Tag: IBC

Recently, the High Court of Delhi, reinforced the application of Section 32A of the Insolvency and Bankruptcy Code, 2016 ("IBC"). Section 32A of the IBC states that the liability of a corporate debtor ("CD") for an offence committed prior to commencement of the corporate insolvency resolution process. ......

Insolvency Proceedings are commenced upon bankruptcy of a debtor. In simple terms, bankruptcy is inability of a corporate debtor to pay back its creditors. Insolvency and Bankruptcy Code, 2016 (“IBC”) governs insolvency proceedings in India. A corporate insolvency resolution process (“CIRP”) is a recovery mechanism for the creditors of the corporate debtor and the CIRP can be initiated under Section 7 & Section 9 of the IBC. ......

On August 27, 2021, the Insolvency and Bankruptcy Board of India (“IBBI”), created under the 2016 insolvency law, released a discussion paper (“IBBI Discussion Paper”) on the corporate insolvency resolution process, and sought comments on its recommendations. One of IBBI's concerns that it expressed through the IBBI Discussion Paper is that while other components of the insolvency and bankruptcy ecosystem. ......

In 2016, the Insolvency and Bankruptcy Code (“IBC”) was enacted with the objective to bring the insolvency law in India under a single unified umbrella and to ensure speedy resolution of an entity (“Corporate Debtor”) which has defaulted in payment to its creditors (including the statutory authorities). ......

On May 21, 2021, the Apex Court of India, in the case of Lalit Kumar Jain vs. Union of India & Ors. , upheld the validity of the Centre's notification dated November 15, 2019, allowing banks to proceed against personal guarantors for recovery of loans given to a company under the Insolvency and Bankruptcy Code, 2016 (IBC) (“Notification”). ......

The insolvency of Jaypee Infratech Limited (JIL) and the fate of its various stakeholders, including distressed home buyers, has occupied space on our screens for years on end now, The JIL insolvency has required a careful unravelling of various entangled matters and has in this process, become a touchstone to test the resilience and sturdiness of the Insolvency and Bankruptcy Code introduced in 2016 (the "Code" or "IBC")....