Saumya Agarwal and Sakshi Ajmera The National Company Law Appellate Tribunal (NCLAT) on 22 May 2020, in the case of State Bank of India v. M/s. Metenere Limited adjudicated upon the issue of independence of an interim resolution professional (IRP)/ resolution professional (IRP) during a corporate insolvency resolution process (CIRP). Though in the instant case, […]
Category: Insolvency
By Vaishnavi Vyas and Priyanshu Agrawal Introduction The outcome of the Global Financial Crisis, in the mid-2000s, caused the first wave of the Indian Banking catastrophe in the form of the Twin Balance Sheet crisis. The infrastructure projects began to go sour, affecting companies’ capacity to repay loans and thereby deteriorating the balance sheet of […]
By Kritika Dobhal On November 29, 2019, the Reserve Bank of India [“RBI”] initiated Corporate Insolvency Resolution Process [“CIRP”] against Dewan Housing Finance Limited [“DHFL”], making it the first Non-Banking Financial Companies [“NBFC”] to be brought within the ambit of Insolvency and Bankruptcy Code, 2016 [“IBC”]. This was made possible due to the Insolvency and […]
By Abhishek Wadhawan Understanding the Debate The Insolvency & Bankruptcy Code, 2016 is an economic legislation enacted with the aim of helping distressed companies by balancing the interests of all stakeholders. But not all corporate debtors, private and government, can be treated as the same due to difference in objectives, mission, profits etc. The issue […]
By Rohin Goyal On 20th June 2019, one of India’s pioneer airlines which used to be “THE” airline in India, officially began the Corporate Insolvency Resolution Process [“CIRP”] by order of the National Company Law Tribunal [“NCLT”], Mumbai [1]. Soon after, similar proceedings were initiated in Amsterdam as well [2]. Jet Airways has been plagued […]
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