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 11, Issue MAY | Jun 07, 2018

Editor's Message
Editorial by Ashish Chhawchharia
Greetings and a warm welcome to all INSOL India members and friends.

With rapid developments over the past couple of months, the insolvency landscape in the country continues to change. 

Presently, one of the most interesting developments being followed is how the National Company Law Tribunal (NCLT) is asserting its power not only as an adjudicator, but as a voice of reason that can resolve conflicts by nudging the stakeholders on the path of the best possible resolution. Binani Cement’s insolvency resolution proceedings is a case in point. Kolkata NCLT’s order highlights how the rule book should be seen as a guiding light with room for flexibility and is not something carved in stone. With lenders approving the resolution plan of the highest bidder, the ball is now in NCLT’s court. Final outcome of this case will set the principles for various ongoing insolvency cases in the country.

This edition of the newsletter also covers proceedings of RCom-Ericsson and Jaypee Infratech cases. Being proactive, the Insolvency and Bankruptcy Board of India (IBBI) has invited comments from public, including the stakeholders and the regulators, on the Regulations already notified under the Insolvency and Bankruptcy Code 2016. Similar to the previous exercise last year, the main objective is to strengthen the Code with an inclusive approach.  

Read the complete update for further details.
Hope you will find the newsletter informative. As always, please do share your valuable feedback, especially on the topics you would like us to address. Also, I encourage the readers to share your vast knowledge on this subject by contributing articles to this monthly newsletter. You may write in to our editorial team on newsletter@insolindia.com
President's Message
A. S. Chandhiok
Greetings!

Welcome to yet another issue of the newsletter!

Resolution of insolvency and bankruptcy has, no doubt, become a global specialty. May be because of its complications – it encompasses substantive laws, regulations and cultural practices. Conferences and conventions being held across the globe with large-scale participation endorse this.

Decisions of the adjudicating authorities and the new guidelines being laid down for the resolution professionals and committee of creditors certainly portend better efficiency and speed in the times to come. The resolution plans should not become mere repayment plans or recovery tools for banks and other creditors. The plans have to meaningfully cover reconstruction, looking at all stakeholders positively. As mentioned earlier, with the passage of time, the Code will evolve. Law relies heavily on institutions of implementation. The choices that influence implementation have a direct nexus with the controlling policies. The impediments will pave way for changes in policies.

Various Insolvency Associations like INSOL India (in India), have come into being across the globe to supplement the efforts of governments in augmenting better resolution plans, with special emphasis on cross-border insolvencies and restructurings. Networking with them is an important aspect we have to see. Development is a continuous process. Insolvency and bankruptcy resolution is no exception.
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 Vikram Bajaj

This paper was first published by INSOL International on 27 April 2018

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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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