Recently, the Supreme Court, in the case of Gaurav Agarwal vs CA Devang P. Sampat, has issued notice to the parties for adjudicating the crucial question of law pertaining to the ‘Period of Limitation’ for preferring an appeal under Section 61 of Insolvency and Bankruptcy Code, 2016 (“theCode”).

Introduction

The extant regulatory framework for Asset Reconstruction Companies (“ARCs”) has been amended by the Reserve Bank of India (“RBI”), vide its notification titled ‘Review of Regulatory Framework for Asset Reconstruction Companies (ARCs)’ dated 11^th October 2022 (“Framework”).

Key Changes:

Some of the key changes brought about by the Framework are as follows:

While the inclusion of interest amounts in ‘financial debt’, for the purposes of the Insolvency and Bankruptcy Code, 2016 (‘IBC’), is clearly provided for in the IBC, the interest component in the case of operational debt has always been a point of contention.

April, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Bombay High Court: Arbitration clause can be invoked by assignee of rights under contract. * NCLT: Dissenting secured creditor cannot be treated higher than other creditors under Section 53 of the IBC just because they enjoy security interest. * Bombay High Court: “One-ness of interest”- the touch-stone for defendant to be transposed as plaintiff in case of part abandonment of suit claim. April, 2023 http://www.vaishlaw.com/ I.

Introduction:

A two-judge bench of the Supreme Court of India (“Supreme Court”) in its recent judgment Abhishek Singh v. Huhtamaki PPL Ltd.

Introduction

Facts:

Introduction