Regional news: India

"The defaulter's paradise is lost": India’s Supreme Court upholds constitutional validity of Bankruptcy Code

India’s Supreme Court has rejected a series of petitions challenging the country’s fledgling Insolvency and Bankruptcy Code and upheld the law’s “constitutional validity” in full.

25 January 2019

India’s NCLTs cannot rule on legality of foreign judgments

India’s National Company Law Tribunals don’t have the power to decide whether a foreign judgment is legal or enforceable in the country when determining whether to admit or reject a debt claim under the Insolvency and Bankruptcy Code, appeal judges have said.

15 January 2019

Pre-packs pick up Indian interest and UK criticism

India’s government is considering introducing pre-pack features into the country’s insolvency and bankruptcy regime, as a UK body warns they are being used to avoid tax liabilities.

29 November 2018

Cyril Amarchand Mangaldas and Alvarez & Marsal advise Indian infrastructure company on US$13.68 billion debt

A government-appointed board that has taken over India’s “gargantuan and enormous” Infrastructure Leasing & Financial Services (IL&FS), says it is considering how to restructure the group’s US$13 billion debt to avoid a “catastrophic” collapse, amid fears of a broader default approaching in India’s non-banking financial sector.

05 November 2018

ArcelorMittal wins Essar Steel auction, as shareholders propose US$7.42 billion settlement plan

Luxembourg-headquartered ArcelorMittal has won a bid to acquire insolvent steel maker Essar Steel India, a day after the company’s shareholders made a rival US$7.42 billion offer to settle all admitted claims.

26 October 2018

No more “zombie debt”: new limitation provisions apply retrospectively, Indian Supreme Court rules

A recent amendment to India’s Insolvency and Bankruptcy Code that prevents creditors from filing proceedings based on time-barred claims has retroactive effect, according to a Supreme Court ruling in Delhi.

16 October 2018

Another Mumbai opening targets India’s distressed assets

London-based fund Emso Asset Management has partnered with local advisory firm Eight Capital in Mumbai to invest in Indian distressed assets – the second such opening in as many weeks.

06 September 2018

Moratorium does not apply to personal guarantors, Indian Supreme Court rules

In a “remarkable” judgment, India’s Supreme Court has ruled that the two-year-old Insolvency and Bankruptcy Code’s moratorium provisions do not apply to the personal guarantors of corporate debtors.

29 August 2018

“Left in the lurch” homebuyers get creditor status in builder’s resolution process

In a case featuring some veterans of the Indian bar, the country’s Supreme Court has allowed homebuilder Jaypee Infratech to stave off liquidation for six months so that over 21,000 buyers of unfinished homes may take advantage of the latest reforms to the country’s Insolvency and Bankruptcy Code.

24 August 2018

India to add UNCITRAL Model Law to its bankruptcy code

India’s government is soliciting practitioners’ comments on its plan to adopt the UNCITRAL Model Law on cross-border insolvency.

21 June 2018

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