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    Exploring the Role of Sectoral Regulators Vis-à-Vis IBC
    2025-01-08

    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

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan & Co, FERC, Securities and Exchange Board of India, Insolvency and Bankruptcy Board of India, Insolvency and Bankruptcy Code (India)
    Location:
    India
    Firm:
    Khaitan & Co
    Court of Appeal summaries (January 15 - January 19)
    2024-01-20

    Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of January 15, 2024.

    Filed under:
    Canada, USA, Ontario, Banking, Company & Commercial, Derivatives, Family, Insolvency & Restructuring, Litigation, Real Estate, Blaney McMurtry LLP, Due diligence, Barclays, Commodity Futures Trading Commission (USA), FERC, HSBC, Bank of Nova Scotia, Competition Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    John Polyzogopoulos , Ines Ferreira
    Location:
    Canada, USA
    Firm:
    Blaney McMurtry LLP
    How Extreme Weather Events Have Bankrupted Utility Players and Changed the Electric Grid
    2023-10-10

    Climate risk is difficult for large corporations to mitigate and is increasingly a C-suite agenda item. In this article, experts from FTI Consulting’s Power, Renewables & Energy Transition (“PRET”) practice draw upon their experience in climate risk-related bankruptcy, dispute advisory, restructuring and resource strategies to summarize the regulatory, operational and financial impacts of recent extreme weather events on electric utilities. This article will discuss the implications of strengthening physical and financial asset performance in a rapidly evolving electric grid.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, FTI Consulting Inc, Renewable energy, Supply chain, Mediation, Carbon neutrality, FERC
    Location:
    USA
    Firm:
    FTI Consulting Inc
    FERC v. Powhatan Energy Fund, LLC Saga Ends With Default Judgment Against Powhatan Energy Fund
    2023-03-30

    On March 22, 2023, the U.S. District Court for the Eastern District of Virginia (Court) granted the Federal Energy Regulatory Commission’s (FERC) Motion for Default Judgment and entered a default judgment against Powhatan Energy Fund, LLC (Powhatan Energy Fund). The Court awarded FERC $3,465,108 in disgorgement and $16,800,000 in civil penalties.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Sidley Austin LLP, FERC, United States bankruptcy court, Fourth Circuit, US District Court for Eastern District of Virginia
    Authors:
    Kenneth W. Irvin , Terence T. Healey , Christopher J. Polito , Casey Khan , Keturah A. Brown
    Location:
    USA
    Firm:
    Sidley Austin LLP
    Fifth Circuit Triples Down: Filed-Rate Natural Gas and Power Contracts Can Be Rejected in Bankruptcy Without FERC Approval
    2022-12-05

    In Gulfport Energy Corp. v. FERC, 41 F.4th 667 (5th Cir. 2022), the U.S. Court of Appeals for the Fifth Circuit tripled down on its nearly two-decades-long view that filed-rate contracts regulated under the National Gas Act (the "NGA") and the Federal Power Act (the "FPA") can be rejected in bankruptcy without the consent of the Federal Energy Regulatory Commission ("FERC"). Reaffirming its previous rulings in In re Mirant Corp., 378 F.3d 511 (5th Cir. 2004), and In re Ultra Petroleum Corp., 28 F.4th 629 (5th Cir.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day, FERC, US Congress, United States bankruptcy court, Fifth Circuit
    Authors:
    Paul M. Green , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Restructuring Department Bulletin - August 2022
    2022-08-15

    In the latest issue of the Restructuring Department Bulletin, we highlight recent decisions impacting the restructuring arena, including an order in the Southern District of New York finding that U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, FERC
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Business Restructuring Review Vol. 21 No. 4 July-August 2022
    2022-08-02

    BUSINESS RESTRUCTURING REVIEW VOL. 21 • NO. 4 JULY–AUGUST 2022 1 IN THIS ISSUE 1 U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Due diligence, Coronavirus, US Department of Justice, US Department of Labor, FERC, US Congress, Supreme Court of the United States
    Location:
    USA
    Firm:
    Jones Day
    FERC v. The Bankruptcy Court: The Latest In a Decades-Long Jurisdictional Turf War
    2022-06-14

    The Fifth Circuit recently weighed in on the hotly contested issue of whether the Federal Energy and Regulatory Commission (FERC) or the bankruptcy court has controlling jurisdiction when it comes to the question of a bankruptcy debtor’s ability to reject contracts regulated by FERC. FERC-regulated contracts include electricity power purchase contracts, as well as transportation services agreements involving oil and gas.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, FERC
    Authors:
    Sara L. Abner
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    "A Clash of Two Congressionally Constructed Titans": Fifth Circuit Declares Bankruptcy Court Victorious Over FERC in In re Ultra Petroleum Corporation
    2022-03-17

    On March 14, 2022, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) revisited the issue of the rejection of filed-rate contracts in bankruptcy where such contracts are governed by the Federal Energy Regulatory Commission (“FERC”). The ruling marks the first time the Fifth Circuit has addressed this issue since its 2004 decision in In re Mirant Corp.1 In Federal Energy Regulatory Commission v.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Bracewell LLP, FERC, United States bankruptcy court
    Authors:
    Mark K. Lewis , Mark E. Dendinger , Jonathan Lozano , Robert Grattan
    Location:
    USA
    Firm:
    Bracewell LLP
    Restructuring Department Bulletin - February 2022
    2022-02-18

    © 2022 Paul, Weiss, Rifkind, Wharton & Garrison LLP. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes. 1 | Paul, Weiss, Rifkind, Wharton & Garrison LLP paulweiss.com FEBRUARY 2022 | ISSUE NUMBER 1 Restructuring Department Bulletin Ken Ziman has joined Paul, Weiss as a Partner in the Restructuring Department Resident in Paul, Weiss’s New York office, Mr.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, FERC
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP

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