YEARLY REWIND: INSOLVENCY & RESTRUCTURING, KEY JUDGEMENTS & UPDATES FOR 2022

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 2022, the Indian courts have been guided by the principal of ‘resolution of insolvency of debtor’ over ‘recovery by creditors’ and have refused insolvency applications where they found such application were for recovery of money rather for insolvency of the debtor. The year 2022 also witnessed the judiciary put to rest the legal quandary vis-à-vis the position of personal guarantors under the Code.

 In the present report, we have covered twenty-one such key judgments and updates in the Indian insolvency regime in the year 2022