India: Financial Restructuring

India’s infrastructure story has long been associated with ambition, mega highways, renewable energy parks, airports, logistics corridors, smart cities, data centres and urban transformation projects. Over the last two decades, billions of dollars have flowed into the sector from banks, institutional lenders, sovereign wealth funds, infrastructure funds and global investors eager to participate in India’s growth trajectory.

By way of the Impugned Order, the NCLAT had set aside the National Company Law Tribunal’s (“NCLT”) approval of 3 (three) project-wise resolution plans of Earth Infrastructures Limited (“CD”). The NCLAT held that the said plans erroneously included the assets of the CD’s subsidiaries, without seeking permission for transfer from GNIDA, being the principal lessor/owner of the said assets.

The National Company Law Appellate Tribunal examines whether personal guarantors remain liable for corporate debt after a resolution plan is approved for the corporate guarantor, and whether such claims are barred by limitation.

The SC in the case of S. Rajendran v. CIT[1] held that an attachment Order passed under the Benami Properties Transactions Act, 1988 (‘Benami Act’) cannot be challenged under the IBC.

The National Company Law Appellate Tribunal delivered a landmark ruling on whether credit facilities restructured under RBI guidelines retain their secured status during liquidation proceedings without corresponding modification of charge registration. The judgment addresses the complex interplay between corporate debt restructuring, charge registration requirements under company law, and the insolvency resolution framework, establishing critical precedents for consortium lending practices.

In a landmark ruling delivered on April 28, 2026, the Supreme Court of India in State Bank of India & Ors. v. Doha Bank Q.P.S.C. & Anr. (2026 INSC 423) settled a significant question in Indian insolvency law...

The Supreme Court of India ("SC") in UV Asset Reconstruction Company Limited v. Electrosteel Castings Limited, 2026 INSC 14, held that an undertaking by a promoter to infuse funds into a borrower to ensure...

Corporate amalgamations under Indian tax law have long benefited from a framework designed to facilitate restructuring without immediate tax incidence.

The Insolvency and Bankruptcy Code (Amendment) Bill 2025 (the Bill) introduces a new concept to the insolvency framework of India with the introduction of a creditor-initiated insolvency resolution process (CIIRP).