Tag: Insolvency
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Resolution Application by Operational Creditors: Interpretation of the Term “Dispute”
[Post by Nitu Poddar, Associate at Vinod Kothari & Company, Corporate Law and Resolution Division (nitu@vinodkothari.com) Other posts on related topics can be found here and here.] To file an application under the Insolvency and Bankruptcy Code, 2016 (the Code), an operational creditor has to serve a demand notice on the corporate debtor ten days
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NCLAT on the Definition of a “Dispute” Under the Insolvency and Bankruptcy Code
[Post by Shyam Pandya, who is a partner at Desai & Diwanji. Views are personal. Disclosure: The author represented the respondent in the matter, i.e., Mobilox Innovations Private Limited] In the context of a corporate insolvency resolution process initiated by an operational creditor against a corporate debtor under section 8 of the Insolvency and Bankruptcy
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NCLAT Order under Section 7 of the Insolvency & Bankruptcy Code, 2016
[Post by Diksha Jain, who is a 5th year student at the National Law University, Jodhpur] The National Company Law Appellate Tribunal (NCLAT) in its order dated 15 May 2017 in Innoventive Industries Ltd. v. ICICI Bank has ruled on certain important requirements to be complied with while admitting an application filed under Section 7
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Bankruptcy Code: Exclusion of Civil Courts in Monetary Matters?
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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 nitu@vinodkothari.com and vallari@vinodkothari.com 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
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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 resolution@vinodkothari.com] 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
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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 sibbalrahul@gmail.com and shahdeep998@gmail.com. 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 Bankruptcy Code, 2016
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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
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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 corplaw@vinodkothari.com] 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 insolvency
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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
