VListen

In this episode, we discuss the NCLAT order in Jet Airways wherein the treatment of PF dues in a resolution plan is examined. --- Support this podcast: https://podcasters.spotify.com/pod/show/virtualaw/support

In this episode, Sravya provides case brief of a NCLT order disallowing conversion of slump sale into sale as a going concern. --- Support this podcast: https://anchor.fm/virtualaw/support

IBC is dynamic legislation with amendments made to the Act and the Regulations thereof at regular intervals. The IBBI had, on September 16, 2022, made vital amendments to the CIRP Regulations. In this video, Mr. Bendi Raviteja, Partner at VIRA Legal LLP discusses the said amendments. --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode, Aditya explains the unending saga of Amazon & Reliance over acquiring future group and the recent ruling of NCLT admitting Future Retail in to CIRP. --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode Aditya analyses the complexities in claims of Compulsorily Debenture Holders. --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode, Prakul presents the case brief of the recent Supreme Court ruling in the matter of Siva Industries and Holdings Limited upholding the commercial wisdom of CoC in considering withdrawal of CIRP under Section 12 of Insolvency and Bankruptcy Code, 2016. --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode, we talk about the requirement of obtaining approval from CCI for combinations proposed under resolution plans and more importantly as to the timing of obtaining such approval. --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode of VListen, Mr Shivam Singhal explains the status of insufficiently stamped documents for admission of Section 7 Application under IBC especially where the existence of debt and default can be proven without relying on such documents. --- Support this podcast: https://anchor.fm/virtualaw/support

In this brand new episode, Mr Prakul quickly analyses the current position of law in treating the creditors whose security interest has not been registered as charge with the RoC. --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode, Mr Bendi Raviteja touches upon the contentious issue of interest portion of operational debt highlighting the contradictory rulings of the NCLTs in India. --- Support this podcast: https://anchor.fm/virtualaw/support

It is still a matter of debate as to whether NCLT or DRT exercises jurisdiction for initiation of Insolvency Resolution Process or Bankruptcy Process against the Personal Guarantor to the Corporate Debtor when there is no pending CIRP or Liquidation Process against such Corporate Debtor. In this episode Mr Kunwarpreet Singh, Partner at Prakul & Kunwarpreet LLP (P&K) explains the current position of law in this regard! --- Support this podcast: https://anchor.fm/virtualaw/support

The Hon'ble NCLT, Principal Bench in the matter of UKG Steel Private Limited Vs. M/s. Erotic Buildcon Private Limited held that loan advanced by Financial Creditor in violation of Section 186 of Companies Act, 2013 leads to a debt which cannot be legally enforceable and thereby dismissed the CIRP Application filed under Section 7 of IBC, 2016. Mr Yashraj Singh summarised the order and its rationale and leaves us with a food for thought as to whether this order is a wakeup call for companies who are advancing loans by violating section 186 of Companies Act 2013. --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode, Mr Raymond Albyness discusses an interesting ruling by NCLT, Chennai wherein the Hon'ble NCLT invoked its powers under Section 66 of the Insolvency and Bankruptcy Code, 2016 for contravention of moratorium. --- Support this podcast: https://anchor.fm/virtualaw/support

Mr Divyansh Dev delved into the ingredients of Section 32A of the Insolvency and Bankruptcy Code, 2016 which provides for immunity from any criminal prosecution against the Corporate Debtor and protection to the properties of the Corporate Debtor for the offences committed before the Insolvency Commencement Date. Keep listening to VListen! If VListen... We Learn! --- Support this podcast: https://anchor.fm/virtualaw/support

The Indian Variant of Pre-Packs is designed specifically for MSMEs and there are certain key areas which need focused discussion. In our special episode we had the privilege of hosting Ms. Shreya Prakash who shared her views on the key issues highlighted by VL team. Keep Listening to VListen. If VListen... We Learn! --- Support this podcast: https://anchor.fm/virtualaw/support

