24 Jan 2018

Insolvency Resolution Process: Enhanced Checks and Balances

The Insolvency Resolution process regulation were recently amended[1] to ensure that resolution plan proposed for Corporate persons under Insolvency & Bankruptcy Code, 2016 (“Insolvency Code”) shall contain certain details of resolution applicant and other connected person to assess the credibility of such persons. Further, the amended regulation also provided for submission of all resolution plans to the Creditors committee along with the details of preferential transaction, undervalued transactions, extortionate credit transactions and fraudulent transactions to enable the Creditors’ committee to make an informed decision.>>

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18 Jan 2017

The Insolvency and Bankruptcy Code notified on 28th May, 2016 (“Code”), lays down the structure for a unified insolvency and bankruptcy resolution mechanism in India. This is an important legislation for corporate India because the term "insolvency" has not previously been defined under India’s corporate law framework, although Section 433 of the erstwhile Companies Act 1956 provided for grounds of winding up a company that is "unable to pay its debts". [Black’s Law Dictionary defines the term “insolvency” as “the condition of being unable to pay debts as they fall due or in the usual course of business”][1].>>

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02 Sep 2016

The Cabinet’s nod to the Surrogacy (Regulation) Bill, 2016 on 24th August 2016[1] is undoubtedly a remarkable initiative to bring more clarity to the grey area of surrogacy regulation in India. However, it has raised many issues and concerns. India, where commercial surrogacy has been legal for more than a decade, has become an attractive worldwide hub for commercial surrogacy, and has led to various issues and unethical practices such as coerced and forced surrogacy, exploitation of surrogate mothers, abandonment of surrogate babies, importing human embryos and gametes etc. This situation created a pressing need for better regulation of surrogacy in India.>>

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