TagInsolvency

The Resurgence of Schemes of Arrangement in Insolvency and Liquidation

Schemes of arrangement have historically been available under Indian company law as a means to carry out corporate debt restructuring. However, as I have found in this paper, schemes were hardly used for this purpose in India. The enactment of the Insolvency and Bankruptcy Code, 2016 (IBC) and the implementation of the corporate insolvency resolution process (CIRP) therein were expected to...

Supreme Court on the Relationship between Insolvency and Winding-up Proceedings

[Akhil Kumar is a Fourth Year BA LLB (Hons.) student and Ayushi Singh a Third Year BA LLB (Hons.) student at NUALS, Kochi] The Insolvency and Bankruptcy Code, 2016 has amended several provisions of the Companies Act, 2013 through the eleventh schedule of the Code. This has, on a few occasions, led to several uncertainties regarding the application of the amended provisions to various company...

Treatment of Employment Benefits under the Insolvency and Bankruptcy Code, 2016

[Medha Rao is an Advocate based in Bengaluru] Following the reasoning of the National Company Law Tribunal (NCLT), Mumbai in Asset Reconstruction Company (India) Limited v. Precision Fasteners Ltd. [‘Precision’], the NCLT, Delhi in Alchemist Asset Reconstruction Co. Ltd. v. Moser Baer India Limited [‘Alchemist’] has also held that the dues owed to workmen from provident fund, gratuity fund, and...

Supreme Court on RBI’s Circular Relating to Insolvency: A Critical Analysis

[Rishabh Sant Tiwari is a 5th year B.A. LL.B. (Business Law Honours) student at National Law University, Jodhpur, India] The 12 February 2018 circular of the Reserve Bank of India (RBI) was assailed as ultra vires the powers given to it under the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934 in Dharani Sugars and Chemicals Ltd. v. Union of India. The Challenge Curious Case...

Summer School on the Insolvency and Bankruptcy Code, 2016

[The following is an announcement on behalf of Umang Foundation] About Summer School on the Insolvency and Bankruptcy Code, 2016 Umang Foundation Summer School, New Delhi 2019 is the first edition of the Summer School organized by Umang Foundation in association with NILS India. The Summer School will be organized at Jawaharlal Nehru University, New Delhi from June 29 to July 4. Our Knowledge...

The Binani Cements Case: Internal Governance at the Stage of Insolvency Resolution

[Priya Garg is a 5th year student at West Bengal National University of Juridical Sciences (WBNUJS), Kolkata] In this post, I view the Binani Cement case from the lens of an organisational governance enthusiast. I thereby highlight the lacuna that exist under the Insolvency and Bankruptcy Code, 2016 (IBC) towards ensuring that good internal governance practices are followed at the stage of...

RBI’s Circular Invalidated: A Potential Watershed Moment in the Indian Insolvency Regime

[Saurav Roy is a final-year law student [V B.A.LL.B] at ILS Law College, Pune] On 2 April 2019, a Supreme Court bench of Justice Rohinton Nariman and Justice Vineet Saran delivered a landmark judgement in the case of Dharani Sugars and Chemicals Ltd. v. Union of India which deals with the pertinent issue of a controversial circular issued on 12 February 2018 titled “Resolution of Stressed Assets...

Delimiting the Boundaries: Settlement Plan under the Insolvency Regime

[Varsha Gupta and Tushar Behl are 4th year students at the School of Law, UPES, Dehradun] The Insolvency and Bankruptcy Code, 2016 was enacted with the objective of facilitating time-bound resolution of corporate persons, among others, for maximizing the value of assets of such persons. Considering the resolution objective of the Code, section 12A was introduced through the Insolvency and...

Successful Bidder, Failed Resolution: Analyzing the Lacuna in the Insolvency and Bankruptcy Code, 2016

[Siddharth Kumar is a student at Vivekananda School of Law and Legal Studies, New Delhi and Aditya Prasad at Jindal Global Law School, Sonepat. They are also Editor and Associate Editor respectively of the CorpLexia Blawg] The Insolvency and Bankruptcy Code, 2016 has arguably been one of the foremost developments in the Indian financial laws in recent times. While the Code has proven to be (or...

Entity versus Enterprise: Dealing with Insolvency of Corporate Groups

[Vinod Kothari and Sikha Bansal are with Vinod Kothari & Company. The can be reached at [email protected]] Present-day businesses sweep across multiple entities, such that the “enterprise” consisting of multiple entities, often in multiple jurisdictions, is referred to as a “group”. While accounting standards and securities market regulators have moved on to the concept of “business...

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