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19 Aug '19
We hope that you had a happy and peaceful Indian Independence Day! The Parliament has approved amendments to India’s bankruptcy law that will restore the primacy of secured creditors over unsecured creditors in the insolvency process. Finance Minister Nirmala Sitharaman said that the amendment was in response to an NCLAT ruling in the Essar case […]
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02 Aug '19
Welcome back to our updates from the world of arbitration. Last month, we were eagerly anticipating the government’s moves in the arbitration space. The wait is now over. The most important news of the past month is from India’s lawmakers. After it received legislative assent, the Union Government has notified The New Delhi International Arbitration Centre Act, 2019. […]
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23 Jul '19
Two recent judgments were heavily criticized for the impact they may have on India’s credit system. The IL&FS case has had the less charged response. In that case, the NCLT held that provident funds, even if they are not secured or senior creditors, should be paid their dues at par with or even over secured […]
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17 Jul '19
Welcome back to our updates from the world of arbitration. We were eagerly anticipating signs of the new government’s approach to arbitration and so far, we are not disappointed. The Union Cabinet has approved a bill that if passed by Parliament, will create an independent and autonomous regime for institutionalised domestic and international arbitration. The […]
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19 Jun '19
The most eye-catching news from the last month was the RBI’s revised framework for the resolution of stressed assets. Our regular readers will recall that the Supreme Court had struck down the original framework, known as the February 12, 2018 circular. Banks now have up to 30 days after a default to consider the future path of action. The […]
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01 Jun '19
Welcome back to our updates from the world of arbitration. The Delhi High Court has vacated an order staying the appointment of a Joint Secretary of the Ministry of Law & Justice as the custodian of the undertakings of the International Centre for Alternative Dispute Resolution. The International Centre for Alternative Dispute Resolution had earlier approached the […]
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16 May '19
India’s insolvency and bankruptcy law recently turned three, and the occasion prompted much commentary and analysis on its performance. Among the most significant was a report by the analytics company Crisil and industry body Assocham titled ‘Strengthening the Code’. The report said that it has not been smooth sailing for the IBC. It highlighted that the […]
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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 […]
