In a recent order admitting a petition for insolvency resolution filed by Essar Projects India Limited (Operational Creditor) against MCL Global Steel Private Limited (Corporate Debtor), the National Company Law Tribunal (Mumbai Bench) (NCLT) has clarified what constitutes a ‘disputed debt’ within the meaning of Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016 (Code) and Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

Facts of the case

Les multiples réformes menées par le Ministre de la Justice Koen Geens se traduisent également dans les procédures d’insolvabilité. Avant la réforme annoncée de la loi sur les faillites et de la loi sur la continuité des entreprises, la loi du 1er décembre 2016 modifiant le Code judiciaire et la loi du 8 août 1997 sur les faillites, instaure un Registre Central de la Solvabilité.

Background

The Board constituted under the chairmanship of Mr MS Sahoo has recently rejected an application for registration as an insolvency professional (IP) under regulation 7 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (IP Regulations) through its first regulatory order.

Factual Matrix

Background

Since 1 January 2017, the law explicitly provides for a general option for the National Social Security Office (“NSSO”) to recover undisputed debts by means of a writ of execution. 

This means that the NSSO can provide itself an enforceable title (a writ of execution) without having to rely on the labor court. 

The recovery through a writ of execution can be used for all contributions, penalties, interests and other amounts that would be due to the NSSO. It is, however, important that it concerns debts: 

(i) that are not fundamentally disputed;

Background

Background

UPDATE

THE INSOLVENCY AND BANKRUPTCY CODE, 2016 - NEW ROAD AND NEW CHALLENGES

25 May 2016

Introduction