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COURSE MANUAL

Name of the Elective Course:

DEALMAKING: AN INSOLVENCY & BANKRUPTCY CASE STUDY

Name of the Faculty:

Prof. Ishana Tripathi

FALL 2021

(AY2021-22)

Elective

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This document is prepared by the course instructor and contains basic information relevant to the execution of the course. It is the official

record for all intends and purposes as far the elective course and its teaching, is concerned.

This course manual can be used as a general guide to the subject. However, the instructor can modify, extend or supplement the course

(without tampering its basic framework and objectives) for the effective and efficient delivery of the course. The instructor will provide

students with reasons for such changes.

Part I

Course Title: Dealmaking: An Insolvency & Bankruptcy Case Study

Course Code:

Course Duration: One Semester (15 Weeks)

No. of Credit Units: 4 Credits

Level: Graduate

Medium of Instruction: English

Pre-requisites: Economics I and II, Contracts I and II, Property Law, Company Law I and II, Civil Procedure Code

Equivalent Courses:

Cross-Listed Course: (Response to this question is mandatory): Yes/No

Part II

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1. Course Description

2016 has marked several liberalization and regulation reforms to allow the law and its process in India to catch up with the robust and

changing economic and investment environment. One such reform was the Insolvency and Bankruptcy Code, 2016. This elective offers

insight, understanding and practical implementation of the corporate insolvency law regime and its present-day relevance and use. It

will build upon protections, avenues and remedies that are available under the new laws and its integration into case resolution and

judicial remedy in India. It will use specific sectors and analyse deal documentation, strategic mergers and acquisitions and private

equity as a part of this course. The course aims at providing a comprehension of insolvency principles and interpreting substantive

concepts of law and regulation in India.

Along with the IBC, you will be exposed to the relevant provisions of Companies Act, 2013 and other debt resolution laws which will

be discussed in parallel. The implementation of provisions with weightage of commercial transactions and dispute resolution in the

insolvency space and their use, drawing from existing cases that are ongoing will be addressed in detail. Comparative basis for

insolvency proceedings such as Sahara, Kingfisher Airlines pre 2016 and the Big 12 Insolvencies such as Essar will form an underlying

element for discussion and study. The course will also discuss the Pre and Post Covid 19 concerns, legalities and issues surrounding

corporate insolvencies.

The emphasis of this course will be on practical learning. This is not a rote learners’ course. It has been the bane of most law firms

around the world that fresh recruits have excellent theoretical knowledge but few skills to convert that theory into practical application.

Thus, firms end up spending considerable amounts of time and money re-training law graduates into lawyers. This course with its five

modules as set out in Part V seeks to bridge some of the gap between a law graduate and a lawyer in corporate insolvency law.

2. Course Aims

By the end of the course students will substantively learn:

- Economic impact, liberalization norms and the debt market

- Key issues in corporate insolvency (in particular restructuring, winding up, liquidation);

- Broad overview of corporate insolvency law and strategies into India;

- Broadly understanding key risks and key cases on rights and remedies of various stakeholders in a corporate insolvency

- Interplay of M&A and insolvency including understanding the deal making process and prepackaged deal making.

- Negotiation and drafting of corporate insolvency petitions and restructuring plans

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This course will not look at banks or personal insolvency. It will very briefly discuss crossborder insolvency in the context of creditor

rights.

3. Teaching Methodology

The course will be taught primarily in the form of lectures and class discussions. Students are expected to read the assigned materials in

advance of the class so that the lectures are made more fruitful by class discussions.

In addition to the lectures and class discussions, there will be expert lectures may form a part of the core teaching. Since this course is

being taught keeping in mind the practical application of various corporate insolvency related laws, emphasis will be placed on analyzing

and translating law into practice along with addressing legal lacunae.

4. Intended Learning Outcomes

Course Intended Learning Outcomes

Weightage

in %

Teaching and Learning

Activities

Assessment Tasks/ Activities

Have a sound understanding of the

fundamentals of debt restructuring models

and transactions, provisions of the Insolvency

Bankruptcy Code, 2016 and related statutes,

ordinances, circulars and regulations relating

to corporate insolvency.

30% (i) Lectures:

Students will be introduced to the

key issues in the debt resolution

space and will acquire the ability

to critically analyze and apply the

concepts learnt to practical

problems.

(ii) Reading of statutes and other

materials:

Students will acquire knowledge

of the principles of (and key

Students’ ability to grasp and

critically evaluate the topics/issues

discussed in the syllabus will be

tested in the following ways:

(i) Internal Assessments

(70%)

(ii) End Semester Client

Advisory memo (30%)

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Course Intended Learning Outcomes

Weightage

in %

Teaching and Learning

Activities

Assessment Tasks/ Activities

issues pertaining to) corporate

insolvency law in connection

with the topics covered in the

syllabus.

(iii) Tutorials:

The Course Instructor will advise

the students separately as to the

specific tutorials that will be

conducted in class

Comprehend how statutory provisions work

in legal practice

20%

Apply: the principles learnt in context of

advising clients and in drafting key legal

issues and solutions relating to the debt

market and insolvencies in India.

50%

5. Grading of Student Achievement

To pass this course, students must obtain a minimum of 40% in the cumulative aspects of coursework, e.g. internal assessments and

final examination. End of semester examination will carry 50 marks or 30 marks, as the case may be, out of which students have

to obtain a minimum of 30% to fulfil the requirement of passing the course.

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Grade Sheet1,2

Percentage of

Marks

Grade Grade

Value

Grade Description

80 and above O 8 Outstanding – Exceptional knowledge of the subject matter, thorough understanding of

issues; ability to synthesize ideas, rules and principles and extraordinary critical and

analytical ability

75 – 79 A+ 7.5 Excellent - Sound knowledge of the subject matter, thorough understanding of issues;

ability to synthesize ideas, rules and principles and critical and analytical ability

70 – 74 A 7 Very Good - Sound knowledge of the subject matter, excellent organizational capacity,

ability to synthesize ideas, rules and principles, critically analyse existing materials and

originality in thinking and presentation

65 – 69 A- 6 Good - Good understanding of the subject matter, ability to identify issues and provide

balanced solutions to problems and good critical and analytical skills

60 – 64 B+ 5 Fair – Average understanding of the subject matter, limited ability to identify issues and

provide solutions to problems and reasonable critical and analytical skills

55 – 59 B 4 Acceptable- Adequate knowledge of the subject matter to go to the next level of study and

reasonable critical and analytical skills.

50 – 54 B- 3 Marginal- Limited knowledge of the subject matter and irrelevant use of materials and,

poor critical and analytical skills

1 Under extraordinary circumstances, the JGU Academic Council or the JGU Deans’ Council can suspend the grading criteria or make it optional. If

the grading criteria are suspended, the policy which will be framed by the School based on the decision of the said bodies will prevail over the grading criteria. However, whether a situation is extraordinary or not will be decided by the said bodies only.

2 Due to the Pandemic, COVID 19, the Office of Academic Affairs may suggest changes/amendment or suspend certain policies relating to the number of assessments and other examination related policies.

