Resignation of directors during the Corporate Insolvency Resolution Process – Bar & Bench – Indian Legal News

Directors of companies often tender their resignation during the Corporate Insolvency Resolution Process (CIRP). Therefore, a pertinent question arises as to whether such resignation requires acceptance/approval from the Interim Resolution Professional (IRP) or the Resolution Professional (RP) or the Committee of Creditors (CoC) of the corporate debtor Furthermore, it is often contended that directors of…

Greensill Insolvency Cautionary Tale for Indian Fintech-Prof (Dr) Manoj Joshi , Suhayl Abidi , Dr Aseem Chauhan – BW Businessworld

Our memory is short and lessons from the past may not always ward off the doom. This is especially true of the VUCA environment we live in, that is Volatile, Uncertain, Complex and Ambiguous. Repeatedly we witness, overconfident and over enthused entrepreneurs erupting on the business stage with their disruptive but complex business models and…

NCLT initiates insolvency proceedings against Ahluwalia Contracts – Business Standard

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor. The New Delhi-based NCLT bench allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd against Ahluwalia Contracts, claiming default of Rs 14.10 crore, and appointed an interim resolution…

Insolvency proceedings: what are the options? – Newsletters – International Law Office

Introduction Filing for insolvency is not optional Debt restructuring followed by liquidation as an alternative Points of attention and key differences between insolvencies and liquidations Comment Introduction On 16 January 2021 the Supreme Court reconfirmed that a liquidated company is deemed to survive passively for five years further to the publication of the closure of…

Composition of active mass: inventory of goods and rights special cases – International Law Office

Introduction Pension plans Financial leases Instalment sales with reservation of title Right to obtain a tax refund Witholdings in guarantee Introduction Article 192 of the Consolidated Text of the Bankruptcy Law (TRLC) introduces the concept of the ‘active mass’ of a bankruptcy, which constitutes all of the assets and rights integrated into the bankrupt’s assets…