The Insolvency and Bankruptcy Code, 2016 (Code) was introduced as a one stop solution for resolving insolvencies, which previously was a long-drawn process that did not offer an economically viable arrangement. In Swiss Ribbons Pvt. Ltd. v.
Introduction
On November 11, 2022, the world’s second-largest cryptocurrency exchange FTX Trading Ltd. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11068). The company reports $10 to $50 billion in both assets and liabilities and intends to place an additional, approximately 130 affiliates into bankruptcy.
On November 7, 2022, cloud manufacturing and digital supply chain company Fast Radius, Inc. of Chicago, IL filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11051). The company reports $69.3 million in assets and $55.2 million in liabilities.
On October 30, 2022, wealth advisory, risk management services and insurance brokerage services provider Vesta Holdings LLC of Mongomeryville, PA filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11019) along with two affiliates. The company reports $100 million to $500 million in both assets and liabilities.
Introduction
Under the Insolvency and Bankruptcy Code, 2016 (Code), the resolution professional or the interim resolution professional (collectively referred as RP) is vested with the responsibility of running the business of the corporate debtor as a going concern and conducting the corporate insolvency resolution process (CIRP). The RP must also ensure that CIRP is conducted in a time-bound manner and the value of the assets of the corporate debtor is maximised during the process.
2016年破産倒産法および2013年会社法の下、会社法審判所(NCLT)の命令に対しては、会社法上訴審判所(NCLAT)に上訴することができます。上訴期間は、破産倒産法においては最長45日、会社法においては最長90日、となっています。また、2016年NCLAT規則(NCLAT規則)において、上訴または上訴時の添付文書に欠陥があることが判明した場合、上訴を行った当事者は、7日以内に欠陥を修復し、上訴を「再提示(re-present)」しなければならないと規定されています。なお、当該期間は、当事者が十分な理由を示した場合、妥当な期間延長することができます。
On September 27, 2022, Phoenix Services Topco LLC, a steel mill service provider with approximately 2,600 employees, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10906). The company reports $500 million to $1 billion in both assets and liabilities.
Under the Insolvency and Bankruptcy Code, 2016 (Code) and under the Companies Act, 2013 (Act), an order of the National Company Law Tribunal (NCLT) can be appealed before the National Company Law Appellate Tribunal (NCLAT). The time-period for filing such an appeal is maximum of 45 days under the Code and 90 days under the Act.