Tag: IBC

Prolonging PPIRP Scrutiny: Crucial for Optimal Resolution?

21st October, 2024 - 6:40 am Categories: IBC

Introduction The entire body of law in India for resolving bankruptcy affecting all entities, whether corporate or individual, is the Insolvency and Bankruptcy Code, 2016 (Code/IBC). It responds to the growing demand for an all-encompassing law that would be efficient in resolving debtors’ insolvency, optimizing the value of assets accessible for creditors, and facilitating the … Continue reading Prolonging PPIRP Scrutiny: Crucial for Optimal Resolution?

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NCLT on Gitanjali Gems Liquidation: Analysing its Role and Authority Under IBC, 2016

7th June, 2024 - 6:39 am Categories: IBC

Introduction The jewellery retailer Gitanjali Gems, which is owned by the wanted man Mehul Choksi, notified the exchanges on Monday that the NCLT Mumbai bench has mandated the company’s liquidation. The decree came into effect on February 7, 2024. A company or corporation may be liquidated by winding up its operations by selling off its … Continue reading NCLT on Gitanjali Gems Liquidation: Analysing its Role and Authority Under IBC, 2016

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Conundrum of Limitation Period under IBC and Inapplicability of the Doctrine of Election

25th January, 2024 - 7:05 am Categories: IBC

Recently the Supreme Court in the case of Tottempudi Salalith v State Bank of India & Ors.[1] (Tottempudi Salaith) held that the doctrine of election cannot be applied to prevent a financial creditor to approach the National company law tribunal (NCLT) for initiating a Corporate Insolvency Resolution Process (CIRP) against the corporate debtor under Section … Continue reading Conundrum of Limitation Period under IBC and Inapplicability of the Doctrine of Election

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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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