A 2 (two) judge bench of the Hon’ble Supreme Court of India (“Supreme Court”), in State Bank of India and Ors. vs. Doha Bank Q.P.S.C.
I. WHY THIS TOPIC IS IMPORTANT
Introduction
The Hon’ble Supreme Court’s decision in Ujaas Energy Ltd. v. West Bengal Power Development Corporation Ltd., Civil Appeal No. 3619 of 2026, decided on 20 March 2026, is an important pronouncement at the intersection of Insolvency Law and Arbitration
Factual Background
Overview
In this case, the EAT held that an employer that entered into administration had been proposing to dismiss as redundant 20 or more employees within a 90 day period, such that it ought to have conducted collective consultation, and the affected employees were entitled to a protective award.
Background
In a key test case on the relevance of tax losses (and more broadly, HMRC) under Part 26A of the Companies Act 2006, Mr Justice Michael Green in the High Court has sanctioned the second restructuring plan (RP2) of Waldorf Production UK Plc (the Plan Company), overriding HMRC’s challenge by using the cross-class cram down power in s.901G. The judgment resolves, at least at first instance, a series of live questions about the limits of HMRC’s ability to challenge restructuring plans and the proper scope of the “no worse off” test.
Introduction
Written by - Thomas H. Curran
As cross-border insolvencies continue to evolve, a notable shift is emerging in how complex restructurings are being executed. While Chapter 11 has long been the dominant forum for large corporate reorganizations, an increasing number of companies - particularly those with international capital structures - are turning to foreign restructuring regimes as a primary venue, with Chapter 15 serving as the mechanism to extend those proceedings into the United States.
Summary