Withdrawal of CIRP before Constitution of CoC- India

The Insolvency and Bankruptcy Code, 2016 empowers Financial Creditor, Operational Creditors, and Corporate Debtor to initiate the Corporate Insolvency Resolution Process (CIRP) upon a default being committed by a Corporate Debtor. CIRP involves the setting up of a Committee of Creditors (CoC) and approval of a resolution plan to restructure the Corporate Debtor, or the liquidation of the Corporate Debtor. Often, Creditors and Corporate Debtor prefer to reach amicable settlements instead of going through with the entire CIRP process.

Filed under:
India, Insolvency & Restructuring, Litigation, SS Rana & Co, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Authors:
Nihit Nagpal
Location:
India
Firm:
SS Rana & Co
Supersession of the Board of Directors and Appointment of Administrator - Srei Infrastructure Finance Limited (“SIFL”) and Srei Equipment Finance Limited (“SEFL”)

The Reserve Bank of India (“RBI”) has, in its capacity as the regulator of non-banking financial companies and under the powers conferred to it pursuant to Section 45-IE (1) of the Reserve Bank of India Act, 1934 (“RBI Act”), superseded the Board of Directors of SIFL and SEFL.

The press release of even date from the RBI also stipulates the following:

1) The step has been taken owing to governance concerns and defaults by SIFL and SEFL in meeting their various payment obligations.

Filed under:
India, Insolvency & Restructuring, Juris Corp, Liquidation, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
Authors:
Saurabh Sharma , Apurva Kanvinde , Smrithi Nair , Ankit Sinha
Location:
India
Firm:
Juris Corp