HIDAYATULLAH NATIONAL LAW UNIVERSITY, NAVA RAIPUR

[Link].B (Hons.) | Batch of 2021-2026 & 2020-2025

LAW OF BANKRUPTCY AND INSOLVENCY (OPTIONAL)

Course Code LLB-O-808 Faculty Mr. Amitesh Deshmukh

Class Hours 60 hours Credits 4
Programme
[Link].B. (Hons.) Year 4th Year & 5th Year
(select one)
Session Duration 55 Minutes Semester VIII & X

COURSE SUMMARY

Insolvency is a situation, where the duty has been endowed upon the state machinery to declare whether
a person or entity should be made to go through the laws regulating/resolving insolvency. Insolvency
can be understood as the general inability of paying dues as they accrue. Also, looked at from a degrowth
perspective, insolvency law provides for an exit mechanism from markets for business entities whose
business is not making profits. The resources are scarce and insolvency law facilitates infrastructure for
the proper allocation of resources by either making loss-making businesses profitable or by removing
unviable entities from the market. Hence, the efficacy of insolvency laws also forms an important facet
of credit infrastructure. In India, the general principles of insolvency laws are codified under the most
recent legislation which is the Insolvency and Bankruptcy Code, 2016 whereas the Provincial Insolvency
Act, 1920, and Presidency Insolvency Act, 1909 contemplate insolvency resolution law for individuals
and partnerships.

COURSE OBJECTIVES

CO 01 To develop a clear theoretical understanding of the legal regime appertaining to the

Insolvency and Bankruptcy Laws in India.
CO 02 To understand the rationale for the shift from the old regime to the current regime.
CO 03 To understand the legal framework for resolution of Individual Insolvency and
Corporate Insolvency.
CO 04 To have a basic appreciation of current challenges & future opportunities.
1
TEACHING PEDAGOGY

The pedagogy combines theoretical foundations with practical applications to ensure a holistic learning
experience. Teaching methods include lectures, PowerPoint presentations, tutorials, case law studies,
and short documentaries, emphasizing critical thinking and the interplay of insolvency and bankruptcy
law with other legal domains. Contact hours integrate instruction, discussion, and brainstorming, with
students engaging through research debates, MCQs, and issue-based problem-solving. Continuous
evaluation and situational case law analysis develop practical skills, while active participation fosters
insightful discussions, encouraging students to share opinions and critically analyze legal concepts.

COURSE PLAN
MODULE I: INTRODUCTION TO INSOLVENCY LAW [No. of Sessions – 12 Sessions]

Unit I Concepts of “Insolvency” and “Bankruptcy”

Unit II Roots and Key objectives of Insolvency and Bankruptcy Resolution Laws
Unit III Tests for determining insolvency
Unit IV History and framework of Insolvency and Bankruptcy Law in India

Landmark Case • Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors. (2019) 4 SCC
laws 17
• Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India
& Ors. [2019] 8 SCC 416
• Innoventive Industries Ltd. Vs. ICICI Bank & Anr. (2018) 1 SCC 407
• CoC of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors. (2020)
8 SCC 531

Relevant Laws Companies Act, 2013

Insolvency & Bankruptcy Code 2016
Provincial Insolvency Act, 1920
Presidential Insolvency Act, 1909

Essential • Venessa Finch, Corporate Insolvency Law, Cambridge University Press.

Readings • Akaant Mittal, Insolvency and Bankruptcy Code: Law & Practice, 2nd Ed,
EBC (2023).
• BLRC Report - [Link]

Suggested • Sumant Batra, Corporate Insolvency Law and Practice, Eastern Book
Readings Company; 1st Edition, 2017 edition
• V.S Wahi, Treatise on Insolvency & Bankruptcy Code, (Bharat Law
House, ed. 2018).

2
MODULE II: RESOLUTION OF CORPORATE INSOLVENCY [No. of Sessions – 14 Sessions]

Unit I Applicability and Relevant Definitions

Unit II Procedure of application and Moratorium
Unit III Role and Functions of Resolution Professionals
Unit IV Corporate Insolvency Resolution Process
Unit V Role of Adjudicating Authority in CIRP
Unit VI Fast Track CIRP and Pre-packaged CIRP

