Library Catalogue
Corporate bankruptcy problem, process and reform : a study of the existing legal regime on corporate bankruptcy in India with special emphasis on the policy and reform process including cross-border insolvency
K Feroz Ali
Corporate bankruptcy problem, process and reform : a study of the existing legal regime on corporate bankruptcy in India with special emphasis on the policy and reform process including cross-border insolvency - BangaloreBangalore NLSIU 2001 - 260 p. ; 25 cm.
TABLE OF CONTENTS LIST OF ABBREVIA TIONS; LIST OF CASES; INTRODUCTION; A. IMPORTANCE OF BANKRUPTCY; B. CORPORATE BANKRUPTCY IN INDIA; C. RELEVANCE OF THE STUDY; D. METHODOLOGY; 1. Hypothesis; 2. Research Issues; 3. Data Collection; 4. Methods of Analysis; 5. Mode of Citation; CHAPTER 1; CORPORATE DEBT: THE STARTING POINT; 1.1 THE CONCEPT OF CORPORATE DEBT; 1.2 THE RELATION BETWEEN DEBT AND CREDIT; 1.3 EQUITY AND DEBT; 1.4 DEBT FINANCING; 1.5 MODELS OF CORPORATE DEBT-EQUITY RELATIONS; 1.5.1 The Traditional Conception; 1.5.2 The Investment Conception; 1.5.3 The Agency Conception; 1.6 THE COMPLEXITY OF DEBT CONTRACT; 1.7 THE RATIONAL IN CREDIT RATIONING; 1.8 THEORIES OF CORPORATE DEBT; 1.9 DEFINING DEBT; CHAPTER 2; BANKRUPTCY: ETYMOLOGY, HISTORY AND LAW ; 2.1 ORIGIN OF THE WORD 'BANKRUPTCY; 2.2 HISTORY OF BANKRUPTCY LAWS; 2.3 MODERN BANKRUPTCY LAWS; 2.4 INDIAN POSITION; 2.5 BANKRUPTCY AND INSOLVENCY; CHAPTER 3; BANKRUPTCY POLICY: OBJECTIVES, CONCERNS AND RECOMMENDATIONS; 3.1 THE NEED FOR A SEPARATE POLICY; 3. 1. I Causes 0/ Bankruptcy; 3. 1.2 Functions 0/ Bankruptcy Law ; 3. 1.3 Legal Theory in Bankruptcy ; 3.1.4 Bankruptcy Claims and Non-bankruptcy Entitlements; 3. 1.5 Collective Liquidation; 3.2 POLICY ISSUES IN BANKRUPTCY ; 3.2.1 Types of Default; 3.2.2 Priority Principle; 3.2.3 The Pari Passu Principle; 3.2.4 Preferences; 3.2.5 Creditors' Co-ordination; 3.3 BANKRUPTCY POLICY IN INDIA: THE CHANGING SCENARIO; 3.3.1 Do we require a Comprehensive Bankruptcy Law; 3.3.2 Objective of Bankruptcy law; 3.3.3 Trigger Operation; 3.3.3.1 Cash Test; 3.3.3.2 Solvency Test; 3.3.3.3 Net Worth Test; 3.3.3.4 Continuous Asset Depletion Test; 3.3.3.5 Irretrievable Break Down Test; 3.3.4 Appointment and Responsibilities of Trustees; 3.3.4.1 Who can be a Trustee; 3.3.4.2 When the Trustee to be Appointed; 3.3.4.3 Functions of the Trustee; 3.3.4.4 Liability of the Trustee; 3.3.4.5 Approval of Reorganisation Proposal; 3.3.5 Judicial Institution; 3.3.6 Priority Principles; 3.3.7 Special Procedure for Banks and Financial Institutions; 3.3.8 Special Provisions for Government Companies; 3.3.9 Time bound Bankruptcy Proceeding; 3.3.10 Efficient Procedure; 3.4 CONCLUSION; CHAPTER 4; BANKRUPTCY PROCEDURES: REORGANISATION AND LIQUIDATION; 4.1 GENERAL; 4.2 GOALS OF BANKRUPTCY PROCEDURE; 4.3 KINDS OF PROCEDURES; 4.3.1 Cash Auctions; 4.3.2 Structured Bargaining; CHAPTER 5; CORPORATE BANKRUPTCY IN INDIAN LAW: RESTRUCTURING AND WINDING UP; 5.1 RESTRUCTURING; 5.1.1 Reduction of Share Capital; 5.1.2 