The issue on whether limiting the application of provisions of Part-III to Personal Guarantors to Corporate Debtor is valid, has come to a conclusion with the recent order of the Hon'ble Supreme Court in Lalit Kumar Jain vs. UoI & Ors. Listen to our Podcast for the case study on Lalit Kumar Jain vs. UoI & Ors. --- Support this podcast: https://anchor.fm/virtualaw/support

Does the proposal of the Resolution Applicant to change the business of the Corporate Debtor fail the feasibility and viability test under the Code? What exactly is "feasibility and viability"? To know more on this, listen to this episode by Aditya. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/virtualaw/support

In this Episode, Mr Vineeth attempts to address an important issue as to whether PF dues are considered as Statutory Dues i.e. Operational Debt or as third-party assets which have super priority charge over the estate of the Corporate Debtor? --- Support this podcast: https://anchor.fm/virtualaw/support

In this episode, we will take you through a significant ruling by the Hon'ble Supreme Court clarifying the issue as to whether minimum payment payable to Dissenting Financial Creditors shall be in cash or monetary terms or in any other manner apart from cash? --- Support this podcast: https://anchor.fm/virtualaw/support

In a recent ruling of NCLAT in the matter of Indian Renewable Energy Development Agency Ltd. Vs. Bhuvesh Maheshwari and Ors., it was observed that in the event the Secured Creditor holding priority charge elects to relinquish its security interest then the priority status of such secured creditor is lost and shall rank equally with other Secured Creditors. The Podcast attempts to capture the existing position and the need for protection of priority rights inter-se Secured Creditors. --- Support this podcast: https://anchor.fm/virtualaw/support

In the instant case, the Hon'ble Supreme Court addressed an important issue as to whether inherent powers of the High Court u/s 482 Cr.P.C. can countenance the breach of a statuary provision? In this podcast, Mr Bendi Raviteja will take you through the facts of the case and the rationale behind the ruling of SC. --- Support this podcast: https://anchor.fm/virtualaw/support

The Hon'ble Supreme Court of India, in the matter of ARCIL vs. Bishal Jaiswal & Anr., after referring to a plethora of judgements, ruled that the entries in balance sheet shall be regarded as Acknowledgement of Debt for the purpose of Section 18 of the Limitation Act, 1963 read with Section 7 & 9 of the IBC, 2016 for initiation of CIRP. In this Podcast Mr Vakiti Vineeth Reddy explained the rationale of the SC order in the instant case and the views of Full Bench of the NCLAT which had contrary views. --- Support this podcast: https://anchor.fm/virtualaw/support

The Hon'ble NCLAT in the matter of GUVNL vs. Yes Bank directed GUVNL not to terminate the PPA during Liquidation on the ground that Beneficial Liquidation aimed at maximising the value of assets of the Corporate Debtor is the norm of IBC which cannot be defeated. Listen to this Podcast by Vineeth, to learn the facts and the rationale behind such order. Keep Listening to VListen! If VListen... We Learn!   --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/virtualaw/support

The impact of COVID-19 can be felt across various sectors in the Indian economy leading to stress in large number of businesses in India and thereby indicating a spike in cases under IBC once the suspension is shifted. In this week's podcast, CA Vibhor Gupta analyses the performance of various sectors in India like that of Aviation, Tourism, Real Estate etc. under COVID-19 environment. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/virtualaw/support

The Hon'ble Supreme Court in the matter of Arcelor Mittal India Pvt. Ltd. vs. Satish Kumar Gupta, pronounced a landmark ruling on the interpretation of Section 29A of the Insolvency and Bankruptcy Code, 2016. In this podcast, Mr Ojas Pimparkar discusses in detail the facts of the case and the rationale behind the Supreme Court's Ruling. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/virtualaw/support

