Insolvency & Bankruptcy

India had numerous acts in place to punish the defaulters like the Indian Contract Act, the Recovery of debts due to Banks and Financial Institution Act 1993, the Securitizations and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Presidency Towns Insolvency Act, 1909, Provincial Insolvency Act, 1920, which were later on replaced […]

In a recent judgment passed by the Hon’ble Supreme Court of India titled as ‘Global Credit Capital Limited & Anr. Vs. Sach Marketing Pvt. Ltd. & Anr.’, Justice Abhay S. Oka & Justice Pankaj Mithal observed that the issue involved is whether the Respondent is a Financial Creditor within the meaning of Section 5(7) of […]

Coffee Day Global, the company that operates Cafe Coffee Day, has been admitted into the process of corporate insolvency by the Bengaluru Bench of the National Company Law Tribunal. In the previous week, the Tribunal issued an oral order wherein it approved the inclusion of the unlisted firm into the insolvency procedure. This decision came […]

Maheshwari & Co. Advocates and Legal Consultants with a view to provide an efficacious and speedy conclusion of the insolvency and bankruptcy resolution had introduced its Insolvency and Bankruptcy Department. Our aforesaid insolvency Team is fully and exclusively dedicated with the sole aim of providing such services to our clients with would result into a […]

The Insolvency and Bankruptcy Code, 2016 (IBC) was passed by the Parliament on 11th May 2016, received Presidential assent on 28th May 2016 and was notified in the official gazette on the same day. It is one of the most comprehensive futuristic consolidated pieces of legislation introduced by the Government lately aimed at covering the […]

The National Company Law Appellate Tribunal (NCLAT) in the case of Mobme Wireless Solutions Ltd. (MWSL) vs Bhash Software Labs Pvt Ltd (BSLPL) declared all actions taken by the Interim Resolution Professional (IRP) to be illegal. The act was declared illegal pursuant to NCLAT setting aside the order passed by Chennai bench of the NCLT […]

India’s dedicated bankruptcy court has admitted a loan default case against a corporate guarantor, sending a stern message to companies that pledging guarantees on behalf of a borrower is not a mere formality. “Corporate guarantee is no more to be presumed as a comfort undertaking as it leads to definite monetary obligations dragging the corporate […]

The Insolvency and Bankruptcy Code (Code) still remains the crucial legislation wherein the industry as well as the law fraternity is still anticipating clarifications on the numerous issues. The moot question of the secured creditors which is repeatedly being posed is whether after the introduction of the Code the security of personal or corporate guarantee […]

Over the Period of time, the Insolvency and Bankruptcy Code, 2016(Code), has largely been settled for the questions related to admission of any CIRP application; however there are requirement for clarifications on the post-admission stage procedure of the Code. One of the debated matters in the Code is the stipulatedtime limit for concluding the Corporate […]