Compromise or Arrangement with the Creditors; 5.1.3 Restructuring under the Sick Industrial Companies (Special Provisions) Act; 5.1.3.1 Extent of industrial sickness in India; 5.1.3.2 Restructuring under the SICA; 5.1.3.3 SICA and its Working; 5.2 WINDING UP; 5.2.1 Debt under the Indian Companies Act; 5.2.1.1 Statutory Notice; 5.2.1.2 Decreed Debt; 5.2.1.3 Commercial Insolvency; 5.2.1.4 Winding up not to be used to realise Debt; 5.2.1.5 Refusal to Pay by a Financially Sound Company; 5.2.1.6 Civil Suits to decide upon Debts; 5.2.2 Other Modes of Winding Up; 5.2.3 Workmen's Rights and Dues; 5.2.4 Official Liquidator; 5.2.5 Striking the Name off the Register; 5.2.6 Winding Up by the Court; 5.2.7 Conduct of Winding up Proceedings; 5.2.8 Liability of Contributors under List A; 5.2.9 Liability of Past Members; 5.2.10 Unlimited Liability of some Officers; 5.2.11 Payment of Liabilities by Liquidator; 5.2.12 Preferential Payments; 5.2.13 Insolvency Laws and Preferential Payments; 5.2.14 Fraudulent Preference; 5.2. 15 Voluntary Transfer; 5.2.16 Transfer of Shares; 5.2.17 Proceedings against Delinquent Officers; 5.3 INSTITUTION FOR CONDUCTING BANKRUPTCY; 5.4 CONCLUSION; CHAPTER 6; COMPARATIVE TRENDS IN BANKRUPTCY; 6.1 CLASSIFICATION OF BANKRUPTCY JURISDICTIONS; 6.2 CRITERIA FOR JUDGING THE EFFICIENCY OF A BANKRUPTCY CODE; 6.2. 1 The first criterion; 6.2.2 The second criterion; 6.2.3 The third criterion; 6.2.4 The fourth criterion; 6.2.5 The fifth criterion; 6.3 BANKRUPTCY EXPERIENCE IN VARIOUS COUNTRIES; 6.3.1 History of Rehabilitations; 6. 3. 2 The United States Bankruptcy code;. 6.3.3.1 Procedure in Chapter 11; 6.3.3.2 Workouts; 6.3.3.3 Workouts v. Chapter 11; 6.3.3.4 Reasons why workouts fail; 6.3.3 The United Kingdom Bankruptcy Code; 6.3.4.1 Liquidator; 6.3.4.2 Receivership; 6.3.4.3 The Administrator; 6.3.4.4 Workouts; 6.3.4.5 Reorganisation; 6.3.4 Differences between the US and UK Codes; 6.3.5 France; 6.3.6 Germany; 6.4 CONCLUSION; CHAPTER 7; CROSS-BORDER INSOLVENCY: PRINCIPLES, PRACTICE AND SUGGESTIONS; 7.1 GENERAL PRINCIPLES.; 7.1.1 What is Cross-Border Insolvency; 7.1.2 Problems of Cross-Border Insolvency; 7.1.3 Key issues in Cross-Border Insolvency; 7.1.4 Universal and Territorial Theories; 7.1.5 Territoriality; 7.1.6 Universality; 7.1. 7 Insolvency jurisdiction and conflict of laws; 7.1.8 Insolvency Jurisdiction around the World; 7.1.9 International Treaties, Standards and Codes; 7.2 THE UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY; 7.2.1 The Need for a Model Law; 7.2.2 The Evolution of UNCITRAL Model Law; 7.2.3 Goals of the Model Law; 7.2.4 Exclusions of the Model Law; 7.2.5 Miscellaneous Provisions of the Model Law; 7.2.6 Recognition of a Foreign Proceeding; 7.3 CONCORDAT OF THE INTERNATIONAL BAR ASSOCIATION; 7.3.1 The Relevance of Concordat.; 7.3.2 Priority Conflicts.; 7.3.3 The Emergence of Universality.; 7.3.4 The Concordat's Treatment of Priority Rules Conflicts.; 7.3.5 Single-Forum Proceedings; 7.3.6 Priority Problems in Administrative Forum