This article analyses the extent to which dissenting financial creditors are protected under the Indian insolvency regime.

Against the backdrop of recent judicial precedent, this article delves into the need for a group insolvency framework in India, and analyses the report published by the CBIRC in 2021.

Globalisation has led to a significant increase in the number of enterprises which comprise of several closely connected entities that may operate as a single economic unit. As a consequence, difficulties may arise when 1 or more entities in that single economic unit become insolvent as the inability of 1 entity to pay its debts may impact stakeholders in another entity within the group.

This article analyses India’s proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.

This 2nd article in our 2-part series on ‘Employment Contracts vis-à-vis CIRP’ examines the validity of ipso facto clauses which permit employees to terminate their employment on the occurrence of an insolvency event; and acknowledges the duelling priorities of upholding contractual freedom and ensuring that the debtor remains a ‘going concern’.

This is the 1st article in a 2-part series on employment contracts vis-à-vis CIRP. The article examines whether a resolution professional can enforce an employment contract (for an employee, not a ‘workman’) during the moratorium period.

Election of Joe Graham to Partner

Joe Graham was elected partner in the New York office. This year, Joe played a leading role in the chapter 11 cases of Avaya, Benefytt and Diamond Sports. He regularly advises on out-of-court restructurings, bankruptcy litigation and distressed investments. Joe earned his J.D., magna cum laude, and his B.A. from the University of Notre Dame.

Kelley Cornish Inducted into “M&A Advisor Hall of Fame”

GoFirst’s insolvency has highlighted issues surrounding the insolvency resolution of commercial airlines. This article analyses the issues facing stakeholders, and the adequacy of extant regulations to address these.

On April 19, 2023, the U.S. Supreme Court unanimously held in MOAC Mall Holdings LLC v. Transform Holdco LLC that Section 363(m) of the Bankruptcy Code is not jurisdictional. The decision requires parties timely to invoke that provision, or else risk forfeiting its protections. The decision also continues the Supreme Court’s trend of interpreting statutes to be non-jurisdictional (and thus waivable or forfeitable) in the absence of a clear congressional statement to the contrary.

Background

The Department of Telecommunications is seeking to overhaul the law governing the provision of telecommunication services through the Draft Telecommunication Bill, 2022. The Bill also seeks to govern the provision of telecom services and, or, availability of network during insolvency proceedings in respect of a telecom licensee or assignee. While the DoT’s rationale for this is understandable, the proposed provisions may conflict with the Insolvency and Bankruptcy Code, 2016.