Bankruptcy Law and Insolvency Law

In India, Insolvency and Bankruptcy Code 2016 (hereinafter referred as "IBC") was introduced with the objective of revival of companies. But over the years, this revival was conditional.

In a landmark judgment, the Hon'ble Supreme Court has held that once a homebuyer's claim is verified and admitted in the insolvency process, it cannot be classified as "belated" merely on procedural grounds.

In a ruling that re-aligns the tension between social-security statutes and insolvency law, the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has held that contributions collected by an employer for the Employees' State Insurance Corporation (ESIC) never become the property of the corporate debtor and must be ring-fenced from the liquidation estate.