[Tanish Arora is a 3rd year B.B.A.LL.B. student at National Law University Odisha] In December 2023, the Madras High Court in Subrata Monindranath Maity v The State, Represented by Deputy Director, Industrial Safety and Health-II stipulated that a person who is the resolution professional (“RP”) in respect of an establishment is also an occupier under the Factories Act, 1948. Hence, the RP would...
Navigating the Doctrine of Election under the IBC
[Akshita Shrivastava is a IV year B.A.LL.B. (Hons.) student at National Law Institute University in Bhopal (M.P.)] The doctrine of election, a fundamental principle in evidentiary law, has been a subject of extensive discussion and legal interpretation in recent times, particularly in its application within the intricate landscape of insolvency and bankruptcy proceedings. This doctrine comes into...
Replacement of a Liquidator under the IBC: The End of Independence?
[Sannah Mudbidri is a 3rd year BA LLB (Hons.) student at National Law School of India University, Bangalore] The landscape of liquidator replacements under the Insolvency and Bankruptcy Code, 2016 (IBC) has witnessed a transformative journey, marked by the historical authority vested in the adjudicating authority and amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations...
Navigating the Labyrinth: Landowners’ Rights in Real Estate Insolvency
[Dhaval Bothra and Rajdeep Bhattacharjee are law students at Symbiosis Law School, Pune] The intricate realm of real estate development is governed by meticulous development agreements, fostering a collaborative relationship between landowners and developers. In this partnership, landowners contribute valuable land, while developers undertake construction responsibilities, potentially leading to...
Inside SEBI’s Consultation Paper: Reshaping SSFs in Indian Finance
[Harsh Mittal and Sidhanth M K Majoo are 3rd year B.B.A. LL.B. (Hons.) students at National Law University, Odisha] The Indian financial system has long been burdened by the prevalence of stressed assets, necessitating substantial capital infusions into banks, non-banking financial companies (“NBFCs”), and other financial institutions. These stressed assets have constrained the ability of...
Scope of Judicial Interference in the CIRP: Rethinking the Commercial Wisdom Doctrine
[Rohan Srivastava and Priyanshu Mishra are III Year B.A. LL.B.(Hons.) students at the National Law School Of India University Bengaluru] Ever since the enactment of the Insolvency and Bankruptcy Code of 2016 (IBC), the corporate insolvency resolution process (CIRP) has been at the heart of the ambitious legislation. This statutorily guided process, aimed at reviving the corporate debtor, entails...
Supreme Court Clarifies the Extent of Liability of Personal Guarantors under the IBC
[Tanisha Gautam is a 4th year B.A. LL.B. (Hons.) student at the Institute of Law, Nirma University, Ahmedabad] The impact of a personal guarantee in relation to a corporate debtor undergoing insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (the “Code”) has raised interesting legal issues. A personal guarantee refers to a promise made by an individual (the guarantor) to assume...
Ignorance is Bliss (?): Analysing the Treatment of Contingent Claims under the Insolvency and Bankruptcy Code, 2016
[Saksham Chaturvedi and Devansh Sehgal are final year B.A. LL.B. (Hons.) students at National Law University, Odisha] Any claim against the corporate debtor (‘CD’) which is pending adjudication or has not been crystallised as of the insolvency commencement date is known as a contingent claim. By virtue of the moratorium issued under section 14 of the Insolvency and Bankruptcy Code, 2016 (‘IBC...
Examining the Viability of Corporate Insolvency Resolution for Section 8 Companies
[Niharika Agarwal and Akshita Bhansali are 3rd year students at Gujarat National Law University] In Educomp Infrastructure & School Management Limited v. Millennium Education Foundation (4 July 2023), the National Company Law Appellate Tribunal (“NCLAT”) held that an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) is maintainable in case of a corporate...
Streamlining the Voluntary Liquidation Process: IBBI’s Proactive Move
[Manas Rohilla and Smruti Kulkarni are 3rd year B.A., LL.B. (Hons.) students at the Gujarat National Law University, Gandhinagar] On 5 October 2023, the Insolvency and Bankruptcy Board of India (IBBI) took a proactive stance by releasing the Discussion Paper on Streamlining the Voluntary Liquidation Process (Discussion Paper), proposing amendments to the Insolvency and Bankruptcy Board of India...
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