Articles and Updates

• Vasanth Rajasekaran, Saurabh Babulkar and Nayantara Narayan - 06-07-2021

In recent times, several noteworthy judgments have been rendered by the Indian courts and tribunals in matters involving the insolvency law framework. Some of the decisions that discuss and set out the legal position concerning the interpretation and applicability of provisions of the Insolvency and Bankruptcy Code, 2016 in the second quarter of 2021 (April 2021 – June 2021) are summarised below:

• Vasanth Rajasekaran - 06-07-2021

In a recent decision in KLA Const. Technologies Pvt. Ltd. and Ors. v. The Embassy of Islamic Republic of Afghanistan and Ors.1 the High Court of Delhi (High Court) held that the prior consent of the Central Government under Section 86(3) of the Code of Civil Procedure, 1908 (Code of Civil Procedure) was not required for the enforcement of arbitral awards passed against a foreign State. The present article briefly summarises the findings of the High Court in the decision mentioned above.

• Vasanth Rajasekaran and Nayantara Narayan - 06-07-2021

After setting up a three-tier grievance redressal mechanism for digital media, the Central Government has now incorporated a similar structure for broadcasters and advertisers. The Ministry of Information and Broadcasting ("IB Ministry") has amended the grievance redressal mechanism through the Cable Television Networks (Amendment) Rules 2021 ("New CN Rules"). This article analyses the New CN Rules and its impact.

• Gautam Bhatikar, Madhavi Doshi and Sanjeev Sambasivan - 30-06-2021

Reaffirming the principles laid down in Essar1 and Edelweiss2, the Calcutta High Court ("High Court") in a recent judgment3 held that an operational creditor who fails to lodge a claim in a Corporate Insolvency Resolution Process ("CIRP") "literally missed boarding the claims-bus for chasing the fruits of an Award even where a challenge to the Award is pending in a Civil Court." The High Court held that once a resolution plan is approved, all claims which are not a part of the resolution, stand extinguished.

• Gautam Bhatikar, Madhavi Doshi and Sanjeev Sambasivan - 30-06-2021

In a seminal decision1, the Supreme Court of India ("Supreme Court") upheld the notification dated 15 November 2019 ("Impugned Notification") issued by the Ministry of Corporate Affairs and the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019 that brought into effect certain provisions of Part III of the Insolvency and Bankruptcy Code, 2016 ("IBC") pertaining to the insolvency resolution of personal guarantors to corporate debtors ("personal guarantors").