MUMBAI SILICON VALLEY BANGALORE SINGAPORE MUMBAI BKC NEW DELHI MUNICH NEW YORK
Deal Destination
Market for Stressed Assets: Truly
‘Stressed’ or Disguised ‘Desserts’ Spelt
Backwards?
August 2018
© Copyright 2018 Nishith Desai Associates
Supreme Court has held that:
The IBC has undergone multiple amendments, since its inception in 2016. June saw another major amendment, which finally addressed a few issues which had plagued the Code and had resulted in litigation. The June amendment provided the much-needed relief to home buyers and placed them on par with financial creditors, eased the procedure for seeking an extension of time for competing the CIRP and allowed withdrawal of insolvency proceedings under certain conditions.
On 20 June 2018, the Indian Government released a suggested draft chapter on cross-border insolvency to be included into the Insolvency & Bankruptcy Code, 2016 (Code). This addresses a missing link in the ambitious reforms of the Indian insolvency framework and is to be welcomed.
The Insolvency and Bankruptcy Board of India (IBBI) notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 (Amendment Regulations) on 4 July 2018 to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for the third time this year. Primarily, the Amendment Regulations seek to align the CIRP Regulations with the revised Insolvency and Bankruptcy Code, 2016 (IBC) post issuance of the Insolvency |
The Chennai Bench of the National Company Law Tribunal (NCLT) has recently approved the merger of a Limited Liability Partnership (LLP) with a private limited company (Scheme). This newsflash analyses key aspects of the NCLT order permitting the aforesaid merger. Background |
The Ministry of Corporate Affairs, Government of India has invited suggestions on a draft chapter on Cross Border Insolvency (Proposed Amendment) proposed to be included within the framework of Insolvency & Bankruptcy Code, 2016 (IBC) by a public notice dated 20-6-2018 (Notice).
The Insolvency and Bankruptcy Board of India (“Board”) has, by way of a notification dated July 3, 20181(“Notification”), amended the CIRP Regulations. Amongst the many amendments, the more notable ones relate to prescribing what may seem to be model timelines that would now apply to any corporate insolvency resolution process (“CIRP”).
Background The corporate insolvency resolution process (CIRP) against Jaiprakash Infratech Limited (JIL) commenced when the National Company Law Tribunal, Allahabad (NCLT) passed an order dated 09.08.2017 admitting the petition of IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code 2016 (IBC). |