Introduction
On 17 July 2023, the Hon’ble Supreme Court delivered its judgement in Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Limited & Ors., 2023 SCC OnLine SC 842 (Raman Ispat). The specific issue of whether Paschimanchal Vidyut Vitran Nigam Ltd. (Appellant) could enforce a security interest created over the assets of Raman Ispat Private Limited (Corporate Debtor) outside of the liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 (Code) was settled in the negative. More importantly, the Hon’ble Supreme Court confined the applicability of State Tax Officer v.
In East-West Logistics LLP v Melars Group Ltd [2022] EWCA Civ 1419 the Court of Appeal once again considered the test for establishing the location of a debtor's centre of main interests (COMI) for the purposes of the Recast Regulation on Insolvency Proceedings 2015/848. The case was a second appeal considering whether to uphold the dismissal of a winding up order on the grounds that the debtor's COMI was not in the United Kingdom.
Oceanfill Ltd v Nuffield Health Wellbeing Ltd and Cannons Group Ltd. [2022] EWHC 2178 (Ch)
A recent decision of the High Court has given helpful clarity on the effects of the UK's restructuring plan procedure on lease agreements and the implications for lease guarantors.
The Virgin Active plan
In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) in Somesh Choudhary v Knight Riders Sports Private Limited & Anr. under Company Appeal (AT) Insolvency No.
In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench (NCLAT), dismissing two appeals in Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India, Company Appeal (AT)(Insolvency) No. 807 of 2021 and Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India & Anr., Company Appeal (AT)(Insolvency) No. 740 of 2022 (dated 29 July 2022), it was held that merely by acquiring foreign citizenship after the execution of a deed of guarantee, a personal guarantor cannot escape his/her liability under the guarantee.
Summary
Almost a year to the day since the High Court rejected the Amigo loans group's previous proposal for a scheme of arrangement, on 23 May 2022, Mr Justice Trower sanctioned the group's latest scheme proposal which would create the conditions for the group to resume lending and resolve the claims of thousands of the group's customers arising from its lending practices.
The Supreme Court of India in Indian Overseas Bank v M/s RCM Infrastructure Ltd. & Anr. held that a sale under section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”), would be regarded as complete only upon receipt of full consideration towards the sale properties.
German gaming group Löwen Play obtained sanction for a scheme of arrangement following a hearing in the High Court on 5 May 2022. Mr Justice Johnson granted an order sanctioning the scheme following its approval by a significant majority of creditors at the single scheme meeting. The group operates a gaming arcade business in Germany and the Netherlands, and the relevant scheme company was incorporated in Germany.