Under the Insolvency and Bankruptcy Code, 2016 (Code), if a corporate debtor is unable to pay its debts, then insolvency resolution proceedings (CIRP) may be initiated against the corporate debtor and attempts are made to revive the corporate debtor by inviting resolution plans. If the revival process fails, the corporate debtor must be liquidated.

2016年インド破産倒産法の下、事業債権者と金融債権者の取り扱いに差が生じていることについては、発足当初から重要な懸念点として取り上げられてきました。金融債権者は、企業債務者と純粋に金銭的な取り決めを行っている者であるのに対して、事業債権者は、企業債務者が供給した商品又は提供したサービスの対価として金銭的債権を有する者とされます。インドの破産倒産法関連で近年争われた事例に、企業債務者の破産手続を開始するための最低基準額である1,000万ルピーの債務不履行金額を満たすか否かの判断において、「利息」を「主たる事業債務」に含めることができるか？というものがあります。

会社法審判所(NCLT)では様々な異なる見解が示されていましたが、会社法上訴審判所(NCLAT)は、Mr. Prashant Agarwal v. Vikash Parasrampuria (Prashant Agarwal Judgment)において、最低基準額1,000 万ルピーの計算の際、利息分を含めることできるかという問題について、明確にしました。

Brief Facts – 概要

In Kellow, Re Advanced Building & Construction Ltd (In Liq) v Advanced Building & Construction Ltd (In Liq) (No 2) (Kellow) the Court considered whether an insolvency proceeding commenced in New Zealand should be recognised as a “foreign main proceeding” pursuant to the United Nations’ Commission on International Trade Law’s Model Law on International Trade Law (Model Law).

In a recent case involving a former financial services provider in liquidation, thousands of pending claims from former customers and a letter of comfort with a looming expiry date, the Liquidators appointed to wind up Forex Capital Trading Pty Limited successfully applied to the Federal Court of Australia for orders permitting them to conduct an expedited process for the adjudication and admission of claims.

Background

Introduction

A key concern in respect of the Insolvency and Bankruptcy Code, 2016 (Code) since its inception has been the differential treatment of operational creditors and financial creditors. For context, financial creditors have a purely financial arrangement with the corporate debtor, while operational creditors are those who are owed money by the corporate debtor for the provision of goods supplied or services rendered.

Under the Insolvency and Bankruptcy Code, 2016 (Code), a financial creditor may initiate corporate insolvency resolution process (CIRP) if there is a default of INR 10 million, by filing an application before the National Company Law Tribunal (NCLT). The settled principle is that an application made by a financial creditor under the Code must be admitted and CIRP initiates against the corporate debtor, if the NCLT is satisfied that a default has occurred in payment of debt.

Under the Insolvency and Bankruptcy Code, 2016 (Code), a trade creditor may initiate corporate insolvency resolution process if there is an unpaid operational debt above INR 10 million. An ‘operational debt’ under the Code means a claim in relation to goods and services. The insolvency courts have provided divergent views on the issue of whether rental dues or license fees for use of premises would qualify as an ‘operational debt’ under the Code.

In Brooks, in the matter of Tease Hair & Spa Pty Ltd (in liquidation), the Federal Court made orders in favour of the Liquidator, pursuant to section 90-15 of Schedule 2 to the Corporations Act 2001 (Cth) (Insolvency Practice Schedule (Corporations)) and section 47 of the Trustee Act 1989 (Tas) allowing the Liquidator to realise trust property for the benefit of creditors.

Background

このニュースレターは、2022年6月のインドの破産法の進展に関する重要な最新情報をカバーしています。