With the spread of Covid-19, the Government decided that it had to “do something”. A good thumb rule is to always beware the government that has to “do something”. And, sure enough, the Government did something. It announced that fresh proceedings under the IBC would be suspended for a full [...]
The Supreme Court goes one Latin maxim too far.
If there is one thing that IBC-watchers are never deprived of, it is courtroom action. There is an inherent tension in the act of plucking a company away from its erstwhile owners and offering it to a flock of bidders that lends itself to constant and tiresome litigation. If there [...]
A critical analysis of the Supreme Court's recent judgement in the case of Embassy Property Developments.
The Supreme Court made a mistake.
The insolvency of Jaypee Infratech Limited (JIL) is only eclipsed by Essar Steel in its contribution to insolvency law. The very definition of a financial debt, the cornerstone of the IBC, was amended to fulfil the needs of its homebuyers, mostly the hapless purchasers of JIL’s aptly-named, graveyard-like “Wish Town” [...]
Reading about the new Essar Steel judgement in my morning newspaper, I was convinced that all was well. I was wrong.
The new amendments to the IBC are a mixed bag.
About time someone mentions the elephant in the room - the CoC truly sucks.
