Vidarbha Industries – A Catastrophe
It does not get worse than this.
The NOIDA case and the faultlines in the IBC
The Code needs rescue.
MBL Infrastructures and the ‘Rights’ of Bidders
On the status of bidders in the CIRP.
Section 32A and the Liquidation Process – A Case of Thoughtless Drafting
Why Section 32A of the IBC must be amended.
Ebix Singapore and the IBC’s Failings
A new Supreme Court judgment shows that the IBC process is displaying symptoms of atrophy.
The Phoenix Arc Case – When All Else Fails, Try Common Sense
A new judgment shows Tribunals how to navigate complicated facts.
Manish Kumar and Challenging the IBC
On challenging the constitutional validity of the Code.
COVID-19 and the suspension of the IBC
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 [...]
The Supreme Court, Moratoriums and Reddendo Singula Singulis
The Supreme Court goes one Latin maxim too far.
How Maharashtra Seamless won, but still lost
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 [...]
Why Embassy Property Developments is Impracticable and Has a Short Future
A critical analysis of the Supreme Court's recent judgement in the case of Embassy Property Developments.
Jaypee Infratech and the Meaning of the term “Financial Creditor”
The Supreme Court made a mistake.
Jaypee Infratech, the Supreme Court and a Matter of Preference
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 New Essar Steel Judgement – Of Old Wine and New Bottles
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 – Thumbs Up or Down?
The new amendments to the IBC are a mixed bag.
The Essar Steel Story, Or Why the IBC Is Irredeemably Flawed
About time someone mentions the elephant in the room - the CoC truly sucks.
My grouses with the Supreme Court’s Ruchi Soya judgment
The NCLT, Ahmedabad just reserved its judgment in the fresh round of litigation in the seemingly interminable Essar Steel insolvency. Among other issues, it will decide on an application by Essar’s former directors to set [...]
Two Judgments bring the Insolvency and Bankruptcy Board of India into focus
Two recent Supreme Court decisions shine a light on the IBBI and its proper function as a regulator.
The Swiss Ribbons judgment – The Supreme Court upholds the constitutional validity of the IBC
The Supreme Court recently upheld the constitutionality of the IBC. I agree with the Court’s conclusion, but I don’t agree with how it got there.
New Developments on the IBC – Vindication Much?
Two news items that made me smile.
ArcelorMittal Part III – Of Choppers And Changes
The final part of my analysis of the Supreme Court's ArcelorMittal judgment, focusing on the Supreme Court's views of how the 270 day timeline prescribed by the IBC is to be managed.
Section 29A and Ghosts – The Supreme Court Weighs in on Essar Steel (Part II)
Part II of my analysis of the super-important ArcelorMittal judgment. This one deals with the Supreme Court's view of what factors are to be considered to determine the eligibility of a bidder.
The Big Essar Steel Judgment – Part I (Matters of Control)
Last Thursday, the Supreme Court passed what is, viewed from any angle, the most significant judgment in the short history of the Insolvency and Bankruptcy Code. My piece.
Circular Logic: Power Producers Get Shown the IBC Door
Since the time the government opened up the sector for investment, the story of India’s private power producers has resembled that of Mr. Micawber – and they are about to be put into a modern day version of debtors’ prison, after the Allahabad High Court refused to spare them the ignominy of IBC proceedings.
The Ravi Kadam Interview
I interview Ravi Kadam, one of the country's top senior advocates, and one of the most sought-after counsel in IBC matters.
Finally – The Government Moves Towards Enacting The Model Law On Cross-Border Insolvency
After being told to do so for decades, the Government has finally decided that it is time for India to adopt the UNCITRAL Model Law on Cross-Border Insolvency.
On Premature Withdrawals
The Insolvency Code finally allows applications to be withdrawn. My take on what this entails.
Hitting the Highlights of the Spanking New Amendments to the IBC
The Insolvency and Bankruptcy Code just got a facelift. It's partly botched, but we can't expect better than this.
What Do We Do With a Winning Bidder? A Proposed Solution to the Binani Cement Mess
An attempt to resolve the questions posed by Ultratech's tenacious pursuit of Binani Cement in complete defiance of the CoC's decision to declare Dalmia Bharat as the winning bidder.
Two Big Bidders for Essar Steel Find Themselves Locked Out by the IBC
ArcelorMittal and NuMetal, two bidders for Essar Steel, are locked in an intense contest, not to outbid each other, but to be allowed to bid for Essar Steel in the first place.
The Three Goals of the Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Code was drafted with three definite goals in mind. Here they are.
Section 29A – the Insolvency Code’s Penguin-Sized Mistake
The recent amendments suggested to Section 29A hide a simple truth, that 29A has no place in the Insolvency Code, and its continuing presence is like that of Mumbai's imported Humboldt penguins: a headache, expensive and wholly unnecessary..
The Insolvency Law Review Panel Gives Homebuyers a Crumb of Comfort
Homebuyers may soon sit in the Committee of Creditors, deciding on the fate of insolvent companies.
The Indefensible Protection of Guarantors
Two recent judgments shine a spotlight on a tricky issue: does the moratorium period under the IBC protect guarantors?
The Binani Cement Battle – What Good Fun
Corporate warfare galore.
The Economic Analysis Of Regulations – A Good (Bad) First Step
The Insolvency Board makes a good move, but looks clueless while making it.
The Proposed Amendments to Section 29A – Taming the Beast
A step to correct a misstep.
Section 29A – The Great Betrayal
The amendment that killed a law.
The Sad Story of The Dirty Dozen
RBI arbitrarily sends twelve companies into insolvency resolution.
The Insolvency Code’s Disastrous Debut
The Synergies Dooray debacle.