Regional news: India

Indian ARCs allowed to purchase bankrupt companies under new reforms

The Reserve Bank of India has introduced reforms to allow some asset reconstruction companies to buy businesses out of insolvency, which one financier tells GRR will inspire the confidence of foreign investors in the functioning of India’s distressed acquisition market.

14 October 2022

Indian Supreme Court confirms IBC overrides Customs Act

India’s Supreme Court has confirmed that the existence of a moratorium under the Insolvency and Bankruptcy Code limits the power of a customs authority to recover customs duties, allowing an appeal by the liquidator of an Indian shipbuilding company.

08 September 2022

Amazon’s fraud allegations faulter as Future Retail enters restructuring in India

Indian counsel working for Jeff Bezos’ Amazon have failed to stop the Bank of India placing local conglomerate Future Retail into a corporate insolvency resolution process, with the National Company Law Tribunal’s Mumbai Bench dismissing “baseless” allegations of fraud against the debtor and its creditors.

25 July 2022

INSOL International, London: practical tips from the bench

A panel of judges from Europe, the US, Asia and the Cayman Islands compared how valuations issues are treated in their respective jurisdictions, and warned delegates to INSOL International’s London conference in June that urgency really needs to mean urgency when it is flagged – or parties risk damaging their credibility.

22 July 2022

Foundations put in place for India’s first insolvency law-focused academy

A former INSOL International president is working to establish India’s first insolvency law-focused academy and think tank.

18 July 2022

Subsidiary of India’s Mayar conglomerate wound up in Hong Kong

A lumber merchant that is part of India’s Mayar Group conglomerate has been wound up in Hong Kong and its director declared bankrupt, after they failed to convince a local judge that settlement talks with lenders provided an estoppel defence against both petitions.

05 May 2022

India’s top court clarifies NCLT jurisdiction over contractual disputes

India’s Supreme Court has provided clarity on when the country’s National Company Law Tribunals have jurisdiction to decide contractual disputes concerning debtors in insolvency resolution processes, noting the courts must consider whether the dispute affects the continuation of the company as a going concern.

13 December 2021

Heads-Up: Frances Coulson at Wedlake Bell in London

Featured in Heads-Up

A few months after London boutique Moon Beever merged with Wedlake Bell, the new firm’s insolvency practice leader Frances Coulson talks to GRR about the knowledge she has gained from working with people in other jurisdictions, the risks for practitioners acting on fraud cases when no litigation funder wants to invest, and rising competition from Singapore and India.

10 December 2021

Reliance Capital falls into insolvency after “many” defaults

One day after a Mumbai court placed Indian conglomerate Reliance Group’s financial holding company into insolvency, India’s banking regulator said it would retain an advisory committee it formed last week to assist the company’s newly appointed administrator.

08 December 2021

India tables draft cross-border regulations

The Indian government has published a proposed set of cross-border insolvency rules and regulations, and is inviting comments on its plans.

25 November 2021

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