Introduction

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A key concern in respect of the Insolvency and Bankruptcy Code, 2016 (Code) since its inception has been the differential treatment of operational creditors and financial creditors. For context, financial creditors have a purely financial arrangement with the corporate debtor, while operational creditors are those who are owed money by the corporate debtor for the provision of goods supplied or services rendered.

Under the Insolvency and Bankruptcy Code, 2016 (Code), a financial creditor may initiate corporate insolvency resolution process (CIRP) if there is a default of INR 10 million, by filing an application before the National Company Law Tribunal (NCLT). The settled principle is that an application made by a financial creditor under the Code must be admitted and CIRP initiates against the corporate debtor, if the NCLT is satisfied that a default has occurred in payment of debt.

Under the Insolvency and Bankruptcy Code, 2016 (Code), a trade creditor may initiate corporate insolvency resolution process if there is an unpaid operational debt above INR 10 million. An ‘operational debt’ under the Code means a claim in relation to goods and services. The insolvency courts have provided divergent views on the issue of whether rental dues or license fees for use of premises would qualify as an ‘operational debt’ under the Code.

このニュースレターは、2022年6月のインドの破産法の進展に関する重要な最新情報をカバーしています。

On July 15, 2022, Italy’s Code of Business Crisis and Insolvency (CCII or Crisis Code) took effect, following three previous measures: (i) Legislative Decree 14/2019, (ii) the “corrective” Legislative Decree 147/2020, and (iii) Legislative Decree 83/2022 implementing European Directive 2019/1023 (although some minimal parts of the Crisis Code are already in effect).

This newsletter covers key updates about the developments in Indian insolvency laws during the month of June 2022

The Insolvency and Bankruptcy Code, 2016 (Code) was enacted to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons.

今回のニュースレターでは、2022 年 5 月の破産倒産法関連の主なアップデートについて取り扱ってい ます。最高裁判所（＝SC）、会社法上訴審判所（＝NCLAT）にて下された重要な判決についてまとめ ました。