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NEW COURSE LETTER GRADES AND THEIR INTERPRETATION

Letter

Grade Percentage

of Marks Grade

Points Interpretation

P1 45 - 49 2 Pass 1: Pass with Basic understanding of the subject matter.

P2 40 - 44 1 Pass 2: Pass with Rudimentary understanding of the subject

matter.

F Below 40 0 Fail: Poor comprehension of the subject matter; poor critical and

analytical skills and marginal use of the relevant materials. Will

require repeating the course.

P Pass

‘P’ represents the option of choosing between Pass/Fail grading

system over the CGPA grading system in the COVID 19 semester

in Spring 2020. The option is provided when students attain a

minimum of 40 percentage marks under the current grading

structure in a given subject.

I Incomplete

Extenuating circumstances preventing the student from completing

coursework assessment, or taking the examination; or where the

Assessment Panel at its discretion assigns this grade. If

an "I" grade is assigned, the Assessment Panel will suggest a

schedule for the completion of work, or a supplementary

examination.

6. Criteria for Student Assessments

Internal assessment of the participants will be based on the following criteria. In case any of the participants miss the IA tests, alternative

internal assessments will be conducted (Please specify the alternative assessment)

Assessment Weightage (in Marks

– Total 100)

Remarks

Internal Assessment 1: Draft a

Petition

15 Marks Students will be required to draft a corporate insolvency petition based

on a hypothetical.

Internal Assessment 2: Arguments

Based Moot Court

40 Marks Based on a hypothetical-students will have a legal opinion and a bid

winning presentation. This is a group of 2 exercise.

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Assessment Weightage (in Marks

– Total 100)

Remarks

Internal Assessment 1: Draft a

Petition

15 Marks Students will be required to draft a corporate insolvency petition based

on a hypothetical.

Internal Assessment 3: Case or

Research Presentation

15 Marks Students will be required to make a presentation based on a case or

issue of their choice.

End Semester Examination 30 Marks Write a case comment on a case of your choice

Part IV

Course/Class Policies

Academic Integrity and Plagiarism

Learning and knowledge production of any kind is a collaborative process. Collaboration demands an ethical responsibility to

acknowledge who we have learnt from, what we have learned, and how reading and learning from others have helped us shape our own

ideas. Even our own ideas demand an acknowledgement of the sources and processes through which those ideas have emerged. Thus,

all ideas must be supported by citations. All ideas borrowed from articles, books, journals, magazines, case laws, statutes, photographs,

films, paintings, etc., in print or online, must be credited with the original source. If the source or inspiration of your idea is a friend, a

casual chat, something that you overheard, or heard being discussed at a conference or in class, even they must be duly credited. If you

paraphrase or directly quote from a web source in the examination, presentation or essays, the source must be acknowledged. The

university has a framework to deal with cases of plagiarism. All form of plagiarism will be taken seriously by the University and

prescribed sanctions will be imposed on those who commit plagiarism.

Disability Support and Accommodation Requirements

JGU endeavors to make all its courses accessible to students. All students with any known disability needing academic accommodation

are required to register with the Disability Support Committee dsc@jgu.edu.in. The Committee has so far identified the following

conditions that could possibly hinder student’s overall well-being. These include: physical and mobility related difficulties; visual

impairment; hearing impairment; medical conditions; specific learning difficulties e.g. dyslexia; mental health.

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The Disability Support Committee maintains strict confidentiality on the matters under its purview. Students should preferably register

with the Committee during the month of June/January as disability accommodation requires early planning. DSC will coordinate all

disability related services such as appointment of academic mentors, arranging infrastructural facilities, and course related requirements

such as special lectures, tutorials and examinations.

All faculty members are requested to refer students with any of the above-mentioned conditions to the Disability Support Committee

for getting them disability-related accommodation. Faculty members are also requested to be sensitive to the needs of such students and

cooperate with Disability Support Committee and the School, extending students the necessary support by maintaining utmost

confidentiality of the matter.

Safe Space Pledge

This course may discuss a range of issues and events that might result in distress for some students. Discussions in the course might also

provoke strong emotional responses. To make sure that all students collectively benefit from the course, and do not feel disturbed due

to either the content of the course or the conduct of the discussions. Therefore, it is incumbent upon all within the classroom to pledge

to maintain respect towards our peers. This does not mean that you need to feel restrained about what you feel and what you want to

say. Conversely, this is about creating a safe space where everyone can speak and learn without inhibitions and fear. This responsibility

lies not only with students, but also with the instructor.

P.S. The course instructor, as part of introducing the course manual, will discuss the scope of the Safe Space Pledge with the class.

Cell Phones, Laptops and Similar Gadgets

Students must keep their cellphones on switched off/ flight mode. Any student found using a cellphone while class is ongoing will be

liable to face disciplinary action. Students are permitted to use their laptops in class for the purposes of reviewing reading materials and

taking notes. Under no circumstances should laptops be used in class to access email, social or other networking websites or use instant

messaging software. A violation of this policy will result disciplinary action which may include the forfeiture of this permission for the

remainder of the semester. The instructor may withdraw this permission at any time.

Part V

Keywords Syllabus

Strategic restructuring, corporate restructuring; winding up; acquisitions; takeovers; liquidation, shares, facilitation agreement, corporate

organizational documents; corporate resolutions; confidentiality agreements; shareholders agreement; share purchase agreements; joint

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venture agreements; loan agreements; petition, resolution, negotiation and drafting, transaction costs, externalities, information

asymmetry, social cost, private company, public company, public private partnership; creditor, corporate debtor, mergers, acquisition,

lenders, lending institutions, financial institutions, non banking financial companies, banks.

Course Design and Overview (Weekly Plan)

DATES & MODULES

LECTURES ASSIGNED READING AND COURSE MATERIALS **All materials assigned module-lectures-segment wise are compulsory readings. Digital links have been provided for each reference. Optional additional materials suggested are supplementary.

Module 01 (Week 01 -03): Introducing Corporate Insolvency Law

LECTURE 01: INTRODUCTION PRE IBC 2016

SEGMENT 01 & 02: INSOLVENCY SINCE 2013; FRAGMENTS AND LEGISLATIONS Acts/ Statues/ Ordinances

• Preamble, Section 3(o), Section 17, The Sick Industrial Companies (Special Provisions), Act 1985, accessible here

• Statement of Object and Reasons, Section 1(4), The Recovery of Debts Due To Banks and Financial Institutions, 1993, accessible here

• The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFESI), accessible here

• Chapter XV and Chapter XX, Companies Act, 2013 accessible here; Section 529, 529A, Companies Act, 1956 (repealed), accessible here

Policy Briefs/ Reports / Articles/ Notes/Guidelines

• Reserve Bank of India Revised Guidelines on Corporate Debt Restructuring Mechanism Annex, accessible here

Additional Readings

• Rajiv Mani, Debts in Ancient India, Insolvency and Bankruptcy Code: A Miscellany of Perspectives, IBBI Publication, October 2019, accessible here

SEGMENT 03: WHY IBC Policy Briefs/ Articles/Notes/ Guidelines

• Report of the Financial Sector Legislative Reforms Commission, Volume 1: Analysis and Recommendations, March 2013 accessible here

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• Report of the Bankruptcy Law Reform Committee, Volume 1: Rationale and Design, November 2015 accessible here

