IBC

IBC vs. PMLA: Supreme Court Reinforces Jurisdictional Boundaries in Kalyani Transco Case

The Insolvency and Bankruptcy Code, 2016 (“IBC”), was enacted to inter alia provide a consolidated framework to resolve insolvency in a time-bound manner and to maximise the value of assets. This objective is further aided by a moratorium under Section 14 that halts legal proceedings against the corporate debtor, and the immunity provision under Section 32A, which offers a fresh slate to resolution applicants upon plan approval.Continue Reading IBC vs. PMLA: Supreme Court Reinforces Jurisdictional Boundaries in Kalyani Transco Case

Supreme Court Reiterates Finality of Approved Resolution Plans: No Scope for Reviving Arbitration Claims Post-CIRP

Introduction

In an authoritative pronouncement concerning the interplay between arbitration proceedings and the Insolvency and Bankruptcy Code, 2016 (“IBC”), the Hon’ble Supreme Court in Electrosteel Steel Limited v. Ispat Carrier Private Limited (Civil Appeal No. 2896 of 2024, decided on April 21, 2025)[1] (“Electrosteel”) has reinforced the legal position that once a resolution plan is approved by the adjudicating authority under Section 31 of the IBC, all claims not forming part of the plan stand extinguished. This includes claims that are subject to pending legal proceedings.Continue Reading Supreme Court Reiterates Finality of Approved Resolution Plans: No Scope for Reviving Arbitration Claims Post-CIRP

Recognition of Indian CIRP in Singapore: A Step Forward for Cross-Border Insolvency

INTRODUCTION

    In Re Compuage Infocom Ltd[1] (“Judgment”), the Singapore High Court (“Court”) has recognized the Corporate Insolvency Resolution Process (“CIRP”) of an Indian company under the Insolvency and Bankruptcy Code, 2016 (“IBC”) and granted assistance to the Resolution Professional (“RP”) appointed by the National Company Law Tribunal (“NCLT”). Applying the UNCITRAL Model Law on Cross-Border Insolvency (1997)[2] (‘Model Law’), as adopted by Singapore by way of Section 252 and the Third Schedule of the Insolvency, Restructuring and Dissolution Act, 2018 (“IRDA”), the Judgment deals with several key issues, including whether the NCLT is a ‘foreign court’, whether RPs are ‘foreign representatives’, and whether repatriation of assets located in a foreign jurisdiction can be permitted for the benefit of creditors in other jurisdictions. This is the first such ruling in Singapore and is a welcome development. This piece discusses the key findings in the Judgment and their implications for all stakeholders involved in the CIRP of Indian companies.Continue Reading Recognition of Indian CIRP in Singapore: A Step Forward for Cross-Border Insolvency