Asia: Insolvency/Bankruptcy/Re-Structuring

Alongside the emotional impact of a death, executors and family members are often faced with the practical task of administering the deceased’s estate.

Administrators facing onerous contracts lack the statutory power to disclaim them—a tool reserved exclusively for liquidators under section 568 of the Corporations Act. This article examines the three practical mechanisms available to administrators: repudiation to crystallise claims, Court protection under section 447A to shield personal liability, and carefully structured DOCAs that can release debts without crossing into unfair discrimination.

The NCLAT held that the corporate debtor is a separate juristic person and is distinct from other group entities of its group company and each group company has undergone separate corporate insolvency resolution process and later on liquidation proceedings.