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18 Apr '19
After months of anticipation, the Supreme Court has quashed the RBI circular of February 12 last year that had required lenders to strictly implement the timeline set out in the Insolvency and Bankruptcy Code. The circular, which contained a revised framework for the resolution of stressed assets, had entirely replaced the RBI’s earlier instructions on the subject […]
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13 Mar '19
A high profile resolution that had been the lens through which much of the Indian public observed the functioning of the Insolvency and Bankruptcy Code, has arrived at a major milestone. The National Company Law Tribunal in Ahmedabad has approvedArcelorMittal’s Rs. 42,000 crore resolution plan to take over the debt-ridden Essar Steel, that translates into a […]
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07 Mar '19
Welcome back to our updates from the world of arbitration. Before it lapsed following the dissolution of the Lok Sabha, the reforms that were proposed in the Arbitration and Conciliation (Amendment) Bill, 2018 had, as we had noted in the last edition of these updates, come under heavy criticism. The proposal to permit only Indian-qualified advocates to become […]
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22 Feb '19
The year began with some very good news for India’s young insolvency law as the country’s highest court upheld the Insolvency and Bankruptcy Code, 2016 in its entirety. The Court dismissed, in Swiss Ribbons Private Limited v. Union of India and Others, the argument that the law’s distinction between financial and operational creditors was unconstitutional, noting that there […]
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28 Jan '19
Welcome back to our updates from the world of arbitration. While you may have eased into the new year by now, the Indian arbitration scene has had to navigate some choppy legislative waters. The composition of the Arbitration Council of India, proposed in the Arbitration and Conciliation (Amendment) Bill, 2018 that was passed by the Lok […]
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10 Jan '19
We wish all our subscribers a happy and prosperous new year. At Sarthak we had a very interesting 2018 and in no small measure was it thanks to the Insolvency and Bankruptcy Code. Firstly, as in October 2018, 65 orders of resolution have been issued against corporate debtors by the NCLT with a net realisable amount […]
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15 Dec '18
Welcome to the latest updates from arbitration in India. Let us first acknowledge the fact that we may look back at 2018 as the year that Indian courts finally broke with the past and consistently refused to intervene with the enforcement of arbitral awards. If this holds true, we can thank the decisions of the […]
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15 Dec '18
Welcome to the latest updates on the insolvency and bankruptcy law! First, let’s survey some of the data that gives us a birds-eye-view of the functioning of the Insolvency and Bankruptcy Code (IBC), almost two years after its inception. 212 companies, that is nearly 80 per cent of all companies that have completed the new […]
