Tag: Insolvency
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Corporate Insolvency Resolution Process and Implications on Securities Laws: Recent Changes
[Guest post by Yogesh Chande, Partner, Shardul Amarchand Mangaldas. View of the author are personal] SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”) The newly inserted provision in regulation 10 of the Takeover Regulations, notified on 14 August 2017, exempts an acquisition pursuant to a resolution plan approved under section 31 of…
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Supreme Court Settlement Orders in Insolvency Cases: Opening of Pandora’s Box?
[Guest post by Anupam Choudhary, who is an Associate at Agram Legal Consultants, a law firm based in Mumbai. The views and opinions expressed are those of the author and do not reflect the view of his firm nor do they constitute legal opinion.] The Supreme Court has recently, in two orders, allowed settlement to…
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An Analysis of the First Insolvency Resolution Scheme Under the Insolvency and Bankruptcy Code
[Guest post by Enakshi Jha, who is a graduate from NALSAR University of Law and is currently working at a corporate law firm in Mumbai] Factual Matrix In the present case, Synergies-Dooray Automotive Limited (“SDAL”) was the corporate debtor. Ms. Mamta Binani was appointed as the Resolution Professional and is the applicant in the present dispute…
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A Guide for Filing Form C by Flat Buyers in the Jaypee Infratech Insolvency Matter
[Guest post by Abhishek Dubey, a corporate lawyer based out of Delhi NCR. This document is merely a guidance for fellow flat buyers of Jaypee Wishtown and not legal advice. Flat buyers may consult their own legal counsel before taking any action. Views are personal. Some of the background to the legal issues arising in this…
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Amendment Creates a Third Class of Creditor Under the Insolvency and Bankruptcy Code, 2016
[Guest post by Aayush Mitruka, a lawyer based in Delhi] The Insolvency and Bankruptcy Board of India (“IBBI”) on 16 August, 2017 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017…
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Winding-up under Section 271(a) of the Companies Act and its Impact on the Insolvency and Bankruptcy Code
[Guest post by Anirudh Gotety, who is a 4th year student pursuing B.B.A., LL.B. (Business Law Honours) at National Law University, Jodhpur] Before the introduction of the Insolvency and Bankruptcy Code, 2016 (the ‘Code’), the winding up of a company took place solely under the Companies Act, 1956 (the ‘1956 Act’). The 1956 Act allowed…
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Some Open Questions under the IBC: Debt Restructuring Schemes and Prepacks
[The following is a guest post contributed by Aparna Ravi, who is Counsel at Samvad Partners. The views expressed here are personal and comments are welcome.] In the high-profile insolvency case of Essar Steels Ltd., that was admitted by the Ahmedabad Bench of the National Company Law Tribunal (“NCLT”) last week, two objections raised by…
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‘Antecedent’ Provisions in the Insolvency and Bankruptcy Code, 2016: An Improvement on its UK Counterpart?
[The following post is contributed by Deep Shah, 3rd Year and Rahul Sibal, 4th Year , students of NALSAR, Hyderabad. They can be contacted at shahdeep998@gmail.com and sibbalrahul@gmail.com. In this post, they undertake a comparative analysis of provisions concerning antecedent transactions under the recently enacted Insolvency and Bankruptcy Code, 2016, vis-à-vis the Insolvency Act, 1986 of the United…
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NCLT Order Admitting Essar Steel Insolvency
In one of the first high profile cases under the Insolvency and Bankruptcy Code, 2016 (the “Code”), the Ahmedabad Bench of the National Company Law Tribunal (“NCLT”) yesterday issued its order admitting the insolvency petition brought by the State Bank of India (“SBI”) and Standard Chartered Bank (“SCB”) as financial creditors of Essar Steel Limited.…
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What Should the Insolvency and Bankruptcy Code for SMEs be Like?
[Guest post by Rishi A, who is a Legal Analyst at Spotdraft.com] The Insolvency and the Bankruptcy Code (“IBC”), 2016 was a much-needed legislation in India for hastening the process of bankruptcy filing and to provide for a framework that would incorporate globally recognised standards for both creditors as well as debtors. However, right from…
