Introduction

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

When an Event of Default is "continuing" is not defined or addressed in the ISDA Master Agreement. Until now it does not appear to have been expressly considered in case law either.

As the tile suggests the state of recognition and assistance jurisprudence & practice in Hong Kong is less than clear. This follows the recent (mostly) conflicting 1st instance decisions of Up Energy and Global Brands. Here are my views about (i) what I believe is settled; (ii) the points of judicial difference; and (iii) what remains unclear.

Settled

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.

The Supreme Court has handed down its long-awaited judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 25.

Basic facts

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。

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.