by Majmudar & Partners | Sep 10, 2020 | Insolvency and Restructuring
On November 15, 2019, the Indian government notified the commencement of Part III of the Insolvency and Bankruptcy Code, 2016 (IBC), which provides for the insolvency resolution process for individuals and partnership firms. The relevant provisions in so far as they...
by Majmudar & Partners | Jun 12, 2019 | Insolvency and Restructuring
On April 2, 2019, India’s Supreme Court (the “SC”) quashed the Reserve Bank of India’s (the “RBI”) consolidated framework for resolution of stressed assets (the “2018 Framework”) as being ultra vires the RBI’s powers under the Banking Regulation Act, 1949 (the...
by Majmudar & Partners | May 20, 2019 | Insolvency and Restructuring
In a recent ruling, the Supreme Court (the “SC”) resolved a long-standing dispute between JK Jute Mill Mazdoor Morcha (the “Union”) and Juggilal Kamlapat Jute Mills Company Limited (the “Debtor”) by allowing registered trade unions to initiate insolvency proceedings...
by Majmudar & Partners | Nov 1, 2018 | Insolvency and Restructuring
Under India’s Insolvency and Bankruptcy Code, 2016 (the “Code”), a potential bidder (who has been party to or caused the indebtedness and insolvency of a company) can be disqualified from bidding for and submitting a resolution plan to rehabilitate the company. The...
by Majmudar & Partners | Sep 27, 2018 | Disputes and Arbitration, Insolvency and Restructuring
Introduction In a recent judgment in the case of K. Kishan v. Vijay Nirman Company Pvt. Ltd., India’s Supreme Court (the “Supreme Court”) has examined whether an insolvency process can be put into operation when there is a pending proceeding challenging an arbitral...
