--- title: "Insolvency & Restructuring" date: 2024-02-14 author: "KM Team" url: https://acuitylaw.co.in/practice-areas/insolvency-restructuring/ --- # Insolvency & Restructuring ![Insolvency Law](https://acuitylaw.co.in/wp-content/uploads/2024/02/19559-1.jpg) ### OVERVIEW **Insolvency Practice:** The Insolvency and Bankruptcy Code, 2016 was built around a single organising principle – rescue the business first, recover value second. Where a corporate debtor is in financial distress, the Code creates a time-bound collective process in which creditors, the resolution professional, and resolution applicants work toward a plan that preserves the enterprise as a going concern. Liquidation is the backstop, not the objective. Acuity Law’s Insolvency and Restructuring practice operates with this principle at its centre. Whether acting for a resolution applicant seeking to rescue a distressed asset, a creditor seeking to protect and recover its dues, a resolution professional managing the process, or a liquidator tasked with maximising recovery, the practice brings a consistent focus: navigate the law to ensure the asset is rescued where rescue is possible, and to ensure that the best available value is recovered where it is not. A corporate insolvency resolution process under the IBC is a multi-stakeholder exercise. A single CIRP involves the resolution professional managing the corporate debtor as a going concern, a Committee of Creditors evaluating resolution plans, operational creditors asserting claims, resolution applicants structuring their bids, and regulators exercising oversight. Each participant has distinct legal rights and obligations. Acuity Law acts across all of them. The practice advises financial creditors (including banks, NBFCs, and bondholders), operational creditors, resolution applicants bidding for distressed assets, resolution professionals and liquidators requiring legal support, and corporate debtors where pre-insolvency restructuring is the preferred path. The range of the practice allows the firm to understand the full picture of any insolvency matter, and to give each client advice that is calibrated to their specific position within it. Insolvency matters in India rarely involve only the IBC. A resolution plan for a distressed business may require analysis of the tax treatment of debt write-offs, the FEMA implications of a foreign resolution applicant’s bid, competition clearance for a change of control, and the legal status of regulatory licences that are critical to the business’s value. Acuity Law’s Insolvency and Restructuring practice draws on the firm’s corporate, tax, FEMA, and regulatory advisory capabilities to address these intersections within a single engagement. IFLR1000 has recognised the practice as Other Notable in Restructuring and Insolvency in its India Rankings across four consecutive years, and awarded the firm Deal of the Year in Restructuring and Insolvency for its role in the Essar Steel matter. **Restructuring Practice:** Corporate restructuring under the Companies Act, 2013 sits at the intersection of insolvency law, corporate law, and employment law, and it calls for integrated advice across all three. Chapter XV of the Companies Act provide the legal architecture for court-sanctioned compromises, arrangements, mergers, and amalgamations. A scheme of arrangement under Section 232 requires approval from the National Company Law Tribunal, following a structured process of creditor and shareholder meetings, statutory disclosures, and regulatory clearances. Where the entities involved are regulated businesses, such as NBFCs, banks, or insurance companies, the process also requires the consent of the relevant sector regulator before the NCLT will sanction the scheme. The employment dimension of a restructuring is equally significant. A court-sanctioned scheme will ordinarily provide for the automatic transfer of employees from the transferor to the transferee entity, preserving continuity of service, accrued gratuity, and provident fund entitlements. Where the restructuring involves headcount reduction, the requirements of the Industrial Relations Code, the standing orders of the establishment, and any applicable voluntary retirement scheme must be addressed alongside the corporate process. Failure to do so creates litigation risk that can survive the scheme itself. Acuity Law has deep expertise in restructuring businesses and has advised on restructurings of this kind for regulated entities. The firm advised NABARD on the restructuring of its business involving the merger of NABSAMRUDDHI Finance Limited into NABKISAN Finance Limited.   ### RECOGNITION Acuity Law’s insolvency and restructuring work has been recognised by IFLR1000, the international financial law publication, for both deal quality and consistent practice ranking: **IFLR1000 Deal of the Year: Restructuring and Insolvency (2020)****Essar Steel: Corporate Insolvency Resolution** Acuity Law was recognised by IFLR1000 for its role in the Essar Steel insolvency, one of the most complex and closely watched restructurings under the IBC. The Essar Steel CIRP involved multiple rounds of contested proceedings before the NCLT, the NCLAT, and the Supreme Court of India, competing resolution applicants, and landmark rulings on the priority of financial and operational creditors in the distribution of resolution proceeds. IFLR1000 awarded it Deal of the Year in Restructuring and Insolvency. **IFLR1000 India Rankings: Other Notable in Restructuring and Insolvency (2020, 2021, 2022, 2023)  ****Consistent Recognition Across Four Ranking Cycles**IFLR1000 has recognised Acuity Law as Other Notable in Restructuring and Insolvency in its India Rankings across four consecutive years, reflecting the practice’s depth and the consistency of its work in this area.   ### ROLE Our Insolvency and Restructuring practice advises stakeholders across all phases and all positions in the insolvency process: #### Acting for Resolution Applicants A resolution applicant is the rescuer in the IBC framework. We advise resolution applicants from the earliest stage of evaluating a distressed asset through to plan approval and implementation: - Advising on eligibility to submit a resolution plan under Section 29A of the IBC, including analysis of related party restrictions, connected person disqualifications, and NPA-related eligibility issues. - Structuring the resolution plan, including treatment of financial and operational creditor claims, management of contingent liabilities, and the commercial terms of acquisition of the corporate debtor. - Legal, regulatory, and litigation due diligence on the corporate debtor, including analysis of pending proceedings, avoidance transaction exposure, and the status of key regulatory licences and contracts. - Drafting and negotiating the resolution plan documentation, including conditions precedent, implementation timelines, and post-approval obligations. - Advising on regulatory approvals required to implement the plan, including competition clearance under the Competition Act, FEMA approvals for foreign resolution applicants, and sector-specific licences and no-objections. - Tax structuring of the resolution plan, including the treatment of carried-forward losses, debt write-off implications under the Income Tax Act, and GST on asset transfers and business acquisitions. - Representing resolution applicants in NCLT proceedings where the plan is subject to objection or challenge by dissenting creditors or the corporate debtor’s management. #### Acting for Financial Creditors and the Committee of Creditors Financial creditors sit at the centre of the IBC’s decision-making architecture. We advise them at every stage of a CIRP, from initiation through to distribution: - Drafting and filing applications under Section 7 of the IBC for initiation of CIRP on behalf of financial creditors, including banks, NBFCs, debenture trustees, and foreign lenders. - Advising on claim submission and verification, and on the rights of financial creditors as members of the Committee of Creditors. - Advising the Committee of Creditors on its duties, the exercise of commercial wisdom in evaluating resolution plans, and the standard of review applicable to its decisions. - Legal analysis of resolution plans submitted to the CoC, including compliance with the IBC, CIRP Regulations, and applicable Supreme Court decisions on creditor priority and plan feasibility. - Advising on the distribution waterfall for resolution proceeds among secured and unsecured financial creditors, operational creditors, and other claimants, in light of the jurisprudence following Essar Steel. - Representing financial creditors before the NCLT, NCLAT, and the Supreme Court in proceedings arising from CIRP, including challenges to admission, plan objections, and appeals. #### Acting for Operational Creditors Operational creditors (trade creditors, service providers, employees, and statutory bodies) occupy a distinct position in the IBC framework. We advise them on strategy, claim protection, and recovery: - Drafting and serving demand notices under Section 8 of the IBC and filing applications under Section 9 for initiation of CIRP. - Advising on the choice between IBC proceedings and recovery before the Debt Recovery Tribunal, civil courts, or arbitration, based on the nature of the debt and the strategic position of the creditor. - Advising operational creditors on claim submission in an ongoing