• Notes on Clauses, Insolvency and Bankruptcy Code, 2015 accessible here

LECTURE 02: IBC 2016

SEGMENT 01: INTRODUCTING IBC 2016 Acts/ Statutes/ Rules and Regulations

• Preamble, Part I and Part II, Insolvency and Bankruptcy Code, 2016, accessible here

• Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016, accessible here

• Insolvency and Bankruptcy Board India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, accessible here

Cases

• Sicom Investments v. Rajest Kumar Drolia [Commercial Suit No.44 of 2010](Bombay High Court), Decided on 28.11.2017, accessible here

• Swiss Ribbons v. Union of India & Ors [Writ Petition (Civil) No. 99 of 2018] (Supreme Court) Decided on 25. 01. 2019, accessible here

SEGMENT 02: INSTITUIONAL FRAMEWORK OF IBC Acts/ Statutes/ Rules and Regulations

• Part IV, Insolvency and Bankruptcy Code, 2016

• Regulation 12, Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, accessible here

Policy Briefs/ Articles/Notes/ Guidelines

• Report of the Bankruptcy Law Reform Committee, Volume 1: Rationale and Design, ¶ 4.5

• Pramod Rao, Critique of the Insolvency and Bankruptcy Code, 2016, NLS Business Law Review, Vol. 2, 2020, accessible here

Additional Readings

• K. R. Saji Kumar, Walking the Tightrope, Insolvency and Bankruptcy Code: A Miscellany of Perspectives, October 2019, accessible here

• Shekhar Gupta, Cut The Clutter: What is the Insolvency and Bankruptcy Code, July 18, 2019, accessible here

• Shri Arun Jaitley, ‘Insolvency and Bankruptcy: Changing Paradigm’, August 19, 2017, accessible here

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• Shri Arun Jaitley, ‘Insolvency and Bankruptcy Code, 2016: A Roadmap for the Next Two Years’, December 18, 2018, accessible here

LECTURE 03: CORPORATE INSOLVENCY UNDER IBC

SEGMENT 01: CORPORATE PERSONS IN CIRP Acts/ Statutes/ Rules and Regulations

• Sections 3 (7), 3(17), Insolvency and Bankruptcy Code, 2016

• Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, accessible here

Cases

• Prayag Polytech Limited. v. Purbanchal Trade and Industries Ltd [CP (IB. No. 12/ GB/2019] (NCLT Guwahati), Decided on 27.08.2019,, accessible here

Additional Readings

• Nishith Desai Associates, Insolvency and Bankruptcy Hotline: Applicability of the Insolvency and Bankruptcy Code to NBFCs, August 28, 2019, accessible here

SEGMENT 02: DEBT, DEFAULT Acts/ Statutes/ Rules and Regulations Section 3(11), 3(12), Part II, Insolvency and Bankruptcy Code, 2016

Cases

• M/S Innoventive Industries Limited v. ICICI Bank & Anr [Civil Appeal No. 8337-8338 of 2017] (Supreme Court) Decided on 31.08.2017 accessible here

• Mobilox Innovations Private Limited v. Kirusa Software Private Limited [Civil Appeal No. 9405-2017 ](Supreme Court)Decided on 21.09.2017 accessible here

• Sumilon Polyester Pvt. Limited.v. Parikh Packaging Pvt. Ltd. [CA (AT) (Ins) No. 695 of 2020] (NCLAT), Decided on 23.12.2020, accessible here

• Transmission Corporation of Andhra Pradesh Limited v. Equipment Conductors and Cables Limited [Civil Appeal No. 9597 of 2018] (Supreme Court) Decided on 23.10.2018, accessible here

SEGMENT 03: DISPUTE AND INSOLVENCY ARBITRATION Acts/ Statutes/ Rules and Regulations

• Section 5(6), Part II, Insolvency and Bankruptcy Code, 2016

• Section 73, 74 of the Arbitration and Conciliation Act, 1996

Cases

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• M/S Innoventive Industries Limited v. ICICI Bank & Anr [Civil Appeal No. 8337-8338 of 2017] (Supreme Court) Decided on 31.08.2017 accessible here

• Mobilox Innovations Private Limited v. Kirusa Software Private Limited [Civil Appeal No. 9405-2017 ](Supreme Court)Decided on 21.09.2017 accessible here

• SEGMENT 03: PROCESS AND TIMELINES Acts/ Statutes/ Rules and Regulations

• Part II, Chapter I, Chapter II, Section 12, Insolvency and Bankruptcy Code, 2016

• Regulation 27, 36, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Additional Readings

• Bloomberg Quint, BQ Explains: The Insolvency & Bankruptcy Process In India, accessible here

• Nishith Desai Associates, Insolvency and Bankruptcy Hotline: A Primer on the Insolvency and Bankruptcy Code, 2016, February 2019, accessible here

LECTURE 04: HOW TO DRAFT A CIRP

• Form 1 -6, Insolvency and Bankruptcy (Adjudicating Authority) Rules, 2016 accessible here.

LECTURE 05: OVERRIDING POWERS AND LIMITATION LAW

Acts/ Statutes/ Rules and Regulations

• Section 238, Insolvency and Bankruptcy Code, 2016.

• Statement of Objects and Reasons, Section 3, 5, 12, 18 and 19, Article 62 and 137 of Schedule I, The Limitation Act, 1963, accessible here

• Section 3(12), 7, 9, 10, Insolvency and Bankruptcy Code, 2016

• Section 238A, Insolvency and Bankruptcy Code (Second Amendment) Act, 2018. Cases

• Action Ispat & Power Pvt. Ltd. v. Shyam Metalics & energy Limited & ors [C.M No. 31047/2019] (High Court of Delhi), Decided on 10.10.2019, accessible here

• Ozone Propex Private Limited v. Urban Infrastructure Trustees Limited [CP (IB) No. 111/BB.2019] (NCLAT), Decided on 3.2.2020, accessible here

• Pioneer Urban Land and Infrastructure Limited and Anr v. Union of India,[Writ Petition (Civil) No.43 of 2019] (Supreme Court) Decided on 09.08.2019, accessible here

• Asset Reconstruction Company (India) Limited v. Bishal Jaiswal Civil Appeal No. 323 of 2021 (Supreme Court), Decided on 15.04.2021, accessible here

• B.K. Education Services (P) Ltd v. Parag Gupta & Associates [Civil Appeal No. 23988 of 2017] (Supreme Court), Decided on 11.10.2018, accessible here

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• Edelweiss Asset Reconstruction Co. Pvt. Ltd v. Adel Landmarks Limited[(IB) - 1083 (PB)/2018] (NCLT Principal Bench), Decided on 13.06.2019, accessible here

• Gaurav Hargovindbhai Dave v. Asset Reconstruction Company (India) Limited [Civil Appeal No. 4952 of 2019] (Supreme Court), Decided on 18.09.2019, accessible here

• Ghanashyam Mishra and Sons Private Ltd v. Edelweiss Asset Reconstruction Company [Civil Appeal No. 8129 of 2019] (Supreme Court), Decided on 13.04.2021, accessible here

• Gradient Nirman Private Ltd & Anr. v. IFCI LTd. &Ors. [CA(AT)(Ins) No. 1491 of 2019] (NCLAT) Decided on 22.05.2020, accessible here

