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

In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench (NCLAT), dismissing two appeals in Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India, Company Appeal (AT)(Insolvency) No. 807 of 2021 and Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India & Anr., Company Appeal (AT)(Insolvency) No. 740 of 2022 (dated 29 July 2022), it was held that merely by acquiring foreign citizenship after the execution of a deed of guarantee, a personal guarantor cannot escape his/her liability under the guarantee.

Introduction

In May 2022, there were a total of 1,817 company insolvencies in England and Wales. Overall company insolvencies in May 2022 were 34% higher when compared to May 2019 (pre-pandemic) and 79% higher than insolvencies recorded in May 2021.

More insolvencies means more directors being issued director questionnaires from liquidators or administrators asking them to explain their prior conduct.

This article was originally published by Travel Weekly on 21 July

The UK Government has indicated that its enthusiasm for introducing consumer protection for airline failure has waned significantly. It now looks doubtful that the recommendations of the Airline Insolvency Review will be implemented in the short term, or even at all.

On 05 July 2022, a Full Bench of the National Company Law Appellate Tribunal (NCLAT) in Jaipur Trade Expocentre Private Limited v. M/s Metro Jet Airways Training Private Limited, Company Appeal (AT) (Insolvency) No. 423 of 2021, held that a claim towards unpaid license fees for an immovable property would constitute an operational debt under the Insolvency and Bankruptcy Code, 2016 (Code) and consequently constitute a debt in default for initiating the corporate insolvency resolution process (CIRP).