Landmark Case • ArcelorMittal India Private Limited Vs. Satish Kumar Gupta & Ors.
laws (2019) 2 SCC 1
• Arun Kumar Jagatramka Vs. Jindal Steel and Power Ltd. & Anr (2021) 7
SCC 474
• Asset Reconstruction Company (India) Ltd. Vs. Bishal Jaiswal & Anr.
(2021) 6 SCC 366
• Asset Reconstruction Company (India) Ltd. Vs. Tulip Star Hotels Ltd. &
Ors. (2022) SCC Online SC 944
• India Resurgence ARC Private Limited Vs. M/S. Amit Metaliks Limited
& Anr. (2021) SCC Online SC 409
• Innoventive Industries Ltd. Vs. ICICI Bank & Anr. (2018) 1 SCC 407
• Jaypee Kensington Boulevard Apartments Welfare Association & Ors.
Vs. NBCC (India) Ltd. & Ors. (2021) [Link] 63 SC
• M/s. Reliance Asset Reconstruction Company Ltd. Vs. M/s Hotel Poonja
International Pvt. Ltd. (2021) 7 SCC 352
• Macquarie Bank Ltd. Vs. Shilpi Cable Technologies Ltd (2018) 2 SCC
674
• Maharasthra Seamless Limited Vs. Padmanabhan Venkatesh & Ors.
(2020) 11 SCC 467
• Mobilox Innovations Pvt. Ltd. Vs. Kirusa Software Pvt. Ltd. (2018) 1
SCC 353
• Ms. Sagufa Ahmed & Ors. Vs. Upper Assam Plywood Products Pvt. Ltd.
& Ors. (2021) 2 SCC 317
• Municipal Corporation of Greater Mumbai (Mcgm) Vs. Abhilash Lal &
Ors. (2020) 13 SCC 234
• New Okhla Industrial Development Authority Vs. Anand Sonbhadra
(2022) SCC Online SC 631
• P. Mohanraj & Ors. Vs. M/S. Shah Brothers Ispat Pvt. Ltd. (2021) 6 SCC
258
• Phoenix Arc Pvt. Ltd. Vs. Spade Financial Services Ltd. & Ors. (2021) 3
SCC 475
• Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India
& Ors. [2019] 8 SCC 416

Relevant Laws Insolvency and Bankruptcy Code, 2016

3
 IBBI (Insolvency Resolution Process For Corporate Persons) Regulations, 2016.

Essential • Understanding the IBC Key Jurisprudence And Practical Considerations

Readings A Handbook, IBBI, available at
[Link]
[Link]
• Akaant Mittal, Insolvency and Bankruptcy Code: Law & Practice, 2 nd Ed,
EBC (2023).
• Sumant Batra, Corporate Insolvency Law and Practice, Eastern Book
Company; 1st Edition, 2017 edition .

Suggested • BLRC Report - [Link]

Readings • Dr. Neeti Shikha, India’s Tryst with Cross-border Insolvency, IBBI
Annual journal 2020.
• Draft Information Memorandum and Resolution Plan, IBBI -
[Link]
[Link]
• Nimmer, Raymond T. "Negotiated Bankruptcy Reorganization Plans:
Absolute Priority and New Value Contributions." Emory Law Journal, vol.
36, no. 4, Fall 1987, p. 1009-1084. HeinOnline,
[Link]
• Richard Squire, “The Case for Symmetry in Creditors' Rights”, The Yale
Law Journal, 2009,
[Link]
ontext=ylj

MODULE III: LIQUIDATION [No. of Sessions – 12 Sessions]

Unit I Moving from Resolution to Liquidation

Unit II Appointment, powers, and duties of liquidator
Unit III Liquidation estate, Liquidation Process and Distribution of assets
Unit IV Vulnerable/Avoidable transactions
Unit V Voluntary Liquidation

Landmark Case • ICICI Bank Ltd. v. SIDCO Leathers Ltd. & Ors. (2017) [Link] 103 SC
laws • Bharti Airtel Ltd. and Anr. v. Vijaykumar V. Iyer and Ors. (2024)
[Link] 02 SC
• Eva Agro Feeds Pvt. Ltd. v. Punjab National Bank and Anr. (2023)
[Link] 98 SC
• Moser Baer Karamchari Union v. Union of India and Ors. (2023)
[Link] 59 SC
• State Tax Officer v. Rainbow Papers Ltd. (2022) [Link] 107 SC
• R.K. Industries (Unit-II) LLP v. H.R. Commercials Pvt. Ltd. and
Ors. (2022) [Link] 104 SC

4
 • Sundaresh Bhatt v. Central Board of Indirect Taxes and Customs (2022)
[Link] 103 SC

Relevant Laws Chapter III, IV, & V, Insolvency and Bankruptcy Code, 2016.
IBBI (Liquidation Process) Regulations, 2016.

Essential • Understanding the IBC Key Jurisprudence And Practical Considerations

Readings A Handbook, IBBI, available at
[Link]
[Link]
• Akaant Mittal, Insolvency and Bankruptcy Code: Law & Practice, 2 nd Ed,
EBC (2023).
• Sumant Batra, Corporate Insolvency Law and Practice, Eastern Book
Company; 1st Edition, 2017 edition .