• M/S Innoventive Industries Limited v. ICICI Bank & Anr [Civil Appeal No. 8337-8338 of 2017] (Supreme Court) Decided on 31.08.2017 accessible here

• Jignesh Shah v. Union of India, [WP (Civil) No. 455 of 2019](Supreme Court) Decided on September 25, 2019, accessible here

• Laxmi Pat Surana v. Union of India [Civil Appeal No. 2734 of 2020] (Supreme Court), Decided on 26.03.2021, accessible here

• M/S Innoventive Industries Limited v. ICICI Bank & Anr [Civil Appeal No. 8337-8338 of 2017] (Supreme Court) Decided on 31.08.2017 accessible here

• Neelkanth Township and Construction Ltd v. Urban Infrastructure Trustees Limited [CA(AT) No.44 of 2017] (NCLAT) , Decided on 11.08.2017, accessible here

• Sagar Sharma and Anr v. Pheonix ARC Private Limited, [Civil Appeal No. 7673 of 2019] (Supreme Court), Decided on 30.09.2019, accessible here

• Speculum Plast Private Limited v PTC Techno Private Limited [CA(AT) No. 47 of 2017] (NCLAT) Decided on 07.11.2017, accessible here

• Thomas George v. Union Bank of India [CA(AT) No. 1118 of 2020] (NCLAT) Decided on 05.04.2021, accessible here

• Vashdeo Bhojwani Abhyudaya Co-operative Bank Limited & Anr [Civil Appeal No. 11020 of 2018] (Supreme Court), Decided on 2.09.2019, accessible here

Podcasts/ Webinars

• Supreme Court Bar Association Lecture by Mr. S.B. Upadhyay, Senior Advocate on Corporate Insolvency Resolution Process and Liquidation, April 06. 2018, accessible here

Additional Readings

•

• Hussan Kadiri v. Edelweiss Asset Reconstruction Co. Ltd. &Anr [CA (AT) (Insolvency) No 1073 of 2019](NCLAT) Decided on 22.05.2020, accessible here

• Jagish Prasad Sarda v. Allahabad Bank [CA (AT) (Insolvency) No.183 of 2020](NCLAT) Decided on 28.08.2020, accessible here

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• Jaypee Kensington Boulevard Apartments Welfare Association v. NBCC (India) Limited. & Ors. [Civil Appeal No. 3395 of 2020] (Supreme Court), Decided on24.03.2021, accessible here

• MCC Concrete v. Northway Spaces Ltd. [CA (AT)(Ins) No.572 of 2020] (NCLAT) Decided on 22.01.2021, accessible here

• Rajendra Nirottamdas Seth & Anr v. Chandra Prakash Jain & Anr, [CA (AT)(Ins)No. 621 of 2020] (NCLAT) Decided on 18.12.2020, accessible here

• State Bank of India v. Krishidhan SeedsPvt Limited,[CA (AT)(Ins) No. 972 of 2020] (NCLAT) Decided on 17.11.2020, accessible here

• Tilakram v. Nathu and others [Civil Appeal No. 36 of 1965 Decided on 05.09.1966 (Supreme Court), accessible here

• Vijay Sitaram Dandnaik v. Punjab National Bank, [CA (AT)(Ins) No.90 of 2020] (NCLAT) Decided on 02.03.2021, accessible here

MODULE 02 (WEEK 04-08) Creditors in a CIRP

LECTURE 01: WHO IS A CREDITOR

SEGMENT 01 & 02: TYPES OF CREDITORS AND CREDITORS IN IBC Acts / Statutes/ Rules and Regulations

• Section 3(10), Part II, Chapter I and Chapter II, Insolvency and Bankruptcy Code, 2016 Policy Briefs/ Articles/Notes/ Guidelines

• Report of the Bankruptcy Law Reforms Committee, Volume 1: Rationale and Design, November 2015, ¶ 3.4.2

• Notes on Clauses, Insolvency and Bankruptcy Code 2015 (to be introduced in the Lok Sabha), accessible here

LECTURE 02: CREDITORS IN CIRP

SEGMENT 01: FINANCIAL CREDITORS Acts / Statutes/ Rules and Regulations

• Section 5(7), Section 5(8) and Section 7(1), Insolvency & Bankruptcy Code, 2016

• Regulation 8 of IBBI (Resolution Process for Corporate Persons Regulations), 2016 Policy Briefs/ Articles/Notes/ Guidelines

• Report of the Bankruptcy Law Reforms Committee, Volume 1: Rationale and Design, November 2015, ¶ 5.2.1.

• Clause 4, Notes on Clauses, Insolvency and Bankruptcy Code 2015 as introduced in the Lok Sabha.

• Report of the Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015, April 2016, accessible here

• Report of the Insolvency Law Committee, March 2018 ¶ 1.4, 1.6 and 1.10, accessible here

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• Form 1, Insolvency and Bankruptcy Code, 2016, accessible here and Form C, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, accessible here

Cases

• Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited v. Axis Bank Limited Etc. [2020 SCC Online SC 237] (Supreme Court) Decided on 26.02. 2020 accessible here

• Cygnus Investments and Finance Pvt. Ltd. & Anr. v. The Union of India & Ors [W. P. No. 5595 (W) of 2020] (High Court of Calcutta) Decided on 18.08 2020 accessible here.

• M/s Innoventive Industries Limited v. ICICI Bank and Another [Civil Appeal Nos. 8337-8338 OF 2017] (Supreme Court) Decided on 31.08. 2017 accessible here.

• M/s State Bank of India, Colombo v. Western Refrigeration Pvt. Ltd [17/7/NCLT/AHM/2017] (NCLT Ahmedabad) Decided on 26.05.2017 accessible here.

• Sree Metaliks Limited and Another v. Union of India [W.P. 7144 (W) OF 2017] (High Court of Calcutta) Decided on 07.04. 2017 accessible here.

SEGMENT 02: OPERATIONAL CREDITORS Acts / Statutes/ Rules and Regulations

• Sections 5 (20), 5(21), 8 of the Insolvency of Bankruptcy Code, 2016

• Insolvency and Bankruptcy Code (Amendment) Act, 2018, accessible here

• Form 3, 4 and 5, Insolvency and Bankruptcy Code, 2016, accessible here

Policy Briefs/ Articles/Notes/ Guidelines

• Report of the Bankruptcy Law Reforms Committee, Volume 1: Rationale and Design, November 2015, ¶ 4.3.3. and 5.2.1

• Insolvency and Bankruptcy Board of India Status Note on Transactions under the Code, December 01, 2017, Annex A: accessible here

• Report of the Insolvency Law Committee, March 2018, ¶ 1.22 accessible here

Cases

• Col. Vinod Awasthy v. AMR Infrastructure Limited. [C.P. No. (IB) 10 (PB) /2017] (NCLT Principal Bench) Decided on 20.02.2017 accessible here.

• JK Jute Mill Mazdoor Morch v. Juggilal Kamlapat Jute Mills Company Limited , [Civil Appeal No. 20978 of 2017] (Supreme Court) Decided 01.05.2017 accessible here.