CIRP, the verification process, and their rights in relation to the distribution of resolution proceeds. - Representing operational creditors in settlement negotiations with corporate debtors, including pre-CIRP settlements and applications for withdrawal under Section 12A of the IBC once a CIRP has been admitted. - Advising on the treatment of disputed operational debts and the strategy for establishing the existence of debt where the corporate debtor has raised a pre-existing dispute. #### Supporting the Resolution Professional and Liquidator The resolution professional and the liquidator are the legal custodians of the insolvency process. We provide targeted legal support to insolvency professionals across the full arc of their responsibilities: - Advising resolution professionals on their duties under the IBC and CIRP Regulations, including management of the corporate debtor as a going concern, contracts and employee obligations, and the handling of operational matters during CIRP. - Advising on the identification, investigation, and prosecution of avoidance transactions, including preferential transactions, undervalued transactions, transactions defrauding creditors, and extortionate credit transactions under Sections 43 to 51 of the IBC. - Advising liquidators on the conduct of the liquidation process, including asset realisation, the distribution waterfall under Section 53 of the IBC, and the rights of secured creditors who elect to realise their security outside the liquidation process. - Advising on the compromise and arrangement route under Section 230 of the Companies Act, 2013 as an alternative to liquidation where a viable deal can be structured with creditors. - Advising on the Pre-Packaged Insolvency Resolution Process (PPIRP) for MSMEs, including eligibility, base resolution plan structuring, and the interaction with creditors’ rights. - Legal support for the resolution professional in managing regulatory interactions, including with sector regulators, tax authorities, and statutory bodies, during the CIRP. #### Pre-Insolvency Restructuring and Distressed Asset Advisory For many clients, the right outcome is achieved before a formal insolvency process is commenced. We advise on the full range of restructuring options available to distressed businesses and their creditors: - Advising corporate debtors and their promoters on restructuring options before formal insolvency, including out-of-court lender workouts, one-time settlements, and the RBI’s restructuring frameworks for stressed assets. - Advising promoters and management on their legal obligations in a distress situation, including the risk of personal liability for fraudulent trading, undervalued transactions, and wrongful conduct under the IBC. - Advising lenders and investors on distressed debt acquisition strategy, including the structuring of debt purchases, the rights acquired by a distressed debt buyer in any subsequent CIRP, and post-acquisition recovery options. - Security enforcement advisory for secured creditors, including enforcement under the SARFAESI Act, 2002, the appointment of receivers, and the interaction between SARFAESI proceedings and an ongoing CIRP. - Corporate restructuring under the Companies Act, 2013, including schemes of arrangement and amalgamation as an alternative or complement to insolvency proceedings. #### NCLT, NCLAT, and Appellate Proceedings Insolvency proceedings in India are litigated intensively, and the jurisprudence under the IBC continues to evolve rapidly. We represent all classes of stakeholders in contested proceedings across all levels: - Representing financial creditors, operational creditors, resolution applicants, and corporate debtors before NCLT Benches across India in all IBC-related proceedings. - Challenging and defending resolution plans, liquidation orders, claim determinations, and Section 29A eligibility decisions before the NCLAT and the Supreme Court of India. - Representing parties in avoidance transaction applications and in proceedings arising from the conduct of promoters and directors during the period preceding insolvency. - Applications for interim relief, stay of CIRP, and enforcement of moratorium provisions under Section 14 of the IBC. - Writ petitions before High Courts and the Supreme Court where constitutional, jurisdictional, or regulatory questions arise in the context of an insolvency matter. ### Key Professionals ![](https://acuitylaw.co.in/wp-content/uploads/2025/01/SG-1-scaled-e1775734628647.png) ### Souvik Ganguly Managing Partner [View Profile](https://acuitylaw.co.in/people/souvik-ganguly/) ![](https://acuitylaw.co.in/wp-content/uploads/2026/04/Joran.png) ### Joran Diwan Partner [View Profile](https://acuitylaw.co.in/people/joran-diwan/) ##### Corporate