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.
Citing public opposition to the bill, on Tuesday the president of Iceland vetoed legislation that would provide a state guarantee for repayment of approximately $5 billion of loans provided by the U.K.
27 November 2013
[2013] EWCA Civ 1493
Court of Appeal (Longmore, Jackson, Vos LJJ)
Which law applies to applications to bring additional claims?
The English Court of Appeal dismissed an appeal that a claim could be pursued in the English courts whilst the defendant was also subject to winding-up proceedings under Icelandic insolvency law.
This case concerns a Court of Appeal hearing following the collapse of the large Icelandic bank, Kaupthing Bank HF ("Kaupthing"), in 2008. Kaupthing was subject to a moratorium order made by the Icelandic courts in 2008 and a winding-up order in November 2010.
Changes to Hungarian bankruptcy law mean that priority will be given to creditors who pledge property as security or collateral. Minor changes to Hungarian corporate legislation require companies to list specific court registration information on their official correspondence and websites.
Introduction
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.