Background
1 | 15 Introduction The Insolvency and Bankruptcy Code, 2016 (IBC/Code) is a landmark legislation which was enacted in 2016 to put in place a consolidated and holistic legal framework for resolution of stressed assets in India. Since its enactment, IBC has been one of the most dynamic legislations which has undergone several revisions on account of various learnings arising out of resolution of large volume of stressed assets in its initial phases.
Background |
Introduction
Introduction
The Supreme Court has confirmed that s.423 of the Insolvency Act 1986, which provides for the avoidance of certain transactions where they have been entered into for the purpose of defrauding creditors, has a broad application and covers not only transactions entered into by the debtor personally, but also those entered into via the debtor's company: El-Husseiny and another v Invest Bank PSC [2025] UKSC 4.
The High Court has held that the recognition of foreign insolvency proceedings under the Cross-Border Insolvency Regulations 2006 (the "CBIR") did not, in itself, vest rights or interests in English land in the foreign representative.
1 EXPLORING THE ROLE OF SECTORAL REGULATORS VIS-À-VIS IBC The Insolvency and Bankruptcy Code, 2016 (“IBC” / “Code”) has emerged as the poster child of an ideal model law empowering the restructuring and resolution of financially distressed firms in a fair, timely and balanced manner by maximising recoveries to the debtors claimants.1 The corporate insolvency resolution process (“CIRP”) under the Code essentially functions in a manner as per which a resolution plan is proposed for all stakeholders of the debtor, ideally within an outer timeline of 330 days.2 The creditors and stakeholders ar
BACKGROUND
In a recent decision, the High Court refused to grant the Financial Times access to the whole of the Secretary of State's affirmation in support of directors' disqualification proceedings against Alexander Greensill, pursuant to either CPR 5.4C or the court's inherent jurisdiction.