Formal insolvency proceedings are cumbersome to carry forward and involve significant direct and indirect costs so a time-efficient approach is introduced to decrease the load of courts and tribunals for which “Pre Package Insolvency proceedings” are an analogy. As the literal meaning suggests, Pre-pack insolvency means a pre-arrangement between the creditor and the interested buyer priorContinue reading “PRE PACKAGED INSOLVENCY”
Tag Archives: CIRP
CAN THE BANKRUPTCY CODE (IBC) OVERRIDE SPECTRUM GUIDELINES?
Recently the committee of creditors and successful bidder, UV Asset Reconstruction Company, of Aircel Insolvency case knocked the door of the apex court to challenge the order passed by the Principal Bench of NCLAT, Delhi. The petitioners highlighted that the tribunal failed to consider the overriding nature of IBC which prevails over other laws visContinue reading “CAN THE BANKRUPTCY CODE (IBC) OVERRIDE SPECTRUM GUIDELINES?”
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