• Mobilox Innovations Private Limited v.. Kirusa Software Private Limited [Civil Appeal No. 9405-2017] (Supreme Court) Decided on 21.09.2017, accessible here.

• Mr. Suresh Narayan Singh v. Tayo Rolls Limited. [CA (AT) (Insolvency) No. 112 of 2018] (NCLAT) Decided on 26.09.2018 accessible here.

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• Mukesh Kumar v. AMR Limited [CP No. (IB) – 30 (PB)/ 2017 ] (NCLT New Delhi) Decided on 31.03.2017 accessible here.

• Pawan Dubey v. J.B.K Developers Private Limited [C.P. No. (IB)-19(PB)/ 2017] (NCLT New Delhi) Decided on 16.02. 2018 accessible here.

• Pr. Director General of Income Tax v. M/s. Synergies Dooray Automotive Limited & Ors [CA (AT) (Insolvency) No. 205 of 2017 NCLAT] (NCLAT i) Decided 20.03. 2019 accessible here.

• Punjab National Bank v. Bhushan Power and Steel Limited [C.A. No. 152(PB)/2018 in C.P. (IB)-202(PB)/2017](NCLTPrincipal Bench ) Decided on 05.09.2019 accessible here.

• Satish Mittal v. Ozone Builders & Developers Pvt. Limited [C.A. (AT) (Insolvency) No. 75 of 2017] (NCLAT) Decided on 13.07.2017 accessible here.

SEGMENT 03: HOMEBUYERS AS FINANCIAL CREDITORS Acts / Statutes/ Rules and Regulations

• Real Estate Regulation and Development Act, 2016, accessible here.

• Section 5(8) (f) and Section 7(4), Insolvency and Bankruptcy Code, 2016

• Section 7(1), Insolvency and Bankruptcy Code (Amendment) Act, 2020

• Form CA, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, accessible here

Policy Briefs/ Reports / Articles/ Notes/Guidelines

• Clause 4, Notes on Clauses, Insolvency and Bankruptcy Code 2015 as introduced in the Lok Sabha.

• Report of the Reconstituted Insolvency Law Committee, February 2020 ¶ 4.4, 4.6, accessible here

• Shri Kapil Sibal, Lok Sabha Debate, The Insolvency and Bankruptcy Code (Amendment) Bill, 2019, accessible here -

Cases

• Chitra Sharma v. Union of India [(2018) 18 SCC 55] (Supreme Court) Decided on 09.08.2018 accessible here.

• Cyrus Investments(P) Ltd. v. Tata Sons Limited ,2019 [SCC OnLine NCLAT 858: Company Appeal (AT) No. 268 of 2018 [6]] (NCLAT) Decided on 06.01.2020 accessible here.

• Flat Buyers Association v. Umang Realtech [Company Appeal (AT) (Insolvency) No. 926 of 2019] (NCLAT) Decided on 04.02.2020 accessible here.

• IDBI Bank Ltd. v Jaypee Infratech Limited [Company Application No. 225/2018 [21]-[23]] (NCLT Allahabad) Decided on 10.12.2018 accessible here.

• Navin Raheja v. Shilpa Jain [2020 SCC OnLine NCLAT 46] (NCLAT) Decided on 22.01.2020 accessible here.

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• Nikhil Mehta and Sons v. AMR Infrastructure [CA (AT) (Insolvency)No. 07 of 2017] (NCLAT) Decided on 09.08.2017 accessible here.

• Pioneer Urban Land and Infrastructure Limited. v Union of India [Writ Petition (Civil) No. 43 OF 2019] (Supreme Court) Decided on 09.08.2019 accessible here.

• Rajesh Goyal v Babita Gupta [Company Appeal (AT) No. 1056 of 2019] (NCLAT) Decided 04.03.2021 accessible here.

Podcasts and Webinars

• Back to Basics, Insolvency Law Series 01, Episode 02, Aparna Ravi, Samvad Partners: Definition of a Creditor, accessible here

SEGMENT 04: DECREE HOLDERS AND AWARD HOLDERS Acts / Statutes/ Rules and Regulations

• Section 3(10), Section 3(11) of the Insolvency and Bankruptcy Code, 2016.

• Part V of Form 1, Insolvency and Bankruptcy Code, 2016, accessible here Cases

• K. Kishan v. Nirman Vijay [Civil Appeal No. 21824 OF 2017] (Supreme Court) Decided on 14.08.2017 accessible here

• Sushil Kumar Ansal v. Ashok Tripathi [Company Appeal (AT) (Insolvency) No. 452 of 2020] (NCLAT) Decided on 14.08.2020, accessible here.

• Ugro Capital v. Bangalore Dehydration and Drying Equipment Co. [Company Appeal (AT) (Insolvency) No. 984 of 2019] (NCLAT) Decided on 22.01.2020 accessible here.

SEGMENT 05: OTHER CREDITORS Acts / Statutes/ Rules and Regulations

• Regulation 9A, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

• Form F, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, accessible here

LECTURE 03: PRIORITY OF CLAIMS

SEGMENT 01 & 02: PRE IBC AND IBC: WATERFALL Acts / Statutes/ Rules and Regulations

• Section 529A of the Companies Act, 1956, accessible here.

• Section 326 of the Companies Act, 2013, accessible here.

• Section 53, Insolvency and Bankruptcy Code, 2016

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Policy Briefs/ Reports / Articles/ Notes

• Report of the Bankruptcy Law Reforms Committee, Volume 1: Rationale and Design, November 2015

• Clause 52, Notes on Clauses, Insolvency and Bankruptcy Code 2015 as introduced in the Lok Sabha

• Report of the Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015, April 2016 ¶ 28.

• Ministry of Housing & Urban Affairs, Notification on Special Window for Affordable and Middle Income Housing (SWAMIH) Investment Fund, September 16, 2020, accessible here

Cases

• Bikram Chatterji v. Union of India, [2019 SCC OnLine SC 901 [154]] (Supreme Court) Decided on 23.07.2019 accessible here.

Additional Materials

• Vinod Kothari & Company, Lecture on Section 53: Heart of the IBC, accessible here

• Bloomberg Quint, Cyril Shroff and Abizer Diwanji, Where Do Equity Shareholders Stand In An Insolvency Process?, April 18, 2018, accessible here

LECTURE 04: COMMITTEE OF CREDITORS IN CIRP

SEGMENT 01: CONSTITUTION OF COC Acts / Statutes/ Rules and Regulations

• Section 5(24), Section 21 and Section 24 (3)(c), Insolvency and Bankruptcy Code, 2016

• Regulation 16 and 17, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Policy Briefs/ Reports / Articles/ Notes/Guidelines

• Report of the Bankruptcy Law Reform Committee, Volume 1: Rationale and Design, November 2015

• Clause 21, Notes on Clauses, Insolvency and Bankruptcy Code 2015 as introduced in the Lok Sabha.

• Report of the Insolvency Law Committee, February 2020, ¶ 1.23 and 10

• Amendment to Section 21 by the Insolvency and Bankruptcy (Amendment) Act, 2020, accessible here.

