Insolvency

IBCWhether the Adjudicating authority can allow a compromise between the parties after admission of the matter, IBC

June 6, 2019by Krishna Grandhi and GLC Team

In the case of Lokhandwala Kataria Construction Pvt. Ltd (Corporate Debtor) v. Nisus Finance & Investment Managers LLP (civil appeal NO. 9279 OF 2017), the main issue before the Hon’ble Supreme Court was that whether the Adjudicating Authority could utilize its inherent powers under Rule 11 of the NCLAT Rules, 2016 to allow an application...

IBC Insolvency & Bankruptcy CodeInsolvency Resolution Process When There Exist Only Operational Creditors

October 8, 2018by Krishna Grandhi and GLC Team

Section 6 of the Insolvency and Bankruptcy Code, 2016 (the “Code”) provides for “Persons who may initiate corporate insolvency resolution process” wherein the financial creditor, operational creditor or the corporate debtor itself, may “initiate the insolvency resolution process”. An application for insolvency of a corporate debtor or corporate person may be filed under Sections 7, 8 and...

IBC Insolvency & Bankruptcy CodeInitiation of Insolvency Resolution Process by Operational Creditors

October 7, 2018by Krishna Grandhi and GLC Team

The Insolvency and Bankruptcy Code, 2016 (the “Code”) allows initiation of an insolvency process, under Section 6 in the prescribed manner, by financial creditors, operational creditors or the corporate debtor itself. Section 5(20) has defined an ‘operational creditor’ as “a person to whom an operational debt is owed and includes any person to whom such debt...

IBC Insolvency & Bankruptcy CodeRights of The Directors/Partners of Corporate Debtors to be Present at CoC Meetings

October 6, 2018by Krishna Grandhi and GLC Team

Once the Corporate Insolvency Resolution Process (the “CIRP”) has been initiated under Sections 7, 8 and 9 of the Insolvency and Bankruptcy Code,2016 (the “Code”), the Resolution Professional (the “RP”) shall constitute a Committee of Creditors (the “CoC”) under Section 21 of the Code. Section 21(2) of the Code states that the CoC “shall comprise...

IBC Insolvency & Bankruptcy CodeAmendment to The Threshold For The Requisite Voting Percentage At CoC Meetings (Insolvency & Bankruptcy Code, 2016, India)

October 5, 2018by Krishna Grandhi and GLC Team

An Insolvency Law Committee (“the Committee”) was set up on 16th November 2017 to recommend issues to the Government that are arising from implementation of the Insolvency and Bankruptcy Code, 2016 (“the Code”). The Committee in its report (the “Report”) dated 26th March 2018 has made several recommendations for amendments to the Code, including reducing...

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