In this episode, Mr Vineeth Reddy deliberates on the challenges in the interplay between IBC and Limitation Act. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast we discuss the Supreme Court's Verdict on the payment of AGR dues by Indian Telcos and whether Spectrum can be subject to proceedings under the Insolvency and Bankruptcy Code, 2016 ("IBC") --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast, CA Aditya Gupta discusses the salient features of the resolution plan submitted by UVARC for AIRCEL, which was duly approved by the NCLT. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Where a Bank classifies an account as NPA, it need not mean default under IBC is what CA Aditya Gupta argues and CS Prakul Thadi disagrees with him. Listen to the podcast to understand their respective arguments. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast, Mr Araventhan takes you through the order passed by NCLT, Kolkata Bench, in the matter of Anil Goel vs. Deputy Director, Directorate of Enforcement, Delhi wherein it was observed that the attachment and confiscation of properties of a CD undergoing CIRP or liquidation become void under section 32-A of the Code. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In Babulal Vardharji Gurjar vs. Veer Gurjar Aluminium Industries, both NCLT and NCLAT had admitted CIRP application even when the date of initiation of CIRP Application is more than 3 years from the date of default. The real fight is between Article 137 and Article 62 of the Limitation Act, 1963 and whether the decision of NCLT and NCLAT to admit the application upon invocation of Article 62 of the Limitation Act, 1963 is valid? The matter landed before the Supreme Court and in this podcast Mr Vineeth Vakiti explained the decision of the Supreme Court and the rationale thereof. If VListen... We Learn! --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this Podcast, CA Aditya Gupta gives a quick overview of the order passed by NCLT, Mumbai in the matter of SBI vs. Anil Dhirajlal Ambani pursuant to its powers under the IBC and I & B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors) Rules, 2019. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this Podast, CA Aditya Gupta explains the one-time restructuring opportunity provided by RBI through Resolution Framework for COVID-19-related stress, release by RBI on August 6, 2020. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast we update our listeners on the amendments brought forward by IBBI to the IBBI (Liquidation Process) Regulations, 2016 and IBBI (Voluntary Liquidation Process) Regulations, 2017. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

The IBBI amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. We believe that these amendments will help in uniformity in the practices adopted by Insolvency Professionals for selection of and voting by Authorised Representatives and voting on resolution plans by CoC. Listen to our Podcast to know the amendments. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

The power of the Insolvency and Bankruptcy Board (the "IBBI") to levy fee of 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year and also 0.25% of the turnover of an IPE in the preceding financial year and the regulations thereof were challenged before the Hon'ble High Court of Judicature at Madras. In this case we will quickly discuss how the Hon'ble High Court addressed this case. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast we discuss an interesting case where the Adjudicating Authority made critical comments on the so-called Commercial Wisdom of the Committee of Creditors. It emphasised that the CoC has not at all applied its mind and that there was no element of wisdom displayed, leave alone the 'commercial wisdom'. Having said so it rejected the decision of the CoC to liquidate the Corporate Debtor and approved the resolution plan which was originally rejected by the CoC. Am not sure if it surprised you, but it did surprise me to a large extent. But, how in the world can this happen? Listen to our Podcast to know that! --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

