MONTHLY NEWSLETTER SERIES APRIL, 2025 | VOL. XXIII VAISH ASSOCIATES ADVOCATES LEGALAXY WWW.VAISHLAW.COM LEGAL MAXIM Inter alia: “Among other things” MONTHLY NEWSLETTER SERIES APRIL, 2025 | VOL.
What you need to know
The Hon’ble Supreme Court of India (“Supreme Court”) by a 2:1 majority in Independent Sugar Corporation Limited v Girish Sriram Juneja and Ors1, has held that in case of resolution plans proposing a combination (i.e., a merger or amalgamation of the entities) of a corporate debtor, the Competition Commission of India (“CCI”) must first grant the necessary approval before such Resolution Plan is placed before the Committee of Creditors (“CoC”) for it
The National Company Law Appellate Tribunal, Chennai (“NCLAT”) in Sudhir Bobba (Suspended Director of Servomax Limited) vs. M/s.
1. Introduction
Introduction
Set-off is simply put a reduction or discharge of a debt by setting against it a claim in favour of the debtor (or the person otherwise having to pay).
The applicability of the principle of set-off under the Insolvency and Bankruptcy Code, 2016 (IB Code) is no longer res integra and the draconian view of the inapplicability of set-off under insolvency proceedings has not found Thankfully, judicial favour.
Given the increased intertwining of national economies, cross-border insolvency presents salient legal and financial difficulty. Upon the existence of an insolvent debtor in more than one country, the necessity to deal with assets and/or creditors creates very complicated jurisdictional problems and other legal issues. Most of the time, a company will operate in several jurisdictions and hence face very complicated transnational insolvency scenarios.
Consolidation of business by way of a merger is a widely accepted mechanism for corporate restructuring.
Introduction
Established in 2005 by the Wadia Group, Go Air, later rebranded as Go First, entered the Indian aviation sector as a low-cost carrier, aiming to provide affordable air travel to the rapidly expanding middle class. The airline was built on a business model that focused on operational efficiency, a streamlined fleet, and competitive pricing. However, despite its early success, Go Air faced mounting financial difficulties that ultimately led to its insolvency.