Regional news: India
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
Insolvency resolution for non-banking financial companies in India
Following the “path-breaking” restructuring of Dewan Housing Finance Corporation and the ongoing resolution process for Infrastructure Leasing & Financial Services, New Delhi-based Utkal Law Chambers partner Supriyo Ranjan Mahapatra discusses recent trends in the resolution framework for distressed non-banking financial companies in India.
11 October 2021