NCLT rules out that IBC Code cannot be used as a tool for recovery
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RBI Master Circular on Wilful Defaulters does not contain any requirement that the order passed by First Level Committee should disclose the constitution of the First Level Committee | Decision of First Level Committee does not attain finality till it is confirmed by Review Committee – Telangana High Court
Quorum: Chief Justice Alok Aradhe and Shri Justice Anil Kumar Jukanti Case Citation: (2024) ibclaw.in 130 HC The batch of 3 Writ Appeals were preferred by the suspended Board of Directors of M/s. Ind Bharath Power (Madras) Limited challenging the order passed by the Ld. Single Judge Bench upholding the decision/order of the First Level […]
Determining the Date of Default under Section 9 of IBC – The usual Conundrum
Introduction Many unanswered questions have persisted since the implementation of the Insolvency and Bankruptcy Code of 2016 (“the IBC/Code”), and few concrete solutions have been laid down by the judiciary which have further been affirmed and introduced under the Code as amendment by the legislature. However, there are very peculiar issues still subsisting in the […]
Critical Analysis of the Mandatory Issuance of Notices under Rule 8 and Rule 9 of the Security Interest (Enforcement) Rules, 2002
Introduction The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’) provides for methods that can be undertaken by a secured creditor to recover its dues in case of a default. The main provision under the SARFAESI Act is Section 13 relating to ‘Enforcement of Security Interest’ describing the manner, timelines and procedures […]
Wilful Defaulter’s Right Under the Indian Regime
Reserve Bank of India (‘RBI’), the Apex Bank of the country is bestowed with the power to regulate the banks as well as financial institutions (FIs) of the Country. From time-to-time RBI issues numerous circulars laying down its instructions and guidelines which all the subordinate banks are bound to follow. Among several circulars, the most […]
NCLAT Provides Clarity That IBC Is Not A Debt-Recovery Mechanism
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Interview With Jurisprudence Magazine
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Assignment Agreement Of Asset Reconstruction Companies: To Be Registered Or Not
One of the most popular types of transactions in financial markets is debt assignment. It encompasses transferring a debt from a creditor (assignor) to a third party (assignee). The dialogue of having a registered and an unregistered assignment agreement is currently one of the most important issues faced in debt assignment transactions in India. Given […]
Quoted in Business Today- Go First Resolution Professional should have waited for Delhi HC judgment: Legal experts on Supreme Court setback
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Do Asset Reconstruction Companies Require Prior Approval Of The RBI To Become Resolution Applicants Under The Insolvency Code?
The debt-ridden economy of India found a worthy messiah, when upon the recommendation of the 2nd Report of the Committee on Banking Sector Reforms circa 1998 (Narasimham Committee II), Asset Reconstruction Companies (ARCs) were set up1. In a nutshell, these ARCs take over Non-Performing Assets (NPAs). That is to say, NPAs and bad debts, in general, […]
