INTRODUCTION

This newsletter covers key updates about developments in Insolvency Law during the month of June 2021.

We have summarized the key judgments passed by the National Company Law Appellate Tribunal (“NCLAT”) and the National Company Law Tribunals (“NCLT”). Please see below the summary of the relevant regulatory developments.

1) INELIGIBILITY TO SUBMIT RESOLUTION PLAN UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (“CODE”) IS APPLICABLE AT THE TIME WHEN THE RESOLUTION PLAN IS SUBMITTED BY THE RESOLUTION APPLICANT.

Derivatives specialist Louise McCoach has authored the 2021 Australia chapter of the ‘International Comparative Legal Guide - Derivatives 2021’, which summarises the laws and regulations of derivatives in Australia. The chapter covers documentation and formalities, credit support, regulatory issues, insolvency/bankruptcy, close-out netting, taxation and bespoke jurisdictional matters and market trends in the Australian derivates market.

INTRODUCTION

今回のニュースレターでは、2021 年 5 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。インド最高裁判所（＝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、まとめました。

1) NO INTERFERENCE IN THE DECISION OF THE LIQUIDATOR TAKEN IN THE BEST INTEREST OF A CORPORATE DEBTOR.

Matter: Basavaraj Koujalagi & Ors. v. Sumit Binani, Liquidator of Gujarat NRE Coke Limited

Order dated: 03 May 2021.

Summary:

主に、債権者が直面している不良債権の回収問題を解決するため、2016年破産倒産法は制定されました。 本FAQでは、破産倒産法の概要、関連諸手続き等について扱っています。

1. 破産倒産法が適用されるのはどのような場合ですか？

会社、有限責任事業組合、組合、個人の倒産、清算、任意整理、破産において適用されます。

2. 破産倒産法の目的は？

財務的困難に陥っている会社の再編成および倒産処理の実施です。

3. 破産倒産法において規定されている制度的枠組みは？

On 21 May 2021, the Supreme Court of India, in the case of Lalit Kumar Jain vs. Union of India & Ors, upheld the provisions of the Insolvency and Bankruptcy Code, 2016 (“Code”) which permitted banks to proceed against personal guarantors for recovery of loans given to a company. Under the Code, the Government of India (“Government”) has been conferred powers to enforce certain provisions of the Code at different points in time. Accordingly, the Government has notified various provisions of the Code from time to time.

The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) were formulated to carry out the provisions of the Insolvency and Bankruptcy Code, 2016 (Code). These regulations are applicable to the corporate insolvency resolution process (CIRP). These FAQs deal with the overview of the CIRP Regulations and the related procedure involved.

INTRODUCTION

This newsletter covers key updates about developments in the Insolvency Law during the month of May 2021.

We have summarized the key judgments passed by the Supreme Court of India (SC), the National Company Law Appellate Tribunal (NCLAT) and various benches of the National Company Law Tribunals (NCLT). Please see below the summary of the relevant regulatory developments.

1) NO INTERFERENCE IN THE DECISION OF THE LIQUIDATOR TAKEN IN THE BEST INTEREST OF A CORPORATE DEBTOR.

This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead – all in two minutes or less.

This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead – all in two minutes or less.

In this Edition, we consider the 2020 -2021 Federal budget, the Takeovers Panel’s reasons for its Alto Metals Limited decision, the Treasury’s consultation on insolvency reforms and the new alternative JobKeeper test.

YOUR KEY BOARDROOM BRIEF

A short week this week due to the public holiday in Western Australia.

This is a service specifically targeted at the needs of busy non-executive directors. We aim to give you a “heads up” on the things that matter for NEDs in the week ahead – all in two minutes or less.