Background The corporate insolvency resolution process (CIRP) against Jaiprakash Infratech Limited (JIL) commenced when the National Company Law Tribunal, Allahabad (NCLT) passed an order dated 09.08.2017 admitting the petition of IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code 2016 (IBC). |
The Chennai Bench of the National Company Law Tribunal (NCLT) has recently approved the merger of a Limited Liability Partnership (LLP) with a private limited company (Scheme). This newsflash analyses key aspects of the NCLT order permitting the aforesaid merger. Background |
From time to time the statutory rights available to parties to construction contracts appears to come into conflict with other sets of provisions that also claim to govern the same areas of dispute. Perhaps the best known such clash, between adjudication and the effect of insolvency, was that explored in the Scottish case of Melville Dundas Limited (in Receivership) v George Wimpey UK Limited[1] in 2007.
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 |
On 17 December 2015, the Ministry of Justice made a final decision to end the Insolvency Litigation exemption from the 2012 Legal Aid, Sentencing and Punishment of Offenders Act (LAPSO) (see
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. |
In May 2018, Mothercare and Carluccio's became the latest in an increasingly long line of high street names to propose Company Voluntary Arrangements (CVAs) involving significant site closures and rent reductions. On 31 May, 91% of unsecured creditors approved the Carluccio's CVA, and the following day Mothercare's creditors followed suit (although that was not the case with all of its subsidiaries, as discussed below). Next in line according to recent reports are House of Fraser and then Homebase, following the latter's acquisition for £1 by retail restructuring specialists Hilco.
'I can't be responsible for every single thing that goes on at Sports Direct. I can't be. I can't be!'
Mike Ashley founder and Executive Deputy Chairman Sports Direct appearing before the Business Innovation and Skills Select Committee (June 2016)
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: |