Cases

• Phoenix Arc Private Limited v. Spade Financial Services Limited [Civil Appeal No. 2842 of 2020] (Supreme Court), Decided on 01.02. 2021, accessible here

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• SREI Infrastructure Finance Limited v. Canara Bank, [Company Appeal (AT) (Insolvency) No. 153/2017] (NCLT, Hyderabad), Decided on 30.10.2018 accessible here.

• Swiss Ribbons v. Union of India & Ors [Writ Petition (Civil) No. 99 of 201] (Supreme Court) Decided on 25. 01. 2019. accessible here

SEGMENT 02: ROLE, RESPONSIBILITY AND COC MEETINGS Acts / Statutes/ Rules and Regulations

• Section 12A, Section 22, Section 28, Section 30(5), Insolvency and Bankruptcy Code, 2016 SEGMENT 03: VOTING SHARE Acts / Statutes/ Rules and Regulations

• Section 5(28) of the Insolvency and Bankruptcy Code, 2016

• Section 22 (2) Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 Additional Materials

• Insolvency and Bankruptcy Board of India, Circular on Voting in the Committee of Creditors, September 14, 2018, accessible here

LECTURE 05: CORPORATE AND PERSONAL GUARANTORS IN CIRP

SEGMENT 01: CORPORATE GUARANTORS IN CIRP Acts / Statutes/ Rules and Regulations

• Section 126-128, Indian Contract Act, 1872 accessible here.

• Section 5(8), Insolvency and Bankruptcy Code, 2016

SEGMENT 02: CORPORATE GUARANTORS IN CIRP Acts / Statutes/ Rules and Regulations

• Section 5(8) of the Insolvency and Bankruptcy Code. 2016

• Section 5(5A), Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

• Section 14(3)(b), Insolvency and Bankruptcy Code (Amendment) Act, 2020. Policy Briefs/ Reports / Articles/ Notes/ Guidelines

• Report of the Reconstituted Insolvency Committee, February 2020, ¶ 7.3. Cases

• Dr. Vishnu Kumar Agarwal v M/s. Piramal Enterprises Limited [Company Appeal (AT) (Insolvency) No. 346 of 2018] (NCLAT) Decided on 8.01.2019 accessible here.

• Edelweiss Asset Reconstruction Company Limited v Sachet Infrastructure Pvt. Limited. & Ors [Company Appeal (AT) (Insolvency) No. 377 of 2019] (NCLAT) Decided on 20.09.2019 accessible here.

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• Re Kaupthing Singer and Friedlander Limited [2011] UKSC 48 accessible here. SEGMENT 03: PERSONAL GUARANTORS IN CIRP Acts / Statutes/ Rules and Regulations

• Section 2(e), Sections 94, 95, 96(a), Insolvency and Bankruptcy Code, 2016

• Section 14(3)(b), Insolvency and Bankruptcy Code (Amendment) Act, 2020.

Policy Briefs/ Reports / Articles/ Notes/Guidelines

• Report of the Insolvency Law Committee, February 2018.

Cases

• Alpha and Omega Diagnostics (India) Limited. v. Asset Reconstruction Company of India [Company Appeal (AT) (Insol.) No. 116 of 2017 ] (NCLAT) Decided on 30.07.2017 accessible here.

• Committee Of Creditors Of Essar Steel v. Satish Kumar Gupta- [Civil Appeal No. 8766-67 of 2019] (Supreme Court) Decided on 15.11.2019 accessible here.

• Davinder Ahluwalia and Ors. v. Sumit Aviation, [IB No. (IB)-229 (ND)/2017] (NCLT New Delhi) Decided on 1.08.2017 accessible here.

• Dr. Vishnu Kumar Agarwal v M/s. Piramal Enterprises Limited [Company Appeal (AT) (Insolvency) No. 346 of 2018] (NCLAT) Decided on 08.01.2019 accessible here.

• Lalit Mishra & Ors. v. Sharon Bio Medicine Limited. & Ors. [Company Appeal (AT) (Insolvency) No. 164 of 2018 (NCLAT ) Decided on 12.11.2018 accessible here.

• RCOM (Reliance Communications) and RITL (Reliance Infratel Limited) [CP (IB) No. 916/(MB) of 2020] (NCLT Mumbai) Decided on 20.08.2020 accessible here.

• SBI v. Ramakrishnan [Civil Appeal No. 3595 Of 2018] (Supreme Court) Decided on 14.08.2018 accessible here.

• Lalit Kumar Jain v. Union of India [(Civil) No. 245/2020 (SC)], accessible here

Additional Materials

• Insolvency & Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019, accessible here.

• Insolvency & Bankruptcy (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019,accessible here

• Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, accessible here.

• Insolvency & Bankruptcy (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, accessible here.

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• Nishith Desai Associates, Insolvency and Bankruptcy Hotline: Guarantors and the Moratorium under the Insolvency and Bankruptcy Code: An Ongoing Battle, September 15, 2017, accessible here

LECTURE 06: INTER SE CREDITOR ARRANGEMENTS

INTER SE CREDITOR ARRANGEMENTS Cases

• Amitabh Kumar Jha v. Bank of India, Company Appeal (AT) (Insolvency) No. 1392 of 2019

(NCLAT), Decided on 22.05.2020, accessible here

• Arunkant Rai v. Allahabad Bank and Ors., Company Appeal (AT) (Insolvency) No. 1251 of

2019 (NCLAT), Decided on 01.02. 2020, accessible here

• Committee of Creditors of Essar Steel India Limited through Authorised Signatory v. Satish Kumar Gupta & Ors. [Civil Appeal No. 8766-67 of 2019] (Supreme Court) Decided on 15.11.2019, accessible here

• ICICI Bank Limited v. SIDCO Leathers Limited & Ors, AIR 2006 SC 2088, accessible here

• IDFC Bank Limited vs Ruchi Soya Industries Limited, Company Petition No. 570 of 2016

(Bombay HC), accessible here

• K. Sashidhar v. Indian Overseas Bank & Ors. [Civil Appeal No. 10673 of 2018](Supreme Court) Decided on 05.02.2019, accessible here

• Oriental Bank of Commerce v. M/s Ruchi Global Limited, Company Appeal (AT)

(Insolvency) No. 387 of 2019 (NCLAT)accessible here

MODULE 03 (WEEK 09-11): INSOLVENCY RESOLUTION AND DEALMAKING

LECTURE 01: RESOLUTION APPLICANT AND RESOLUTION PLAN IN IBC

SEGMENT 01: DEFINITION AND ELIGIBILITY Acts / Statutes/ Rules and Regulations

• Section 5(25), Section 29A, Insolvency & Bankruptcy Code, 2016

• Insolvency and Bankruptcy (Second Amendment) Act, 2018

• Insolvency and Bankruptcy (Amendment) Act, 2020 Policy Briefs/ Reports / Articles/ Notes/ Guidelines

• Lok Sabha Debate on Section 29A, Shri P. Chidambaram and Shri Arun Jaitley accessible here

• Report of the Insolvency Law Committee, March 2018, ¶ 14.1-14.4, 14.7 - 14.9, 14.12,14.14 & 14.6, accessible here

Cases

• ArcelorMittal India Private Limited v Satish Kumar Gupta & Ors. [Civil Appeal Nos. 9402-9405 of 2017] (Supreme Court) Decided on 04.10.2018, accessible here

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Podcasts and Webinars

• Back to Basics, Insolvency Law Series 01, Episode 01, Bahram N. Vakil, Founding Partner, AZB & Partners and Debanshu Mukherjee, C0-Founder, Vidhi Centre for Legal Policy, accessible here

• Back to Basics, Insolvency Law Series 01, Episode 03, Sudip Mahapatra, Partner, S&R Associates, accessible here

SEGMENT 02: THRESHOLD AND CRITERIA Acts / Statutes/ Rules and Regulations

• Section 5(26), 30, 31, Insolvency & Bankruptcy Code, 2016.

