– Barsha Dikshit, Partner | resolution@vinodkothari.com The Insolvency and Bankruptcy Code, 2016 (‘IBC’) broadly classifies debts into two categories-Financial Debt and Operational Debt. The classification of a debt as either financial or operational plays a pivotal role, particularly in determining the eligibility of the creditor for inclusion in the committee of creditors upon the initiation […]
– Barsha Dikshit & Archana Kejriwal (resolution@vinodkothari.com) The Insolvency and Bankruptcy Code, 2016 (‘Code’) provides a unified and collective resolution mechanism aimed at resolving the claims of multiple creditors against a corporate debtor. In this process, creditors who may have varying claims based on the nature of their financial or operational relationship with the debtor, […]
CIRP Withdrawal in GLAS Trust Company LLC v BYJU Raveendran & Ors – Barsha Dikshit, Partner | resolution@vinodkothari.com It is a well-established principle that the exercise of inherent powers is permissible only in the absence of an express provision within the statutory framework. Also, that the Insolvency and Bankruptcy Code, 2016 (IBC) is not to […]
– Barsha Dikshit | resolution@vinodkothari.com Introduction Section 53 of Insolvency and Bankruptcy Code, 2016 (‘IBC’) has created a waterfall citing priority of dues. Whether it is distribution in liquidation process or resolution plan – both processes would need to honour the priorities under Section 53 of IBC. However, in September, 2022, in State Tax Officer […]
– Barsha Dikshit, Partner | resolution@vinodkothari.com The objective of promoting ‘ease of doing business in India’ had made the Ministries introduce some really momentous concepts and corresponding changes in law. One of such moves taken by the Ministry of Corporate affairs (‘MCA’), was introduction of section 233 of the Companies Act, 2013 (‘Act’) dealing with […]