Determination; 7.3.7 Multiple-Forum Proceedings; 7,3.8 Forum Shopping; 7.4 EUROPEAN UNION CONVENTION ON INSOLVENCY PROCEEDINGS; 7.4.1 Bankruptcy Developments in the European Union.; 7.4.2 Application of the Convention.; 7.4.3 Jurisdiction.; 7.4.4 Recognition; 7.4.5 Choice-of-Law Rules; 7.5 THE RESPONSE OF THE US BANKRUPTCY CODE TO THE NEEDS OF CROSS-BORDER INSOLVENCY; 7.5.1 Provisions on International Insolvency in the US Bankruptcy Code; 7.5.2 Approaches on International Insolvency; 7 .6 INTERNATIONAL INSOLVENCY IN INDIA; 7.6.1 Choice of Law; 7.6.2 Origin of a company; 7.6.3 Provisions in the Indian Companies Act; 7.6.4 Issues in Cross-Border Insolvency; 7.6.5 Incorporating UNCITRAL Model on Cross-Border Insolvency in India; 7.6.6 Recognition of Foreign Decisions; 7.7 CONCLUSION; CHAPTER 8; CONCLUSIONS AND SUGGESTIONS ; 8.1 CONCLUSIONS.; 8.1.1 Issues a Comprehensive Bankruptcy Code must address.; 8.1.2 Why a separate Bankruptcy Code?.; 8.1.3 The purpose of a Bankruptcy Code.; 8.1.4 When can a Bankruptcy Petition lie.; 8.1.5 Application for initiating bankruptcy proceedings.; 8.1.6 Bankruptcy court.; 8.1.7 Appointment of Trustee.; 8.1.8 Scheme of Restructuring.; 8.1.9 Special Bankruptcy Proceeding.; ,8.1.10 Cross-Border Insolvency.; 8.2 SUGGESTIONS; BIBLIOGRAPHY; ANNEXURE – A; COMPARISON OF LAWS IN UNITED STATES AND INDIA; ANNEXURE – B; COMPARISON OF LAWS IN UNITED KINGDOM AND INDIA; ANNEXURE – C; UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY; ANNEXURE – D; COMMITTEE J CROSS-BORDER INSOLVENCY CONCORDAT.
Bankkruptcy Policy - India Corporate Bankruptcy - Indian Law Cross Border Insolvency
Corporate bankruptcy problem, process and reform : a study of the existing legal regime on corporate bankruptcy in India with special emphasis on the policy and reform process including cross-border insolvency - BangaloreBangalore NLSIU 2001 - 260 p. ; 25 cm.
TABLE OF CONTENTS LIST OF ABBREVIA TIONS; LIST OF CASES; INTRODUCTION; A. IMPORTANCE OF BANKRUPTCY; B. CORPORATE BANKRUPTCY IN INDIA; C. RELEVANCE OF THE STUDY; D. METHODOLOGY; 1. Hypothesis; 2. Research Issues; 3. Data Collection; 4. Methods of Analysis; 5. Mode of Citation; CHAPTER 1; CORPORATE DEBT: THE STARTING POINT; 1.1 THE CONCEPT OF CORPORATE DEBT; 1.2 THE RELATION BETWEEN DEBT AND CREDIT; 1.3 EQUITY AND DEBT; 1.4 DEBT FINANCING; 1.5 MODELS OF CORPORATE DEBT-EQUITY RELATIONS; 1.5.1 The Traditional Conception; 1.5.2 The Investment Conception; 1.5.3 The Agency Conception; 1.6 THE COMPLEXITY OF DEBT CONTRACT; 1.7 THE RATIONAL IN CREDIT RATIONING; 1.8 THEORIES OF CORPORATE DEBT; 1.9 DEFINING DEBT; CHAPTER 2; BANKRUPTCY: ETYMOLOGY, HISTORY AND LAW ; 2.1 ORIGIN OF THE WORD 'BANKRUPTCY; 2.2 HISTORY OF BANKRUPTCY LAWS; 2.3 MODERN BANKRUPTCY LAWS; 2.4 INDIAN POSITION; 2.5 BANKRUPTCY AND INSOLVENCY; CHAPTER 3; BANKRUPTCY POLICY: OBJECTIVES, CONCERNS AND RECOMMENDATIONS; 3.1 THE NEED FOR A SEPARATE POLICY; 3. 1. I Causes 0/ Bankruptcy; 3. 1.2 Functions 0/ Bankruptcy Law ; 3. 