Regional news: India

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

India brings new compromise and winding up provisions into force

Provisions in India’s Companies Act concerning compromises, schemes of arrangement and winding-up proceedings came into effect on Thursday, clarifying the powers of a new company law tribunal and marking the latest development in the country’s overhaul of its restructuring and insolvency landscape.

16 December 2016

Regulatory roundup: China’s new bankruptcy regime

In recent reforms to bankruptcy laws around the world, China has made a bold play in response to its economic downturn, India has tackled too-big-to-fail, and the UK has released an update to its long-standing insolvency legislation.

31 October 2016

Indian developer wound up in Isle of Man after arbitration loss

An Isle of Man court has issued an order winding up Manx-Indian real estate company Hirco following the failure of its £450 million arbitration claim against an Indian entrepreneur.

19 October 2016

Indian proceedings ancillary to Scottish action, says Scottish Judge

A Scottish court has found that, under the common law cross-border insolvency principle of modified universalism, foreign liquidation proceedings in India should run ancillary to those in Scotland – the debtor’s place of incorporation.

17 October 2016

Regulatory round-up: India seeks to tackle NPLs as New Zealand ponders stricter rules for insolvency practitioners

In recent weeks the Indian government has legislated for a sharp rise in its banking sector’s non-performing debt, and New Zealand has opened a public consultation to tighten up regulations for insolvency practitioners. Meanwhile, Australia has released a revised timeframe for its forthcoming insolvency reforms.

30 August 2016

Irish courts will hear Quinn asset-stripping allegations despite parallel case in India

The Supreme Court of Ireland has declined to stay local proceedings against a Dubai-registered company accused of helping to put assets of the family of former billionaire Seán Quinn beyond the reach of liquidators – despite arguments that a parallel case has already been commenced in India.

16 August 2016

Dutch court recognises Indian proceedings for the first time

A Netherlands court has for the first time recognised insolvency proceedings pending in India, bringing a Dutch insolvency practitioner a step closer to pursuing a claim against the Indian debtor.

09 August 2016

Lawyers react to India’s new cross-border recognition mechanism

India’s new Bankruptcy Code includes provisions allowing Indian courts to cooperate with foreign courts in cross-border proceedings - but some lawyers have concerns the new law in its current form may bring procedural burdens.

08 July 2016

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