India report – Corporate Restructuring and Insolvency in Asia 2020

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An appendix was added to the India report in May 2021 which is devoted to the pre-packaged insolvency resolution process for micro and small businesses in India that commenced in April 2021. 

This appendix is authored by the Asian Business Law Institute. For the avoidance of doubt, the author of the India report is not involved in the drafting of the appendix, though the appendix has been vetted by the author's team.  

Reporter: Pulkit Gupta

Index

A. THE INSOLVENCY AND BANKRUPTCY CODE OVERVIEW

B. INSTITUTIONAL FRAMEWORK FOR THE INSOLVENCY AND BANKRUPTCY CODE, 2016

i. First pillar – National Company Law Tribunal

ii. Second pillar – Insolvency and Bankruptcy Board of India

iii. Third pillar – Insolvency professionals

a. Eligibility
b. Powers and functions
c. Conduct and remuneration
d. Insolvency professional agencies

iv. Fourth pillar – Information utilities

C. CORPORATE INSOLVENCY RESOLUTION PROCESS

i. Applicability

ii. Initiation of corporate insolvency resolution process

a. Financial creditor
b. Operational creditor
c. Corporate debtor

iii. Effect of stay and moratorium

iv. Public announcement

v. Claims filing and verification

vi. Formation of the committee of creditors

vii. Information memorandum

viii. Invitation for expression of interest and request for resolution plans

ix. Resolution plan

a. Eligibility of a resolution applicant
b. Submission of a resolution plan
c. Approval of resolution plan by committee of creditors
d. Approval of resolution plan by National Company Law Tribunal
e. Implementation of resolution plan
f. Withdrawal of corporate insolvency resolution process proceedings pursuant to settlement
g. Conversion of proceedings

D. ROLE OF DIRECTORS AND MANAGERS OF DISTRESSED ENTITIES

E. FEES AND FINANCING

F. AVOIDANCE TRANSACTIONS

i. Preferential transactions

ii. Undervalued transactions

iii. Fraudulent transactions

iv. Extortionate creditor transactions

G. MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES

H. INSOLVENCY RESOLUTION OUTSIDE THE INSOLVENCY AND BANKRUPTCY CODE, 2016

I. CROSS-BORDER INSOLVENCY

J. INSOLVENCY OF GROUP COMPANIES

APPENDIX 1: LEGISLATION AND POLICIES REFERRED TO

APPENDIX 2: MODEL TIMELINES AS PROVIDED FOR IN THE INSOLVENCY AND BANKRUPTCY CODE, 2016