Tag: IBC

Navigating The Choppy Waters Of India’s Solvency And Bankruptcy Code

28th July, 2023 - 7:23 am Categories: IBC

Introduction The Insolvency and Bankruptcy Code, 2016 (referred to as IBC or the Code) is India’s bankruptcy law, designed to consolidate the existing framework by creating a comprehensive statute for handling insolvency and bankruptcy cases. The introduction of IBC aimed to completely overhaul India’s financial distress resolution system, as the prevalence of Non-Performing Assets and … Continue reading Navigating The Choppy Waters Of India’s Solvency And Bankruptcy Code

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Proposed Amendments To The Insolvency And Bankruptcy Code

25th May, 2023 - 7:10 am Categories: IBC

Insolvency and Bankruptcy Code, 2016, as amended (“Code”) regulations claim that countless cases of failing real estate businesses, including significant players like Jaypee Infratech, and Supertech, have been stalled at various stages of insolvency procedures over the past few years. It is being estimated that 344 corporate debtors involved in construction and real estate operations … Continue reading Proposed Amendments To The Insolvency And Bankruptcy Code

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Can passing of a Resolution Plan obliterate proceedings under section 138 of NI Act?

30th March, 2023 - 5:59 am Categories: IBC

Introduction The Supreme Court of India vide its order dated 28th March, 2022 in Narinder Garg v. Kotak Mahindra Bank Ltd. (“Narinder Garg”) decided upon the effect of the passing of a resolution plan, under section 30(4) of the Insolvency and Bankruptcy Code, 2016 (“IBC”), on the validity of proceedings under section 138 of the … Continue reading Can passing of a Resolution Plan obliterate proceedings under section 138 of NI Act?

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The Relevancy of ‘Waterfall Mechanism’ in 2022 under IBC

12th December, 2022 - 10:01 am Categories: IBC

INTRODUCTION: The lawmakers designed the Insolvency and Bankruptcy Code, 2016 (‘IBC’) to provide an adequate legal framework for timely resolution of Insolvency and Bankruptcy and recovery. The Preamble of the Code states the purpose for which the said Code is enacted. The Code is ever-evolving through a series of case laws, and the Judiciary interprets … Continue reading The Relevancy of ‘Waterfall Mechanism’ in 2022 under IBC

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Settling an incertitude conundrum: Whether the Adjudicating Authority is mandated to admit the application under Section 7 of the IBC without considering the extraneous matters involved?

26th October, 2022 - 5:48 am Categories: Legal Issues

Introduction To start a Corporate Insolvency Resolution (CIRP) against a Corporate Debtor, the Financial Debtor must file an application before the Adjudicating Authority under Section 7 of the Insolvency & Bankruptcy Code (IBC). The highlight of this section is that the Adjudicating Authority, after admitting the application, shall give an order within seven days of … Continue reading Settling an incertitude conundrum: Whether the Adjudicating Authority is mandated to admit the application under Section 7 of the IBC without considering the extraneous matters involved?

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Discretionary power of the Adjudicating Authority to reject CIRP applications under Section 7(5)(a) of the IBC

4th August, 2022 - 11:38 am Categories: Legal Issues

The National Company Law Tribunal and the National Company Law Appellate Tribunal has traditionally held that it is mandatory for the Corporate Insolvency Resolution Process(CIRP) to be initiated once the existence of a debt has been established under Section 7(5) of the Insolvency and Bankruptcy Code, 2016. There was no separate interpretation of Section 7(5) … Continue reading Discretionary power of the Adjudicating Authority to reject CIRP applications under Section 7(5)(a) of the IBC

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Jet Airways: An Insolvency Resolution Journey

4th March, 2022 - 12:51 pm Categories: Legal Issues

Jet Airways, which started off as an air taxi operator in 1993 and became a scheduled carrier in 1995, has been under insolvency for two years after it shut operations in April 2019 under a heavy debt. Jet Airways is the first Indian carrier/airline to undergo insolvency proceedings under the Cross Border Insolvency Protocol along with … Continue reading Jet Airways: An Insolvency Resolution Journey

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TATA Consultancy Services Limitedv.Vishal Ghisulal Jain, Resolution Professional, SkWheels Private Limited

2nd March, 2022 - 12:24 pm Categories: Legal Issues

(Supreme Court of India) Civil Appeal No 3045 of 2020 The appeal stemmed from a ruling given on June 24, 2020 by the National Company Law Appellate Tribunal (“NCLAT”). The NCLAT affirmed an interim order issued by the National Company Law Tribunal (“NCLT” or “Adjudicating Authority”) on December 18, 2019, preventing the appellant from terminating … Continue reading TATA Consultancy Services Limitedv.Vishal Ghisulal Jain, Resolution Professional, SkWheels Private Limited

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Scope Of NCLT & NCLAT’s Powers Under Section 7 Of IBC, 2016

23rd December, 2021 - 5:03 am Categories: Legal Issues

INTRODUCTION The NCLT was established under Section 408 of the Companies Act, 2013 18 of 2013 w.e.f 01st June 2016 to exercise and discharge all duties and functions conferred on it by or under this Act or any other law in force at the time. The IBC’s institutional foundation called for the creation of a … Continue reading Scope Of NCLT & NCLAT’s Powers Under Section 7 Of IBC, 2016

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IBC (Insolvency and Bankruptcy Code, 2016) – The Bankruptcy Law of India

22nd July, 2019 - 12:16 pm Categories: Intellectual Property

It is better to have one codified legislation than multiple to deal with the aspects of a company which can have a singular umbrella. This is the exact rationale for the existence of The Insolvency and Bankruptcy Code in India which has been into effect since 2016. IBC came into being repealing SICA (Sick Industrial … Continue reading IBC (Insolvency and Bankruptcy Code, 2016) – The Bankruptcy Law of India

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