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ERGO Analysing Development Impacting Business: IBBI Amends the CIRP Regulations to Align them with Longstanding Stakeholder Demands

Introduction

The Insolvency and Bankruptcy Board of India (IBBI) on 16 September 2022 promulgated the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).  

The key amendments introduced by the CIRP Amendment Regulations are as follows: 

India, Insolvency & Restructuring, Litigation, Khaitan & Co, Supply chain, Fourth Amendment, Insolvency, Insolvency and Bankruptcy Code (India)
ERGO Analysing Development Impacting Business: IBBI’s Attempt to Formalise the Fee Structure for Resolution Professionals

Introduction

India, Insolvency & Restructuring, Khaitan & Co, Insolvency
Nortel/Lehmans - Supreme Court rules that Financial Support Directions rank as provable debts in an insolvency

In related Nortel and Lehman Brothers cases, the UK Supreme Court ruled in July that Financial Support Directions ("FSDs") and Contribution Notices ("CNs") under the Pensions Act 2004 rank as provable debts if issued against insolvent targets.

Overturning the decisions of Mr Justice Briggs and the Court of Appeal, the Supreme Court has ruled that such FSD or CN liabilities are not administration or liquidation expenses. It has also confirmed that they do not rank behind other provable debts (the option which had become known as the 'black hole').

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Hogan Lovells, Debt, Liquidation, Unsecured creditor, The Pensions Regulator (UK), Pension Protection Fund, Pensions Act 2004 (UK), Supreme Court of the United States