18 and 25 of the Insolvency and Bankruptcy Code, 2016 (IBC) lay down the duties of an interim resolution professional (IRP) and a resolution professional (RP) respectively. Section 18 states that duties of an IRP include, inter alia, receiving and collating “all claims submitted by creditors to him...
Online Certificate Course on the Insolvency and Bankruptcy Code, 2016 (June 19-June 21, 2020)
[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...
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