• Regulations 37, 38, The Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

• Form H, Compliance Certificate, Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, accessible here

Policy Briefs/ Reports / Articles/ Notes/Guidelines

• Report of the Bankruptcy Law Reform Committee, Volume 1: Rationale and Design, November 2015, ¶ 5.33, accessible here

Cases

• Accord Life Spec Private Limited v. Orchid Pharma Limited [Company Appeal (AT) (Insolvency) No. 761 of 2019] (NCLAT) Decided on 13.11.2019, accessible here

• Binani Industries Ltd. v Bank of Baroda & Anr. [Company Appeal (AT) (Insolvency) No. 82 of 2018 & ors.] (NCLAT) Decided on 14.11.2018, accessible here

• Committee of Creditors of Essar Steel India Limited through Authorised Signatory v. Satish Kumar Gupta & Ors. [Civil Appeal No. 8766-67 of 2019] (Supreme Court) Decided on 15.11.2019, accessible here

• Edelweiss ARC v. Orissa Manganese and Minerals Ltd and Anr. [Company Appeal (AT) (Insolvency) No. 437 of 2018 & I.A. No. 1830 of 2018] (NCLAT) Decided on 23.04.2019, accessible here

• Jagmeet Singh v. Rubber Products Limited [Company Appeal (AT)(Ins) No. 405 of 2019] (NCLAT) Decided on 11.06.2019, accessible here

• K. Sashidhar v. Indian Overseas Bank & Ors. [Civil Appeal No. 10673 of 2018](Supreme Court) Decided on 05.02.2019, accessible here

• Mr. Hemant Gupta v M/S. Jasper Engineers Private Limited [Company Application No. 175(ND)/2019 in Company Petition No. (IB) - 821(ND)/2018] (NCLT New Delhi) Decided on 17.09.2019, accessible here

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• State Bank of India v ARGL Limited [CA – 1132(PB)/2019 in CP. No. IB – 531(PB)/2017] (NCLT Principal Bench) Decided on 02.12.2018, accessible here

Additional Materials

• One Capitall Limited v. Syglak Laboratories Private Limited [CP (IB) 2098/MB/C-IV/2019] (NCLT Mumbai) Decided on 22.10.2019, accessible here

• Pavithra v. A Arumgam and Anr [MA/393/2019 in CP/762/IB/2018] (NCLT Chennai) Decided on 11.06.2019, accessible here

• Pheonix ARC Pvt. Ltd v. Sarbat Cotfab Pvt Limited [CA No. 492/2019 IN CP (IB) No. 123/Chd/CHD/2017 (Admitted Matter)] (NCLT Chandigarh) Decided on 09.10.2019, accessible here

LECTURE 02: RESOLUTION PLANS: IMPLEMENTATION

SEGMENT 01: TYPES AND IMPLEMENTATION Acts / Statutes/ Rules and Regulations

• Section 5(26), 30, 31, Insolvency & Bankruptcy Code, 2016

• Regulations 37, 38, Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Policy Briefs/ Reports / Articles/ Notes/Guidelines

• Notes on Clauses, Insolvency and Bankruptcy Code 2015 (to be introduced in the Lok Sabha), accessible here

• Report of The Joint Committee on The Insolvency and Bankruptcy Code, 2015, ¶ 24, accessible here

• Report of the Insolvency Law Committee, March 2018, ¶ 16.1 - 16.4, accessible here Cases

• Committee of Creditors of Amtek Auto Ltd through Corporation Bank v Mr. Dinkar T Venkatasubramaniam [Company Appeal (AT) (Insolvency) No. 219 of 2019] decided on 16.08.2019, accessible here

• Ingen Capital Group LLC v Ramkumar S.V & Anr. [Company Appeal (AT) (Insolvency) No. 795 of 2018] (NCLAT) decided on 30.04.2019, accessible here

Additional Materials

• Anil Goel v. 21 Capital PCC [Company Appeal (AT) (Insolvency) No. 36 of 2019] (NCLAT) Decided on 18.04.2019, accessible here

• ArcelorMittal India Pvt. Ltd v Abhijit Guhathakurta Resolution Professional of EP Constructions India Ltd & Ors. [Company Appeal (AT) (Insolvency) No. 524 of 2019] (NCLAT), Decided on16.12.2019, accessible here

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• Bank of India v. Maxim Infrastructure and Real Estate Private Limited [I.A. No. 72 of 2019 in CP(IB)/04/GB/2018] (NCLT Guwahati) Decided on 25.10.2019, accessible here

• DBS Bank Ltd, Singapore v. Shailendra Ajmera & Anr [Company Appeal (AT) (Insolvency) No. 788 of 2019 ] (NCLAT) Decided on 18.11.2019, accessible here

• Haridwar Iron & Ispat Rollings Limited [C.A. 438 (PB)/2019 in Company Petition No. (IB) – 532(PB)/2017] (NCLT Principal Bench), Decided on 17.09.2019, accessible here

• Maruti Ferrous Private Limited v. Sunil Ispat & Power Limited [Company Appeal (AT) (Insolvency) Nos. 250-251 of 2019] (NCLAT) Decided on 30.05.2019, accessible here

• Mecamidi HPP India Private Limited v. Rishi Ganga Power Corporate Limited [Company Appeal (AT) (Insolvency) No. 773 of 2018] (NCLAT) Decided on 23.04.2019, accessible here

• Rahul Jain v. Rave Scans Pvt Ltd & Ors [Civil Appeal No. 7940 of 2019] (Supreme Court) Decided on 08.11.2019, accessible here.

• State Bank of India v. ARGL Limited [C.A. – 1132(PB)/2019 in C.P. No. IB-531(PB)/2017] (NCLT Principal Bench) Decided on 02.12.2019, accessible here

• Superna Dhawan & Anr v. Bharti Defence and Infrastructure Ltd. [Company Appeal (AT) (Insolvency) No. 195 of 2019] (NCLAT) Decided on 14.05.2019, accessible here

• Union Bank of India v. Maharashtra Shetkari Sugar Limited Mumbai [MA 3199/2019 in CP(IB) 1767/MB/2017] (NCLT Mumbai) Decided on 07.11.2019, accessible here

• Vijay Jumar Jain v. Standard Chartered Bank [Civil Appeal No.8430 of 2018] (Supreme Court) Decided on 31.01.2019, accessible here

• SEGMENT 02: EXTINGUISHING LIABILITY Acts / Statutes/ Rules and Regulations

• Section 32A, Insolvency & Bankruptcy Code (Amendment) Act, 2020, accessible here Policy Briefs/ Reports / Articles/ Notes/ Guidelines

