At the start of the pandemic, insolvency filings were expected to increase by 35% in 2020 and 2021. While some industries were hit hard, this prediction never materialized in Canada and the U.S., possibly because of significant financial government support. The future is less clear, with Allianz Research forecasting, for 2022, a 15% increase in insolvency filings and a 5.5–6% decrease in global economic growth.
Below are five key trends that may impact insolvencies this year, based on data published by the World Bank:
The Insolvency and Bankruptcy Code, 2016 (Code) was enacted to revamp the insolvency and bankruptcy laws and resolve problems being faced by creditors due to non-repayment of outstanding dues by corporate borrowers. Since our 2020 snapshot on 15 key developments in insolvency law, the Code has been further refined and amended in line with the object of the Code and taking into account the COVID 19 pandemic. The insolvency courts have also played their part in the development of the Code considering the business realities and practical considerations.
今回のニュースレターでは、2021 年 12 月の破産倒産法関連の主なアップデートについて取り扱ってい ます。最高裁判所（＝SC）、会社法上訴審判所（＝NCLAT）、会社法審判所（＝NCLT）において下され た重要な判決についてまとめる共に、2016 年破産倒産法の改正についても解説しています
INTRODUCTION
This newsletter covers key updates about developments in insolvency law during the month of December 2021.
Ministry of Corporate Affairs proposes changes to theInsolvency and Bankruptcy Code for time bound resolution of stressed assets.
Ministry of Corporate Affairs (“MCA”) has, vide a notification dated 23 December 2021, proposed amendments to the Insolvency and Bankruptcy Code, 2016 (“Code”) to facilitate a swift admission process, streamline provisions concerning avoidable transactions and wrongful trading, and promote timely approval of resolution plans.
On 23 November 2021, the Supreme Court of India, in the case of TATA Consultancy Services Ltd. v. Vishal Ghisulal Jain, Resolution Professional, SK Wheels Pvt. Ltd. (TCS Case), clarified that the jurisdiction of the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 (Code) cannot be invoked by the corporate debtor if the termination of a contract by a third party takes place on grounds unrelated to the insolvency of the corporate debtor.
Brief facts
INTRODUCTION
今回のニュースレターでは、2021 年 11 月の破産倒産法関連の主なアップデートについて取り扱ってい ます。最高裁判所（＝SC）、会社法上訴審判所（＝NCLAT）、会社法審判所（＝NCLT）の各裁判所に おいて下された重要な判決についてまとめる共に、2016 年破産倒産法の改正についても解説しています。
1) A DEL CREDERE AGENT IS NOT AN OPERATIONAL CREDITOR UNDER THE CODE
Matter: Alturas Trading Corp. v. VRMX Concrete India Pvt. Ltd.
Order dated: 04 October 2021
Summary:
INTRODUCTION
This newsletter covers key updates about developments in the insolvency law during the month of November 2021.
INTRODUCTION
今回のニュースレターでは、2021 年 10 月の破産倒産法関連の主なアップデートについて取り扱ってい ます。最高裁判所（＝SC）、会社法上訴審判所（＝NCLAT）、会社法審判所（＝NCLT）の各裁判所に おいて下された重要な判決についてまとめる共に、2016 年破産倒産法の改正についても解説しています。
1) GOVERNMENT AMENDS THE RULES RELATING TO INSOLVENCY OF CORPORATE DEBTOR TO ENSURE TIME BOUND INSOLVENCY PROCESS.
Notification dated: 30 September 2021.
The problem of Non-performing Assets (NPAs) in the Indian banking system is one of its foremost predicaments.