Regional news: India
Indian Supreme Court upholds liability of personal guarantors
The Indian Supreme Court has upheld new rules in the Bankruptcy Code allowing banks and financial institution creditors to pursue insolvency proceedings against personal guarantors to corporate debtors.
28 May 2021
Force India sponsor loses High Court appeal
A former sponsor of Formula One team Force India, Austrian water treatment company BWT Aktiengesellschaft, has been barred on appeal from submitting part of its proof of debt claim in the team’s UK liquidation.
20 May 2021
Pre-pack framework heralds next phase of India’s bankruptcy evolution
“Crisis creates an opportunity for reforms.” EY partner Pulkit Gupta and senior associate Utkarsh Goel discuss the flexibility of India’s new pre-pack framework, which they say could prove invaluable in helping to deal with an expected wave of covid-related distress in the coming months.
30 April 2021
Enyo hires from Eversheds following Greensill’s UK recognition
Just weeks after helping the German administrator of Greensill Bank secure recognition in the UK, Eversheds Sutherland partner Jamie Leader has left the firm for Enyo Law.
26 April 2021
Cryptocurrency is property, rules Canadian court
In the first Canadian case of its kind, cryptocurrency has been recognised as “property” under the country’s Business and Insolvency Act.
14 April 2021
Supreme Court urges India to take a stance on ipso facto clauses
The National Company Law Tribunal (NCLT) and its appellate tribunal had jurisdiction to adjudicate a dispute over the termination of a power purchase contract related to a corporate insolvency, the Supreme Court of India has held, as it urged legislators to address the status of ipso facto causes once and for all.
09 March 2021
Indian Supreme Court “appalled” by arrest of Jaypee resolution professional
A police force in India has been condemned for its unfamiliarity with insolvency law as the country’s Supreme Court ordered it to release Jaypee Infratech’s interim resolution professional from custody, following a fatal accident on a highway operated by the company.
05 March 2021
Indian IT company seeks reconsideration of dismissed Chapter 11
An Indian IT company has asked an Alabama court to reconsider the dismissal of its subsidiaries’ voluntary Chapter 11 proceedings, after international creditors argued the bankruptcy was filed in bad faith with no valid reorganisational purpose.
23 February 2021
Mallya granted expenses pending Indian banks’ petition
One-time billionaire Vijay Mallya has secured access to funds held by an English court office to pay for his living and legal costs while he fights a bankruptcy petition – but he has been denied cash for litigation in India.
12 February 2021
Lawyers welcome India’s pre-pack plans
India’s Ministry of Corporate Affairs is inviting public comments on a pre-packaged insolvency framework to help deal with the fallout from the covid-19 pandemic – which local lawyers say could attract foreign investors.
12 January 2021