1.3 Legal Theory in Bankruptcy ; 3.1.4 Bankruptcy Claims and Non-bankruptcy Entitlements; 3. 1.5 Collective Liquidation; 3.2 POLICY ISSUES IN BANKRUPTCY ; 3.2.1 Types of Default; 3.2.2 Priority Principle; 3.2.3 The Pari Passu Principle; 3.2.4 Preferences; 3.2.5 Creditors' Co-ordination; 3.3 BANKRUPTCY POLICY IN INDIA: THE CHANGING SCENARIO; 3.3.1 Do we require a Comprehensive Bankruptcy Law; 3.3.2 Objective of Bankruptcy law; 3.3.3 Trigger Operation; 3.3.3.1 Cash Test; 3.3.3.2 Solvency Test; 3.3.3.3 Net Worth Test; 3.3.3.4 Continuous Asset Depletion Test; 3.3.3.5 Irretrievable Break Down Test; 3.3.4 Appointment and Responsibilities of Trustees; 3.3.4.1 Who can be a Trustee; 3.3.4.2 When the Trustee to be Appointed; 3.3.4.3 Functions of the Trustee; 3.3.4.4 Liability of the Trustee; 3.3.4.5 Approval of Reorganisation Proposal; 3.3.5 Judicial Institution; 3.3.6 Priority Principles; 3.3.7 Special Procedure for Banks and Financial Institutions; 3.3.8 Special Provisions for Government Companies; 3.3.9 Time bound Bankruptcy Proceeding; 3.3.10 Efficient Procedure; 3.4 CONCLUSION; CHAPTER 4; BANKRUPTCY PROCEDURES: REORGANISATION AND LIQUIDATION; 4.1 GENERAL; 4.2 GOALS OF BANKRUPTCY PROCEDURE; 4.3 KINDS OF PROCEDURES; 4.3.1 Cash Auctions; 4.3.2 Structured Bargaining; CHAPTER 5; CORPORATE BANKRUPTCY IN INDIAN LAW: RESTRUCTURING AND WINDING UP; 5.1 RESTRUCTURING; 5.1.1 Reduction of Share Capital; 5.1.2 Compromise or Arrangement with the Creditors; 5.1.3 Restructuring under the Sick Industrial Companies (Special Provisions) Act; 5.1.3.1 Extent of industrial sickness in India; 5.1.3.2 Restructuring under the SICA; 5.1.3.3 SICA and its Working; 5.2 WINDING UP; 5.2.1 Debt under the Indian Companies Act; 5.2.1.1 Statutory Notice; 5.2.1.2 Decreed Debt; 5.2.1.3 Commercial Insolvency; 5.2.1.4 Winding up not to be used to realise Debt; 5.2.1.5 Refusal to Pay by a Financially Sound Company; 5.2.1.6 Civil Suits to decide upon Debts; 5.2.2 Other Modes of Winding Up; 5.2.3 Workmen's Rights and Dues; 5.2.4 Official Liquidator; 5.2.5 Striking the Name off the Register; 5.2.6 Winding Up by the Court; 5.2.7 Conduct of Winding up Proceedings; 5.2.8 Liability of Contributors under List A; 5.2.9 Liability of Past Members; 5.2.10 Unlimited Liability of some Officers; 5.2.11 Payment of Liabilities by Liquidator; 5.2.12 Preferential Payments; 5.2.13 Insolvency Laws and Preferential Payments; 5.2.14 Fraudulent Preference; 5.2. 15 Voluntary Transfer; 5.2.16 Transfer of Shares; 5.2.17 Proceedings against Delinquent Officers; 5.3 INSTITUTION FOR CONDUCTING BANKRUPTCY; 5.4 CONCLUSION; CHAPTER 6; COMPARATIVE TRENDS IN BANKRUPTCY; 6.1 CLASSIFICATION OF BANKRUPTCY JURISDICTIONS; 6.2 CRITERIA FOR JUDGING THE EFFICIENCY OF A BANKRUPTCY CODE; 6.2. 1 The first criterion; 6.2.2 The second criterion; 6.2.3 The third criterion; 6.2.4 The fourth criterion; 6.2.5 The fifth criterion; 6.3 BANKRUPTCY EXPERIENCE IN VARIOUS COUNTRIES; 6.3.1 History of Rehabilitations; 6. 3. 2 The United States Bankruptcy code;. 