Regional news: India

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

Indian committee clears new bankruptcy law after overseas provisions added

An Indian parliamentary committee has cleared a proposed new Bankruptcy and Insolvency Code, after the country’s Finance Ministry agreed to insert provisions into the law to cater for Indian companies with assets overseas.

29 April 2016

India publishes new restructuring bill to streamline insolvency

An Indian law reform committee has published recommendations and a draft bill to modernise the country’s bankruptcy laws – but the new bill says little about cross-border insolvencies.

16 December 2015

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