Short stories
Amendments to the Czech Insolvency Act 2016
Hong Kong Court Addresses Interplay Between Arbitration and Insolvency
Background
On 24th March 2020, the Central Government by notification, revised the threshold limit of the amount of default for the applicability of the provisions of the Insolvency and Bankruptcy Code, 2016, from Rs. 1 Lakh to Rs. 1 crore.
The Goods and Services Tax (GST) Council during its 39th meeting, held on 14 March 2020, decided that a special procedure should be prescribed for corporate debtors undergoing the corporate insolvency resolution process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), in order to enable such entities to comply with the provisions of the GST laws.
The Insolvency and Bankruptcy Board of India (hereinafter referred to as ‘IBBI’) vide its notification dated March 29, 2020[1] has issued clarification regarding the period of exclusion for Insolvency Resolution Process. Through, the issuance of the above mentioned notification, the IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to include the following:
On 17th January, 2020, the Republic of India (India) made a remarkable move with the issuance of a Gazette notification which notified the inclusion of the United Arab Emirates (UAE) as a “reciprocating territory” for the enforcement of judgments (Reciprocating Territory Notification). This alert expands on the features of this new development and the potential benefit for individuals, companies (including financial institutions) in the UAE that have default debtors located in India or with assets in India.
Force Majeure in general parlance means any event or circumstance (or combination thereof) that wholly or partly prevents or causes unavoidable delay in the performance of contractual obligations or makes the perform
The National Company Law Appellate Tribunal (‘NCLAT’) recently in the matter of Flat Buyers Association Winter Hills – 77, Gurgaon v. Umang Realtech Pvt. Ltd. (through IRP & Ors.) took a practical approach bordered on survival of the business and satisfying the interests of the stakeholders involved and introduced the concept of reverse corporate insolvency resolution process (‘CIRP’).
Background of the case:
The Hon’ble High Court of Rajasthan (Rajasthan HC) delivered its judgment in the matter of Ultra Tech Nathdwara Cement Ltd v Union of India through the Joint Secretary, Department of Revenue, Ministry of Finance and Ors D.B. Civil Writ Petition No.