Set out below is a short update on the Banking Regulation (Amendment) Ordinance, 2017 issued by the Government of India yesterday (Ordinance) inter alia empowering the Reserve Bank of India (RBI) to intervene and issue directions to banks for resolution of stressed assets. The Government has promulgated the Ordinance with immediate effect, instead of waiting for an enactment to be passed by Parliament, which could at the earliest, have been possible only in the next parliamentary session in July 2017.
Key Points
- Claims against Kaupthing could not be pursued in the English courts
- No implied restriction on jurisdictional effect under the Winding-up Directive
- Position analogous to Judgments Regulation and Insolvency Regulation
The Facts
Background
Background
India, Insolvency & Restructuring, Khaitan & Co, Limited liability partnership, Liquidation, Liquidator (law), Companies Act 2013 (India)
Key Points
Key Points
- COMI of Jersey companies held to be in England and Wales
- Argument of improper motive generally insignificant where purpose of administration can be achieved
The Facts
Jersey, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Taylor Wessing
Background
Key Points
- Costs incurred in preparing to comply with disclosure orders not payable by liquidators
- Protection for wasted costs should have been sought earlier in the proceedings
The Facts
Key Points
- Provisions of the Civil Procedure Rules apply to applications for an extension of time to apply for rescission of winding up order
- Any such extensions of time should be exceptional and for a very short period
The Facts