This article analyses the extent to which dissenting financial creditors are protected under the Indian insolvency regime.
In its recent opinion in Raymond James & Associates Inc. v. Jalbert (In re German Pellets Louisiana LLC), 23-30040, 2024 WL 339101 (5th Cir. Jan. 30, 2024), the Fifth Circuit held that a confirmed bankruptcy plan enjoined a party from asserting certain indemnification counterclaims against a plan trustee because the party did not file a proof of claim.
Background
Against the backdrop of recent judicial precedent, this article delves into the need for a group insolvency framework in India, and analyses the report published by the CBIRC in 2021.
Globalisation has led to a significant increase in the number of enterprises which comprise of several closely connected entities that may operate as a single economic unit. As a consequence, difficulties may arise when 1 or more entities in that single economic unit become insolvent as the inability of 1 entity to pay its debts may impact stakeholders in another entity within the group.
Whether a solar system is a “fixture” sounds like a mundane legal issue – but it has significant implications for the residential solar industry and for the financing of residential solar systems. If a system is regarded as a “fixture” of the house to which it is attached, then the enforceability and priority of the finance company’s lien on the system will be subject to applicable real estate law.
This article analyses India’s proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.
This 2nd article in our 2-part series on ‘Employment Contracts vis-à-vis CIRP’ examines the validity of ipso facto clauses which permit employees to terminate their employment on the occurrence of an insolvency event; and acknowledges the duelling priorities of upholding contractual freedom and ensuring that the debtor remains a ‘going concern’.
This is the 1st article in a 2-part series on employment contracts vis-à-vis CIRP. The article examines whether a resolution professional can enforce an employment contract (for an employee, not a ‘workman’) during the moratorium period.
GoFirst’s insolvency has highlighted issues surrounding the insolvency resolution of commercial airlines. This article analyses the issues facing stakeholders, and the adequacy of extant regulations to address these.
If your company is named in a new lawsuit or receives a EEOC charge, part of your review process should include checking to see if the filing complainant or plaintiff has a pending bankruptcy action. If so, the next step is to see if the claimant disclosed their lawsuit or administrative complaint in his or her bankruptcy petition. If not, you may have a successful estoppel argument.
This article was first published on India Business Law Journal on 11 September 2023.