Welcome to INSOL India Newsletter Volume 12, Issue June | Jul 13, 2018

Greetings and a warm welcome to all INSOL India members and friends.

In the last few weeks, there have been significant changes to the insolvency resolution framework under the Code. The recommendations made by the Insolvency Law Committee Report got implemented by amendments to the Code brought into effect by the Insolvency Bankruptcy Code (Amendment) Ordinance 2018.  The IBBI has also amended the CIRP Regulations to align the CIRP Regulations with the Ordinance, to implement the changes made by the Ordinance and to provide greater clarity on some aspects in the insolvency resolution process. The IBBI through its circulars and discussion papers continues to take measures to strengthen the evolving insolvency resolution framework under the Code. The Ministry of Corporate Affairs has invited comments on the draft chapter on Cross Border Insolvency which is proposed to be incorporated in the Code.  All these steps are towards development of a robust and sound insolvency resolution regime in India. 

This edition of the newsletter gives an overview of the above changes and updates the members on developments in some of the ongoing insolvency resolution processes.

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

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.