Lenders of Essar Steel claim that the offer made by the company’s promoters is not maintainable

December 14, 2018 EDITORIAL BOARD - INSOL INDIA

Lenders of Essar Steel are seeking dismissal of company petition at the NCLT filed by the shareholders of the company, proposing to take out the company from the CIRP by settling the claims of its creditors as it is not..

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Pre-packaged bankruptcy scheme under consideration by the government

December 14, 2018 EDITORIAL BOARD - INSOL INDIA

The government is assessing the potential of a ‘pre-packaged’ bankruptcy scheme that will speed up insolvency resolution at a pre-insolvency bankruptcy code stage. The scheme is prevalent in USA and is expected to aid the existing framework for insolvency and..

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IBBI has invited suggestion and comments on draft specimens of documents relating to CIRP

December 14, 2018 EDITORIAL BOARD - INSOL INDIA

With a view to provide guidance in relation to the CIRP process, IBBI has invited suggestions and comments from stakeholders on the draft specimens of information memorandum (including specimen of information memorandum for a corporate debtor in manufacturing sector and..

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NCLAT’s order allowing sale of Binani Cement to Ultratech, upheld and approved by the Supreme Court

December 14, 2018 EDITORIAL BOARD - INSOL INDIA

Dismissing a petition filed by Rajputana Properties Private Limited (“Rajputana Properties”), the Supreme Court upheld the decision of NCLAT approving the resolution plan submitted by Ultratech Cement Limited (“Ultratech”) for acquiring Binani Cement Limited. Rajputana Properties had challenged the NCLAT..

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Apex court yet again clarifies the scope and ambit of Section 8 and Section 9 of the Code

December 14, 2018 EDITORIAL TEAM - INSOL INDIA

In the case of Transmission Corporation of Andhra Pradesh Limited vs. Equipment Conductors and Cables Limited, the Supreme Court allowed the appeal, holding that once the operation creditor has filed an application under Section 9 of the Insolvency and Bankruptcy..

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Insolvency Law Committee (“Committee”) submits its second report: recommends adoption of UNCITRAL Model Law for cross border insolvency framework

November 17, 2018 INSOL INDIA EDITORIAL TEAM

The Committee constituted by Ministry of Corporate Affairs to suggest changes to the Code, submitted its second report on cross-border insolvency. The Committee has recommended adoption of UNCITRAL Model Law with certain modifications which are annexed with the report as..

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