Insolvency The Insolvency and Bankruptcy Code, 2016 (Code) was enacted to revamp the insolvency and bankruptcy laws and resolve problems being faced by creditors due to non-repayment of outstanding dues by corporate borrowers. This primer deals with the fundamental principles of corporate insolvency, its related procedure and relevant law in India. [View Document](https://acuitylaw.co.in/wp-content/uploads/2024/02/FAQ-17-Corporate-Insolvency-Regulations.pdf) ##### The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) were formulated to carry out the provisions of the Insolvency and Bankruptcy Code, 2016 (Code). These regulations are applicable to the corporate insolvency resolution process (CIRP). Here we present an overview of the CIRP Regulations and related procedures. [View Document](https://acuitylaw.co.in/wp-content/uploads/2024/02/FAQ-2-CIRP.pdf) ### Related Posts [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/CIRP.jpg)](https://acuitylaw.co.in/amendments-to-corporate-insolvency-resolution-process/) October 3, 2023 ### [Amendments to Corporate Insolvency Resolution Process](https://acuitylaw.co.in/amendments-to-corporate-insolvency-resolution-process/) On 18 September 2023, the Insolvency and Bankruptcy Board of India (IBBI) introduced the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 (CIRP Amendment Regulations). Here is a summary of the key changes made through these regulations: 1. In applications seeking initiation of corporate Insolvency resolution process of… [Read more](https://acuitylaw.co.in/amendments-to-corporate-insolvency-resolution-process/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/123.png)](https://acuitylaw.co.in/leased-petroleum-assets-to-be-exempt-from-moratorium-under-the-insolvency-and-bankruptcy-code-2016/) November 29, 2023 ### [Leased petroleum assets to be exempt from moratorium under the Insolvency and Bankruptcy Code, 2016](https://acuitylaw.co.in/leased-petroleum-assets-to-be-exempt-from-moratorium-under-the-insolvency-and-bankruptcy-code-2016/) By a notification dated 14 June 2023 (read here), the Ministry of Corporate Affairs has exempted petroleum assets leased by a company undergoing insolvency proceedings from the moratorium provisions of the Insolvency and Bankruptcy Code, 2016. The exemption ensures that oil wells do not become inactive if a company faces insolvency, allowing the Ministry of Petroleum… [Read more](https://acuitylaw.co.in/leased-petroleum-assets-to-be-exempt-from-moratorium-under-the-insolvency-and-bankruptcy-code-2016/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thumbnail-26.png)](https://acuitylaw.co.in/no-look-back-period-for-fraudulent-transactions-under-insolvency-laws/) February 17, 2023 ### [No look back period for fraudulent transactions under insolvency laws](https://acuitylaw.co.in/no-look-back-period-for-fraudulent-transactions-under-insolvency-laws/) Introduction The objective of the Insolvency and Bankruptcy Code, 2016 (Code) is to maximize the value of the assets of the corporate debtors and to ensure their revival. One vital aspect for reviving a debt-ridden company is reversal of avoidance transactions i.e., preferential, undervalued, defrauding creditors and extortionate transactions. The Code empowers the resolution professional… [Read more](https://acuitylaw.co.in/no-look-back-period-for-fraudulent-transactions-under-insolvency-laws/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thumbnail-16.png)](https://acuitylaw.co.in/avoidance-application-survives-insolvency-process/) January 27, 2023 ### [Avoidance application survives insolvency process](https://acuitylaw.co.in/avoidance-application-survives-insolvency-process/) Introduction The Insolvency and Bankruptcy Code, 2016 (Code) contains four types of avoidable transactions that are to be avoided, otherwise it would affect the financial position of the corporate debtor - preferential, undervalued, defrauding creditors and extortionate transactions. The Code mandates that the Resolution Professional / the Liquidator (Insolvency Professional) should determine if the corporate debtor… [Read more](https://acuitylaw.co.in/avoidance-application-survives-insolvency-process/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thhumbnial-7.png)](https://acuitylaw.co.in/licensing-of-premises-is-a-service-under-insolvency-law/) July 29, 2022 ### [Licensing of premises is a ‘Service’ under insolvency law](https://acuitylaw.co.in/licensing-of-premises-is-a-service-under-insolvency-law/) Under the Insolvency and Bankruptcy Code, 2016 (Code), a trade creditor may initiate corporate insolvency resolution process if there is an unpaid operational debt above INR 10 million. An ‘operational debt’ under the Code means a claim in relation to goods and services. The insolvency courts have provided divergent views on the issue of whether… [Read more](https://acuitylaw.co.in/licensing-of-premises-is-a-service-under-insolvency-law/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/03/judges-gavel-book-wooden-table-law-justice-concept-background_1150-9097.jpg)](https://acuitylaw.co.in/revision-of-cirp-regulations-to-streamline-corporate-insolvency-resolution-process/) March 1, 2024 ### [Revision of CIRP Regulations to Streamline Corporate Insolvency Resolution Process](https://acuitylaw.co.in/revision-of-cirp-regulations-to-streamline-corporate-insolvency-resolution-process/) On 15 February 2024, the Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2024 (read here) to streamline the corporate insolvency resolution process (CIRP). A summary of the key amendments are as follows:  These amendments, effective from 15 February 2024,… [Read more](https://acuitylaw.co.in/revision-of-cirp-regulations-to-streamline-corporate-insolvency-resolution-process/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/04/closeup-hand-signing-paper-workspace_53876-31566-e1759819552322.jpg)](https://acuitylaw.co.in/compulsorily-convertible-debentures-whether-debt-or-equity/) April 9, 2024 ### [Compulsorily Convertible Debentures: Whether debt or equity?](https://acuitylaw.co.in/compulsorily-convertible-debentures-whether-debt-or-equity/) Compulsorily Convertible Debentures (CCDs), a hybrid instrument, has gained prominence in the last two decades. However, its classification as equity or debt has been the subject of discussions, mainly due to conflicting perspectives under different laws. This initial divergence surfaced from the framework of guidelines under the Foreign Exchange Management Act, 1999 (FEMA), which deemed… [Read more](https://acuitylaw.co.in/compulsorily-convertible-debentures-whether-debt-or-equity/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/04/law-firm-concept-illustration_114360-8626-e1759914473876.jpg)](https://acuitylaw.co.in/streamlining-liquidation-key-changes-to-the-liquidation-regulations/) February 29, 2024 ### [Streamlining liquidation: Key changes to the liquidation regulations](https://acuitylaw.co.in/streamlining-liquidation-key-changes-to-the-liquidation-regulations/) On 12 February 2024, the Insolvency and Bankruptcy Board of India (IBBI) introduced the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024 (read here), aimed at enhancing the effectiveness and accountability of the liquidation process. A summary of the key amendments are as follows: These amendments, effective from 12 February 2024, are… [Read more](https://acuitylaw.co.in/streamlining-liquidation-key-changes-to-the-liquidation-regulations/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Untitleddesign36.png)](https://acuitylaw.co.in/dilution-of-rights-of-service-providers-under-the-insolvency-law/) March 25, 2020 ### [Dilution of Rights of Service Providers Under the Insolvency Law](https://acuitylaw.co.in/dilution-of-rights-of-service-providers-under-the-insolvency-law/) In a recent judgment, i.e., on 17 January 2020, the Indian appellate insolvency tribunal, namely, the National Company Law Appellate Tribunal (NCLAT) held in M. Ravindranath Reddy v. G. Kishan, that the lease of immovable property cannot be considered as supply of goods or rendering any services and therefore the due amount cannot fall within… [Read more](https://acuitylaw.co.in/dilution-of-rights-of-service-providers-under-the-insolvency-law/) [![Functionality test to be applied for availing input tax credit](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thhumbnial-37.png)](https://acuitylaw.co.in/supreme-court-rejigs-priority-of-tax-dues-under-ibc/) October 11, 2022 ### [Supreme Court rejigs priority of tax dues under IBC](https://acuitylaw.co.in/supreme-court-rejigs-priority-of-tax-dues-under-ibc/) The Insolvency & Bankruptcy Code, 2016 (Code) provides a structure for realisation of debts owed to the creditors in the event of liquidation. In this structure, secured creditors are given preference to recover their dues over statutory dues / crown debts owed to the State. However, recently in State Tax Officer v. Rainbow Papers Ltd.