PREPACKAGED INSOLVENCY RESOLUTION FOR MSMEs – FIRST STEP TOWARDS A LONG AWAITED LEGAL FRAMEWORk
Editorial | CEE
Am 23.02.2021 wurde der lang erwartete Entwurf der Restrukturierungsordnung veröffentlicht. Mit dem Entwurf soll die Richtlinie (EU) 2019/1023 (RestrukturierungsRL) in Österreich umgesetzt werden.
Der Entwurf in 5 Fragen
Warum?
Erleichterung der Sanierung durch Möglichkeit einer gerichtlich bestätigten Mehrheitsentscheidung der Gläubiger.
Wer?
1.1 Corona Relief Fund (for more details check out our legal insight)
Status as of 17/02
Table of Content
- 1 Financial Support Measures
- 2 Capital Markets
- 3 Employment
- 4 Real Estate & Construction
- 5 Tax & Duties
- 6 Corporate, M&A
- 7 EU & Competition
- 8 Courts and Authorities
- 9 Healthcare
- 10 Insolvency & Restructuring
- 11 Insurance
- 12 Intellectual Property
- 13 Telecom & Data Protection
- 14 Other
1 Financial Support Measures
The Insolvency and Bankruptcy Board of India (IBBI) on 13 November 2020 issued the Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020 (Amendment) which introduced seminal changes to the liquidation regime under the Insolvency and Bankruptcy Code, 2016 (IBC). The Amendment has been introduced on the back of the discussion paper issued by IBBI on 26 August 2020 on Corporate Liquidation Process (Discussion Paper).
Status as of 3/11 11:40 am CET
Table of content
INTRODUCTION
Recently, the Hon’ble National Company Law Appellate Tribunal has passed an order reiterating that once a resolution plan is approved by the Committee of Creditors (CoC), the successful resolution applicant cannot be permitted to be withdraw its plan.
RELEVANT FACTS
A contentious issue in the interplay between the Insolvency and Bankruptcy Code, 2016 (IBC) and the Limitation Act, 1963 (Limitation Act) has been the applicability of Section 18 of the Limitation Act (Section 18), which stipulates that a fresh period of limitation shall be computed from the time of the acknowledgement of liability in writing before the expiration of the prescribed period of limitation.
The National Company Law Appellate Tribunal, Delhi (NCLAT) in the case of Sh. Sushil Ansal Vs Ashok Tripathi and Ors, has reiterated that a decree-holder though covered under the definition of creditor under Section 3(10) of the Insolvency and Bankruptcy Code (IBC) would not fall within the class of financial creditors and therefore, a decree holder cannot initiate a corporate insolvency resolution process (CIRP) against a corporate debtor with an object to execute a decree.