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    The Delhi High Court Sheds Light on Section 32A of the Insolvency and Bankruptcy Code, 2016
    2024-09-04

    Recently, the High Court of Delhi, reinforced the application of Section 32A of the Insolvency and Bankruptcy Code, 2016 (“IBC“). Section 32A of the IBC states that the liability of a corporate debtor (“CD“) for an offence committed prior to commencement of the corporate insolvency resolution process (“CIRP”) shall cease and the CD shall not be prosecuted for such an offence from the date the resolution plan (“Plan“) has been approved by the adjudicating authority (“AA”).

    Filed under:
    India, Insolvency & Restructuring, Litigation, Obhan & Associates, Anti-money laundering, State Bank of India, Punjab National Bank, Insolvency and Bankruptcy Code (India), Delhi High Court, National Company Law Tribunal, Construction & engineering
    Authors:
    Ashima Obhan , Akanksha Dua
    Location:
    India
    Firm:
    Obhan & Associates
    Proof of loss is a sine qua non for claiming liquidated damages
    2023-10-25

    Recently, in the case of Vivek Khanna vs. OYO Apartments Investments LLP1, the Delhi High Court dismissed a petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (“A&C Act“), by way of which, Mr. Vivek Khanna (the “Petitioner“) assailed the award dated March 31, 2023 (the “ImpugnedAward“) passed by the arbitral tribunal comprising of a sole arbitrator.

    Filed under:
    India, Arbitration & ADR, Insolvency & Restructuring, Litigation, Obhan & Associates
    Authors:
    Ashima Obhan , Akanksha Dua
    Location:
    India
    Firm:
    Obhan & Associates
    The NCLAT sheds light on entitlement of operational creditors
    2023-02-01

    Recently, the National Company Law Appellate Tribunal (“NCLAT“), in the case of Dharmindra Constructions Private Limited and Anr. vs.

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, Obhan & Associates, Insolvency and Bankruptcy Code (India), Supreme Court of the United States, National Company Law Tribunal
    Authors:
    Ashima Obhan , Akanksha Dua
    Location:
    India
    Firm:
    Obhan & Associates
    Piercing of Corporate Veil to Protect Homebuyers
    2022-10-19

    Insolvency Proceedings are commenced upon bankruptcy of a debtor. In simple terms, bankruptcy is inability of a corporate debtor to pay back its creditors. Insolvency and Bankruptcy Code, 2016 (“IBC”) governs insolvency proceedings in India. A corporate insolvency resolution process (“CIRP”) is a recovery mechanism for the creditors of the corporate debtor and the CIRP can be initiated under Section 7 & Section 9 of the IBC.

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Obhan & Associates, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Ashima Obhan , Akanksha Dua
    Location:
    India
    Firm:
    Obhan & Associates
    Analysing the 2021 IBBI Discussion Paper on Code of Conduct for Committee of Creditors
    2021-09-29

    Background

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, Obhan & Associates
    Authors:
    Ashima Obhan
    Location:
    India
    Firm:
    Obhan & Associates
    Finality of resolution plans under IBC
    2021-07-20

    In 2016, the Insolvency and Bankruptcy Code (“IBC”) was enacted with the objective to bring the insolvency law in India under a single unified umbrella and to ensure speedy resolution of an entity (“Corporate Debtor”) which has defaulted in payment to its creditors (including the statutory authorities). Under the IBC, the Corporate Debtor is required to undergo a Corporate Insolvency Resolution Process (“CIRP”).

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, Obhan & Associates
    Authors:
    Ashima Obhan , Akanksha Dua
    Location:
    India
    Firm:
    Obhan & Associates
    Personal guarantors are accountable under the IBC: the Supreme Court sheds light
    2021-05-26

    On May 21, 2021, the Apex Court of India, in the case of Lalit Kumar Jain vs. Union of India & Ors.1, upheld the validity of the Centre’s notification dated November 15, 2019, allowing banks to proceed against personal guarantors for recovery of loans given to a company under the Insolvency and Bankruptcy Code, 2016 (IBC) (“Notification”).

    Filed under:
    India, Banking, Insolvency & Restructuring, Litigation, Obhan & Associates
    Authors:
    Ashima Obhan , Akanksha Dua
    Location:
    India
    Firm:
    Obhan & Associates
    Pre-packaged insolvency for MSMES
    2021-04-14

    On April 4th, 2021, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance”) that introduces the Pre-packaged Insolvency Resolution Process (“PPIRP”) for micro, small and medium entities (“MSMEs”). The Ordinance comes into effect from April 4th, 2021.

    Earlier, on March 25th, 2020, the Government in light of the pandemic stressed economy, had suspended

    Filed under:
    India, Insolvency & Restructuring, Obhan & Associates
    Authors:
    Ashima Obhan , Vrinda Patodia
    Location:
    India
    Firm:
    Obhan & Associates
    Supreme Court on Maintainability of Action under Section 7 of IBC Against a Corporate Guarantor
    2021-04-07

    In a recent judgment delivered by the Supreme Court of India (“Court“) in Laxmi Pat Surana vs. Union Bank of India & Anr.1, the Court has held that the principal borrower need not be a ‘corporate person’ for insolvency process to be initiated against a company which stood as its guarantor, under the Insolvency and Bankruptcy Code, 2016 (“IBC“).

    Brief Facts of the Case

    Filed under:
    India, Banking, Insolvency & Restructuring, Litigation, Obhan & Associates
    Authors:
    Ashima Obhan
    Location:
    India
    Firm:
    Obhan & Associates
    Interplay between liquidation proceedings under IBC and section 230 of the Companies Act
    2021-03-23

    Recently, the Supreme Court in the decision of Arun Kumar Jagatramka v. Jindal Steel and Power Ltd. & Anr1 (“Arun KumarDecision”) examined the interplay between liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”) and Section 230 of the Companies Act, 2013 (“Act”). The issue before the Supreme Court was to decide whether a person ineligible to submit resolution plan under Section 29A of the IBC is barred from proposing a scheme under Section 230 of the Act.

    Filed under:
    India, Company & Commercial, Insolvency & Restructuring, Litigation, Obhan & Associates
    Authors:
    Ashima Obhan
    Location:
    India
    Firm:
    Obhan & Associates

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