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    Supreme Court judgment in Bhushan Power and Steel Ltd - A new era of strict compliance under the IBC?
    2025-05-15

    On 2 May 2025, the Supreme Court delivered its judgment in respect of the corporate insolvency resolution process of Bhushan Power and Steel Limited (“BSPL”). In a very significant ruling, the apex court rejected the resolution plan of JSW Steel Ltd. (“JSW”) for BSPL and directed the liquidation of the corporate debtor, almost five years after the plan had been approved by the Committee of Creditors and the NCLT and the Resolution Plan had been implemented.

    Facts and Background

    Filed under:
    India, Insolvency & Restructuring, Litigation, Talwar Thakore & Associates, Insolvency, Reserve Bank of India, Tata Steel Ltd, Supreme Court of India, National Company Law Tribunal
    Location:
    India
    Firm:
    Talwar Thakore & Associates
    Bilta’s implications for Hong Kong’s Corporate Insolvency Regime
    2025-05-15

    On 7 May 2025, the UK Supreme Court (UKSC) handed down a judgment providing useful guidance on the meaning of “fraudulent trading” within s.213 of the Insolvency Act 1986 (Insolvency Act) and how the test in s.32(1) of the Limitation Act 1980 (Limitation Act) operates, in Bilta (UK) Ltd (in liquidation) v Tradition Financial Services Ltd [2025] UKSC 18 (Bilta). In this article, we give a brief summary of the facts, issues and rulings in the judgment and its practical implications for Hong Kong’s corporate insolvency regime.

    Background

    Filed under:
    Hong Kong, United Kingdom, Insolvency & Restructuring, Litigation, Deacons, Limitation Act 1980 (UK), Companies Act 2006 (UK), UK Supreme Court
    Authors:
    Paul Kwan
    Location:
    Hong Kong, United Kingdom
    Firm:
    Deacons
    Staving Off Bankruptcy - What Constitutes “Sufficient Reason” to Stay Bankruptcy Proceedings?
    2025-05-13

    Introduction

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Debtor, Insolvency, Insolvency, Restructuring and Dissolution Act 2018 (Singapore), Singapore High Court
    Authors:
    Cherie Tan
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    Serta’s (Un)Surprising Take on Equitable Mootness
    2025-05-12
    • The Fifth Circuit's December 2024 decision in Serta Simmons Bedding invalidated an uptier transaction in which certain lenders provided new money financing and exchanged existing debt for new super-priority debt.
    • The Fifth Circuit criticized the doctrine of equitable mootness, rejecting the argument that the doctrine barred the court's review of the bankruptcy court's plan confirmation order because the plan had already been substantially consummated and relied upon by third parties.
    • The Fifth Circuit's refusal to apply the doctrine of equitable mootness is not
    Filed under:
    USA, Insolvency & Restructuring, Litigation, WilmerHale
    Authors:
    Lauren R. Lifland , Benjamin W. Loveland , George W. Shuster, Jr.
    Location:
    USA
    Firm:
    WilmerHale
    General Newsletter, May 2025
    2025-05-08

    1 2 Capital Market 9 Dispute Resolution 14 Fintech 19 Media and Entertainment 24 RERA 27 Sports and Gaming 39 White Collar Crime 03 Competition Law 11 Employment Law 17 International Trade/ WTO 19 MCA 25 Restructuring and Insolvency 34 Technology 40 3 EXTENSION OF TIMELINE FOR FORMULATION OF IMPLEMENTATION STANDARDS PERTAINING TO SEBI CIRCULAR ON “SAFER PARTICIPATION OF RETAIL INVESTORS IN ALGORITHMIC TRADING”1 Securities Exchange Board of India (“SEBI”) issued a circular “Safer participation of retail investors in algorithmic trading” dated February 04, 2025, which aimed at ensuring safer

    Filed under:
    India, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Compliance Management, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Litigation, Media & Entertainment, Real Estate, White Collar Crime, DSK Legal, Corporate governance, Know your customer, Blockchain, Advertising, Fintech, Due diligence, Non-disclosure agreement, Tariffs, ESG, Litigation funding, Gaming, Cybersecurity, Anti-money laundering, Data privacy, Esports, Reserve Bank of India, Securities and Exchange Board of India, Unilever, Singapore International Arbitration Centre, Negotiable Instruments Act 1881 (India), Insolvency and Bankruptcy Code (India), Rights of Persons with Disabilities Act 2016 (India), Supreme Court of India, Court of Arbitration for Sport
    Location:
    India
    Firm:
    DSK Legal
    Strengthening Ties: Singapore Leads The Way For Future Indian Insolvency Cases
    2025-05-07

    This is the story of the first Indian insolvency proceeding to be granted recognition by the Singapore Court under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”). This recognition, besides facilitating the challenging cross-border asset recovery, has also opened the doors for deeper insolvency cooperation between India and Singapore.

    Filed under:
    India, Singapore, Insolvency & Restructuring, Litigation, WongPartnership – Restructuring & Insolvency, Know your customer, Tariffs, Insolvency, UNCITRAL, HSBC, Insolvency and Bankruptcy Board of India, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Kajal Bhatia
    Location:
    India, Singapore
    Firm:
    WongPartnership – Restructuring & Insolvency
    No Safe Haven: Personal Insolvency cannot shield Cheque Dishonor Offenders
    2025-05-06

    In a recent ruling, the Supreme Court of India in Rakesh Bhanot v. Gurdas Agro Private Limited1 (with connected appeals) (collectively “Appeals”) clarified the scope of the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code, 2016 (“Code”).

    Filed under:
    India, Insolvency & Restructuring, Litigation, Khaitan Legal Associates, Negotiable Instruments Act 1881 (India), Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal, Financial services corporate
    Authors:
    Sanampreet Singh , Shivani Sharma
    Location:
    India
    Firm:
    Khaitan Legal Associates
    Interest claimed without agreement cannot be included in operational debt
    2025-05-02

    On April 16, 2025, a 3 (three) judge bench of the National Company Law Appellate Tribunal, New Delhi (“NCLAT”) in Shitanshu Bipin Vora vs. Shree Hari Yarns Pvt. Ltd. & Anr. held that clauses of unilateral interest in invoices without a formal agreement, cannot inflate claims of operational debt to meet the threshold of INR 1,00,00,000 (Indian Rupees one crore) under Section 4 of the Insolvency and Bankruptcy Code, 2016 (“IBC”).

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, JSA, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Varghese Thomas , Fatema Kachwalla , Virgil Braganza
    Location:
    India
    Firm:
    JSA
    The validity of post-insolvency transactions: interpreting Article 31(1) of the EU Regulation on Insolvency Proceedings
    2025-05-02

    On 27th March 2025, the Court of Justice of the European Union (“CJEU”) delivered a ruling in the case Matthäus Metzler, acting as insolvency practitioner in insolvency proceedings vs. Auto1 European Cars BV (Case C‑186/24) concerning the interpretation of Article 31(1) of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (the “Insolvency Regulation”).

    Filed under:
    Austria, European Union, Malta, Insolvency & Restructuring, Litigation, Ganado Advocates, European Parliament, European Council, Court of Justice of the European Union
    Authors:
    Francesca Vassallo
    Location:
    Austria, European Union, Malta
    Firm:
    Ganado Advocates
    Caution is key: automatic transfer of insolvency cases to central London County Court
    <br>
    2025-05-02

    It’s hard to write a pithy article about the transfer of proceedings from the High Court in London to the Central London County Court (CLCC), but given its wide-reaching implications I thought it was worth a try.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP
    Authors:
    Lucy Trott
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP

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