Thursday, July 2, 2020
First adjudication this month, idea is to ensure quicker resolution of debt pile-ups, free up locked capital for fresh lending. India’s new bankruptcy law — which came into force at the end of last year, about 18 months after it...
Back in 2011, Wockhardt Ltd.’s unsecured bondholders made history by getting the court to put them almost on a par with the company’s secured creditors. The winding-up petition filed by the bondholders forced Wockhardt to repay their dues. With India...
Introduction Recent judgements passed by different benches of the National Company Law Tribunal(NCLT) across the country have given rise to fresh controversies surrounding the interpretation of the provisions of the Insolvency and Bankruptcy Code, 2016 (Code). Such controversies revolve around...
Introduction The term 'dispute' assumes great importance under the Insolvency and Bankruptcy Code, 2016 (Code). This is because under Section 9(5)(ii)(d) of the Code, an operational creditor's application for initiating corporate insolvency is liable to be rejected if a 'notice...
  The recent judgment of the National Company Law Tribunal (‘NCLAT’) in Kirusa Software Private Ltd. v. Mobilox Innovations Private Ltd. has been welcomed for having provided an authoritative pronouncement on the meaning of the terms ‘dispute’ and ‘existence...
The National Company Law Tribunal (NCLT), Kolkata Bench, has in its recent ruling in the case of Parker Hannifin India Private Limited v/s Prowess International Private Limited, ruled on the aspect of withdrawal of insolvency petition based on a...
Experts now feel that the ambiguity on disputes between operational creditors and debtors, and how the term ‘dispute’ is to be interpreted, is clear. In its first ever ruling under Sections 8 and 9 of the Code in the case...
The National Company Law Appellate Tribunal (NCLAT) has decided upon the meaning of the terms “dispute” and “existence of dispute” under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The ruling was made on May 24, in the...
The government is likely to table in monsoon session of Parliament a separate bankruptcy law to deal with insolvency in microfinance institutions, NBFCs New Delhi: The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy...
New Delhi: The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and NBFCs. The proposed bill will cover all financial service providers...
Delhi, May 22, The Reserve Bank is likely to announce within a fortnight the guidelines to operationalise NPA ordinance so as to expedite the recovery of bad loans which have crossed Rs. 8 lakh crore. The framework would include creation...
On 5 May 2017, a day after the recent Banking Regulation (Amendment) Ordinance, 2017 (Ordinance) received Presidential assent, the Reserve Bank of India (RBI) issued a circular on 'Timelines for Stressed Assets Resolution' (Circular). The Circular amends the existing...
RBI’s proposal to expand scope of oversight committees and role of ratings agencies part of action plan to deal with Rs7.7 trillion bad loans in the banking system Aniruddha Chowdhury/Mint Mumbai: The Reserve Bank of India (RBI) on Monday proposed expanding...
In a landmark judgment recently delivered by the National Company Law Appellate Tribunal (NCLAT) in the case of Innoventive Industries Limited v. ICICI Bank Limited, the NCLAT has held that the National Company Law Tribunal (NCLT) is bound to...
The three members appointed are : Ms. Suman Saxena, as whole-time member of the Insolvency and Bankruptcy Board of India on a salary admissible to an Additional Secretary to Government of India or on a consolidated salary of Rs...
The National Company Law Appellate Tribunal (NCALT) turned down Innoventive Industries BSE -4.55 %' plea that borrowers be heard before the lenders initiate proceeding under Insolvency and Bankruptcy Code­ better known as the recovery law. However, this dampened lenders' hopes...
MUMBAI: Supreme Court has set the ball rolling on the bankruptcy proceeding of Falcon Tyres BSE 0.00 % even as it has agreed to hear a plea by defaulter Pawan Ruia who had claimed that the principles of natural...
In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the ‘Code’), the Central Government hereby appoints the 1stApril, 2017 as the date on...
NCLAT says the 14-day timeline for rejecting or admitting a case under Insolvency and Bankruptcy Code a directive, meaning courts do not have to necessarily adhere to it A recent National Company Law Appellate Tribunal (NCLAT) ruling on the Insolvency...