Regional news: India
Singapore: IWIRC hosts inaugural Pacific Rim conference
Now in its 20th year, the International Women's Insolvency & Restructuring Confederation (IWIRC) hosted its inaugural Pacific Rim conference in August, marking the first-ever collaboration between IWRIC's networks in Singapore, Hong Kong, Malaysia, China and Japan.
07 September 2017
Indian cross-border provisions notified - but that's just the beginning
The cross-border provisions in India’s new Insolvency and Bankruptcy Code formerly came into effect at the beginning of this month after publication in the Gazette of India – but lawyers say there is still a long way to go before they are useful.
10 April 2017
Regulatory roundup: new UK Insolvency Rules enter into force
A thorough overhaul of the UK’s procedural framework for insolvency becomes effective this week against a lukewarm reception, while the Australian government has updated proposed reforms to its insolvency regime taking account of a consultation last year.
05 April 2017
UK court breaks new ground in enforcing New York “judgment by confession”
An English court has for the first time upheld the enforceability of a US judgment that was not preceded by active proceedings between the parties, ruling that a US$172 million judgment debt against international metalworking group Essar Steel is enforceable in the UK.
20 March 2017
A family affair: “hopeless” insolvency petition for kitchenware group dismissed
A Hong Kong court has reprimanded a Hungarian businessman for trying to use insolvency law to wrestle control of a global kitchenware business from his cousin, finding his winding-up petition to be without merit on all counts.
06 March 2017
India's Insolvency and Bankruptcy Code 2016: a paradigm shift
Pulkit Gupta, director at Ernst & Young in Delhi, talks through the new Indian Insolvency and Bankruptcy Code, arguing that while it is not perfect, it’s the best law India could have hoped for in the current circumstances.
17 February 2017
United Breweries parent wound up in India as chairman's extradition from UK requested
An Indian court has ordered the winding up of Indian billionaire politician Vijay Mallya’s United Breweries Holdings Company – the parent to collapsed Kingfisher Airlines and construction materials manufacturer UB Engineering – as India’s government filed a request for the businessman’s extradition from the UK.
09 February 2017
Kingfisher Airlines engineering affiliate enters insolvency under new Indian code
A Mumbai-based tribunal has placed construction materials manufacturer UB Engineering in insolvency proceedings under India’s fledgling Bankruptcy Code, days after its owner was separately charged over allegations related to the collapse of Kingfisher Airways.
06 February 2017
Appeals court finds Chapter 15 does not pre-empt state laws on comity
A US appeals court has estopped a former investor in an Indian real estate company from relitigating breach of fiduciary duty claims already dismissed in a Cayman winding-up order, ruling that it was not necessary for the order to receive Chapter 15 recognition for the US courts to grant it comity.
23 January 2017
Hearing set for first case under India’s new bankruptcy regime
Mumbai’s ICICI Bank has filed a bankruptcy petition against Pune-based steelmaker Innoventive Industries in what is understood to be the first case under India’s new Bankruptcy Code, as experts warn of potential hurdles to overcome while the new framework is bedded in.
03 January 2017