Mayer Brown JSM
A key factor contributing to the vitality and development of the common law is that judges can have the benefit of authorities from other jurisdictions with a comparable legal framework.
Mayer Brown JSM
Did you know that a scheme of arrangement can be used to reduce the creditor constituency in a liquidation, so that time and costs can be saved for the benefit of all parties?
Khaitan & Co
The enactment of the Code marks the beginning of a concerted effort to institute a streamlined, consolidated and time-bound insolvency resolution regime in India.
Singh & Associates
Insolvency is a term which has always been related to an individual or a company/business.
From an investor's standpoint, a robust and effective bankruptcy regime is a prerequisite for the development of the corporate debt market.
The NCLT was recently announced as the adjudicating authority for insolvency proceedings relating to companies, limited liability partnerships and other body corporates under the Insolvency and Bankruptcy Code 2016.
In the backdrop of Vijay Mallya episode and season of corporate defaults when public sector banks and financial institutions are helplessly chasing their dues in largely protracted legal battles...
With increasing globalisation, there has been a surge in cross-border investment activity. In such a setting, issues of insolvency can have global ramifications.
Khaitan & Co
As a demonstration of India's combined political will, the much awaited and debated Insolvency and Bankruptcy Code, 2016 was passed by the Upper House of the Parliament on 11 May 2016 (shortly after being passed by the Lower House on 5 May 2016).
LexCounsel Law Offices
The Code envisages that the insolvency resolution processes will be conducted by insolvency professionals.
The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities.
The upper house of Parliament (the Rajya Sabha) passed the Insolvency and Bankruptcy Code 2016 on May 11 2016. The code was previously passed by the lower house of Parliament (the Lok Sabha) on May 5 2016.
In 1989 Madras Petrochem Ltd was declared a 'sick unit' by the BIFR in accordance with the Sick Industrial Companies (Special Provisions) Act.
The introduction of the Insolvency and Bankruptcy Code, 2015 (the Code) in the Lok Sabha by Finance Minister Arun Jaitley on December 21, 2015 was greeted by unanimous applause and a sigh of relief from all stakeholders.
In Pegasus Assets Reconstruction P Ltd v M/s Haryana Concast Limited a division bench of the Supreme Court held that a company court cannot wield any control in respect of a sale of secured assets by a secured creditor.