Cyril Amarchand Mangaldas Appoints Richa Roy As Partner In Its IBC And Policy Practice

Ms. Richa Roy has joined one of the India's leading law firms Cyril Amarchand Mangaldas (CAM) as a Partner in the IBC and Policy Practice. She comes with an experience of over 12 years in Banking and Finance, Debt Restructuring and Bankruptcy, Public Policy, Microfinance and Social Enterprises, Private Equity, Funds. She has served on and contributed to multiple financial sector reform committees of the Ministry of Finance, Ministry of Corporate Affairs and RBI. Under the aegis of...

Notable Judgments On Insolvency And Bankruptcy Code, 2016 Part- 2

WHETHER A WINDING UP PETITION CAN BE FILED BY THE SECURED CREDITOR AGAINST A BORROWER EVEN AFTER OBTAINING DECREE FROM THE DEBTS RECOVERY TRIBUNAL? [Swaraj Infrastructure Pvt. Ltd. v. Kotak Mahindra Bank Ltd. (Civil Appeal No. 1291 of 2019 Decided on 29.01.2019)] The Hon'ble Supreme Court maintained the exclusivity of Recovery of Debt and Bankruptcy Act (RDB Act) for...

Breaking: Registered Trade Union Can File Insolvency Petition As Operational Creditor On Behalf Of Its Members: SC [Read Judgment]

"Looked at from any angle, there is no doubt that a registered trade union which is formed for the purpose of regulating the relations between workmen and their employer can maintain a petition as an operational creditor on behalf of its members."

40 Important Judgments On Insolvency And Bankruptcy Code, 2016 [Part-1]

To borrow the golden words of Justice Rohinton F. Nariman in Swiss Ribbons Pvt. Ltd. & Anr. vs. Union Of India WP(Civil) No. 99 of 2018 whereby upholding the Constitutional validity of the Insolvency and Bankruptcy Code, 2016 ("IBC") it was held as under: "85. The Insolvency Code is legislation which deals with economic matters and, in the larger sense, deals with the economy of the country as a whole. Earlier experiments, as we have seen, in terms of legislations having failed,...

SC's RBI Circular judgment: A Treatise On Interpretation Of Statutes

The recent Supreme Court judgment on the RBI circular dated 12th February 2018 is a treatise on the subject of interpretation of statutes. The judgment, sound on its reasoning, struck down the circular issued by RBI through which it had asked the lenders to institute a board-approved policy for the resolution of stressed assets. The circular which was struck down gave defaulting companies with debts over INR 2,000 crores and above a period of 180 days to agree on a resolution plan with lenders...

Umang Foundation's Summer School On Insolvency And Bankruptcy Code [June 29- July 4; JNU]

Umang Foundation, in association with NILS India, is organizing the first edition of the Umang Foundation Summer School, New Delhi 2019. Venue: Jawaharlal Nehru University, New Delhi This summer school is an annual week-long course on corporate restructuring and insolvency, especially focusing on the developments in the insolvency regime in India and the major cases. The academic session is spread across nearly 25 hours and covers various areas such as Insolvency and Bankruptcy Code, 2016,...

Fate Of The Accounts Covered Under The February 2018 Circular Post-Supreme Court Judgment

The Supreme Court of India in the matter of Dharani Sugars & Chemical Ltd Vs. Union of India[1] struck down Circular dated 12th February 2018 issued by RBI as ultra vires of section 35AA of the Banking Regulation Act, 1949 ("BR Act"). The RBI Circular mandated banks and financial institutions to initiate resolution against defaulting companies with exposure of more than Rs. 2000 crores. If the account is not resolved with a period 180 days of such reference, then banks and financial...

RDBA, SARFAESI, IBC Doesn't Prevail Over PMLA, Must Be Harmonically Construed: Delhi HC [Read Judgment]

The Delhi High Court has held that the Recovery of Debts and Bankruptcy Act, SARFAESI Act and Insolvency and Bankruptcy Code does not prevail over the provisions of Prevention of Money-Laundering Act. Justice RK Gauba observed that these laws be construed and enforced in harmony, without one being in derogation of the other with regard to the assets respecting which there...

Authorization From Central Govt Necessary For RBI To Direct Insolvency Process Against Stressed Assets : SC [Read Judgment]

"It is clear that directions that can be issued under Section 35AA can only be in respect of specific defaults by specific debtors", SC said.

SC Strikes Down RBI Circular Asking Banks To Take Defaulting Companies To Insolvency [Read Judgment]

The Supreme Court today struck down the circular issued by the Reserve Bank of India on February 12, 2018 directing banks to initiate insolvency proceedings against companies having bad debts of Rs 2000 crores or above.The February 12 circular had directed banks to resolve debts over Rs 2000 crores within 180 days, failing which the corporate debtor would have to be taken to the National...

IBC: Resolution Plans Should Be Given To Former Directors Of Corporate Debtor To Attend CoC Meetings: SC [ Read Judgment]

Members of the erstwhile Board of Directors,being vitally interested in resolution plans that may be discussed at CoC meetings, must be given a copy of such plans as part of "documents" that have to be furnished along with the notice of such meetings.

CIRP Under IBC Can Continue Independent Of Winding Up Petition Pending In High Court : SC [Read Judgment]

Corporate Insolvency Resolution Process(CIRP) under the Insolvency and Bankruptcy Code (IBC) can continue independent of any pending winding up process against the corporate debtor pending in the High Court under the Companies Act, held the Supreme Court in a judgment delivered on January 22 by a bench of Justice R F Nariman and Navin Sinha.This came in the case Forech India Ltd vs...