In a judgement of the Hyderabad bench of the National Company Law Tribunal (“NCLT”) in the cases of PTC India Financial Services Ltd. v. Vikas Prakash Gupta & Ors.1 and Indo Unique Flame Limited v.
In today’s realities, there often arise situations where debtors cannot fulfill their obligations for reasons one way or another related to the war. In addition, many enterprises are located in the temporarily occupied territory, and their owners do not have access to enterprises at all. In such a case, unfortunately, applying to the debtor with a claim is not always an effective option for protecting the creditor’s rights.
In the recent British Virgin Islands (BVI) case of Parles AS & Daniel Perner v Winsley Finance Limited (BVIHCM2022/0123, 29 March 2023), the Honourable Madam Justice Mangatal granted an application brought by two unsecured creditors for a Chabra freezing injunction against a BVI company in aid of foreign insolvency proceedings in Czechia. In this article, we look at the reasoning employed by the BVI Court in reaching its decision and consider the wider significance of the judgment to insolvency practitioners and creditors dealing with assets in the BVI.
After more than two years of delay, preventive restructuring has finally become available to companies in financial difficulties in the Czech Republic. Czech companies can now seek to restructure their troubled businesses outside formal insolvency proceedings with the help of new rules specifically designed to keep their viable business operating and to prevent insolvency.
In the statement of claim filed in 2019, a debtor requested that its tax liability be extinguished as being time-barred on the grounds that the creditor had not carried out any enforcement actions since 2013. Moreover, the debtor company was deregistered in 2012.
The High Court of Cassation and Justice has ruled that the creditor cannot be held liable for having remained passive as long as its debtor had been deregistered and had therefore ceased to exist from a legal standpoint and to be a subject of law from whom one can claim the performance of an obligation.
Case Name & Citation
Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 per Bell CJ, Meagher JA, Kirk JA
Hyperlink
Date of Judgment
14 June 2023
Issues
On August 25, 2023, the Supreme Court of India (“Supreme Court”) in the case of Vizag Minerals and Logistics Pvt. Ltd. vs. Ravi Shankar Devarakonda & Ors1, while dismissing the civil appeal filed by Vizag Minerals and Logistics Pvt. Ltd.
In brief - The legislative changes proposed within the Fair Work Legislation Amendment (Closing Loopholes) Bill 2023 (Cth) (the Bill) is, as aptly titled, proposing to close outstanding 'loopholes' in the Fair Work Act 2009 (Cth) (the FWA).
In the matter of Mr. Santosh Mate (Prop. of Mahalaxmi Traders) vs. M/s Satyam Transformers Private Limited1, the Mumbai bench of the National Company Law Tribunal (“NCLT Mumbai”) held that the conversion of an operational debt into financial debt through an agreement is invalid and impermissible as it would defeat the very objective of the Insolvency and Bankruptcy Code, 2016 (“IBC”) and have the effect of rewriting it.
Brief Facts
This article was first published on India Business Law Journal on 11 September 2023.