The Adjudicating Authority admitted an application filed under S.7 of the Insolvency & Bankruptcy Code, 2016 (IBC) which was later set-aside by the NCLAT. Before it is set-aside the corporate debtor had incurred certain CIRP Cost. Who shall bear these expenses? Is it the Applicant FC alone or proportionately by the members of CoC? Listen to our podcast to know the answer. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Case Studies are always fun and we want to make it much easier. Mr Vineeth Vakiti, an alumni of NLU, Visakhapatnam and currently pursuing Graduate Insolvency Programme worked on this case brief and narrated the same.   Albanna Engineering is a critical case on Group Insolvency where the Parent Company is incorporated in Dubai.  --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast we will brief you on the NCLAT order in the matter of liquidation of Surana Power Ltd., the Corporate Debtor. The Adjudicating Authority had admitted application filed by operational creditor under Section 9 of the Code for initiation of CIRP against Surana Power Ltd. With non-receipt of any resolution plan, the corporate debtor was ordered to be liquidated. One of the operational creditors Bharath Heavy Electricals Ltd. (BHEL) had succeeded in an arbitration proceeding against the corporate debtor. The Arbitral Award declared BHEL as an unpaid seller and accordingly granted lien over the equipment and goods lying at the site of the Corporate Debtor. Pursuant to S. 52 of the Code, the Respondent i.e. BHEL informed the liquidator about its willingness to realise the security interest in the Asset of the Corporate Debtor. However, the liquidator filed an application before the Adjudicating Authority seeking directions against BHEL to permit the liquidator to cause sale of assets of the corporate debtor under Regulation 32 of the IBBI (Liquidation Process) Regulations, 2016. Strange right? Are we missing something? Yes. Let me take you back to 2010. On September 24, 2010, the assets for which BHEL had been granted lien, were already hypothecated to 10 Secured Creditors. Unlike BHEL, these creditors constituting 73.76% have relinquished their Security Interest into the liquidation estate of the Corporate Debtor. The liquidator argued that the charge of hypothecation is paripassu in nature to that of lien granted in favour of BHEL and hence, the liquidator filed application before the Adjudicating Authority for liberty to sell those assets so as to distribute it among all the Secured Creditors of the Corporate Debtor. The Adjudicating Authority, having established the differences between lien and pledge, observed that "Whenever any lien is created, the person having right of lien has a right to enforce the same against the asset in preference to charge of hypothecation." Accordingly, the Adjudicating Authority dismissed the application filed by liquidator and considered that BHEL is a secured creditor entitled to proceed under S.52 of the Code to realise its security interest. Aggrieved by this order of the Adjudicating Authority, the current appeal was preferred before the NCLAT. The liquidator argued that ten out of eleven Secured Creditors, representing together 73.76% of the total secured assets have relinquished their Security Interest into the liquidation estate and only because of the Respondent, i.e. BHEL, the Liquidator is unable to proceed any further with the sale of assets. In this context, the NCLAT invoked S.13(9) of the SARFAESI Act, 2002 and observed that any steps about the realization of assets by the Secured Creditors requires confirmation from the Creditors having at least 60% of the value of total debt. However, since in the present case, secured creditors having 73.76% of the value of total debt, i.e. more than the required 60% as per SARFAESI, are unwilling to exercise security interest, the same decision shall also be binding on BHEL. The NCLAT further observed that BHEL does not hold a superior charge and hence, it would be prejudicial to stall the liquidation process at the instance of such creditor having only 26.24% share in the secured assets which would also be detrimental to the interest of the remaining ten Secured Creditors. With this rationale, the NCLAT allowed the appeal and had set-aside the order passed by the Adjudicating Authority and directed the Appellant/Liquidator to complete the Liquidation Process in the light of this decision. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast Mr Ali discussed on the Immunity provided to corporate debtors from criminal prosecution after approval of resolution plan.

In this podcast we discuss as to how the judicial intervention of NCLT, NCLAT and Supreme Court helped establish the objective of the Insolvency and Bankruptcy Code, 2016.

In this week's podcast we quickly summarise the five cardinal principles of Corporate Insolvency Law.

A quick summary of the decision taken by the NCLAT in the matter of SBI vs. Metenere Ltd .

With the suspension of IBC due to the COVID-19 pandemic, introduction of Pre-Packaged insolvency mechanism in India seems to be inevitable. In this week's podcast we give a quick overview on the pre-packs. Speaker: CA Archit Gupta, is a chartered accountant, having experience of more than 3 years in various fields of the profession including forensic audit, valuation, indirect taxation, statutory audit, etc. He is DISA qualified and holds a certificate on forensic audit and fraud prevention issued by ICAI. He has also cleared the exam for registered valuer for asset class of securities and financial assets, held by IBBI and will soon be a registered valuer.

