Introduction for Insolvency & Restructuring Case Summaries 2021-2022 It gives us great pleasure to introduce our Insolvency & Restructuring Case Summaries 2021-2022.

This is the first year that we have published a collated version of the Case Summaries in addition to our regular insolvency InFocus updates. The Case Summaries have been produced in response to feedback that this would be a useful resource.

The Department of Telecommunications (DoT) has on 21 September 2022 released the Indian Telecommunication Bill, 2022 (Bill) which consolidates and amends the Indian Telegraph Act 1885, Indian Wireless Telegraphy Act 1933, and The Telegraph Wires, (Unlawful Protection) Act 1950. In Chapter 5 (Restructuring, Defaults in Payment and Insolvency), the Bill addresses situations wherein payment defaults or insolvency proceedings have been initiated against a telecommunication company (Telco or Corporate Debtor).

In significant news for the insolvency industry, the High Court will hear the long-awaited Gunns Group preference claim appeal in Bryant & Ors v Badenoch Integrated Logging (A10/2022) on 18 October 2022.

Johnson Winter & Slattery act for PwC, the appellant liquidators of the Gunns group, in the proceeding.

Briefly stated, the grounds for the appeal are:

Introduction

The Insolvency and Bankruptcy Board of India (IBBI) on 16 September 2022 promulgated the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).  

The key amendments introduced by the CIRP Amendment Regulations are as follows: 

Introduction

In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) in Somesh Choudhary v Knight Riders Sports Private Limited & Anr. under Company Appeal (AT) Insolvency No.

A. INTRODUCTION 

Introduction

INTRODUCTION

On 27 July 2022, the National Company Law Appellate Tribunal (NCLAT) in Zoom Communications Private Limited v Par Excellence Real Estate Private Limited, Company Appeal (AT) (Insolvency) No. 619 of 2022 upheld the order of the National Company Law Tribunal, New Delhi (NCLT) dated 17 May 2022 dismissing an application to initiate Corporate Insolvency Resolution Process (CIRP) on the ground that the debt appeared suspicious and collusive in nature.

Background