In Tynefield Care Ltd (and others) v the New India Assurance Company Ltd¹ the indemnity claims of the insured Claimant companies were dismissed, and policies avoided from inception for breach of the duty of fair presentation under the Insurance Act 2015. The breach related to the insolvency history of one of the de facto or shadow directors of the Claimant companies.

This judgment therefore adds to the post-2015 Act case law considering breach of the duty of fair presentation.

A guarantor’s rights of subrogation are provided for in Sections 140 and 141 of the Indian Contract Act, 1872 (“ICA”). These rights allow a guarantor to step into the shoes of the creditor, upon fulfilling the debtor’s payment obligations to the creditor. This means that the guarantor assumes all the rights including the security that the creditor enjoyed against the principal debtor.

BACKGROUND

Since its inception the Insolvency and Bankruptcy Code, 2016 (Code) has been an evolving legislation with regular updation(s) being brought about in the form of rules and regulations with a view of streamlining the corporate insolvency resolution process (CIRP).

The Supreme Court (SC) in Global Credit Capital Limited & Anr v. Sach Marketing Private Limited & Anr, 2024 SCC OnLine SC 649 upheld the judgment and order of the National Company Law Appellate Tribunal, New Delhi Bench (NCLAT), dated 07 October 2021 (Impugned Order) by which Sach Marketing Private Limited (Sach) was held to be a ‘financial creditor’ of Mount Shivalik Industries Limited, the corporate debtor, (CD) in corporate insolvency resolution proceedings under the provisions of the Insolvency & Bankruptcy Code, 2016 (IBC).

The National Company Law Appellate Tribunal (“NCLAT”) in Anjani Kumar Prashar v. Manab Datta & Ors, Company Appeal (AT) (Ins) No.

Introduction

Introduction

HFW DISPUTES DIGEST 2023

Welcome to the second annual Disputes Digest, in which we collate our 2023 global HFW LITIGATION and International Arbitration publications in one place.

This edition includes updates from across our Disputes arena, including England and Wales, BVI, AsiaPac, and the Middle East.

11 December 2023 Dilip B. Jiwrajka v. Union of India & Ors – the Hon’ble Supreme Court Affirms the Constitutionality of Insolvency Resolution Process for Individuals and Partnership Firms 2 INTRODUCTION In its recent decision in the matter of Dilip B. Jiwrajka V.

On 31 October, 2023, in Sanjay Kumar Agarwal v State Tax Officer 1, 2023 SCC OnLine SC 1406, the Supreme Court of India (SC) in the exercise of its powers of review under Article 137 of the Constitution of India, (Rainbow Review) affirmed the view expressed by another bench of the SC in State Tax Officer (I) v. Rainbow Papers Limited 2022 SCC OnLine SC 1162 (Rainbow Judgment) that may have far reaching effects on the treatment of dues to the Government or governmental authorities in insolvency resolution proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC).