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Critical Analysis of 'Essential Goods and Services' under the Insolvency and Bankruptcy Code

[Kritika Poddar is a graduate of Gujarat National Law University and is currently practicing in the Calcutta High Court.] The Insolvency and Bankruptcy Code, 2016 (Code) was introduced to consolidate the legal framework of insolvency and bankruptcy. A significant provision of the Code is section 14 (Moratorium Period). The Moratorium Period is declared by the adjudicating authority[1] after admitting the application for initiating corporate insolvency process against the corporate debtor[2]. It is a period wherein all judicial proceedings against the corporate debtor are suspended and no new judicial proceedings can be instituted. The rationale behind this provision is to maximise the value

De-stressing the Stressed Assets in Public Sector Banks

[Himani Singh is a legal consultant at YES Bank Limited.] The Indian banking sector is plagued with high-risk loans, reducing capital flows, over-dependence on debt and, most importantly, increasing stressed assets, more popularly known as non-performing assets (NPAs). In the last one decade, the non-performing assets multiplied manifold, challenging the very roots of the Indian financial sector. Past experiences with restructuring schemes and prudential regulations have had limited success in combating the systemic risks, though several comprehensive financial reforms brought about in the last 2-3 years facilitated the resolution of stressed assets to a great extent. In this article, I will

Mallya and the Insolvency and Bankruptcy Code: Would the present insolvency regime have made a diffe

[Divisha Mehta and Gibran Naushad graduated from National Law University, Delhi in 2017 and are currently based in New Delhi, India.] On 15th February, 2019, Dr. Vijay Mallya lodged his appeal in the United Kingdom High Court against the 3rd February, 2019 decision of the Secretary of State of the United Kingdom and the 10th December, 2018 order of Senior District Judge Emma Arbuthnot of the Westminster Magistrate’s Court which mandating his extradition.[1] In this particular circumstance, the Westminster Magistrate’s Court, after perusing the evidence provided by the Government of India as well as Dr. Mallya, concluded that a prima-facie case was made out against Dr. Mallya on the allegatio

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