The NOIDA case and the faultlines in the IBC
The Code needs rescue.
The Phoenix Arc Case – When All Else Fails, Try Common Sense
A new judgment shows Tribunals how to navigate complicated facts.
Wages of Impunity by K.G. Kannabiran
A human rights classic.
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 needs of its homebuyers, mostly the hapless purchasers of JIL’s aptly-named, graveyard-like “Wish Town” [...]
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.
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 aside the approval of Essar’s Committee of Creditors (CoC) to ArcelorMittal’s resolution plan. The directors [...]
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.