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    ERGO Analysing Development Impacting Business: IBBI’s Attempt to Formalise the Fee Structure for Resolution Professionals
    2022-09-20

    Introduction

    Filed under:
    India, Insolvency & Restructuring, Khaitan & Co, Insolvency
    Authors:
    Siddharth Srivastava , Mohit Kishore , Shikha Mohini
    Location:
    India
    Firm:
    Khaitan & Co
    The UK Insolvency Service’s New Consultation on the Adoption of Two Insolvency-Related UNCITRAL Model Laws
    2022-09-20

    On July 7, 2022, the UK Insolvency Service, an executive agency of government responsible for a variety of roles in administering the UK insolvency regime, published a consultation on the UK’s proposed adoption of two UNCITRAL Model Laws on insolvency, inviting responses (the “Consultation”).

    Filed under:
    European Union, Global, United Kingdom, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Insolvency, UNCITRAL
    Authors:
    Howard Morris , James Michael Peck
    Location:
    European Union, Global, United Kingdom
    Firm:
    Morrison & Foerster LLP
    Resolution Plan ignoring dues of State Government/Legal Authority to be rejected
    2022-09-21

    The Supreme Court has held that if the Resolution Plan ignores the statutory demands payable to any State Government or legal authority, the Adjudicating Authority is bound to reject the same.

    The Apex Court in State Tax Officer v.Rainbow Papers Limited [Judgement dated 6 September 2022] was of the view that the Committee of Creditors, which might include financial institutions and other financial creditors, cannot secure their own dues at the cost of statutory dues owed to any Government or Governmental Authority or for that matter, any other dues.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Lakshmikumaran & Sridharan Attorneys, Insolvency, Insolvency and Bankruptcy Code (India)
    Location:
    India
    Firm:
    Lakshmikumaran & Sridharan Attorneys
    Marijuana Bankruptcy: The Answer is Still “No”
    2022-09-21

    The struggles of failing marijuana businesses to wind down and pay creditors in an orderly fashion serve no one. Among the problems marijuana businesses face such as lack of access to banking and onerous taxation stemming from IRC 280E is the lack of access to bankruptcy proceedings.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Harris Sliwoski LLP, Bankruptcy, Cannabis, Insolvency
    Authors:
    Jesse Mondry
    Location:
    USA
    Firm:
    Harris Sliwoski LLP
    NCLAT: IPR Constitutes Operational Debt Under IBC
    2022-09-16

    In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) in Somesh Choudhary v Knight Riders Sports Private Limited & Anr. under Company Appeal (AT) Insolvency No.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Rahul Chakraborti , Nikhila Dewasthale , Saumya Agarwal
    Location:
    India
    Firm:
    Khaitan & Co
    Court of Appeal summaries (September 12, 2022 - September 16, 2022)
    2022-09-17

    Good afternoon.

    Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 12, 2022.

    In Optiva Inc. v. Tbaytel, the Court dismissed the appeal from an arbitrator’s decision granting summary judgment. The arbitrator had the authority to proceed by summary judgment motion, as the arbitration agreement gave the arbitrator broad powers to determine the procedure to be employed.

    Filed under:
    Canada, Ontario, Arbitration & ADR, Family, Insolvency & Restructuring, Litigation, Real Estate, Blaney McMurtry LLP, Bankruptcy, Due diligence, Insolvency, Court of Appeal for Ontario
    Authors:
    John Polyzogopoulos
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP
    'Re-presentation' of appeal is not fresh filing
    2022-09-14

    Under the Insolvency and Bankruptcy Code, 2016 (Code) and under the Companies Act, 2013 (Act), an order of the National Company Law Tribunal (NCLT) can be appealed before the National Company Law Appellate Tribunal (NCLAT). The time-period for filing such an appeal is maximum of 45 days under the Code and 90 days under the Act.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, Companies Act 2013 (India), Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Altamash Qureshi , Shrishti Mishra
    Location:
    India
    Firm:
    Acuity Law
    Commercial wisdom of the liquidator upheld by the Supreme Court
    2022-09-14

    Under the Insolvency and Bankruptcy Code, 2016 (Code), if a corporate debtor is unable to pay its debts, then insolvency resolution proceedings (CIRP) may be initiated against the corporate debtor and attempts are made to revive the corporate debtor by inviting resolution plans. If the revival process fails, the corporate debtor must be liquidated.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Acuity Law, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Souvik Ganguly , Altamash Qureshi , Shrishti Mishra
    Location:
    India
    Firm:
    Acuity Law
    ERGO Analysing Development Impacting Business: Limited Judicial Review by NCLT and NCLAT During Liquidation Proceedings: Supreme Court
    2022-09-12

    Introduction

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, National Company Law Tribunal
    Authors:
    Prateek Kumar , Rohit Ghosh
    Location:
    India
    Firm:
    Khaitan & Co
    How Will Insufficency in Stamping Impact Insolvency Proceedings? NCLAT Clarifies the Position
    2022-09-14

    A. INTRODUCTION 

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan & Co, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Prashanth Ramdas , Ananda Chakraverty , Subham Agarwal
    Location:
    India
    Firm:
    Khaitan & Co

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