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ProAcademy

Abstract

In the Indian Insolvency scenario the insolvency and bankruptcy is governed by a uniform law of Insolvency and Bankruptcy Code, 2016 (“Code”) which came into force in 2016. In the almost 4 years of its inception, the Code has seen a lot of important judgments and orders being given by the National Company Law Tribunal (“NCLT”) / National Company Law Appellate Tribunal (“NCLAT”) as well as the Apex Court of India. These orders have helped resolved the gaps in the codified law as well as issues left by the legislation to the facts and circumstances in the cases.

Since the coming into force of the provisions of CIRP with effect from December 1, 2016, 3312 CIRPs have commenced by the end of December 2019. Of these, 246 have been closed on appeal or review or settled; 135 have been withdrawn; 780 have ended in liquidation and 190 have ended in approval of resolution plans.[1] One of these resolved cases is that of Ruchi Soya Industries Limited (“Ruchi Soya”). This Article highlights the flow of events and the pertinent questions answered by the Courts in this matter.

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