The insolvency resolution process, which seeks to address stressed assets in a quick and time-bound manner, appeared to lose its steam in 2021 with delays and eyebrows were also raised over actual realisations as creditors took steep “hair cuts” in some cases. The National Company Law Tribunal, the designated authority under the insolvency law, and … Read more
The government on Thursday invited comments on various amendments proposed to the insolvency law, including to provisions related to time period for approval of resolution plans as well as avoidable transactions and wrongful trading. The amendments have been proposed by the Insolvency Law Committee (ILC). The comments have been sought till January 13, 2022. According … Read more
India could exclude some key strategic sectors, such as aviation, telecommunications and critical infrastructure services, from the cross-border insolvency framework’s ambit. The Ministry of Corporate Affairs (MCA) released a consultation paper on November 24 seeking public comments on a draft cross-border insolvency framework under the Insolvency and Bankruptcy Code (IBC) by December 15. The government … Read more