Category Archives: Liquidation

Light Touch Provisional Liquidation Lives On: Cayman Court Offers Clarification After Introduction of the Restructuring Officer Regime | Conyers

On August 31, 2022, Part V of the Cayman Islands Companies Act (the “Companies Act”) was amended to introduce the new role of a court-appointed “Restructuring Officer” and a dedicated “Restructuring Petition” (the “RO Regime”). The RO Regime was largely intended to replace the pre-existing restructuring framework by way of ‘light touch’ provisional liquidation (the…

Homebuyers can get possession of flats during insolvency process

In a significant relief for distressed homebuyers, resolution professionals can now hand over possession of plots, apartments, or buildings during the insolvency process, provided all obligations are met and the committee of creditors (CoC) approves. This will prevent prolonged delays in property handovers. This was part of several key amendments introduced by the Insolvency and…

IBBI proposes ‘mini group insolvency’ to streamline resolution of interconnected entities

In a major step toward improving the insolvency resolution framework, the Insolvency and Bankruptcy Board of India (IBBI) has proposed a mechanism for better coordination of the Corporate Insolvency Resolution Process (CIRP) for interconnected entities. A discussion paper released by the regulator highlights the inefficiencies, escalated costs and conflicts arising from the absence of a…

Bankruptcy court directs to restart Lavasa insolvency process, excludes delayed timeline

A bankruptcy court Friday allowed an application filed by the secured creditors of the Lavasa Corporation to restart a Corporate Insolvency Resolution Process (CIRP) for the company. The Mumbai bench of the National Company Law Tribunal (NCLT), while directing the revival process to be re-initiated, also directed the Committee of Creditors (CoC) to exclude the…

Delhi High Court Quashes PMLA Proceedings Against BPSL In ₹47,000 Crore Bank Fraud Case Due To Successful CIRP

The Delhi High Court recently quashed criminal proceedings against Bhushan Power & Steel Limited (BPSL) in relation to a complaint filed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, 2002 (PMLA) in view of Section 32A of the Insolvency and Bankruptcy Code (IBC). Noting that BPSL underwent a successful resolution under…

IBBI amends insolvency process rules to ease homebuyers’ woes, ET RealEstate

NEW DELHI: The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing. The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing…

Delhi High Court quashes ED case against Bhushan Power & Steel

The case dates back to 2017, when the National Company Law Tribunal (NCLT) admitted an insolvency petition against BPSL filed by Punjab National Bank (PNB). During the CIRP, JSW Steel emerged as the successful resolution applicant, and its resolution plan was conditionally approved by the NCLT on September 5, 2019. However, prior to the resolution…

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