Regional news: India

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

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

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