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.
In a groundbreaking ruling, the Court of Appeal for British Columbia recently delivered a decision that is poised to significantly influence insolvency proceedings. The case, cited as British Columbia v. Peakhill Capital Inc., 2024 BCCA 246, marks the first time an appellate court has addressed the jurisdiction and appropriateness of reverse vesting orders (RVOs) in receivership contexts. This ruling provides crucial insights into the court's reasoning and its implications for legal and non-legal professionals alike.
Background and core issue
A public and competitive process
2023 closed with a significant rise in the number of insolvencies in France. With a total of 56,200 insolvency proceedings (redressement judiciaire and liquidation judiciaire), mainly in the retail sector, the opportunities for taking over a business at the bar of a court are multiplying.
However, these takeovers are governed by a strict timetable and formalities, requiring a thorough understanding of the workings of insolvency law.
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 FCA has now published proposed amendments to its (the IP guidance). Our previous article highlighted the significance of the Consumer Duty in the financial services industry and how firms will need to view customer outcomes and proactively address harm in the retail market.
The National Company Law Appellate Tribunal (“NCLAT”) in Anjani Kumar Prashar v. Manab Datta & Ors, Company Appeal (AT) (Ins) No.
Introduction
The proud sporting nations of Ireland and England have for some time traded blows and bragging rights within the Six Nations Tournament as the two pre-eminent and consistent "Home Nations" rugby teams. While the two sides share some similarities in the rebuilding process following the World Cup in France 2023, ahead of this Saturday's clash, few can argue with Ireland's emphatic start to this year's tournament. England, however, can never be written off at Twickenham, so a potential blockbuster awaits!
Introduction
The Calcutta Cup represents a long and competitive rugby rivalry between the great neighbours that are Scotland and England. Last year, Scotland retained the trophy in a hard-fought match at Twickenham with victory being sealed in the last minute with a try from Duhan van der Merwe who, being 6ft 4 inches, blond and in the peak of physical health, is a fair representation of your average Scotsman.