Tag: Insolvency
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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,
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Appointing Arbitrators Following the Approval of Resolution Plans: Adopting A Pro-IBC Stance
[Udai Yashvir Singh and Aditi Gupta are 5th year students at National Law University Delhi] The principle of clean slate was propounded by the Supreme Court in the seminal case of CoC of Essar Steel India Limited v. Satish Gupta. The principle essentially entails that any claim which is pending before a court or arbitral tribunal or any claim which has
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Compulsorily Convertible Debentures: Debt or Equity? Analysing NCLAT’s Ruling
[Raghav Bhatia is an Advocate practising at the Supreme Court of India and High Court of Delhi and Lishika Sahni is a 4th year law student at Dr. RMLNLU, Lucknow]. In December last year, in Indian Renewable Energy Development Agency Limited v. Waaree Energies Limited, the National Company Law Appellate Tribunal (“NCLAT”) observed that compulsorily convertible debentures (“CCDs”) may be debt or
