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.
In the matter of the désastres of Gail Alison Cochrane and Orb a.r.l.
1. Harbour Fund II LP v. (1) Orb a.r.l. (2) Litigation Capital Funding [2017]JRC171 ("the September judgment")
2. Harbour Fund II LP v. (1) Orb a.r.l. (2) Dr Gail Cochrane [2017]JRC007 ("the January judgment")
3. Representation of the Viscount re Cochrane and Orb a.r.l. [2017]JRC025 ("the February judgment")
Background
The rules relating to income payment orders ("IPO") and income payment agreements ("IPA") are largely unchanged. The time periods dictated in the old rules for IPOs and IPAs remain the same, however there are some added requirements in the new rules, particularly in relation to the contents of notices and orders.
Rule 10.109 Application for income payments order (section 310)
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(4) the notice to the bankrupt must be authenticated and dated by the trustee.
Rule 10.110 Order for income payments order
Background
[Note: deemed consent cannot be used to decide on remuneration, or where the Act/Rules requires a decision by a decision procedure.]
The Deemed Consent procedure is set out in sections 246ZF (corporate insolvency) and 379ZB (personal insolvency) of the Insolvency Act 1986, as inserted by the Small Business, Enterprise and Employment Act 2015, and rule 15.7 of the Insolvency Rules 2016.
The deemed consent procedure is that relevant creditors/contributories are given notice:
Disclaimer - Rules 19.1 - 19.11
The Rules relating to Disclaimer remain largely unchanged, except for bankruptcy and liquidation being included in the same section and some minor updates to the Act. The deadlines for all actions remain unchanged.
19.8 - Application for permission to disclaim in bankruptcy (section 315(4))
The notes in this section refer to changes within the Act as amended by the Deregulation Act 2015 and the Enterprise and Regulatory Reform Act 2013.
Registrar Baister overturned the adjudicator's decision in refusing to grant a Bankruptcy Order where the debtors COMI was an issue.
Mr Budniok, a German citizen who had recently moved to London, applied online for a Bankruptcy Order in England. After several requests for further information, the adjudicator was not satisfied Mr Budniok's centre of main interests ("COMI") was in England and as such refused the application. Mr Budniok appealed.
The High Court considers questions relating to the location of three companies' COMIs and an alleged "improper motive" regarding the appointment of administrators