• Report of the Reconstituted Insolvency Law Committee, February 2020, ¶ 17.1-17.8. Additional Materials

• CII and PWC, Decoding the Code: Survey on Twenty One Months of IBC in India, accessible at here Rajya Sabha TV, Insolvency & Bankruptcy Code Act, accessible here

LECTURE 03: INTERACTION WITH SEBI AND RBI

Acts/ Statutes/ Rules/ Regulations

• RBI Prudential Framework for Resolution of Stressed Assets, June 07, 2019, accessible here

• Securities Contracts (Regulation) Act, 1956, accessible here

• Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015, accessible here

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Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, accessible here

Cases

• Dharani Sugars v. Union of India [TP (Civil) No.1399 off 2018] (Supreme Court) Decided on 02.04.2019, accessible here

MODULE 3A (WEEK 12-13): INSOLVENCY RESOLUTION AND DEALMAKING CASE STUDIES

LECTURE 01: ACQUISITIONS AND DEAL STRUCTURING

SEGMENT 01: REAL ESTATE SECTOR – REIT INVESTMENTS

• Embassy Parks Offer Documentation, accessible here: here SEGMENT 02: STRATEGIC M&A CASES: [Deal documentation and information will be separately provided] SEGMENT 03: WITHDRAWAL, NEGOTIATION AND MEDIATION Acts/ Statutes/ Rules/ Regulations

• Section 12A, Insolvency and Bankruptcy Code, 2016

• Section 89, Civil Procedure Code, 1908

• Form FA, IBBI (Resolution Process for Corporate Persons) Regulations, 2016 accessible here Policy Briefs/ Reports / Articles/ Notes/Guidelines

• Rajiv Mani, Mediation in Insolvency Matters, IBBI Publication, October 2020, accessible here

MODULE 04 WEEK 14-15 PREPACKS, FAST TRACK, GROUP AND CROSS BORDER INSOLVENCY

LECTURE 01: GROUP AND CROSS BORDER INSOLVENCY

SEGMENT 01: GROUP INSOLVENCY Policy Briefs/ Reports/ Articles/ Notes/Guidelines

• Report of the Working Group on Insolvency, September 2019 accessible here Cases

• Asset Reconstruction Company Limited v. Sachet Infrastructure Pvt. Ltd. & Ors, [Company Appeal (AT) (Insolvency) Nos. 377 to 385 of 2019] Decided on 20.09.2019, accessible here

• Bikram Chatterji v. Union of India [W.P. (Civil) No(s).940/2017] (Supreme Court) Decided on 17.05.2018 and 01.08.2018, accessible here and here

• Chitra Sharma v. Union of India [W.P. (Civil) No(s).744/2017] (Supreme Court)- Decidedon 11.09.2017, accessible here

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• State Bank of India & Anr. v. Videocon Industries Ltd. & Ors [MA 2385/2019 in C.P.(IB)-02/MB/2018] (NCLT Mumbai), Decided on 12.02.2020, accessible here

• Venugopal Dhoot v. State Bank of India & Ors [CA- 1022(PB)/2018]- Decided on 24.10.2018, accessible here

SEGMENT 02: CROSS BORDER INSOLVENCY Acts/ Statutes/ Rules and Regulations/International Instruments

• UNCITRAL Model Law on Cross Border Insolvencies, 1997, accessible here

• UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments, 2018, accessible here

• UNCITRAL Model Law on Enterprise Group Insolvency, 2019, accessible here

• Judicial Insolvency Network, Modalities of Court to Court Communication, accessible here

• Stacy A. Lutkus, Court to Court Communications in Cross Border Insolvency Cases, International Insolvency Institute, September 2018, accessible here

• UNCITRAL-INSOL-World Bank, Findings of the Multinational Judicial Colloquium, March 2011, accessible here

• American Law Institute, Guidelines Applicable to Court Guidelines Applicable to Court-to-Court Communications in Cross-Border Cases, May 16, 2000, accessible here

Policy Briefs/ Reports/ Articles/ Notes/Guidelines

• Report of Insolvency Law Committee on Cross Border Insolvency, October 2018 accessible here

Cases

• Jet Airways (India) Limited v. State Bank of India & Anr. [CP 1938, 1968 & 2205 (MB)-2019] (NCLT Mumbai) , accessible here

• Jet Airways Insolvency Proceedings Public Information accessible here

Podcasts and Webinars

• Lecture by Rob van den Sigtenhorst, Partner, TOON, The Netherlands, Jet Airways: No Rules, No worries: A case study on an Indian-Dutch Cross Border Insolvency Protocol, accessible here

Additional Materials

• Sudhaker Shukla and Kokila Jayaram, Cross Border Insolvency: A case to cross the border without UNCITRAL, accessible here

• Lecture by Dr. Cristoph Paulus, Insolvency Law: The Beginning and EIR, accessible here

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• Lecture by Dr. Robert Hanel and Mylene Boche Robinet, Cross Border Insolvency: A German French Case Study here

• Lecture by Craig Montgomery, Freshfields Bruckhaus Deringer, Cross Border Insolvency and the UK Response: An Aviation Sector Case Study, accessible here.

LECTURE 02: COVID 19, PREPACKS, FAST TRACK CIRP

SEGMENT 01: COVID 19 MEASURES AND DEFAULTS

• Resolution Framework for COVID-19-related Stress, here

• Cyril Shroff and Dhananjay Kumar, CAM, INSOL International – World Bank Group Global Guide, May 17, 2021, accessible here

SEGMENT 02: FAST TRACK INSOLVENCY RESOLUTION PROCESS Acts/ Statues/ Rules and Regulations

• Statement of Objects and Reasons, Micro, Small and Medium Enterprises Development Act, 2006, accessible here

• Ministry of Corporate Affairs Notification, June 14, 2017 on applicability of Sections 55 to 58 of the Insolvency and Bankruptcy Code, 2016, accessible here

• Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 accessible here

Policy Briefs/ Reports/ Articles/ Notes/ Guidelines

• Report of the Bankruptcy Law Reform Committee, Volume 1: Rationale and Design, November 2015, ¶ 5.4

SEGMENT 03: PREPACKAGED INSOLVENCY Acts/ Statutes/ Rules and Regulations

• Section 11A, 54 D and 54 J, Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, accessible here

• Regulation 42 of Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021, accessible here

Policy Briefs/ Reports/ Articles/ Notes/ Guidelines

• AZB & Partners, PPIRP Timelines, accessible here

• Report of the Bankruptcy Law Reform Committee, Volume 1: Rationale and Design, November 2015, Chapter 6

• Report of the Sub-Committee of the Insolvency Law Committee on Pre-packaged Insolvency Resolution Process, October 2020, accessible here

Additional Materials

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• Vidhi Centre for Legal Policy, Report on Designing a Framework for Pre-Packaged Insolvency Resolution in India | Some Ideas for Report, February 2020, accessible here

• AZB & Partners, Salient Features of the Pre-Pack Process, April 16, 2021, accessible here

Part VI Relevant Readings

An indicative list of relevant readings has been set out in Part V above.

Books:

1. The Vidhi Handbook on The Insolvency and Bankruptcy Code, 2016: The Corporate Insolvency Resolution Process.