INSOL India is an independent leadership body representing practitioners and other associated professionals specialising in the fields of restructuring, insolvency and turnaround. It is an association with an architecture that facilitates key stakeholders to come together and share experiences while preserving their independence.



Welcome to INSOL India Newsletter Volume 9, Issue March | Apr 09, 2018

Editor's Message
Ashish Chhawchharia
Greetings and a warm welcome to all INSOL India members and friends. As we step into a new financial year, our commitment towards developing the discipline of Insolvency grows stronger.
                     
Undoubtedly, knowledge sharing between insolvency professionals and streamlining the insolvency resolution process are the two pillars on which the future of insolvency rests in India. This edition of the newsletter has updates on the progress made in this direction. Insolvency and Bankruptcy Board of India (IBBI) has signed an MoU with the Reserve Bank of India (RBI) for effective implementation of the IBC and its allied rules and regulations. This will go a long way in overcoming regulatory bottlenecks in the implementation of the code and achieving the best results for the key stakeholders - lenders.
 
IBBI is also in the process of revising the syllabus of Limited Insolvency Examination and is currently seeking inputs from the industry on the same.  This will lead to better screening process for selection of Insolvency professionals and ensure higher quality of execution during CIRP
 
Another key development is regarding market regulator Securities and Exchange Board of India (SEBI) which recently approved the proposal of undertaking a public consultation process as a part of reviewing the requirements of compliance with various SEBI Regulations by listed entities which are subject to CIRP under the IBC 2016.  Various issues flagged in the discussion paper include aspects relating to disclosures, trading in stock exchanges, material related party transactions, re-classification of promoters, compliance with minimum public shareholding requirement and delisting pursuant to resolution plan/ liquidation. 
 
In this edition, we have featured a critical analysis of the NCLT order in the case of Roofit Industries. This expert analysis covers the intricacies of the case with insights on how the code can be interpreted with respect to sale of all or part of the assets of a company under CIRP.

As always, please keep sharing your valuable feedback with us.  
 
President's Message
A. S. Chandhiok
Greetings!

It is a matter of great pleasure to welcome you to yet another issue of the newsletter.

Ever since the Insolvency and Bankruptcy Code came into being, insolvency jurisprudence has definitely taken a new turn. Many important questions arose, and continue to arise. Involvement of stakeholders is becoming more meaningful in as much as the Board (IBBI) has sought inputs to develop a better syllabus for Limited Insolvency Examination. This would result in increased competency of the professionals, ultimately leading to higher quality of execution.

Of course, there cannot be a single dose remedy to handle insolvency or bankruptcy, which is an outcome of a chronic pattern of commercial or business behaviour. The roots of the cause spread to many territories. When we begin to treat insolvency with a progressive outlook, the Code should become handy, so as to have a faster resolution with a regenerative outlook and/or output.

With the passage of time, the Code will evolve or say, will have to evolve, tackling and treating arrays of situations thitherto unknown. An example is the understanding arrived at between the Board and the Reserve Bank. So is the question whether a resolution plan can provide for acquisition of one or select units of the corporate debtor.

The thematic work becomes meaningful to the extent it is pragmatic and effective. Our deliberations have to flow with this in sight. Mountains of paper work or rhetoric with no focus and result will take our schemes nowhere. Principles and procedures have to be uniformly smart, hand in hand. And this cannot be achieved overnight. This will be a regular process.

It will be interesting to watch the developments. I am sure much is in store.
SIG 24
AAA Insolvency Professionals LLP
ASC Consulting Private Limited
AZB & Partners
Chandhiok & Mahajan, Advocates and Solicitors
Cyril Amarchand Mangaldas
Dhir & Dhir Associates
Duff & Phelps
Edelweiss Asset Reconstruction Company Ltd.
Ernst & Young Global Limited
Grant Thornton India LLP
J Sagar Associates
Kesar Dass B & Associates
Khaitan & Co
KPMG India private Limited
Link Legal
Luthra & Luthra Law Offices New Delhi
PHOENIX LEGAL
Shardul Amarchand Mangaldas Shroff & Co.
Talwar Thakore & Associates
E-Newsletter Editorial Board
Editorial Team
Divyanshu Pandey
Partner, J. Sagar Associates
Editorial Team
Ashish Chhawchharia
Partner - Advisory, Head - Restructuring Services, Grant Thornton Advisory Pvt Ltd
Editorial Team
Anju Agarwal
Director, ASC Consulting Pvt. Ltd.
Editorial Team
Ashwin Bishnoi
Partner, Khaitan & Co.
Upcoming Events and Activities
21st
April, 2018

Venue: PHD House,New Delhi

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Articles

By Tirthankar Datta

NCLT Mumbai bench, in its order in the matter of Roofit Industries Ltd. dated January 22, 2018, ruled on an important issue of whether a resolution plan under the corporate insolvency resolution process (“CIRP”) under the Insolvency and …

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DISCLAIMER

INSOL India is a society registered under the provisions of Societies Registration Act XXI of 1860. A certificate to this effect was issued by the Registrar of Societies, Government of National Capital Territory of Delhi on 11th January 2000.

The formation of INSOL India fulfilled the long cherished desire of the members of the legal fraternity, chartered accountants, company secretaries and other persons, bodies and institutions in India, to have an association to promote closer co-operation, exchange of ideas, dissemination of information and an empathetic understanding of law of insolvency and related lawhe formation of INSOL India fulfilled the long cherished desire of the members of the legal fraternity, chartered accountants, company secretaries and other persons, bodies and institutions in India, to have an association to promote closer co-operation, exchange of ideas, dissemination of information and an empathetic understanding of law of insolvency and related laws.
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