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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.

On October 14, 2022, the U.S. Court of Appeals for the Fifth Circuit affirmed the decision of the U.S. Bankruptcy Court for the Southern District of Texas (Isgur, J.) allowing a claim against a solvent debtor for a make-whole premium and post-default interest totaling approximately $387 million. Ultra Petroleum Corp., et al. v.

The Commercial Rent (Coronavirus) Act 2022 provided tenants in the retail and leisure sectors who had subsisting rent arrears incurred between March 2020 and August 2021 with immunity against enforcement action from landlords. However, that immunity was only for a period of 6 months from March 2022. During that window, either landlord or tenant were able to refer the matter to arbitration if they did not come to a commercial settlement.

The final date for arbitration referrals was 23 September 2022.

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.

The UK Government recently responded to The House of Commons Transport Committee’s Report, titled “UK aviation: reform for take-off”. The Report makes a number of recommendations to address ongoing problems facing the UK aviation sector as it moves towards post-pandemic recovery. Alongside other issues, it raises the idea of reform to the airline insolvency procedure and passenger protections to be addressed by way of an Airline Insolvency Bill.

This article was first published in India Business Law Journal on 4 March 2022

In 2018, the Insolvency and Bankruptcy Code, 2016 was amended to enable the withdrawal of admitted applications for the initiation of corporate insolvency resolution. Such, withdrawal applications have been subject to greater scrutiny from the adjudicating authority and the committee of creditors where they involve promoters seeking to regain control of corporate debtors.

• Commercial rent arrears continue to accumulate as a result of the pandemic, such that arrears are estimated to reach £9 billion by March 2022 and comprise a much larger slice of the typical debt stack than they did pre-pandemic.
• The UK government has proposed a binding arbitration scheme to help resolve the arrears and further extend the existing protections from enforcement and insolvency procedures that

• Brexit ripped up the rules on automatic cross-border recognition of formal insolvency proceedings and restructuring tools between the UK and the EU.
• Recognition will now depend on a patchwork of domestic legislation, private international law and treaties and may lead to different outcomes depending on the jurisdiction.
• Cross-border recognition is still achievable but involves careful navigation and a more tailored approach in individual cases to selection of the most effective process and its route to recognition.

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