Tag: Insolvency and Bankruptcy Code

The Ministry of Consumer Affairs (MCA) on June 21, 2021, suggested amendments to the Consumer Protection (E-commerce) Rules, 2020 (“E-Commerce Rules”), with the aim of tightening the functioning of large online marketplaces. ......

On April 4th, 2021, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance”) that introduces the Pre-packaged Insolvency Resolution Process (“PPIRP”) for micro, small and medium entities (“MSMEs”). The Ordinance comes into effect from April 4th, 2021. ......

In a recent judgment delivered by the Supreme Court of India ("Court") in Laxmi Pat Surana vs. Union Bank of India & Anr. , the Court has held that the principal borrower need not be a ‘corporate person’ for insolvency process to be initiated against a company which stood as its guarantor, under the Insolvency and Bankruptcy Code, 2016 ("IBC"). ......

In a recent judgment delivered by the Supreme Court of India ("Supreme Court") in the case of P. Mohanraj & Ors. Vs. M/S Shah Brothers Ispat Pvt. Ltd , it has been held that the declaration of a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 ("IBC") covers criminal proceedings for dishonour of cheque under Section 138 of the Negotiable Instruments Act, 1881 ("NI Act"). In doing so, the Supreme Court has widened and settled the scope of the applicability of Section 14 of the IBC. ......

The Supreme Court, recently, in the case of Phoenix Arc Private Limited v. Spade Financial Services Limited, held that the intent of Sec. 21 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) will be defeated if related parties are just determined “in presaenti” i.e., on the present basis. ......

After years of outperforming its emerging market peers, the Indian economy has been running out of steam. Looking at five consecutive quarters of diminishing economic growth, followed by a very weak Gross Domestic Product (“GDP“) print of 4.5 percent for the 2nd quarter of the financial year (FY) 2020, it is safe to say that the India economy is going through one of its most serious crisis. This article will explore some of the reasons behind this slowdown and the steps taken by the Indian Government to deal with the same....

The Ministry of Corporate Affairs ("MCA") vide its press release dated November 15, 2019 has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 ("Rules"). The Rules provide a framework for the insolvency and liquidation proceedings of systematically important Financial Service Providers ("FSPs") excluding banks. ...