Cross-Border Insolvency: Why India should adopt the UNICTRAL Model Law
September 5, 2020 INSOL India Editorial Team
Cross-Border Insolvency refers to treatment of financially burdened debtors where the assets of the debtors are in more than one country or the creditors are in more than one country. It deals in three areas: Protects the rights of the foreign..
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NCLAT sets aside Insolvency proceedings against Sarda Agro Oils
September 5, 2020 INSOL India Editorial Team
NCLAT set aside Insolvency proceeding of Sarda Agro Oils by stating reason that the claims were filed three years after declaring the account non- performing asset. This 3 judge- bench gave the ruling that, “the date of default is computed..
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The Adjudication of Disputed Claims under IBC: A Lacunae Left Unattended?
September 5, 2020 INSOL India Editorial Team
The Insolvency and Bankruptcy Code, 2016 (“IBC”) is silent on the appropriate authority which would exercise adjudicatory functions to adjudicate the disputed claims. The Supreme Court in Essar Steel allowed a resolution plan to admit disputed claims at the notional value of..
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Plea against Insolvency code ordinance; Delhi High Court seeks Centre's stand
August 30, 2020 INSOL INDIA EDITORIAL TEAM
The Delhi High Court sought the Centre's reply on a plea challenging the Insolvency and Bankruptcy Code (IBC) Ordinance 2020 which suspended proceedings against defaults arising on or after March 25 for a period of six months, in view of..
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IBBI lists out potential red flags to detect avoidance transactions
August 30, 2020 INSOL INDIA EDITORIAL TEAM
Pre-dominance of cash transactions, independence of directors, and frequent changes of auditors are among the potential red flags for insolvency professionals in detecting avoidance transactions during insolvency proceedings, according to an Insolvency and Bankruptcy Board of India (IBBI)IBBI document titled..
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Limit on the number of assignments for an Insolvency Professional
August 30, 2020 INSOL INDIA EDITORIAL TEAM
The Insolvency & Bankruptcy Board of India (IBBI) has proposed to impose a limit on the number of assignments to be handled by an Insolvency Professional (IP) at a certain point of time in a discussion paper dated July 1,..