ABC OF IBC
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Subhash Chandra’s Insolvency: Four Fissures in the IBC that NCLT Encountered
The National Company Law Tribunal, New Delhi (‘NCLT’) recently delivered judgment(s) in Indiabulls Housing Finance Limited v Dr. Subhash Chandra (‘Subhash Chandra case’) with an anti-climactic conclusion that ‘no order can be passed’ in the case. After a…
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Validity of IBBI’s Regulatory Fee Upheld
The Bombay High Court in Hazel Mercantile Limited & others v Insolvency and Bankruptcy Board of India & Ors (‘Hazel Mercantile case’) upheld the validity of Regulation 31A, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for…
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PMLA v IBC: The NCLAT Invokes Ganges and National Interest
The National Company Law Appellate Tribunal, New Delhi (‘NCLAT’) in Value Wise Consultancy Private Limited v The Deputy Director, Directorate of Enforcement had to decide that when two legislations were in action- the Insolvency and Bankruptcy Code, 2016…
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Quick Comment: Section 29A(c) Disqualification and a Redundant NPA Account
Introduction Section 29A(c) of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) makes a person ineligible to submit a resolution plan, if such person, or any other person acting jointly or in concert with such person,- at…
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Piercing Corporate Veil under the IBC: The Alpha Corp Case Reveals Little
I. Introduction The Supreme Court in Alpha Corp Development Private Limited v Greater Noida Industrial Development Authority (GNIDA) (‘Alpha Corp case’) permitted piercing of the corporate veil. And allowed assets of subsidiary companies to be included in corporate…
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Bhushan Steel-II Case | Understanding the Supreme Court’s Change of Heart
Preliminary (Quiz) Notes: This is a two-part series on the Bhushan Steel saga. In Part-I, I discuss the Supreme Court’s - now recalled – first judgment where it decided to liquidate Bhushan Power and Steel. In…
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Bhushan Steel – I Case | Understanding the Supreme Court’s Liquidation Order
Preliminary (Quiz) Notes: This is a two-part series on the Bhushan Steel saga. In Part-I, I discuss the Supreme Court’s - now recalled – first judgment where it decided to liquidate Bhushan Steel. In Part-II, I…
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IBC (Amendment), 2026 Series – VI | An Overview of the CoC’s Evolving (and Expanding) Role
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (‘IBC Act, 2026’) - inter alia – expands role of the Committee of Creditors (‘CoC’) in the Insolvency and Bankruptcy Code, 2016 (‘IBC’). The most notable expansion is that…
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IBC (Amendment), 2026 Series – V | Ghost of the Rainbow Paper Case: The Parliament Buries an Unnatural Interpretation
Introduction The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (‘IBC Act, 2026’) - inter alia - amends Section 53 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’). The amendment is, largely, in response to the Supreme Court’s…
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IBC (Amendment), 2026 Series – IV | The Clean Slate Doctrine: Another Attempt at Laying Down the Law
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (‘IBC Act, 2026’) - inter alia - amends the Insolvency and Bankruptcy Code, 2016 (‘IBC’) to underline scope of the clean slate doctrine. IBC Act, 2026 is the second…
