Regional news: India

Indian Supreme Court corrects creditors’ equal treatment error

India’s Supreme Court has overturned what it called a “grave error” by the National Company Law Appeal Tribunal, which redistributed the proceeds of Essar Steel’s restructuring plan to correct “discrimination” against operational creditors.

18 November 2019

New group insolvency law proposed for India

In what has been described as a “yet another path-breaking development” for the country, a working group set up by the Insolvency and Bankruptcy Board of India has published its proposals for a new group insolvency law.

17 October 2019

Indian bank granted winding-up petition in Hong Kong

An Indian bank has won a petition to wind up a metal trader, after the High Court of Hong Kong branded the company’s defence “nonsense” and “fatuous”.

08 October 2019

Jet Airways ruling could lead to cross-border cooperation framework in India

In a decision that lawyers say will lead to the creation of a framework for cooperation in cross-border insolvency proceedings, an appellate tribunal in Delhi has stayed part of a lower court’s order that refused to recognise Indian airline Jet Airways’ Dutch bankruptcy proceedings.

15 July 2019

Appellate tribunal dismisses Essar Steel takeover challenge

An Indian appellate tribunal has dismissed a challenge to ArcelorMittal’s US$6.2 billion bid for Essar Steel India but adjusted the company’s distribution plan to correct a “huge discrimination” against operational creditors.

08 July 2019

Bankrupt drug company accuses Indian supplier of ‘sabotage’

US-based drug distributor Aceto Corporation has accused the billionaire founder of its pharmaceutical provider in India of “sabotage” in a New Jersey bankruptcy court.

07 June 2019

Indian miner seeking arbitration over Zambian provisional liquidation

One of Africa’s biggest copper producers is facing winding-up proceedings in Zambia, triggering an international arbitration threat from Vedanta Resources, its Indian majority owner.

05 June 2019

Using foreign judgments to get your debt paid under India’s Insolvency and Bankruptcy Code

Last year, the Ghanaian branch of African bank Stanbic became the first party to use an English judgment as evidence of a debt to trigger insolvency proceedings under India’s Insolvency and Bankruptcy Code 2016. The bank’s English counsel – Thomas Williams of Sultan Al-Abdulla & Partners, and Anna Booth and Michael Lee of Womble Bond Dickinson – explain how they did it.

20 May 2019

Indian textile company files Chapter 15 in Delaware

A bankrupt Indian textile company has filed Chapter 15 proceedings in Delaware to “level the playing field” after it accused a US creditor of violating an Indian moratorium order.

07 May 2019

Heads-Up: Cyril Shroff at Cyril Amarchand Mangaldas in Mumbai

Featured in Heads-Up

“There’s mountains of money sitting outside and there is a mountain of opportunity in India.” GRR meets Cyril Shroff of Cyril Amarchand Mangaldas, in the first of a new series of features profiling the heads of restructuring practices around the world and asking them for their industry forecasts.

01 May 2019

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