Insolvency Update: Relaxation on Default Amount Under Section 4 of IB Code, 2016

The Hon'ble Union Finance Minister, Smt. Nirmala Sitharaman convened a press conference on 24th March 2020 to make announcements on statutory and regulatory compliance matters. The Minster of State for Finance and Corporate Affairs, Shri. Anurag Singh Thakur was also present. Amongst various other announcements made, a specific announcement was also made with respect to the … Continue reading Insolvency Update: Relaxation on Default Amount Under Section 4 of IB Code, 2016

Cracking the code (Part 3): Interpreting the term “Dispute”

Further to our Part II, in this Part we have dealt with the interpretation of the term "Dispute" under the Code. The Code being a new legislation is going through several judicial tests and every test is leading to a new interpretation of the provisions of the Code resulting in inconsistency between them. Several judgements … Continue reading Cracking the code (Part 3): Interpreting the term “Dispute”

Cracking the code (Part 2): Initiating an Insolvency Proceeding

The Code offers a comprehensive and uniform insolvency legislation which deals with partnerships, firms and companies. The aim is to construct a separate framework for bankruptcy resolution. A Financial Creditor or an Operational Creditor can initiate a CIRP against a Corporate Debtor at the National Company Law Tribunal (“NCLT”). Further to our Part I, in … Continue reading Cracking the code (Part 2): Initiating an Insolvency Proceeding

Cracking the Code (Part I): Introduction

The Insolvency and Bankruptcy Code, 2016 (“Code”), has attracted attention since its inception and it is being closely watched since the day it has come into effect, as it brings along with itself a promise to change the face of corporate insolvency process in India. The Code is a result of years of grappling with … Continue reading Cracking the Code (Part I): Introduction