Regional news: India

Diamond wholesaler embroiled in Indian fraud files Chapter 11 in New York

A fine jewellery wholesaler embroiled in an alleged US$1 billion bank fraud in India has filed for Chapter 11 protection in New York, alongside two of its US subsidiaries.

01 March 2018

A new lick of paint for India's insolvency regime

India has initiated a set of overhauls for its recently enacted Insolvency and Bankruptcy Code, while a Mumbai court has rejected a Pune-based paint company’s attempt to injunct insolvency resolution proceedings in favour of a winding-up application predating the new regime.

09 February 2018

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

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