Introduction

2016年破産倒産法は、企業債務者の時間的制約のある再建と倒産処理を主たる目的として制定されました。同法に基づき、企業債務者の金融債権者又は事業債権者は、債務不履行が発生した場合、会社法審判所(以下「NCLT」)に対して、企業債務者の倒産処理手続の開始を申請することができます。

会社法上訴審判所(以下「NCLAT」)の各種判決に照らすと、Decree-Holder(後ほど説明します)が企業の債務者に対して破産手続きを開始する権利は、Decree-Holderが金融債権者であるか否かについての見解が分かれており、不確実なものとなっていました。金融債権者が破産手続を開始するプロセスは、事業債権者によるプロセスと比較して、非常に異なっています。

「decree」と「decree holder」の概念について説明すると、「decree」とは、訴訟関係者の権利を説明する裁判官による裁決の公式宣言であり、decreeが下された者が「decree holder」と呼ばれます。

On 26 April 2022, Chief Justice Smellie QC in Re Premier Assurance Group SPC Ltd. (in Official Liquidation) sanctioned a decision by the joint official liquidators (“JOLs”) of Premier Assurance Group SPC Ltd (in Official Liquidation) (the “Company”) to return (or procure the return of) certain payments held by or on behalf of the Company referable to one of its segregated portfolios, Premier Assurance Segregated Portfolio (“PASP”), to the respective payors on the basis that such sums were paid by mistake.

We have recently experienced an increase in mandates concerning disputes between shareholders and the Board of a Cayman company, which in many cases, leads to a shareholder applying to appoint provisional liquidators over the Company on a just and equitable basis. Therefore, we considered it important to remind those considering this remedy of the evidentiary hurdles they need to overcome to exercise it successfully.

このニュースレターは、2022年4月のインドの破産法の発展に関する重要な最新情報をカバーしています。

Introduction

2016年破産倒産法については、導入以来、継続して改正が行われてきています。2018年倒産破産法(第2次修正)法(以下「2018年改正法」)により、不動産プロジェクトの割当者(以下「住宅購入者」)は、「金融債権者」の範囲に含まれ、不動産開発業者に対する破産手続を開始することができるようになりました。その後、当該2018年改正法については、Pioneer Urban Land and Infrastructure Ltd. v. Union of Indiaにて最高裁で争われ、最終的に憲法上の有効性が認められました。

During the course of 2022, Part V of the Cayman Islands Companies Act (the "Companies Act") will be amended to introduce a new restructuring officer regime available to companies in financial distress, which can be accessed without the need to present a winding up petition to the Grand Court of the Cayman Islands ("Cayman Court").

Introduction

The Insolvency and Bankruptcy Code, 2016 (“Code”) was enacted with a primary objective of timebound reorganisation and insolvency resolution of corporate debtors. Under the Code, financial or operational creditors of a corporate debtor can approach the National Company Law Tribunal (“NCLT”) to initiate insolvency resolution process against a corporate debtor upon occurrence of a default by the corporate debtor.

Introduction

The common law imposes on all company officers (directors and secretaries), fiduciary duties and a duty of skill, care and diligence. The Companies Act 1981 (the "Act") codifies certain of the common law duties (but is not exhaustive), such that officers' duties are governed by both common law and statute.

Jasmine Buildmart Pvt. Ltd. i.e., the corporate debtor (Jasmine) introduced a Gurgaon based housing project i.e., Krrish Provence Estate. The homebuyers of Krrish Provence Estate made an application for initiation of corporate insolvency resolution process (CIRP) against Jasmine before the National Company Law Tribunal (NCLT) as Jasmine could not complete the project even after a period of eight years. Additionally, the homebuyers sought a refund of approximately INR 69 million on the grounds of inordinate delay.