Tag: Insolvency
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Equitable Overreach?: Re-examining Article 142 in the Context of the IBC (Part – I)
[Srujan Sangai is a V year B.A. LLB student at National Law School of India University, Bengaluru] The Supreme Court of India has been invoking Article 142 of the Constitution to settle insolvency disputes in the recent past. From 2016 until 2024, the Supreme Court has invoked Article 142 in 36 cases to adjudicate insolvency matters. More recently, in Kalyani…
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Reshaping Insolvency Practice: The Fourth Amendment to CIRP Regulations
[Bhoomi Goenka and Saksham Gupta are 3rd year B.B.A., LL.B. (Hons.) students at National Law University Odisha] In May 2025, the Insolvency and Bankruptcy Board of India (IBBI) introduced the fourth amendment to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), with the objective of enhancing flexibility, transparency, and efficiency in corporate insolvency resolutions. Notably, the amended regulations grant resolution…
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Deadline or Dead End? Judiciary Tightens the Screws on IBC’s Compliance
[Abhishek Pandey and Aditya Mittal are 4th year B.A. LL.B. (Hons.) students at Hidayatullah National Law University, Raipur] In the corporate insolvency regime, time is everything. The Insolvency and Bankruptcy Code (Code) was introduced in 2016 with a vision to reshape India’s insolvency regime by focusing on swift, time-bound processes that maximize the interests of all stakeholders. While after…
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Amendments to the IBBI Regulations on Corporate Insolvency: The Future of Transparency
[Ayush Raj is a 4th year BA LLB student at Gujarat National Law University] On 4 July 2025, the Insolvency and Bankruptcy Board of India (IBBI) issued the Fifth Amendment to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations (CIRP Regulations), with immediate effect. These amendments principally revise regulations 36 and 38 of the 2016 CIRP Regulations…
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The Misstep in Rakesh Bhanot: Decoding Section 138 and IBC
[Kevin Preji and Sanjana Rao are 3rd year B.A., LL.B. (Hons.) students at National Law School of India University, Bangalore] On April 1, 2025, the Supreme Court, in the case of Rakesh Bhanot vs Gurdas Agro Pvt Ltd held that the proceedings for cheque bounces (under s 138 of the Negotiable Instruments Act, 1881 (‘NI Act’)), would not be stayed by the…
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Rejection of Resolution Plan: Review of Judgment?
[Aditya Vaid is a penultimate year law student at Jindal Global Law School] The recent landmark Supreme Court judgment in the case of Kalyani Transco v. Bhushan Power and Steel Limitedrepresents a significant milestone in India’s insolvency regime. On May 2, 2025, the Supreme Court set aside JSW Steel Ltd.’s (“JSW Steel”) resolution plan for Bhushan Power and Steel…
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Who Gets the Gains? The IBC Tug-Of-War over Fraudulent Transaction Recoveries under Section 66
[Harsh Bansal is a 4th year B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law] On 1 April 2025, the Supreme Court (SC) in Piramal Capital & Housing Finance Ltd. v. 63 Moons Technologies Ltd.(PCHFL), albeit as an ancillary issue, answered the question of who benefits from recoveries in fraudulent or wrongful trading transactions under the…
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“Prior” CCI Approval of Resolution Plans: A Case for Legislative Amendment
[Rajat Sethi is a Partner and Akanksha Agrahari an Associate at S&R Associates] The recent judgement of the Supreme Court in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja has reignited the debate in respect of the timing for approval of the Competition Commission of India (“CCI”) for resolution plans under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The factual matrix of this…
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Unity in Distress: Intra-Class Distinctions Among Homebuyers in Real Estate Insolvency
[Anushka Aggarwal is a third-year B.A. LL.B. (Hons.) student at the National Law School of India University, Bengaluru] The 2018 amendment to the Insolvency and Bankruptcy Code, 2016 (‘IBC’) marked a significant evolution, granting the status of financial creditors to homebuyers. As real estate insolvency cases continue to burden the courts, the question of whether homebuyers a class, united…
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Mediation under the IBC Framework: A Pragmatic Shift or Premature Experimentation?
[Shashyak Roy is a 1st year student and Arima Kaushal a 3rd year student at West Bengal National University of Juridical Sciences, Kolkata] In November 2024, the Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper proposing the introduction of a voluntary pre-institution mediation mechanism for operational creditors (OCs) before they initiate proceedings under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). According to IBBI data,…
