Regional news: India

Pre-pack framework heralds next phase of India’s bankruptcy evolution

“Crisis creates an opportunity for reforms.” EY partner Pulkit Gupta and senior associate Utkarsh Goel discuss the flexibility of India’s new pre-pack framework, which they say could prove invaluable in helping to deal with an expected wave of covid-related distress in the coming months.

30 April 2021

Enyo hires from Eversheds following Greensill’s UK recognition

Just weeks after helping the German administrator of Greensill Bank secure recognition in the UK, Eversheds Sutherland partner Jamie Leader has left the firm for Enyo Law.

26 April 2021

Cryptocurrency is property, rules Canadian court

In the first Canadian case of its kind, cryptocurrency has been recognised as “property” under the country’s Business and Insolvency Act.

14 April 2021

Supreme Court urges India to take a stance on ipso facto clauses

The National Company Law Tribunal (NCLT) and its appellate tribunal had jurisdiction to adjudicate a dispute over the termination of a power purchase contract related to a corporate insolvency, the Supreme Court of India has held, as it urged legislators to address the status of ipso facto causes once and for all.

09 March 2021

Indian Supreme Court “appalled” by arrest of Jaypee resolution professional

A police force in India has been condemned for its unfamiliarity with insolvency law as the country’s Supreme Court ordered it to release Jaypee Infratech’s interim resolution professional from custody, following a fatal accident on a highway operated by the company.

05 March 2021

Indian IT company seeks reconsideration of dismissed Chapter 11

An Indian IT company has asked an Alabama court to reconsider the dismissal of its subsidiaries’ voluntary Chapter 11 proceedings, after international creditors argued the bankruptcy was filed in bad faith with no valid reorganisational purpose.

23 February 2021

Mallya granted expenses pending Indian banks’ petition

One-time billionaire Vijay Mallya has secured access to funds held by an English court office to pay for his living and legal costs while he fights a bankruptcy petition – but he has been denied cash for litigation in India.

12 February 2021

Lawyers welcome India’s pre-pack plans

India’s Ministry of Corporate Affairs is inviting public comments on a pre-packaged insolvency framework to help deal with the fallout from the covid-19 pandemic – which local lawyers say could attract foreign investors.

12 January 2021

FRP administrators escape negligence claims over Force India sale

Negligence claims brought against two FRP Advisory partners over their administration sale of Formula One team Force India have been thrown out by the England and Wales High Court.

16 December 2020

Force India liquidators see off Austrian sponsor’s debt challenge

An English court has dismissed part of a proof of debt submitted in the liquidation of Force India, finding the Formula One team did not have to fully repay funds from its main sponsor.

24 November 2020

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