the Insolvency Law Committee in 2020 constituted a sub-committee to study Pre-packaged Insolvency Resolution Process (PPIRP). On the basis of this subcommittee’s recommendations, the Insolvency and Bankruptcy Code was amended on 4/4/2021 through an ordinance to bring effect to this change.

The code has helped the creditors to recover their amount from defunct companies and bring them back to their actual position. IBC was introduced so as to reduce India’s long-standing problem of NPAs.

A change in the composition of the Committee of Creditors (CoC) of the Corporate Debtor will affect its previous decision and the same will be binding on the newly included members of CoC.

The constitution of COC for one project instead of all is against the regular practice of CIRP. In the past two years, the NCLAT has passed similar orders in various cases and called them Reverse CIRP.

The criminal liabilities that may be invoked in a subvention scheme may vary depending upon the facts and circumstances of each case.

Tribunal cannot go into the merits of a decree pronounced by a foreign court or tribunal as it is not an apt forum to decide the propriety of a foreign decree.

In Banking Industry, the Borrower is not in a position to negotiate the Terms of the Loan Agreement, especially in cases of Home Loans, hence there is inequality of Bargaining power among Home Buyers.

The recent judgment of the Apex Court in the case of Safire Technologies (Supra) simply expands this explanation to Section 61 of the IBC and discards the contentions that the time period for the limitation shall start running from the date of knowledge of the order.

Hon’ble NCLT Delhi held that the breach of the Settlement Agreement by the parties does not fall within the ambit of Operational Debt provided under Section 5(21) of the Insolvency Bankruptcy Code, 2016.

Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.

Section 29A of the Insolvency and Bankruptcy Code has emerged as one of the key aspects in determining the Eligibility of the Potential Resolution Applicants in a tedious attempt to save the company in question under the Corporate Insolvency Resolution Process (CIRP).

The COVID-19 crisis has caused distress and failure in the MSME sector. The insolvency law since its enactment in 2016 has been amended several times in order to protect the interest of MSMEs as well as the future and growth of the Country.

There is no such provision to implead creditors other than the ones which triggered the Corporate Insolvency Resolution Process.

Section 10A proceedings are not applicable against the Personal Guarantor under section 95 of the Insolvency and Bankruptcy Code, 2016.

VIPL sought for a stay on the proceedings before the NCLT on the pretext of pendency of proceeding before the Supreme Court and resultantly, VIPL was unable to realize a substantial sum of Rs. 1730 crores which would enable the Appellant to clear the debt towards Axis Bank.