Newsletter Issue - July 2020

Key Updates:

1. NCLT Kolkata: Revision of the minimum threshold from Rs. 1 Lakh to Rs. 1 Crore to initiate insolvency proceedings is not retrospective

2. NCLAT: Resolution Professional cannot raise the issue of succession at the time of distribution of amount as an approved resolution plan is binding on all stakeholders

3. NCLT Delhi allows the sale of one of the non-core assets of the Jet Airways to clear overseas debt and cover corporate insolvency resolution process costs

4. NCLT Mumbai: Refusal to admit an application under Section 7 of IBC on grounds that there existed an arbitration agreement (section 8 of the Arbitration act) between the parties

5. Insolvency and Bankruptcy Code (Amendment) Act, 2020

6. Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

7. Necessity to file default record from Information Utility

Newsletter content July 2020

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