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IBC: Resolution Plan Involving ‘Combination’ Must Clear CCI Hurdle First

The legal framework w.r.t. law of insolvency in India has seen considerable progress since the introduction of Insolvency and Bankruptcy Code, 2016 (“IBC”). The Legislature, taking cue from various judgments passed by the courts and the grey areas identified during the implementation of the provisions of IBC, introduced various amendments from time to time. However, notwithstanding such amendments, various legal questions involving interpretation and implementation of provisions of IBC keep arising posing challenges before the Courts to resolve the same.

India, Competition & Antitrust, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Competition Commission of India, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
Rooker-Feldman Doctrine Doesn't Prevent Certain Bankruptcy Court Decisions

In an opinion issued on Sept. 20 by the United States Bankruptcy Court for the District of New Mexico, Judge David T. Thuma held that the Rooker-Feldman doctrine does not prevent a bankruptcy court from determining whether the automatic stay applies to pending state court litigation. See In re Shook, Case No. 24-10724-t7 (Bankr. N.M. Sept. 20, 2024) [ECF No. 54].

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Supreme Court of the United States
Collective redundancies on insolvency: administrators’ responsibilities and liabilities

When an employer is insolvent and administrators appointed, job losses are often an inevitable consequence. In this blog we look at the legal obligations arising where redundancies meet the threshold for collective consultation, and the implications for administrators arising out of the recent Supreme Court in the case of R (on the application of Palmer) v Northern Derbyshire Magistrates Court and another.

When does the legal obligation to collectively consult apply?

United Kingdom, Employment & Labor, Insolvency & Restructuring, Litigation, Reed Smith LLP, Unfair dismissal, Insolvency
Fifth Circuit Holds that Post-Judgment Interest is Required in Adversary Proceeding Under 28 U.S.C. § 1961(a)

In Matter of Imperial Petroleum Recovery Corp., 84 F.4th 264 (5th Cir. 2023), the Fifth Circuit was asked to address whether 28 U.S.C. § 1961(a) – the federal statute providing for post-judgment interest – applies in adversary proceedings even though 28 U.S.C. § 1961(a) doesn’t explicitly refer to bankruptcy courts.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
Whether the limitation to file an appeal under IBC will commence on the date of pronouncement of order or from the date when contents are known to the aggrieved party?

The National Company Law Appellate Tribunal (New Delhi Bench) (“NCLAT”) in two recent judgments passed in Raiyan Hotels and Resorts Pvt. Ltd. vs. Unrivalled Projects Pvt. Ltd. [Company Appeal (AT) (Insolvency) No. 1071 of 2023] and Aryan Mining & Trading Corpn Pvt. Ltd. vs Kail limited and Anr. [Company Appeal (AT) (Insolvency) No.

India, Company & Commercial, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Insolvency, Supreme Court of India, National Company Law Tribunal
Whether the limitation to file an appeal under IBC will commence on the date of pronouncement of order or from the date when contents are known to the aggrieved party?

INTRODUCTION: 

India, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Insolvency, Supreme Court of India, National Company Law Tribunal
Will the Supreme Court Grant Cert to Address the Issue of the Appropriate Post-Siegel Remedy? Unlikely.

In earlier posts, the Red Zone has discussed the Supreme Court’s ruling in Siegel v. Fitzgerald, 142 S. Ct. 1770 (2022), which held that increased U.S.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Supreme Court of the United States
Fifth Circuit Hold that Courts May Bypass Equitable Mootness to Rule on the Merits of Appeal

In Matter of Texxon Petrochemicals, L.L.C., 67 F.4th 259 (5th Cir. 2023), the Fifth Circuit held that even if an appeal is equitably moot, the appellate court nonetheless has appellate jurisdiction to consider the merits of the appeal, without reaching the issue of equitable mootness.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
Does Electricity Supplied Within 20 Days of a Bankruptcy Qualify for Section 503(b)(9) Priority Status? Recent Decisions Say “No”

Section 503(b)(9) Overview

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Uniform Commercial Code (USA)
Fifth Circuit Holds that Section 363(m)’s “Good Faith Purchaser” Protection Applies to Secured Creditor that Used “Economic Leverage” in Connection with Credit Bid for Assets

On April 17, 2023, the Fifth Circuit Court of Appeals, in Matter of RE Palm Springs II, L.L.C., 2023 WL 2966520 (5th Cir. April 17, 2023), held that a senior lender who uses economic leverage and asserts its legal rights to squeeze out a junior lender remains a good faith purchaser entitled to declare an appeal moot based on a sale under section 363(m) of the Bankruptcy Code. Key to the Fifth Circuit’s opinion was the fact that the actions in question were disclosed to the bankruptcy court in advance of it making the section 363(m) finding.

Facts

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Coronavirus