… [Read more](https://acuitylaw.co.in/supreme-court-rejigs-priority-of-tax-dues-under-ibc/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thhumbnial-36.png)](https://acuitylaw.co.in/ibbi-prescribes-fee-structure-for-insolvency-professionals/) October 10, 2022 ### [IBBI prescribes fee structure for insolvency professionals](https://acuitylaw.co.in/ibbi-prescribes-fee-structure-for-insolvency-professionals/) Under the Insolvency and Bankruptcy Code, 2016 (Code), the resolution professional or the interim resolution professional (collectively referred as RP) is vested with the responsibility of running the business of the corporate debtor as a going concern and conducting the corporate insolvency resolution process (CIRP). The RP must also ensure that CIRP is conducted in… [Read more](https://acuitylaw.co.in/ibbi-prescribes-fee-structure-for-insolvency-professionals/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thhumbnial-27.png)](https://acuitylaw.co.in/commercial-wisdom-of-the-liquidator-upheld-by-the-supreme-court/) September 14, 2022 ### [Commercial wisdom of the liquidator upheld by the Supreme Court](https://acuitylaw.co.in/commercial-wisdom-of-the-liquidator-upheld-by-the-supreme-court/) Under the Insolvency and Bankruptcy Code, 2016 (Code), if a corporate debtor is unable to pay its debts, then insolvency resolution proceedings (CIRP) may be initiated against the corporate debtor and attempts are made to revive the corporate debtor by inviting resolution plans. If the revival process fails, the corporate debtor must be liquidated. The… [Read more](https://acuitylaw.co.in/commercial-wisdom-of-the-liquidator-upheld-by-the-supreme-court/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thhumbnial-23.png)](https://acuitylaw.co.in/affixing-liability-lifting-the-corporate-veil-under-insolvency-law-in-india/) August 29, 2022 ### [Affixing Liability: Lifting the Corporate Veil Under Insolvency Law in India](https://acuitylaw.co.in/affixing-liability-lifting-the-corporate-veil-under-insolvency-law-in-india/) Under corporate law, it is a well settled principle that a company has a juristic existence which is independent of its shareholders. An exception to this principle is the doctrine of lifting of corporate veil i.e., looking past the separate identity of the company and affixing liability on the actual perpetrators i.e., the management of… [Read more](https://acuitylaw.co.in/affixing-liability-lifting-the-corporate-veil-under-insolvency-law-in-india/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thhumbnial-19.png)](https://acuitylaw.co.in/withdrawal-settlement-under-liquidation/) August 18, 2022 ### [Withdrawal & settlement under liquidation](https://acuitylaw.co.in/withdrawal-settlement-under-liquidation/) While the corporate insolvency resolution process (CIRP) is underway, sometimes it is common for the creditor and the entity under CIRP (Corporate Debtor) to enter discussions where the parties may come to a mutual understanding to settle the debt. In such cases, a creditor may withdraw the application made against the Corporate Debtor for admission… [Read more](https://acuitylaw.co.in/withdrawal-settlement-under-liquidation/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Untitled-design-35.png)](https://acuitylaw.co.in/nclt-clarifies-interim-moratorium-not-applicable-to-future-liabilities/) January 2, 2023 ### [NCLT clarifies: Interim moratorium not applicable to future liabilities](https://acuitylaw.co.in/nclt-clarifies-interim-moratorium-not-applicable-to-future-liabilities/) Introduction In India, prior to the Insolvency and Bankruptcy Code, 2016 (Code), insolvency proceedings against individuals used to be governed by the Presidency Towns Insolvency Act, 1909 and the Provincial Insolvency Act, 1920. While, the Presidency Towns Insolvency Act, 1909 was applicable to the erstwhile presidency towns such as Calcutta, Bombay and Madras, the Provincial… [Read more](https://acuitylaw.co.in/nclt-clarifies-interim-moratorium-not-applicable-to-future-liabilities/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-thumbnail-6.png)](https://acuitylaw.co.in/no-insolvency-when-arbitration-award-is-in-execution/) December 20, 2022 ### [No insolvency when arbitration award is in execution](https://acuitylaw.co.in/no-insolvency-when-arbitration-award-is-in-execution/) The Insolvency and Bankruptcy Code, 2016 (Code) was introduced as a one stop solution for resolving insolvencies, which previously was a long-drawn process that did not offer an economically viable arrangement. In Swiss Ribbons Pvt. Ltd. v. Union of India, the Supreme Court of India, while upholding the constitutional legitimacy of the Code, emphasized that… [Read more](https://acuitylaw.co.in/no-insolvency-when-arbitration-award-is-in-execution/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/2-1.png)](https://acuitylaw.co.in/note-on-amendments-to-cirp-and-liquidation-process/) October 26, 2021 ### [Note on Amendments to CIRP and Liquidation process](https://acuitylaw.co.in/note-on-amendments-to-cirp-and-liquidation-process/) The Insolvency and Bankruptcy Board of India (IBBI) published discussion papers soliciting comments on issues relating to the corporate