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Mortgage Offered by Subsidiary Under Insolvency to Secure Parent Company’s Debt- a Preferential Transaction: Supreme Court

In yet another landmark decision in relation to the corporate insolvency resolution process (CIRP) of Jaypee Infratech Limited (JIL), the Supreme Court in Anuj Jain, Interim Resolution Professional for Jaypee Infratech Limited vs. Axis Bank Limited Etc. Etc. (Civil Appeal Nos. 8512-8527 of 2019) dated 26.02.2020, has laid down the law on two aspects: 

➢  the essential elements of a preferential transaction under Section 43 of the Insolvency and Bankruptcy Code 2016 (Code); and 

India, Banking, Insolvency & Restructuring, Real Estate, Khaitan & Co, Supreme Court of India
There is a first time for everything - US bankruptcy plan for Australian debtor

Need to know

In a first for the US and Australian markets, the Buccaneer Energy group of companies successfully had bankruptcy plans approved by the US Bankruptcy Court for both US and Australian incorporated debtor companies. 

Australia, USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Debtor
ABI publishes its review of US Chapter 11 bankruptcy

"Once in a generation" review

Shortly before the Christmas break, the much anticipated review of the United States "Chapter 11 bankruptcy" regime was published by the American Bankruptcy Institute (ABI). This is one of very few such major "root and branch" reviews of Chapter 11 since its enactment in 1978, and the first since the 1990s.

Australia, USA, Insolvency & Restructuring, Baker McKenzie, Bankruptcy