The Insolvency and Bankruptcy Board of India (IBBI) notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 (Amendment Regulations) on 4 July 2018 to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for the third time this year. Primarily, the Amendment Regulations seek to align the CIRP Regulations with the revised Insolvency and Bankruptcy Code, 2016 (IBC) post issuance of the Insolvency |
Between 31 May to 1 June, the Securities and Exchange Board of India (SEBI) amended a number of securities regulations to provide certain dispensations for listed companies undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC). These amendments follow SEBI’s discussion paper of March 2018, which set out specific proposals for adjusting the regulatory framework to allow listed companies to comply with their obligations under securities laws. |
The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 on 6 June 2018 (Ordinance) to amend the Insolvency and Bankruptcy Code 2016 (IBC). In the short history of around one and half years since the provisions relating to corporate insolvency resolution process under IBC came into force in December 2016, the Ordinance marks the second amendment to IBC. |
The Financial Conduct Authority (FCA) has been conducting a review of the operation of the Financial Services Compensation Scheme (FSCS), seeking views as to how to reduce the number and value of claims falling to the FSCS and assessing how the scheme is funded, including the impact of professional indemnity insurance (PII).
In the recent case of Commissioner v Mahindra and Mahindra Limited (Judgment) [Civil Appeal Nos. 6949-6950 of 2004], a division bench of the Supreme Court of India (SC) has ruled that waiver of principal portion of loan (which was taken for capital account transaction) by a creditor is not taxable in borrower’s hands under section 28(iv) or section 41(1) of the Income-tax Act 1961 (Act). Taxability of loan waiver has been a matter of debate and the relevant provisions under normal income-tax computation provide as under: |
A summary of recent developments in insurance, reinsurance and litigation law.
Engelhart CTP v Lloyd's Syndicate 1221: Court holds that all risks cargo policy did not cover fraudulent documents for a non-existent cargo
On occasion, parties engaged in court proceedings will consider procedural tactics with the ultimate intention of exerting such pressure on their adversaries that their weakened position, or even inability to pursue the proceedings, will work to their advantage. Such a situation arose in (1) Deleclass Shipping Co. Ltd (2) MWI Shipping Services Ltd v Ingosstrakh Insurance Co. Ltd (2018) where the defendant's application for security for costs became very problematic for the claimants.
Weighing in at the intersection of bankruptcy law and the doctrine of subrogation, the Ontario Court of Appeal has ruled that insurers are not entitled to commence subrogated claims in the name of bankrupt insureds.
Saudi Arabia recently published a new Bankruptcy Law. This is the latest development of a string of reforms under Vision 2030 to further encourage the participation of foreign and domestic investors by structuring the business legal framework. This article provides a general analysis of the new bankruptcy law and its implications for businesses operating in the Kingdom.
上周，曾在新加坡证券交易所有限公司（“新交所”）上市的Otto Marine有限公司（以下简称“Otto Marine”）提出申请将公司提交司法托管（“司法托管申请”）并请求任命临时司法管理人。
该公司系总部为新加坡的Otto Marine集团的核心成员，Otto Marine集团拥有约70家子公司，联营公司和间接子公司，在全球拥有622名员工。 Otto Marine集团从事投资控股，船舶建造，维修和服务，船舶租赁和租赁以及离岸服务业务。 Otto Marine的独任董事暨实际股东是马来西亚大亨拿督斯里丘志肖。
司法托管申请发生于2015年约1.83亿美元的亏损以及2016年10月自新加坡证券交易所自愿退市之后。根据该公司截至2017年12月31日的管理账目初稿，本财政年度累计录得亏损约8100万美元。 在支持司法托管申请的法院文件中，该公司估计总负债约为8.77亿美元，并宣称自己无力偿还债务，并援引大华银行提交的清盘申请和各种未决执行申请等事宜。
根据法庭文件，拿督斯里丘志肖本人似乎是该公司最大的单一债权人，其本人或其附属公司享有2.08亿美元债权。