Bombay High Court upholds NCLT’s decision to release ED attached properties after nod to IBC Resolution Plan

The High Court of Bombay (“Court”) in a recent judgment[1] has upheld the NCLT’s powers to direct the Directorate of Enforcement (“ED”) to release attached properties of a corporate debtor, once a resolution plan in respect of the corporate debtor had been approved. The Court’s decision was based on an interpretation of Section 32A of the Insolvency and Bankruptcy Code, 2016 (“IBC”).Continue Reading Bombay High Court upholds NCLT’s decision to release ED attached properties after nod to IBC Resolution Plan

Group Insolvency: Introduction

Group means two or more enterprises, which directly or indirectly are in a position to exercise 26% or more voting rights in other enterprise or appoint more than 50% members of the Board of Directors in the other enterprise or control the management or affairs of the other enterprise.[1]Continue Reading High Time for Group Insolvency Framework?!

The Bombay High Court was recently called upon to decide an application filed by Anupam Mittal (“Applicant”), the founder of shaadi.com, seeking to restrain Westbridge Ventures II Investment Holdings and other directors of People Interactive (India) Private Limited (“Respondents”) from enforcing an anti-suit injunction granted by the High Court of Singapore. The anti-suit injunction restrained the Applicant from proceeding with his oppression and mismanagement petition before the National Company Law Tribunal (“NCLT”) on the ground that parties had agreed to resolve their disputes via arbitration seated in Singapore and disputes pertaining to oppression and mismanagement were arbitrable under Singapore law.Continue Reading Party Autonomy Restrained? Dissecting Bombay High Court’s Anti-Enforcement Injunction Order in Anupam Mittal v. People Interactive (India) Pvt. Ltd.