Mastering Insolvency Proceedings for Individuals and Partnership Firms

The Insolvency and Bankruptcy Code, 2016 (IBC) governs insolvency proceedings for individuals and partnership firms in India. This comprehensive legislation consolidates and amends laws pertaining to the reorganization and insolvency resolution of corporate persons, partnership firms, and individuals.

Filed under:
India, Insolvency & Restructuring, Litigation, Maheshwari & Co., Insolvency, Bank of India, State Bank of India, Insolvency and Bankruptcy Code (India), Banks, Financial services corporate
Location:
India
Firm:
Maheshwari & Co.
Corporate insolvency resolution process can be initiated separately and simultaneously against a corporate debtor and a corporate guarantor for the same debt and same default

In the case of BRS Ventures Investments Ltd. vs. SREI Infrastructure Finance Ltd. & Anr. the Hon’ble Supreme Court of India (“Supreme Court”) held that simultaneous insolvency proceedings against a borrower and a corporate guarantor can be initiated for the same debt and default; and that assets of a subsidiary do not form part of the corporate insolvency resolution process (“CIRP”) of its holding company.

Brief Facts

Filed under:
India, Insolvency & Restructuring, Litigation, JSA, Bank of India, State Bank of India, Insolvency and Bankruptcy Code (India), Supreme Court of India, Financial services banks, Financial services corporate
Authors:
Divyanshu Pandey , Shrijita Bhattacharya , Aaditya Shukla
Location:
India
Firm:
JSA