Schemes of Compromise and Arrangements, Corporate Insolvency Resolution Process and Liquidation as Going Concern are three different concepts having similar output, which is saving the distressed entity. Through this podcast we discuss the differences between the three. Speaker: Mr. Aditya Guptais a chartered accountant and electronic engineer. He is also the member of IISLA (Indian Institute of Surveyor & Loss Assessor). Currently, he is pursuing Graduate Insolvency Programme to become and Insolvency Professional.

The green channel approval has been recommended for combinations arising out of IBC for the first time in the Report of Competition Law Committee. In this podcast we discussed the possibility of launching Green Channel Automatic Approval route for IBC Cases and the concept of Failing Firm Defence. Speaker: Mr Divyansh Dev is an Advocate currently training as Insolvency Professional under Graduate Insolvency Programme (GIP) at IICA, Ministry of Corporate Affairs, Government of India. By 2021, he will be among the youngest Insolvency Professionals in India - who would be duly recognised by Insolvency and Bankruptcy Board of India (IBBI).

In this podcast we discuss the concept of Company Voluntary Arrangements under the Insolvency Act, 1986 of the United Kingdom and how different it is from the Scheme of Compromise and Arrangements. Speaker: Mr. Aditya Guptais a chartered accountant and electronic engineer. He is also the member of IISLA (Indian Institute of Surveyor & Loss Assessor). Currently, he is pursuing Graduate Insolvency Programme to become and Insolvency Professional.

In a resolution plan there can be no difference between a financial creditor and an operational creditor in the matter of payment of dues, and that therefore, financial creditors and operational creditors deserve equal treatment under a resolution plan. This was the order passed by the NCLAT in the matter of Essar Steel and accordingly, the NCLAT has re-distributed the proceeds payable under the approved resolution plan as per the method of calculation adopted by it so that all financial creditors and operational creditors be paid 60.7% of their admitted claims. This order has raised severe concerns in the credit market on account of the uncertainty it can cause. Subsequently, the matter landed in Supreme Court wherein the apex Court made significant observations which provided certain relief. This podcast takes you through various issues resolved by the Supreme Court along with the rationale thereof. Speaker: Mr Himanshu Gupta, a law graduate from Hidyatullah National Law University and is currently pursuing Graduate Insolvency Programme to become an Insolvency Professional.

Foreign Direct Investment is promoted by developing economies like India, in order to supplement domestic capital, technology and skills to ensure accelerated economic growth. Accordingly, Department of Industrial Policy and Promotion of the Ministry of Commerce and Industry adopted the consolidated FDI policy in India with effect from August 28, 2017. With the onset of COVID-19 pandemic in India, in order to curb opportunistic takeovers/acquisitions of Indian companies, the Government of India has reviewed the FDI policy and accordingly amended the same. Consequentially, the Department of Economic Affairs of the Ministry of Finance notified the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 on April 22 which are effective immediately. Hello everyone! Welcome to Vlisten. Speaker: Mr Anit Dosi, a Chartered Accountant from Mumbai, having more than an year of experience in restructuring and insolvency practise at RBSA who is currently pursuing Graduate Insolvency Programme to become an insolvency professional. If VListen... VLearn!

The June 7, 2019, direction issued by the Reserve Bank of India provided for prudential framework for resolution of stressed assets outside Insolvency and Bankruptcy Code, 2016 (IBC). This provides for an opportunity to the promoters to restructure the debt before ending up being ineligible under the IBC. However, with the advent of COVID-19 the sources hint that sections 7, 9 and 10 of the Code shall be suspended for a period of 6 months to a maximum of one year. This shows that the banks have no other option but to initiate steps under the June 7 direction. Hence, this direction issued by the RBI will play a crucial role in resolution of stressed acids in India. Through this podcast we discuss at length the procedure involved in the Prudential framework for resolution of stressed assets with critical analysis of the COVID-19 Regulatory Package announced by the RBI. Speaker: Mr Naman Jain, a Chartered Accountant currently pursuing Graduate Insolvency Programme to become an Insolvency Professional. Co-Host: Ms. Diksha Shara, a Chartered Accountant currently pursuing Graduate Insolvency Programme to become an Insolvency Professional.