Welcome to INSOL India Newsletter Volume III, Issue October | Oct 06, 2017

Greetings and Warm Welcome to all INSOL India members and friends. As we inch closer to the month of December, gearing up to celebrate 365 days of the Insolvency and Bankruptcy Code (IBC), 2016, it is time to take stock of the situation. To begin with, increasing number of applications with National Company Law Tribunal is a testimony to the rising awareness about this time-bound process aimed at improving 'ease of doing business' and alleviating distressed credit markets. Media has done its bit with relentless coverage of various insolvency cases. The code is still in early days with the business community assessing its pros and cons. At the same time, India needs to be future-ready by building the right infrastructure and mechanism for faster resolution of insolvency cases. Currently, 11 NCLT benches are bearing the burden of nearly 25,000 pending insolvency cases. This issue marks two decades of INSOL's India journey which has been all about progressive dialogue in insolvency laws. Like always, we bring you the latest news and other updates in this area including the developments on high-profile cases, new additions to SIG 24 and RBI's new list of defaulters, among others. Last month, we were proud to be leading the Insolvency Summit with SIPI in Mumbai from September 22 to 23, supported by the Insolvency and Bankruptcy Board of India, and organised by Legal Era, the summit had brought the key stakeholders together to share their experiences and views on the first 270 days of the journey of IBC. It was a great success!. Please continue sharing your valuable feedback/observations with us.

Hearty Welcome to the third issue of our Newsletter! The Insolvency and Bankruptcy Code 2016 has completed two hundred seventy days since it came into being. And that is the maximum period prescribed for resolution of an insolvency case too. The number of matters before the Adjudicating Authorities establishes that the Code was the need of the hour – a single code to resolve insolvency of all – companies, limited liability partnerships, partnership firms and individuals and forecast that the Code will require refinements so as to have a healthy and stable regime. As business and trade expand beyond territorial boundaries, insolvency will also develop a cross-border impact. To resolve this successfully, cross-border policies are unavoidable. At INSOL India’s just concluded INSOLVENCY SUMMIT 2017 at Mumbai, Dr. T.K. Viswanathan, Chairman, Bankruptcy Law Reforms Committee, made a presentation on Cross Border Insolvency Bill and expressed hope that the Bill is likely to be introduced in the Winter Session of the Parliament. Insolvency proceedings qua Jaypee Infratech have attained special importance. The Hon’ble Supreme Court is looking at as to how to protect the homebuyers’ interest in the insolvency regime. Homebuyers certainly have an interest and more so when they have taken loans from banks and financial institutions. Therefore, their interest in insolvency resolution cannot be ruled out. INSOL India’s Insolvency Summit 2017 with the theme “The Journey of Insolvency and Bankruptcy Code – The Footprint Hitherto: 2017 – The Year of Insolvency Industry” was successfully concluded recently in Mumbai. Participants from across the world shared their views. Many important aspects of the Code were discussed and more clarity on issues like interim finance, pre-packs, resolutions plans and mediation in the resolution plan was attained. More details will be shared soon. The participants welcomed the views expressed from the judiciary. INSOL India’s membership is growing fast. We have also added new members to the SIG 24. ‘Insolvency jurisprudence’ is taking shape with the two well considered judgments from the Hon’ble Apex Court and there is general satisfaction over implementation of the Code thus far. My request in the last issue is worth repeating. The newsletter will grow as much as its readers respond. Let there be bouquets as well as brickbats! Both are welcome!