BlogTalk 2.0: Mr. Anoop Rawat on Corporate Restructuring and Insolvency

The Insolvency and Bankruptcy Code, enacted in 2016, has reconceptualised the framework for insolvency resolution in India. The Code being at a nascent stage has been amended on a number of occasions and has been a subject of widespread debate. In pursuance of the same, we sat with Mr. Anoop Rawat, Equity Partner, Shardul Amarchand Mangaldas and Company, for a short discussion on the impact of the Insolvency and Bankruptcy Code and the surrounding issues. Our discussion followed from the need of an efficient infrastructure for the effective implementation of the resolution plan, the impact of COVID-19 in maintaining the operations of the Corporate Debtor as a going concern, the need to streamline the Indian debt regulations and more. Continue reading BlogTalk 2.0: Mr. Anoop Rawat on Corporate Restructuring and Insolvency

Extinguishment of Claims Under the IBC: A Fresh Slate

In this article, the authors analyse the issue of extinguishment of claims in order to provide a fresh slate to the resolution applicant who takes over the debt ridden corporate debtor in light of the Supreme Court’s Essar Judgment. Recently, the National Company Law Appellate Tribunal and the Rajasthan High Court have relied on the same to hold that the claims prior to the passing of the resolution plan stand extinguished. Continue reading Extinguishment of Claims Under the IBC: A Fresh Slate

Essar Steel Case: The ‘Upside-down’ of the Insolvency & Bankruptcy Code

In this post, Hansaja Pandya discusses the order of the NCLAT in the Essar Steel Case, and the potential dangers it has given rise to for the Indian debt market. The author highlights the fallacies present in the NCLAT order and emphasises upon the need for a balanced formula which does not discriminate against any creditor nor unduly favours any. Continue reading Essar Steel Case: The ‘Upside-down’ of the Insolvency & Bankruptcy Code

Jet in the Tribunal: Viability of the Resolution for the Service Industry

In the latest post, the authors seek to discuss the sudden downfall of the debt-laden Jet Airways. They shed light on the current situation of the airline and the forthcoming opportunities and obstacles in its way to resume the aviation services. Continue reading Jet in the Tribunal: Viability of the Resolution for the Service Industry

Position of ‘Fees of the Resolution Professional’ under the Insolvency Resolution Process

By: Pulkit Khare INTRODUCTION Recently an issue with respect to the payment of remuneration for services rendered by an Interim Resolution Professional (hereinafter IRP) was witnessed by Insolvency Bankruptcy Board of India (hereinafter Board).  A Complaint was filed by a Resolution Professional (hereinafter RP) against an erstwhile IRP highlighting the illegal transfer of the ‘remuneration for the services of the IRP’ which were received by … Continue reading Position of ‘Fees of the Resolution Professional’ under the Insolvency Resolution Process

Evolution of the Status of a Home Buyer: Consumer Protection Act, 1986 to Insolvency and Bankruptcy (Amendment) Ordinance, 2018

By: Ayush Chaddha Under the Consumer Protection Act, 1986 (hereinafter ‘COPRA’), home buyers are regarded as consumers, thereby providing the remedy to approach the consumer court in case of a default by the builder in the delivery of the real estate project. Over the years, home buyers had the remedy exclusively under COPRA and were treated at par with consumers of other goods and services. … Continue reading Evolution of the Status of a Home Buyer: Consumer Protection Act, 1986 to Insolvency and Bankruptcy (Amendment) Ordinance, 2018

Sale of Corporate Debtor as Going Concern: A New Option Available to the Liquidator under IBBI (Liquidation Process) Regulations, 2016

By: Mudit Nigam Recently in March 2018, the Insolvency and Bankruptcy Board of India (IBBI) notified the IBBI (Liquidation Process) (Amendment) Regulations, 2018 to amend the IBBI (Liquidation Process) Regulations, 2016 (Regulations). The 2018 Amendment, which is effective from 1st April, 2018, has amended Regulation 32 of the Regulations which deals with ‘Manner of Sale’ for the Liquidator. It has introduced “sell the corporate debtor as … Continue reading Sale of Corporate Debtor as Going Concern: A New Option Available to the Liquidator under IBBI (Liquidation Process) Regulations, 2016