过去数年，打包重组（Repackaging）结构盛行，中资金融机构寻求使用其作为便利进入市场的工具，并为客户提供创新的融资方案。

中国房地产行业是最广泛使用该结构的行业之一，该行业在2021年高开低走、大起大跌，并于最后一季急挫。市场预期房地产行业在2022年仍将困难重重。

在此背景下，我们察觉到安排人（Arranger）、中国房地产企业及投资者正在寻求对现有的打包重组交易进行结构调整（restructure）的机会（包括提前终止、展期、增加额外增信措施、置换等安排）。此外，我们还观察到，市场对与中国非房地产行业主体（如融资租赁公司、金融科技公司）相关的资产支持交易的兴趣有所增加。

我们将于本文探讨部分有关修订或提前终止打包重组交易的主要问题，并且概述我们在市场中观察到的典型案例和未来趋势。

温故知新：打包重组交易的基本结构

许多较为简单的打包重组交易的结构一般具有下列特点：

The National Company Law Appellate Tribunal, Delhi (NCLAT) in the case of Sh. Sushil Ansal Vs Ashok Tripathi and Ors, has reiterated that a decree-holder though covered under the definition of creditor under Section 3(10) of the Insolvency and Bankruptcy Code (IBC) would not fall within the class of financial creditors and therefore, a decree holder cannot initiate a corporate insolvency resolution process (CIRP) against a corporate debtor with an object to execute a decree.

Introduction

Introduction

The division bench of the Supreme Court of India (Supreme Court) comprising of Hon’ble Justice Mr R.F. Nariman and Hon’ble Justice Mr Vineet Saran, in its judgment dated 30 April 2019 in J.K. Jute Mill Mazdoor Morcha v Juggilal Kamlapat Jute Mills Company Ltd & Ors has held that a trade union  is an operational creditor for the purpose of initiating the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).

Brief Facts

The National Company Law Appellate Tribunal, New Delhi (NCLAT) on 7 November 2017 passed a judgment in the case of M/s Speculum Plast Private Limited v. PTC Techno Private Limited, putting to rest the question of the applicability of the Limitation Act, 1963 (Limitation Act) to the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). The present judgment comes in the wake of the decision of the NCLAT in Neelkanth Township and Construction Pvt. Ltd.

In a recent decision of M/s Ksheeraabd Constructions Private Limited v M/s Vijay Nirman Company Private Limited, the National Company Law Appellate Tribunal (NCLAT) has held that proceedings pending under Section 34 of the Arbitration and Conciliation Act, 1996 (Act) does not constitute a ‘dispute’ under Section 8 of the Insolvency and Bankruptcy Code, 2016 (Code) and cannot come in the way of initiation of the insolvency resolution process, in terms of Section 9 of the Code.

Background