Introduction
On 17 July 2023, the Hon’ble Supreme Court delivered its judgement in Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Limited & Ors., 2023 SCC OnLine SC 842 (Raman Ispat). The specific issue of whether Paschimanchal Vidyut Vitran Nigam Ltd. (Appellant) could enforce a security interest created over the assets of Raman Ispat Private Limited (Corporate Debtor) outside of the liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 (Code) was settled in the negative. More importantly, the Hon’ble Supreme Court confined the applicability of State Tax Officer v.
Introduction and background
Brief Facts
Singapore has earned a budding reputation as a hub for debt restructuring and insolvency in Asia, with its transparent legal system and judicial expertise. This growth can also be attributed to enduring efforts to innovate and reform.
To enhance Singapore as a forum of choice in international restructuring and insolvency proceedings, the Rules of Court were amended with effect from 1 October 2022 to allow restructuring and insolvency matters which are international and commercial in nature to now be heard in the Singapore International Commercial Court ("SICC").
The Department of Telecommunications (DoT) has on 21 September 2022 released the Indian Telecommunication Bill, 2022 (Bill) which consolidates and amends the Indian Telegraph Act 1885, Indian Wireless Telegraphy Act 1933, and The Telegraph Wires, (Unlawful Protection) Act 1950. In Chapter 5 (Restructuring, Defaults in Payment and Insolvency), the Bill addresses situations wherein payment defaults or insolvency proceedings have been initiated against a telecommunication company (Telco or Corporate Debtor).
Introduction
The Insolvency and Bankruptcy Board of India (IBBI) on 16 September 2022 promulgated the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).
The key amendments introduced by the CIRP Amendment Regulations are as follows:
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.