6.3.3.1 Procedure in Chapter 11; 6.3.3.2 Workouts; 6.3.3.3 Workouts v. Chapter 11; 6.3.3.4 Reasons why workouts fail; 6.3.3 The United Kingdom Bankruptcy Code; 6.3.4.1 Liquidator; 6.3.4.2 Receivership; 6.3.4.3 The Administrator; 6.3.4.4 Workouts; 6.3.4.5 Reorganisation; 6.3.4 Differences between the US and UK Codes; 6.3.5 France; 6.3.6 Germany; 6.4 CONCLUSION; CHAPTER 7; CROSS-BORDER INSOLVENCY: PRINCIPLES, PRACTICE AND SUGGESTIONS; 7.1 GENERAL PRINCIPLES.; 7.1.1 What is Cross-Border Insolvency; 7.1.2 Problems of Cross-Border Insolvency; 7.1.3 Key issues in Cross-Border Insolvency; 7.1.4 Universal and Territorial Theories; 7.1.5 Territoriality; 7.1.6 Universality; 7.1. 7 Insolvency jurisdiction and conflict of laws; 7.1.8 Insolvency Jurisdiction around the World; 7.1.9 International Treaties, Standards and Codes; 7.2 THE UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY; 7.2.1 The Need for a Model Law; 7.2.2 The Evolution of UNCITRAL Model Law; 7.2.3 Goals of the Model Law; 7.2.4 Exclusions of the Model Law; 7.2.5 Miscellaneous Provisions of the Model Law; 7.2.6 Recognition of a Foreign Proceeding; 7.3 CONCORDAT OF THE INTERNATIONAL BAR ASSOCIATION; 7.3.1 The Relevance of Concordat.; 7.3.2 Priority Conflicts.; 7.3.3 The Emergence of Universality.; 7.3.4 The Concordat's Treatment of Priority Rules Conflicts.; 7.3.5 Single-Forum Proceedings; 7.3.6 Priority Problems in Administrative Forum Determination; 7.3.7 Multiple-Forum Proceedings; 7,3.8 Forum Shopping; 7.4 EUROPEAN UNION CONVENTION ON INSOLVENCY PROCEEDINGS; 7.4.1 Bankruptcy Developments in the European Union.; 7.4.2 Application of the Convention.; 7.4.3 Jurisdiction.; 7.4.4 Recognition; 7.4.5 Choice-of-Law Rules; 7.5 THE RESPONSE OF THE US BANKRUPTCY CODE TO THE NEEDS OF CROSS-BORDER INSOLVENCY; 7.5.1 Provisions on International Insolvency in the US Bankruptcy Code; 7.5.2 Approaches on International Insolvency; 7 .6 INTERNATIONAL INSOLVENCY IN INDIA; 7.6.1 Choice of Law; 7.6.2 Origin of a company; 7.6.3 Provisions in the Indian Companies Act; 7.6.4 Issues in Cross-Border Insolvency; 7.6.5 Incorporating UNCITRAL Model on Cross-Border Insolvency in India; 7.6.6 Recognition of Foreign Decisions; 7.7 CONCLUSION; CHAPTER 8; CONCLUSIONS AND SUGGESTIONS ; 8.1 CONCLUSIONS.; 8.1.1 Issues a Comprehensive Bankruptcy Code must address.; 8.1.2 Why a separate Bankruptcy Code?.; 8.1.3 The purpose of a Bankruptcy Code.; 8.1.4 When can a Bankruptcy Petition lie.; 8.1.5 Application for initiating bankruptcy proceedings.; 8.1.6 Bankruptcy court.; 8.1.7 Appointment of Trustee.; 8.1.8 Scheme of Restructuring.; 8.1.9 Special Bankruptcy Proceeding.; ,8.1.10 Cross-Border Insolvency.; 8.2 SUGGESTIONS; BIBLIOGRAPHY; ANNEXURE – A; COMPARISON OF LAWS IN UNITED STATES AND INDIA; ANNEXURE – B; COMPARISON OF LAWS IN UNITED KINGDOM AND INDIA; ANNEXURE – C; UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY; ANNEXURE – D; COMMITTEE J CROSS-BORDER INSOLVENCY CONCORDAT.
Bankkruptcy Policy - India Corporate Bankruptcy - Indian Law Cross Border Insolvency