Decided on 01 September 2013 | NCLT Ahmedabad Following an application from an operational creditor to commence a Corporate Insolvency Resolution Process (CIRP) against a prominent player in the beverage …
Case update: Bharat Road Carrier Private Limited v. Rasna Private Limited Read more »
The key legal principles arising from this case revolve around the interpretation and application of specific provisions within Australian corporate and insolvency law. The case addresses the issue of when companies in liquidation can be considered part of a joint business scheme or undertaking for the purpose of pooling their assets and liabilities.
Managing the intricacies of insolvency and bankruptcy cases in a densely populated and economically diverse country like India continues to pose formidable challenges. To effectively navigate these complexities and streamline the process, the use of Artificial Intelligence (“AI”) has emerged as a promising solution.
Clarification on Ineligibility of Resolution Applicants In a significant ruling in the case of M.K. Rajagopalan v. Dr. Periasamy Palani Gounder & Anr., the Supreme Court has clarified that a …
In a recent case the Supreme Court of India reversed its previous decision of September 2022 in the matter of State Tax Officer v. Rainbow Papers. In this “Rainbow judgment”, it was established that the State held the status of a ‘secured creditor’ as defined by the Insolvency and Bankruptcy Code.
When the Insolvency and Bankruptcy Code (“the Code”) was introduced in 2016, it highlighted the need to create a credit-friendly culture, an area where previous legislation had fallen short. But while the Code has proven its efficacy as a dynamic legal framework, there remain areas of concern over its application.
Below we review these and also highlight some of the updates including a framework for pre-packaged insolvencies that have come into force since the Code was launched.
The aviation industry has witnessed its fair share of turbulence over the years, with several major airlines succumbing to financial crises and filing for bankruptcy. In a recent development, Go …
Why aircraft lessors need greater protection under Indian law Read more »
In recent years, India has embraced a pro-arbitration approach, making international arbitration the preferred method for resolving disputes between Indian corporations and global entities. Many of these arbitrations lead to …
How to recover foreign award debts in India through insolvency proceedings Read more »
Decided on 1 May 2023 | Supreme Court of India In a significant legal development, the Supreme Court of India, in Sanket Kumar Agarwal v. APG Logistics Private Limited, has …
Case update: Sanket Kumar Agarwal & Anr. V. APG Logistics Private Limited Read more »
In the case of M.K. Rajagopalan v. Dr. Periasamy Palani Gounder, the Supreme Court provided clarification regarding the requirements for determining the eligibility of a Resolution Applicant. The Court held that the commercial decisions made by the Committee of Creditors must not exceed the boundaries set by the law. Accordingly, the Court affirmed the order of the National Company Law Appellate Tribunal which rejected the Resolution Plan proposed by the Successful Resolution Applicant.
