Comprehensive Analysis

Decoding the Commercial Wisdom of Committee of Creditors (CoC) : An analysis of Indian & Global Scenarios – By Adv. Vishawjeet Singh

The focus of this article is to compare the “Indian Scenario vis-à-vis Global Scenario” relating to commercial wisdom of Committee of Creditors during the resolution process of a distressed company and whether the judiciary is required to interfere with the commercial decisions of the Committee of Creditors during or after the completion of process or not.

The NCLT, NCLAT & Supreme Court have time & again stressed upon the ‘supremacy’ of the commercial wisdom of the Committee of Creditors. However, on numerous occasions, the  courts have been tempted to decide on their scope of interference with the commercial decisions of the CoC.

Decoding the Commercial Wisdom of Committee of Creditors (CoC) : An analysis of Indian & Global Scenarios – By Adv. Vishawjeet Singh Read Post »

Limiting the Jurisdiction of NCLT under Section 60(5) of Insolvency Code: A Jurisprudential Trend – By Prarthana Gupta and Tanya Shukla

NCLT has so far applied 60 (5) as a comprehensive remedy for all issues pertaining to a Corporate Debtor undergoing CIRP or liquidation. Through the cases discussed below, the authors argue that though the Court/Tribunal has acknowledged the limitations inherent to NCLT’s powers, several concerns surrounding Section 60 (5) require further clarification.

Limiting the Jurisdiction of NCLT under Section 60(5) of Insolvency Code: A Jurisprudential Trend – By Prarthana Gupta and Tanya Shukla Read Post »

Distinction in Treatment of Financial Creditors vs. Operational Creditors under IBC – By Vidushi Puri

The distinction between financial and operational creditors is crucial under the Code. When both Operational and Financial Creditors are unsecured, it is clearly a matter of discrimination as opposed to differentiation. The ultimate purpose of every creditor, whether financial or operational, is to maximise recovery. The IBC contains no incentive mechanism to encourage such a transition and ensure that financial creditors do not act only in their own self-interest.

Distinction in Treatment of Financial Creditors vs. Operational Creditors under IBC – By Vidushi Puri Read Post »

Personal Guarantors – Liability beyond Death and Borders : An analysis of the legal position of a guarantor upon death and change of citizenship – By K M Thomas and Ananya Arun

This article attempts to shed light on two such circumstances. The article will talk about the position of a personal guarantor when he attains citizenship in another country. Further, the article addresses whether the legal heirs of a Personal Guarantor can be held liable on the death of the Personal Guarantor

Personal Guarantors – Liability beyond Death and Borders : An analysis of the legal position of a guarantor upon death and change of citizenship – By K M Thomas and Ananya Arun Read Post »

Statutory Omissions of Rights of Debtors under the Indian Contract Act, 1872 in Contra-distinction to the Insolvency and Bankruptcy Code, 2016: A Qualitative Analysis – By Anish Gupta

In this paper, the author looked at the question of whether the Indian Contract Act effectively safeguards the rights of debtors and considering the arguments advanced in Section I of this paper, came to the conclusion that the debtor’s rights are not adequately protected under a contract of guarantee u/s 126 and the sections that follow. This is to say that there is a noteworthy lack of jurisprudence around this matter and thus the rights of debtors remain largely unexplored under the Act.

Statutory Omissions of Rights of Debtors under the Indian Contract Act, 1872 in Contra-distinction to the Insolvency and Bankruptcy Code, 2016: A Qualitative Analysis – By Anish Gupta Read Post »

Lessor as an Operational Creditor – What is the Position under IBC? – By Pratyush Singh

It is in this context that the Hon’ble NCLT Mumbai in Bharat Doshi (2022) ibclaw.in 529 NCLT ruled that debt arising out of rent or lease cannot be considered as Operational Debt under the Code and hence the lessor would not be granted the rights of an operational creditor. There is a conflict in the position of law regarding the treatment of lessors as operational creditors and there is argument to be made from both sides. Hence, a judgment by the Supreme Court in Promila Taneja (2021) ibclaw.in 02 SC would help clarify the position of law on this issue. Till that time, M. Ravindranath [2020] ibclaw.in 95 NCLAT continues to remain the binding precedent on all tribunals.

Lessor as an Operational Creditor – What is the Position under IBC? – By Pratyush Singh Read Post »

Winding Up under the Companies Act and CIRP under IBC: Concerns and Directions for Reform – By Anoushka Goel and Sidharth Sajeev

The research involved in the present paper is Doctrinal in nature, consisting of : (i) An analysis of winding up provisions under the Act and CIRP under the Code to understand overlapping provisions, lacunae and the grey areas that surface. (ii) Review and research on existing literature regarding the concerns and reforms pertaining to insolvency laws in India through the reports issued by the IBBI, ILC etc. (iii) Suggesting reforms in the insolvency laws of India through comparative analysis with insolvency laws in the UK.

Winding Up under the Companies Act and CIRP under IBC: Concerns and Directions for Reform – By Anoushka Goel and Sidharth Sajeev Read Post »

Decisional Practice adopted by the Tribunals and Constitutional Courts while condoning delay under IBC – By Raunak Sood and Prajjwal Bangani

The current research article is being made to make a comprehensive analysis on the emerging judicial trends after the insertion of Section 238A in the Code. The article shall primarily focus on the decisional practice of the NCLT, NCLAT, High Court and Supreme Court when it comes to application of condonation of delay and the connected question of law which the tribunals, and appellate court have dealt with.

Decisional Practice adopted by the Tribunals and Constitutional Courts while condoning delay under IBC – By Raunak Sood and Prajjwal Bangani Read Post »

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