insolvency resolution process (CIRP Discussion Paper) and liquidation process (Liquidation Discussion Paper) on 27 August 2021. The IBBI on 30 September 2021 introduced amendments to the IBBI (Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations)… [Read more](https://acuitylaw.co.in/note-on-amendments-to-cirp-and-liquidation-process/) [![“Royalty” paid on mines and mineral lands is not a “Tax” affirms Supreme Court](https://acuitylaw.co.in/wp-content/uploads/2024/02/Enforcement-.png)](https://acuitylaw.co.in/enforcement-of-arbitral-awards-and-decrees-passed-in-the-united-states-of-america-under-indian-law/) October 27, 2021 ### [Enforcement of Arbitral Awards and Decrees passed in the United States of America under Indian law](https://acuitylaw.co.in/enforcement-of-arbitral-awards-and-decrees-passed-in-the-united-states-of-america-under-indian-law/) This article deals with our thoughts on some of the significant issues that may be faced if an arbitration award or decree passed by an arbitral tribunal or court within the territory of the United States of America (“U.S.”) is required to be enforced in India. Enforcing a U.S. arbitral award or decree can turn… [Read more](https://acuitylaw.co.in/enforcement-of-arbitral-awards-and-decrees-passed-in-the-united-states-of-america-under-indian-law/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Acuity-law-1.png)](https://acuitylaw.co.in/the-ambiguity-on-jurisdiction-of-nclt-and-drt-under-ibc/) November 23, 2021 ### [The Ambiguity on Jurisdiction of NCLT and DRT Under IBC](https://acuitylaw.co.in/the-ambiguity-on-jurisdiction-of-nclt-and-drt-under-ibc/) The problem of Non-performing Assets (NPAs) in the Indian banking system is one of its foremost predicaments. In order to allow lending institutions to recover such NPAs in an expeditious manner, the Indian Government established Debt Recovery Tribunals (DRT) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act), and… [Read more](https://acuitylaw.co.in/the-ambiguity-on-jurisdiction-of-nclt-and-drt-under-ibc/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/2.png)](https://acuitylaw.co.in/proposed-amendments-to-ibc/) January 17, 2022 ### [Proposed amendments to IBC](https://acuitylaw.co.in/proposed-amendments-to-ibc/) Ministry of Corporate Affairs proposes changes to the Insolvency and Bankruptcy Code for time bound resolution of stressed assets. Ministry of Corporate Affairs (“MCA”) has, vide a notification dated 23 December 2021, proposed amendments to the Insolvency and Bankruptcy Code, 2016 (“Code”) to facilitate a swift admission process, streamline provisions concerning avoidable transactions and wrongful… [Read more](https://acuitylaw.co.in/proposed-amendments-to-ibc/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/image0_0-5.jpg)](https://acuitylaw.co.in/transactions-under-the-cape-town-convention-exempted-from-the-moratorium-provisions-of-the-insolvency-and-bankruptcy-code/) November 29, 2023 ### [Transactions under the Cape Town Convention exempted from the moratorium provisions of the Insolvency and Bankruptcy Code](https://acuitylaw.co.in/transactions-under-the-cape-town-convention-exempted-from-the-moratorium-provisions-of-the-insolvency-and-bankruptcy-code/) The Ministry of Corporate Affairs by notification dated 03 October 2023 (read here) exempted transactions, arrangements or agreements relating to aircraft, aircraft engines, airframes and helicopters under the Cape Town Convention and Protocol from the moratorium provisions of the Insolvency and Bankruptcy Code, 2016. This notification will allow the aircraft lessors to reclaim the possession… [Read more](https://acuitylaw.co.in/transactions-under-the-cape-town-convention-exempted-from-the-moratorium-provisions-of-the-insolvency-and-bankruptcy-code/) [![](https://acuitylaw.co.in/wp-content/uploads/2024/02/Insolvency-and-bankruptcy-code-2016.jpg)](https://acuitylaw.co.in/evolving-jurisprudence-of-homebuyers-under-the-insolvency-and-bankruptcy-code-2016/) July 25, 2023 ### [Evolving jurisprudence of homebuyers under the Insolvency and Bankruptcy Code, 2016](https://acuitylaw.co.in/evolving-jurisprudence-of-homebuyers-under-the-insolvency-and-bankruptcy-code-2016/) Introduction A booming population, growing income and rapid urbanization has made India one of the fastest-growing major economies of this century. As per the World Bank[i], India’s GDP grew from USD 37 billion in 1960 to USD 3.18 trillion in 2021, registering an annual average growth over 5 per cent[ii]. India’s real estate sector has… [Read more](https://acuitylaw.co.in/evolving-jurisprudence-of-homebuyers-under-the-insolvency-and-bankruptcy-code-2016/) --- ## Acuity Law - Website: https://acuitylaw.co.in - Contact: richagotech@gmail.com