INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of October 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT), the National Company Law Tribunals (NCLT) and the amendments in the Insolvency and Bankruptcy Code, 2016 (Code) by the Government of India. Please see below the summary of the relevant regulatory developments.
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of October 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT), the National Company Law Tribunals (NCLT) and the amendments in the Insolvency and Bankruptcy Code, 2016 (Code) by the Government of India. Please see below the summary of the relevant regulatory developments.
2021年8月27日、インド破産倒産委員会（＝IBBI）は、企業倒産処理手続および清算手続に関する諸問題についてのコメントを募集する旨のディスカッションペーパー（CIRP Discussion Paper、Liquidation Discussion Paper）を発表しました。その後、2021年9月30日、IBBIは、2016年（企業倒産手続）規則（＝CIRP規則）および2016年IBBI（清算手続）規則（＝清算規則）の改正が行われています。
CIRP規則と清算規則にて導入された主な改正点は、以下の通りです。
1. CIRP 規則（CIRP Regulations）
(i) 債権者委員会（＝CoC）の説明責任を高め、機能の透明性を確保するため、CoCのメンバーに対して、IBBIが発行するガイドラインに沿った形での職務の遂行が義務付けられました。
2016年破産倒産法は、目的やプロセスの異なる様々な法律が乱立していた従前と比較して、財務的困難な状況に陥った企業を救済する上で重要な役割を果たしています。破産倒産法の初期の成功要因は種々ありますが、インドの立法府が同法を適切に解釈し、適時に改正してきたことが主な要因として挙げられます。一定の成果を上げている破産倒産法ですが、会社法審判所（＝NCLT）および会社法上訴審判所（＝NCLAT）の機能およびプロセスの合理化には、未だ改善の余地があります。
本記事では、一見すると合理的に見える外部要因を考慮することで、債務不履行に陥った企業債務者が、法に基づく倒産処理手続に異議を唱えることができる根拠を意図せず広げてしまった可能性のある、Air Travel Enterprises India Ltd v. Union Bank of India & Ors.事件におけるNCLATの判決について考察しています。
Facts of the case
The Insolvency and Bankruptcy Board of India (IBBI) published discussion papers soliciting comments on issues relating to the corporate insolvency resolution process (CIRP Discussion Paper) and liquidation process (Liquidation Discussion Paper) on 27 August 2021. The IBBI on 30 September 2021 introduced amendments to the IBBI (Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and the IBBI (Liquidation Process) Regulations, 2016 (Liquidation Regulations).
The Insolvency and Bankruptcy Code, 2016 (Code) has played a significant role in rescuing financially distressed companies as compared to the former insolvency law regimes which were provided in various statues having different objectives and processes. The initial success of the Code is attributable to various factors including the manner in which the Indian judiciary interpreted the law as well as the timely amendments of the Code by the Legislature.
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of September 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunals (NCLT). Please see below the summary of the relevant regulatory developments.
A comparison of the key differences between Chapter 11 of the U.S. Bankruptcy Code and the Companies’ Creditors Arrangement Act.
Blakes and Blakes Business Class communications are intended for informational purposes only and do not constitute legal advice or an opinion on any issue. We would be pleased to provide additional details or advice about specific situations if desired.
INTRODUCTION
今回のニュースレターでは、2021 年 7 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をまとめると共に、2016 年破産倒産法の改正についても触れています。
1) THE LOAN AGREEMENT SHOULD BE IN WRITING BETWEEN THE FINANCIAL CREDITOR AND THE CORPORATE DEBTOR IN TERMS OF INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016
Matter: Pawan Kumar v. Utsav Securities Pvt. Ltd. and Anr.
Order dated: 03 August 2021.
INTRODUCTION
This newsletter covers key updates about developments in the Insolvency Law during the month of August 2021.
We have summarized the key judgments passed by the Supreme Court of India (SC), National Company Law Appellate Tribunal (NCLAT), the National Company Law Tribunals (NCLT) and the amendments in the Insolvency and Bankruptcy Code, 2016 (Code) by the Government of India. Please see below the summary of the relevant regulatory developments.