Stability and predictability of the legal system is undeniably
an essential component of the "Rule of Law" and in its
absence, people have great difficulty managing their affairs
effectively. The issue attains enormous proportion in the field of
commercial law as there is nothing that the corporate enterprises
fear more than uncertainty. There is an old management principle
according to which "you can't manage what you cannot
predict", which conversely implies that unless something
is predictable, it cannot be managed. Corporate enterprises always
want to tread the path where there is a fair amount, if not
absolute, stability. Stability and predictability of the regulatory
environment and the applicable laws rank high amongst the important
variables enterprises consider while making investment decisions
and hence, these factors have a direct bearing on the ease of doing
business in a country.
Insolvency and Bankruptcy Code
The Insolve
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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 Insolvency and Bankruptcy Code, 2016 (IBC) has consolidated and amended the laws relating to reorganization and insolvency of corporate persons, partnership firms and individual firms.
Recently, NCLAT faced a situation in State Bank of India v. Mr. V. Ramakrishnan and Ors. [Company Appeal (AT) Insolvency no. 213 of 2017], where the State Bank of India had appealed...
Insolvency, explained simply, refers to an individual or an entity's inability to pay debts due from it. The recent and most illustrious enactment by the Parliament, the Insolvency and Bankruptcy Code, 2016 encompasses this wide-ranging arena of insolvency and bankruptcy.
The prohibition contained in section 14 of the Insolvency and Bankruptcy Code 2016, ("the Act") against the initiation and continuation of legal proceedings...
The moratorium in terms of Insolvency and Bankruptcy Code, 2016 (‘IBC') means a period wherein no judicial proceedings for recovery, enforcement of security interest, sale or transfer of assets, or termination of essential contracts can be instituted or continued against the Corporate Debtor.
The Hon'ble Calcutta High Court on February 2, 2018, upheld the validity of Section 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016 in the case of Akshay Jhunjhunwala & anr. v. Union of India.
In proceedings with regards to the provisions of the Insolvency and Bankruptcy Code, 2016 the Bombay High Court has passed a landmark judgement ruling that an application under IBC may be made even in cases where ...