This article was first published on India Business Law Journal on 22 June 2023.

In M Suresh Kumar Reddy v Canara Bank and Ors, the Supreme Court clarified that its observations inVidarbha Industries Power Limited v Axis Bank Limited were restricted to the particular facts of that case. Therefore, except in exceptional circumstances, National Company Law Tribunals (NCLT) must admit applications under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), once the existence of a debt and default is established.

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.

This article examines the NCLT and NCLAT’s power to exercise contempt jurisdiction under the Insolvency and Bankruptcy Code, 2016, and the inconsistent approach taken by different benches.

Although the Insolvency and Bankruptcy Code, 2016 (Code) was initially hailed as a welcome reform that would enable timebound and effective insolvency resolution, its tenure has been fraught with issues and uncertainty. One of the issues that remains open is the power to punish for contempt under the Code.

Since we last discussed the then-novel restructuring mechanism known as the reverse vesting order (RVO) in 2020, insolvency professionals have been seeking, and courts have been approving, this facilitative remedy with greater frequency.

Le 10 novembre 2022, la Cour suprême du Canada (CSC) a rendu sa décision très attendue dans l’affaire Peace River Hydro Partners c. Petrowest Corp. (affaire Petrowest).

The Insolvency and Bankruptcy Code, 2016 was enacted, amongst others, to facilitate timely insolvency resolution. While the Supreme Court has always upheld the sanctity of timelines under the Code for corporate insolvency resolution, it has held the prescribed timelines for actions prior to the commencement of the corporate insolvency process as merely directory. This article explores the impact of such decisions on the proceedings under the Code which already suffer from inordinate delays.

The Insolvency and Bankruptcy Code, 2016 was enacted to facilitate insolvency resolution in a timebound manner, and maximise value realisation for stakeholders. Although it has been amended 6 times since its notification, issues remain. As the Legislature appears set to amend the Code once again, this article examines stakeholders’ issues and explores the issues the amendments may address.

L’arbitrage est un mode consensuel de résolution des différends qui permet aux parties de personnaliser leur processus et même de choisir leur propre décideur. L’insolvabilité est le scénario diamétralement opposé, dans lequel les différends concernant le débiteur sont involontairement regroupés devant un seul tribunal d’insolvabilité.

Arbitration is a consensual method of dispute resolution in which the parties can customize their process and even select their own decision-maker. Insolvency is the diametrically opposite scenario, where disputes involving the debtor are involuntarily consolidated before a single insolvency court.

Introduction

On March 30, 2022, in the context of receivership proceedings of Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc. and Balanced Energy Holdings Inc. (collectively, the Debtors), the Court of Queen’s Bench of Alberta (the Court) issued an order, among other things