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The Report of the Bankruptcy Law Reforms Committee Volume I: Rationale and Design

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The Report of the Bankruptcy Law Reforms Committee Volume I: Rationale and Design The report of the Bankruptcy Law Reforms Committee Volume I: Rationale and Design November 2015 Contents 1 Acknowledgements .............................................................................. 7 2 Executive summary ............................................................................. 10 3 Economic thinking ............................................................................... 18 3.1 Why reforms? 18 3.2 The role that insolvency and bankruptcy plays in debt financing 20 3.2.1 Assessing viability ................................................................................................... 21 3.2.2 Conflicts in creditor-debtor negotiation ......................................................... 21 3.2.3 What can a sound bankruptcy law achieve? ................................................ 22 3.3 Present arrangements in India 24 3.3.1 Difficulties of the present arrangement ........................................................... 25 3.4 Features of the proposed Code 29 3.4.1 Objectives ............................................................................................................... 29 3.4.2 Principles driving the design ............................................................................... 29 3.4.3 Design of the proposed Code........................................................................... 31 3.5 How India will benefit from reforms of the bankruptcy process 33 4 Institutional infrastructure ................................................................. 35 4.1 Insolvency Regulator 35 4.1.1 The case for a regulator ...................................................................................... 35 4.1.2 Establishing the Insolvency Regulator ............................................................. 36 4.1.3 Objectives of the regulator ................................................................................ 36 4.1.4 Functions of the regulator ................................................................................... 37 4.1.5 Statistical and research functions ..................................................................... 37 4.1.6 Accountability mechanisms .............................................................................. 38 4.1.7 Governance arrangement ................................................................................. 39 4.1.8 Process for legislative functions ......................................................................... 39 4.1.9 Process for executive functions ......................................................................... 40 4.1.10 Process for quasi-judicial function .................................................................... 41 4.1.11 Framework for penalties ...................................................................................... 42 4.1.12 Appeals against actions of the regulator ....................................................... 42 4.1.13 Obtaining resources and spending them ...................................................... 42 4.2 The Bankruptcy and Insolvency Adjudicator 44 4.2.1 Tribunals .................................................................................................................... 44 4.2.2 Territorial jurisdiction .............................................................................................. 45 4.2.3 Procedural rules ..................................................................................................... 46 4.2.4 Essential features ................................................................................................... 47 4.3 Bankruptcy and Insolvency Information Utilities 51 4.3.1 Bankruptcy and insolvency information utilities ............................................ 51 4.3.2 Information requirements for insolvency and bankruptcy resolution .. 53 4.3.3 Information about the liabilities of a solvent entity ...................................... 54 4.3.4 Information about operational creditors ........................................................ 55 4.3.5 Information of default or restructuring ............................................................. 58 4.3.6 Information about secured assets .................................................................... 59 4.3.7 Rules about privacy of information in an IU ................................................... 60 4.3.8 Rules on revealing creditor identities ............................................................... 60 4.3.9 Open industry-standard APIs ............................................................................. 61 4.3.10 An information-rich environment ...................................................................... 61 4.3.11 Analogies with FSLRC’s treatment of resolution ............................................ 62 4.4 The Insolvency Professionals 63 4.4.1 Mandates for IPs .................................................................................................... 64 4.4.2 Entry Requirements for IPs ................................................................................... 65 4.4.3 IP Regulatory Structure ........................................................................................ 66 4.4.4 The role of the IP agencies ................................................................................. 66 4.4.5 The role of the Regulator with regard to IP agencies and IPs ................... 71 5 Process for legal entities .................................................................. 73 5.1 A single Code for all legal entities 76 5.2 The calm period of the Insolvency Resolution Process, IRP 76 5.2.1 Who can trigger the IRP? .................................................................................... 76 5.2.2 How can the IRP be triggered? ......................................................................... 77 5.3 Process flow of the IRP 80 5.3.1 Steps at the start of the IRP ................................................................................. 81 5.3.2 The role of the Resolution Professional ............................................................. 86 5.3.3 Obtaining the resolution to insolvency in the IRP ......................................... 89 5.3.4 Rules to close the IRP ............................................................................................ 91 5.4 Fast-track IRP 92 5.5 A time-bound, efficient Liquidation 93 5.5.1 What can trigger Liquidation? .......................................................................... 95 5.5.2 Rules to accept the trigger to Liquidation ..................................................... 96 5.5.3 Steps at the start of the Liquidation ................................................................. 96 5.5.4 Establishing the irreversibility of Liquidation .................................................. 100 5.5.5 Establishing assets in Liquidation ..................................................................... 100 5.5.6 Right of the secured creditors to withdraw from collective Liquidation 101 5.5.7 Realisation in Liquidation other than through sale of assets ................... 101 5.5.8 Establishing priority of payout in Liquidation ............................................... 103 5.5.9 The role of the liquidator ................................................................................... 105 5.5.10 Rules to close the Liquidation .......................................................................... 108 5.6 Actions against frauds, malpractice and other wrongs 110 5.6.1 Actions during the IRP ........................................................................................ 111 5.6.2 Actions/Appeals after the IRP ......................................................................... 112 5.7 Penalties 112 6 Process for individuals ..................................................................... 114 6.1 The applicability of the Code 116 6.2 Overall procedure 117 6.3 Triggering insolvency 117 6.3.1 Who can trigger insolvency? ........................................................................... 117 6.3.2 What is the process for triggering insolvency? ............................................ 120 6.3.3 Effect of filing an application at the Adjudicator ...................................... 120 6.3.4 The process for acceptance of the Application ........................................ 121 6.4 The process after acceptance of the application 124 6.4.1 Moratorium period .............................................................................................. 124 6.4.2 The process of negotiation ............................................................................... 125 6.4.3 Implementation of the repayment plan ....................................................... 127 6.4.4 Restrictions on the debtor …………………………………………………...129 6.4.5 Replacement of the resolution professional ................................................ 129 6.5 Bankruptcy proceedings 130 6.5.1 Bankruptcy application ..................................................................................... 131 6.5.2 Effect of the application ................................................................................... 131 6.5.3 Effect of the bankruptcy order ........................................................................ 131 6.5.4 Restrictions on the bankrupt ............................................................................ 134 6.5.5 Functions of the Trustee ....................................................................................
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