Pending Schemes, Pressing Creditors: What Omkara Means for Restructuring Strategy

Introduction : A company in financial distress that is already attempting to restructure its debts through a scheme of arrangement, might believe it is already taking action, while creditors may not be willing to wait for the restructuring process to conclude. The company pursuing a scheme might expect that because restructuring proceedings are already before a court, parallel insolvency proceedings should not be allowed to disrupt them. But can a creditor invoke IBC on an ongoing...