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Insolvency Resolution of Listed Companies - SEBI Introduces Exemptions

Between 31 May to 1 June, the Securities and Exchange Board of India (SEBI) amended a number of securities regulations to provide certain dispensations for listed companies undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC).

These amendments follow SEBI’s discussion paper of March 2018, which set out specific proposals for adjusting the regulatory framework to allow listed companies to comply with their obligations under securities laws.

India, Capital Markets, Company & Commercial, Insolvency & Restructuring, Khaitan & Co, Public company, Shareholder, Security (finance), Debt restructuring, Securities and Exchange Board of India
Unauthorized UCC filings: a cautionary tale in the absence of requisite authority to file, a UCC termination statement is ineffective to bring a perfected security interest to an end

A recent decision by the United States Bankruptcy Court for the Southern District of New York1 found that a UCC-3 termination statement filed on behalf of a secured creditor was not effective because it lacked the proper authorization.

USA, New York, Insolvency & Restructuring, Litigation, Milbank LLP, Debtor, Uniform Commercial Code (USA), United States bankruptcy court