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.

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).

The Luxembourg act of 28 October 2022 introducing the procedure of administrative dissolution without liquidation (procédure de dissolution administrative sans liquidation, the "Administrative Dissolution Procedure") (the "Act") has just been published and will enter into force on 1st February 2023.

Background and objective

The purpose of the Act is to dissolve empty shell companies within a short timeframe at reduced costs for the Luxembourg State.

Introduction
General obligation for creditors to file their claims
Nature of claims admissible in bankruptcy
Valuation of declared contingent claims

Introduction

The Insolvency and Bankruptcy Board of India (the Board) vide its circular no. IBBI/2022-23/GN/REG084 dated 14 June 2022, in exercise of the powers conferred under clause (t) of sub- section (1) of section 196 read with sections 7, 9 and 240 of the Insolvency and Bankruptcy Code, 2016 (the Code) has introduced the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022 (Amendment Regulations).

Amendments