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 10, Issue APRIL | May 04, 2018

Editor's Message
Divyanshu Pandey

Greetings and Warm welcome to all INSOL India members and friends.
 

We are at an interesting cusp where very soon we will get to know the fate of insolvency resolution of first 12 cases. Some people are predicating the success of IBC on outcome of these 12 cases. However, we also need to keep in mind the resolution of many cases which have happened or are under progress under IBC framework. We need to have a perspective that outcome of insolvency resolution is a commercial decision and hence we should be careful in linking successful resolution being the true test of success of IBC. If some cases have gone into liquidation or will go into liquidation, the commercial decision of creditors committee needs to be respected. 

 

In this edition we update you about the pre registration educational courses for registration as insolvency professionals which have been introduced by the IBBI. We also provide you with a snapshot on the process to be followed for registration as a registered valuer with the IBBI, introduced by the IBBI. The IBBI has also partnered with the Indian Institute of Corporate Affairs for collaboration in knowledge building initiatives.  

 

We have also presented to you an article on uncertainty induced by differing judgments on enforcement of third party guarantee and the need to have clarity on this aspect to strengthen the credit market.

 

We invite and encourage all of you to contribute to the newsletter by submitting articles and latest developments in insolvency practice with the editorial board. We look forward to receiving your valuable inputs.  

 

 
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.
Articles

By Soumitra Majumdar & Shrijita Bhattacharya, JSA

CIRP MORATORIUM & THIRD PARTY OBLIGTAIONS

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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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