Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 25 JULY 2022

Restructuring & Insolvency Monthly Update | July 2022

HSA Advocates
Explore more from HSA Advocates

The Insolvency Law Committee published its report on May 20, 2022 and has recommended the following amendments...

IndiaInsolvency/Bankruptcy/Re-Structuring
Abhirup Dasgupta
Abhirup Dasgupta
Pratik Ghose
Pratik Ghose
Avishek Roy
Avishek Roy
Ishaan Duggal
Ishaan Duggal
Bhawana Sharma
Bhawana Sharma
Akriti Shikha
Akriti Shikha
Author LinkedIn connections

STATUTORY UPDATES

Report of the Insolvency Law Committee, May 2022

  • The Insolvency Law Committee published its report on May 20, 2022 and has recommended the following amendments:
  • Mandating reliance on Information Utilities (IUs) for establishing default
    • The Insolvency Law Committee (ILC) report has recommended that Financial Creditors (FCs) that are financial institutions and such other FCs notified by the Central Government, should submit IU-authenticated records alongside their Section 7 application to establish default. This is done to expedite the disposal of the application to initiate Corporate Insolvency Resolution Process (CIRP).
    • In matters where such authenticated reports are unavailable and for all other FCs, the existing system of relying on different documents for establishing default would remain applicable. The report also recommends that Operational Creditors (OCs) would be mandated to rely on IU records to establish default in due

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

The Insolvency And Bankruptcy Code (Amendment) Act, 2026

India's Insolvency and Bankruptcy Code undergoes significant reform through the 2026 Amendment Act, introducing stricter timelines, enhanced creditor oversight, and frameworks for group and cross-border insolvency. The amendments address persistent challenges in resolution efficiency, withdrawal restrictions, and fraudulent transaction scrutiny while aligning with international best practices to strengthen investor confidence.
IndiaInsolvency/Bankruptcy/Re-Structuring
Mansukhlal Hiralal & Company
Mansukhlal Hiralal & Company
Article

The IBC Amendment Act, 2026: Reshaping Real Estate Insolvency

The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (‘Amendment Act’), which amends the Insolvency and Bankruptcy Code, 2016 (‘Code’), received Presidential assent on April 6, 2026. Most amendments took effect on May 26, 2026. However, three significant mechanisms the accelerated admission deadline, creditor-initiated resolution, and group insolvency have been enacted but have not yet come into force and will take effect only upon the issuance of a commencement notification by the Central Government under the applicable provisions of the Code.
IndiaInsolvency/Bankruptcy/Re-Structuring
Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co
Article

IBC Update - Removal Of Interim Moratorium For Personal Guarantors Apples To Pending Proceedings

The Bombay High Court recently addressed a critical question regarding the temporal application of Section 96(4) of the Insolvency and Bankruptcy Code, which removed the interim moratorium protection for personal guarantors of corporate debtors. The ruling clarifies whether this amendment applies only to fresh applications filed after its enactment or extends to insolvency proceedings that were already pending when the law changed. This decision has significant implications for creditors seeking to pursue p
IndiaInsolvency/Bankruptcy/Re-Structuring
Mansukhlal Hiralal & Company
Mansukhlal Hiralal & Company
Article

The End Of The “Settlement Exit”? — The Stricter Section 12A Regime Post-2026 Amendment

For nearly eight years, the Insolvency and Bankruptcy Code, 2016 (IBC) carried within it a quiet contradiction. On the one hand, it was designed to be a serious, time-bound, collective resolution mechanism and a creditor-driven process. On the other hand, it contained Section 12A, a provision that became one of the most strategically exploited exits in Indian commercial law.
IndiaInsolvency/Bankruptcy/Re-Structuring
Foresight Law Offices
Foresight Law Offices
Article

Major Reform In Maharashtra: Sanad Requirement Removed For Land Conversion

The Government of Maharashtra has taken a significant step towards enhancing ease of doing business by rationalising the framework governing agricultural land conversion. As per the recent amendment to the Maharashtra Land Revenue Code, 1966 (MLRC), notified on 31 December 2025, and the Government Resolution dated 10 February 2026, the requirement of obtaining a separate sanad or non-agricultural permission from the Collector has been abolished for permissible non-agricultural uses under the Development Plan or Regional Plan under the Maharashtra Regional and Town Planning Act, 1966 (MRTP).
IndiaReal Estate and Construction
HSA Advocates
HSA Advocates
Article

From Permission To Approval: Decoding The Maharashtra Land Revenue Code Amendment 2026

The Maharashtra Land Revenue Code (Second Amendment) Act, 2026 (L. A. BILL No. XXVIII OF 2026) represents a significant reform in the regulation of government land transactions in Maharashtra. Introduced in the Maharashtra Legislative Assembly on 24th March 2026, it focuses primarily on amending Section 37A of the Maharashtra Land Revenue Code, 1966, a provision that governs the sale, transfer, redevelopment, use of additional Floor Space Index (“FSI”), transfer of Transferable Development Rights (“TDR”), and change in use of government land.
IndiaGovernment, Public Sector
HSA Advocates
HSA Advocates
Article

More Than A Signature: Supreme Court Clarifies When Non-Signatories Can Be Bound By Arbitration

The Supreme Court, in KKH Finvest Pvt. Ltd. & Anr. v. Ashiesh Shukla & Ors., 2026 SCC OnLine SC 1498, has reaffirmed an important principle governing the reference of disputes involving non-signatories to arbitration. The Hon’ble Court held that the absence of a signature on an arbitration agreement is not, by itself, determinative of whether a person can be bound by the arbitration agreement.
IndiaLitigation, Mediation & Arbitration
HSA Advocates
HSA Advocates