In a landmark judgment in Re Compuage Infocom Ltd and Anr., the Singapore High Court (“Singapore HC”) has, for the very first time, recognised a Corporate Insolvency Resolution Process (“CIRP”) initiated under the Indian Insolvency and Bankruptcy Code, 2016 (“IBC”) as a ‘foreign main proceeding’ under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”).

The Annual Budget 2024 was presented by the Finance Minister on July 23, 2024. The Modi Government in past 10 years has introduced various ambitious policies and schemes including Atmanirbhar (self-reliant) Bharat - promoting domestic manufacturing, and latest vision of Viksit Bharat (Developed India) by 2047. India has been on the path of fiscal consolidation and reduction of fiscal deficit has been the key agenda of the Government. It is expected that the fiscal deficit will fall below 4.5% in FY2025-26 from 5.6% in FY2023-24.

Key Reforms

The Supreme Court in Bharti Airtel Ltd & Anr. v. Vijaykumar V. Iyer & Ors. (Civil Appeals nos. 3088-89 of 2020) clarified the law on permissibility of set-off of claims under Insolvency and Bankruptcy Code, 2016 ("The Code") at the stage of Corporate Insolvency Resolution Process ("CIRP") when the Resolution Professional ("RP") proceeds under Section 25 (2)(a) of the Code.