[The following post is contributed by Bhavin Gada, Partner at Economic Laws Practice, Advocates and Solicitors, and Manendra Singh, Associate Manager at Economic Laws Practice, Advocates and Solicitors. The views of authors are personal.] Preface It is well known that in India a civil court of relevant jurisdiction is the usual forum for resolving not just disputes related to debt recovery, but...
Reforms to Restructuring Plans Under the Joint Lenders’ Forum
[The following post is contributed by Nitu Poddar, Practicing Company Secretary, and Vallari Dubey, Executive, at Vinod Kothari & Co. They can be reached at [email protected] and [email protected] respectively.] The Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP) work on the principle of identifying the stress in a borrower entity and curing it at its nascent stage. The...
Co-existence of Winding-up Petition and Application under Insolvency Code
[The following post is contributed by Nitu Poddar, who is an Associate at Vinod Kothari & Co, and can be reached at [email protected]] This post seeks to address the question whether an application for resolution process of a company can be filed under the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in case a winding up petition is pending before a High Court? MCA...
Antecedent Transactions: An Anomaly in the Insolvency and Bankruptcy Code, 2016
[The following post is contributed by Rahul Sibal, 3rd Year, and Deep Shah, 2nd Year, students of NALSAR, Hyderabad. They can be contacted at [email protected] and [email protected]. In this post, they analyze certain anomalies with respect to provisions concerning antecedent transactions under the recently enacted Insolvency and Bankruptcy Code, 2016.] The Insolvency and...
NCLT Ruling under Section 8 of the Insolvency and Bankruptcy Code, 2016
[Guest post by Shayonee Dasgupta, who is a project finance lawyer with a leading law firm in India] As the Insolvency and Bankruptcy Code, 2016 (IBC) is in the process of being implemented, the provisions relating to the initiation of insolvency resolution process by an operational creditor were recently examined by the Mumbai bench of the National Company Law Tribunal (NCLT) by way of an order...
Resolving the Conflict between the Corporate Insolvency Resolution Process and Relief Undertaking Legislation
[The following guest post has been contributed by contributed by Sikha Bansal of Vinod Kothari & Company, who can be reached at [email protected]] The Insolvency and Bankruptcy Code, 2016 (the “Code”) is under speedy implementation: while its provisions relating to corporate resolution and liquidation (except voluntary liquidation) have been notified, provisions relating to individual...
A Careless Concern for Workmen’s Dues: Insolvency Code of 2016
(The following guest post is contributed by Mridul Godha, a third-year student at the National Law University, Jodhpur) The Joint Committee on the Insolvency and Bankruptcy Code of the Lok Sabha was much concerned about the welfare of workmen. “Workers are the nerve centre of the company. In the event of any company becoming insolvent or bankrupt, the workmen to get affected adversely and...
Companies Act, 2013: Schemes and Winding-Up Provisions Operational
Although the Companies Act, 2013 was enacted more than three years ago, its provisions have been brought into effect in a phased manner. One of the important chunks of the new legislation relating to schemes of arrangement and winding up were yet to be brought into force. However, this position has since changed because the Ministry of Corporate Affairs (MCA) issued a notification on December 7...
Corporate Insolvency Resolution Process under the Bankruptcy Code: Relevant Provisions Notified
[The following guest post is contributed by Shikha Bansal, under the aegis of Vinod Kothari & Company. She can be contacted at [email protected]] The Ministry of Corporate Affairs, by way of Notification no. S.O. 3594(E) dated 30 November 2016, has notified 1 December 2016 as the date for commencement and enforcement of certain core sections of the Insolvency and Bankruptcy Code...
Repeal of SICA
[The following guest post is contributed by Mani Gupta, who is a partner at Sarthak Advocates & Solicitors, New Delhi. Views expressed here are personal and do not reflect the firm’s views.] By way of two notifications dated November 25, 2016 (“Repeal Notification”), the Ministry of Finance has appointed December 1, 2016 as the date on which the provisions of Sick Industrial Companies...
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