Since its introduction in 2020, we’ve seen the Restructuring Plan process used by a number of businesses, including: Virgin Atlantic Airways, DeepOcean, Virgin Active, and Prezzo. A Restructuring Plan can be used for both SMEs and large corporates. Read our case study below where we advised on the landmark first use of the legislation to secure the future of an SME in distress.
Our expert lawyers have advised a range of businesses looking at entering into a Restructuring Plan, including advising on the landmark case of Re Houst Limited, the first SME restructuring plan. We’ve also advised creditors of companies which are affected by a proposed Restructuring Plan who need advice about their position and the compromise they’re…
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Facebook App: Open links in External Browser
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Is Newtime Infrastructure Limited Forming a Consolidation Base – Debt-to-Equity Ratio Analysis & Low Risk Trading Alerts Bollywood Helpline
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The National Company Law Appellate Tribunal (NCLAT) Principal Bench at New Delhi has upheld the dismissal of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, holding that no Corporate Insolvency Resolution Process (CIRP) can be initiated where the date of default falls within the period suspended by Section 10A during the COVID-19 pandemic.
The Tribunal reiterated that once a creditor specifies a particular default date in the demand notice and the petition, the proceedings must proceed on that basis, and a CIRP application is not maintainable for such barred defaults.
The bench, comprising Justice Yogesh Khanna (Judicial Member) and Ajai Das Mehrotra (Technical Member), was hearing an appeal…
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The Avoidance Mechanism under India’s Insolvency Code: A System in Crisis Moneylife
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New Delhi: By ordering to bring in a new developer to finish Supertech Supernova project in Noida, which is currently under insolvency, and removing the company’s erstwhile promoters, the insolvency resolution professional (IRP) and committee of creditors (CoC), the Supreme Court has rekindled hope among lakhs of homebuyers that other frozen housing projects could be rescued in a similar way.Construction has halted in several projects after insolvency process were initiated.To secure homebuyers’ interest, SC recently sidelined all entities under the Insolvency and Bankruptcy Code and appointed a 3-member committee to rope in another builder to complete Supernova project.The committee should appoint a new developer after inviting…
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