We recently blogged (here) about the Privy Council decision of Sian Participation Corporation (In Liquidation) v Halimeda InternationalLtd [2024] UKPC 16 (
Can a creditor obtain a winding up order against a debtor company if the underlying dispute over the debt is subject to an arbitration agreement between the parties?
For industry professionals in India, the Insolvency and Bankruptcy Code (IBC), 2016, has been a game-changer. The introduction of a formal framework for insolvency resolution has brought much-needed clarity and efficiency to dealing with financial distress. However, the 2019 Regulations introduced a new dimension - the ability for personal guarantors (PGs) to initiate insolvency proceedings. This has significantly impacted the role of Resolution Professionals (RPs).
In the concluding part of our exploration into the 2023 insolvency landscape, Part 5 delves into two significant cases that shape the dynamics of the Insolvency and Bankruptcy Code (IBC), offering insights into constitutional challenges and the treatment of properties acquired through auction sales.
Dilip B. Jiwrajka v. Union of India
Constitutional Validity of Sections 95 to 100 in Part III of IBC
Background:
Continuing our exploration of the evolving insolvency landscape in 2023, Part 4 examines two pivotal cases that further shape the legal framework surrounding insolvency proceedings in India.
M/S. Vistra ITCL (India) & Ors. v. Mr. Dinkar Venkatasubramanian & Anr
Secured Creditor Rights and Treatment of Pledged Shares
Continuing our exploration of the evolving insolvency landscape in 2023, Part 3 delves into two more landmark cases that further define the legal contours of insolvency proceedings in India.
M. Suresh Kumar Reddy vs. Canara Bank & Ors
Clarification on NCLT's Discretion in Admitting Section 7 Applications
As we continue our journey through the evolving insolvency landscape of 2023, we will delve into two landmark cases that further shaped the legal framework governing insolvency proceedings in India. Building upon the foundations laid in Part 1 of this series, we now turn our attention to M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd and Ajay Kumar Radheyshyam Goenka v. Tourism Finance Corporation India Ltd.
M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd.
In the intricate tapestry of corporate insolvency, the year 2023 unfurled a saga of legal intricacies that left an indelible mark on the evolving insolvency landscape in India. This blog, the first of a five-part series, will be exploring the cases that not only shaped the insolvency regime but also defined pivotal aspects of the Insolvency and Bankruptcy Code (IBC). From the sectors affected to the geographical intricacies, we'll dissect the diverse facets that contributed to the evolution of insolvency laws. Additionally, we'll analyze two significant cases – RPS Infrastructure Ltd. v.
Where a winding up petition is based on a debt arising from a contract with a non-Hong Kong exclusive jurisdiction clause, the court will tend to dismiss or stay the winding up petition in favour of the parties’ agreed forum unless there are strong countervailing factors.
In the current economic climate, more and more companies are getting into financial difficulties, informal workouts by debtor companies, with support from certain creditors, seem to be increasingly common.