Introduction

A Hong Kong court has stayed a petition presented on the just and equitable ground to arbitration, on the basis of arbitration agreements found within what the petitioner described as quasi-partnership agreements formed in 2007. The court also dismissed claims that the appointed arbitrator lacked the requisite qualifications and experience, and that a stay would lead to further costs and duplication of resources.

The High Court has allowed an application for an order to enable access to a bankrupt’s pension to satisfy debts arising from fraud. Prior to the bankruptcy, judgment was obtained against him for £3.2m plus costs.

Jasmine Buildmart Pvt. Ltd. i.e., the corporate debtor (Jasmine) introduced a Gurgaon based housing project i.e., Krrish Provence Estate. The homebuyers of Krrish Provence Estate made an application for initiation of corporate insolvency resolution process (CIRP) against Jasmine before the National Company Law Tribunal (NCLT) as Jasmine could not complete the project even after a period of eight years. Additionally, the homebuyers sought a refund of approximately INR 69 million on the grounds of inordinate delay.

For the first time in England & Wales, a court has ordered the winding-up of a listed plc on the grounds of loss of substratum – the abandonment of the company's original main object and purpose. If Hong Kong follows this decision, it would be very welcome to minority shareholders who would have an additional option to retrieve their investment monies from companies that embark on a completely different path to that for which they initially signed up.

INTRODUCTION 今回のニュースレターでは、2022 年 2 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）、会社法審判所（＝NCLT）にて下された 重要な判決についてまとめました。 1) NCLT CAN ENTERTAIN PETITION RELATED TO PERSONAL GUARANTEES OF CORPORATE DEBTOR, EVEN IF THE CORPORATE DEBTOR WAS ADMITTED INTO CORPORATE INSOLVENCY RESOLUTION PROCESS AND RESOLUTION PLAN IS APPROVED Matter: State Bank of India v. Savita Gowda Order date: 20 January 2022 Summary: Sharon Bio-Medicine Ltd. （＝Sharon Bio-Med）に対して会社破産処理⼿続（＝CIRP）が開始され、 NCLT にて再建計画が承認されました。

今回のニュースレターでは、2022 年１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）、会社法審判所（＝NCLT）にて下された 重要な判決についてまとめました。 1) ADVANCE EXTENDED BY A DIRECTOR TO THE COMPANY IS A FINANCIAL DEBT Matter: Mrs. Jayanthi G. Ravi v. Chemizol Additives Pvt. Ltd. Order dated: 03 January 2022 Summary: 本件は、Chemizol Additives Pvt. Ltd. （＝Chemizol）の元取締役である Jayanthi G. Ravi （＝債権者） が、Chemizol への融資を巡り、破産⼿続きの開始を NCLT に求めたものです。NCLT は、融資⾦額が⾦ 融債務であるか否かが明確でないという理由で、申⽴てを棄却しました。Chemizol と債権者の間にロー ン契約が存在せず、取締役会や株主の事前承認が得られていないことも論点の 1 つでした。当該 NCLT の命令に対して、異議が唱えられました。

Recent conflicting judgments of the National Company Law Tribunal (NCLT) and the High Courts had given rise to ambiguity regarding the jurisdiction of NCLT vis-à-vis personal guarantors under the Insolvency and Bankruptcy Code, 2016 (Code).

The latest battle between the Corbin & King Group, owner of a number of restaurants including the Wolseley, and its lender provides important clarity on when a moratorium should be terminated by its monitors.

We have summarized the key judgments passed by the Supreme Court (SC), High Court (HC), National Company Law Appellate Tribunal (NCLAT), and the National Company Law Tribunals (NCLT). Please see below the summary of the relevant regulatory developments. 1) ADVANCE EXTENDED BY A DIRECTOR TO THE COMPANY IS A FINANCIAL DEBT Matter: Mrs. Jayanthi G. Ravi v. Chemizol Additives Pvt. Ltd. Order dated: 03 January 2022 Summary: In the present case, Mrs. Jayanthi G. Ravi (Creditor), a former director of Chemizol Additives Pvt. Ltd.