The Power Ministry has issued directions under Section 11 of the Electricity Act, 2003 (“Direction”), mandating all imported coal-based generating power- plants (“Gencos”) to operate and generate at their full capacity. The Direction also mandates that where the relevant Genco is undergoing corporate insolvency resolution process (“CIRP”), under IBC, the resolution professional shall take steps to make such plants functional.
On 05 July 2022, a Full Bench of the National Company Law Appellate Tribunal (NCLAT) in Jaipur Trade Expocentre Private Limited v. M/s Metro Jet Airways Training Private Limited, Company Appeal (AT) (Insolvency) No. 423 of 2021, held that a claim towards unpaid license fees for an immovable property would constitute an operational debt under the Insolvency and Bankruptcy Code, 2016 (Code) and consequently constitute a debt in default for initiating the corporate insolvency resolution process (CIRP).
An Insolvency Professional (IP) is entrusted with the management and administration of a Corporate Debtor’s affairs throughout the Corporate Insolvency Resolution Process (CIRP). He is responsible for managing, operating, and running the Corporate Debtor as a going concern during the said period by taking over the day-to-day affairs of the Corporate Debtor, complying with all the applicable laws, etc.
In the year 2018, Videocon, an Indian multinational business, ceased operations and declared corporate bankruptcy. The NCLT (National Company Law Tribunal) authorized Vedanta Groups, the parent company of Twin Star, to buy Videocon for Rs. 2,962 Crores in June 2021.
Between the lines... For Private Circulation-Educational & Information purpose only Vaish Associates Advocates… Distinct. By Experience. I. Supreme Court: A liability in respect of a claim arising out of a recovery certificate under the Recovery of Debts and Bankruptcy Act, 1993 would be a "financial debt" under the IBC and a holder of such recovery certificate would be a "financial creditor" under the IBC. The Supreme Court (“SC”) has in its judgment dated May 30, 2022, in the matter of Kotak Mahindra Bank Limited v. A. Balakrishna and Another [Civil Appeal No.
Introduction
The Insolvency and Bankruptcy Board of India (the Board) vide its circular no. IBBI/2022-23/GN/REG084 dated 14 June 2022, in exercise of the powers conferred under clause (t) of sub- section (1) of section 196 read with sections 7, 9 and 240 of the Insolvency and Bankruptcy Code, 2016 (the Code) has introduced the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022 (Amendment Regulations).
Amendments
The Insolvency and Bankruptcy Code, 2016 (Code) was enacted to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons.
今回のニュースレターでは、2022 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。最高裁判所（＝SC）、会社法上訴審判所（＝NCLAT）にて下された重要な判決についてまとめ ました。
Introduction
The Insolvency and Bankruptcy Code, 2016 (“IBC”/”Code”) came into force on 28th May, 2016 with the primary objective of consolidating and amending the laws of reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner to maximise the value of their assets. The Code has been evolving over the last six years, with changing scenarios and adapting to practical circumstances along the way. As a result, the Code has undergone amendments from time to time.