With the objective of facilitating a smoother process for liquidation, ensuring accountability, and bolstering the confidence of stakeholders in the liquidation process, the Insolvency and Bankruptcy Board of India (IBBI) has introduced changes in the liquidation process. The same was implemented through the IBBI (Liquidation Process) (Amendment) Regulations, 2024, which were notified on February 12, 2024.

The Hon’ble Supreme Court in the landmark RPS Infrastructure Ltd vs. Mukul Sharma[1]judgement, once again delved into the issue of claims being made beyond the statutorily prescribed timelines in a Corporate Insolvency Resolution Process (“CIRP”).

In recent years, a consistent interplay has emerged between the Insolvency & Bankruptcy Code, 2016 ("IBC") and the Indian Stamp Act, 1899 ("Stamp Act"). This interaction has been further heightened due to the ongoing debate surrounding inadmissibility of documents not adequately stamped. The convergence of these statutes becomes particularly relevant when a document, serving as the foundation for determining a debt, is presented before the adjudicating authority.

This article analyses India’s proposal to adopt the UNCITRAL Model Law on Cross-Border Insolvency.

January, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * Supreme Court: Arbitration clauses in unstamped agreements enforceable, seven-judge bench overrules ‘NN Global’ decision. ⁎ Supreme Court: Non-signatories to an arbitration agreement can be made parties to an arbitration proceeding under the group of companies doctrine.

This 2nd article in our 2-part series on ‘Employment Contracts vis-à-vis CIRP’ examines the validity of ipso facto clauses which permit employees to terminate their employment on the occurrence of an insolvency event; and acknowledges the duelling priorities of upholding contractual freedom and ensuring that the debtor remains a ‘going concern’.

Continuing our exploration of the evolving insolvency landscape in 2023, Part 3 delves into two more landmark cases that further define the legal contours of insolvency proceedings in India.

M. Suresh Kumar Reddy vs. Canara Bank & Ors

Clarification on NCLT's Discretion in Admitting Section 7 Applications

In the concluding part of our exploration into the 2023 insolvency landscape, Part 5 delves into two significant cases that shape the dynamics of the Insolvency and Bankruptcy Code (IBC), offering insights into constitutional challenges and the treatment of properties acquired through auction sales.

Dilip B. Jiwrajka v. Union of India

Constitutional Validity of Sections 95 to 100 in Part III of IBC

Background:

The Insolvency and Bankruptcy Code, 2016 (“IBC”) is silent on the treatment of a disputed or contingent claim, which is pending adjudication before a judicial or quasi-judicial body, giving rise to a contentious issue. The decision of the Hon’ble Supreme Court in Committee of Creditors of Essar Steel Limited v.

This Compendium consolidates all the case laws and notifications under the Insolvency and Bankruptcy Code, 2016 circulated as prisms and summarised in the newsletters during the calendar period from January 2023 till December 2023. Application under Section 7 or 9 of the IBC is extendable only by an application under Section 5 of Limitation Act on grounds of sufficient cause The Supreme Court of India (“Supreme Court ”) in the case of Sabarmati Gas Limited vs.