The Reserve Bank of India (“RBI”) has, in its capacity as the regulator of non-banking financial companies and under the powers conferred to it pursuant to Section 45-IE (1) of the Reserve Bank of India Act, 1934 (“RBI Act”), superseded the Board of Directors of RCAP (“Board”).
The press release of even date from the RBI also stipulates the following:
The problem of Non-performing Assets (NPAs) in the Indian banking system is one of its foremost predicaments.
INTRODUCTION
Earlier the courts have to be approached for insolvency and winding up process under the Companies Act. Application had to be filed before the Company Law Board or Court for insolvent bank to wind up. Later on came the RDBD and SARFAESI Courts for winding up. In order to avoid such overlapping of laws, Insolvency and Bankruptcy Code, 2016 (IBC) came into existence. This Code combines collections of existing laws which are amended in order to form a single Code.
A three-judge Bench of the Supreme Court of India (SC) in V. Nagarajan v. SKS Ispat and Power Ltd. & Others (judgment dated 22 October 2021 in Civil Appeal No. 3327 of 2020) dismissed an appeal against an order passed by the National Company Law Appellate Tribunal (NCLAT) which had dismissed an appeal against an order passed by the National Company Law Tribunal Chennai (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC) as barred by limitation.
Facts
INTRODUCTION
今回のニュースレターでは、2021 年 10 月の破産倒産法関連の主なアップデートについて取り扱ってい ます。最高裁判所（＝SC）、会社法上訴審判所（＝NCLAT）、会社法審判所（＝NCLT）の各裁判所に おいて下された重要な判決についてまとめる共に、2016 年破産倒産法の改正についても解説しています。
1) GOVERNMENT AMENDS THE RULES RELATING TO INSOLVENCY OF CORPORATE DEBTOR TO ENSURE TIME BOUND INSOLVENCY PROCESS.
Notification dated: 30 September 2021.
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of October 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT), the National Company Law Tribunals (NCLT) and the amendments in the Insolvency and Bankruptcy Code, 2016 (Code) by the Government of India. Please see below the summary of the relevant regulatory developments.
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of October 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT), the National Company Law Tribunals (NCLT) and the amendments in the Insolvency and Bankruptcy Code, 2016 (Code) by the Government of India. Please see below the summary of the relevant regulatory developments.
2021年8月27日、インド破産倒産委員会（＝IBBI）は、企業倒産処理手続および清算手続に関する諸問題についてのコメントを募集する旨のディスカッションペーパー（CIRP Discussion Paper、Liquidation Discussion Paper）を発表しました。その後、2021年9月30日、IBBIは、2016年（企業倒産手続）規則（＝CIRP規則）および2016年IBBI（清算手続）規則（＝清算規則）の改正が行われています。
CIRP規則と清算規則にて導入された主な改正点は、以下の通りです。
1. CIRP 規則（CIRP Regulations）
(i) 債権者委員会（＝CoC）の説明責任を高め、機能の透明性を確保するため、CoCのメンバーに対して、IBBIが発行するガイドラインに沿った形での職務の遂行が義務付けられました。