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 13, Issue July | Aug 15, 2018

Editor's Message
Ashish Chhawchharia

We are delighted to bring you this edition of the INSOL newsletter. The Insolvency and Bankruptcy Code (IBC) has been around for two years now and it will not be an exaggeration to say that the Code has triggered a significant change in an economy saddled with NPAs. According to the latest government data, financial creditors have realised claims of approximately INR 47,426.75 crore in 26 cases where resolution plans were submitted under the IBC framework since its enactment. 

The IBC and related Regulations have been amended several times since its enactment in 2016 and the Government is willing to continue the same to make the Code stronger and effective. Dissatisfied creditors, Resolution Applicants and other stakeholders have been approaching the NCLT to challenge every aspect of the Code including CIRP commencement, RP’s conduct, eligibility provisions and so on. Both the NCLT and the Appellate Tribunal have had to make some interesting decisions on challenging matters with many more yet to be adjudicated. In the process, the regulator, the legal community and corporates are seeing things shape up with reference to the Code and its application. Further clarity on the timeframes and process of IBC will be crucial in determining its future success.  
 

The NCLT benches are getting clogged with cases since it has to deal with several more matters other than IBC. We have noticed several delays creeping into the process and many of the cases pushed into IBC in Dec-Jan as per RBI’s second list are yet to be admitted. 

In the current issue, we bring you latest developments in Insolvency in India. Jyoti Structures is the first case that has been directed to go for liquidation among Reserve Bank of India’s first list of 12 large and defaulting corporates referred to the bankruptcy court. Then there are couple of updates on the ongoing cases under the Code. Also, Insolvency and Bankruptcy Board of India has issued a list of empaneled Insolvency Professionals for appointment as IRP/RP or Liquidator for Corporate Debtors for the period from July 01, 2018 to December 31, 2018. 
 

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.
Upcoming Events and Activities
13th
November, 2018

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Articles

By Ashwin Bishnoi (Partner) and Shruti Singh

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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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