Suggested • Shebani Bhargava, “Schemes of Compromise or Arrangement During

Readings Liquidation”, (2020) PL June 76 [SCC].
• BLRC Report - [Link]
• Guide to Insolvency and Bankruptcy Code 2016, (As amended by
Insolvency and Bankruptcy Code (Amendment) Ordinance 2017),
(Taxmann, ed. 2017).
• Ian F. Fletcher, Law of Insolvency, Sweet & Maxwell; 5th edition edition
(2017)

MODULE IV: INDIVIDUAL INSOLVENCY [No. of Sessions – 10 Sessions]

Unit I Individual Insolvency under IBC in comparison with the older regime
Unit II Initiation of Insolvency Resolution
Unit III Fresh Start Process and Insolvency Resolution Process
Unit IV Bankruptcy order and its consequences

Landmark Case • Dilip B. Jiwrajka v. Union of India & Ors. (2023) [Link] 147 SC
laws • Laxmi Pat Surana v. Union Bank of India & Anr. (2021) [Link] 53 SC
• Lalit Kumar Jain v. Union of India & Ors. (2021) [Link] 61 SC

Relevant Laws Part III, Insolvency and Bankruptcy Code, 2016.

Essential • Siva Ramann, Renuka Sane and Susan Thomas, Reforming personal
Readings insolvency law in India, [Link]
[Link]
• Report on ‘Best Practices on Individual Insolvency’, Indian Institute of
Insolvency Professionals of ICAI (IIIPI), [Link]
content/uploads/2022/11/Draft-Report-Best-Practices-on-Individual-
[Link]

5
Suggested First Report of the Working Group for recommending strategy and approach for
Readings implementation of the provisions of the Insolvency & Bankruptcy Code, 2016 to
deal with the insolvency of Guarantors to Corporate Debtors and Individuals
having business, [Link]

MODULE V: CROSS-BORDER INSOLVENCY [No. of Sessions – 12 Sessions]

Unit I Cross Border Insolvency- introduction and overview

Unit II Letter of request to a country outside India in certain cases
Unit III Insolvency Law Committee Report on Cross-Border Insolvency
Unit IV UNCITRAL Model Law on Cross-Border Insolvency (1997) – key highlights

Landmark Case • Macquarie Bank Limited v. Shilpi Cable Technologies Ltd., (2018) 2
laws SCC 674 decided on 15 December 2017
• M/s Stanbic Bank Ghana Limited v. M/s Rajkumar Impex Pvt Limited,
CP/670/IB/2017 decided on 27 April 2018
• V R Hemantraj v. Stanbic Bank Ghana Limited and Ors, Civil Appeal No.
9980 of 2018 decided on 12 October 2018
• Agrocorp International Private v. National Steel and Agro Industries
Limited, CP IB No 798/MB/C-IV/2019 decided on 09 June 2020

Relevant Laws s. 234 and 235, Insolvency and Bankruptcy Code, 2016.

Essential Sefa M. Franken, “Cross-Border Insolvency Law: A Comparative Institutional

Readings Analysis”, Oxford Journal of Legal Studies, Vol. 34, No. 1 (2014), pp. 97–131.

Suggested • Report on the rules and regulations for cross-border insolvency resolution
Readings June 2020, [Link]
[Link]
• Bob Wessels and Gert Jan Boon, Cross-Border Insolvency Law, (2nd ed.,
Wolters Kluwer Law International, 2015).
• Chapter 1, Wood, Philip R., Principles of International Insolvency (The
Law and Practice of International Finance Series, vol. 1), 2nd ed. (South
Asian ed. 2009).

READING LIST
Essential Reading List
• Understanding the IBC Key Jurisprudence And Practical Considerations A Handbook,
IBBI, available at
[Link]
• Akaant Mittal, Insolvency and Bankruptcy Code: Law & Practice, 2nd Ed, EBC (2023).
6
 • Sumant Batra, Corporate Insolvency Law and Practice, Eastern Book Company; 1st
Edition, 2017 edition.
• Vishwanathan, T.K., Interim Report of the Bankruptcy Law Reform Committee, (Feb.
2015), available at: [Link]
• Vishwanathan, T.K., Report of the Bankruptcy Law Reform Committee, (Feb. 2015),
available at [Link]

Suggested Reading List

Online Blogs/Articles:

• A Primer on the Insolvency and Bankruptcy Code, 2016, Nishith Desai Associates, 2019,
[Link]
[Link]
• BLRC Report - [Link]
• Dr. Neeti Shikha, India’s Tryst with Cross-border Insolvency, IBBI Annual journal 2020.
• Draft Information Memorandum and Resolution Plan, IBBI -
[Link]
• Gerard McCormack, “US exceptionalism and UK localism? Cross-border insolvency law
in comparative perspective”, Cambridge University PressVolume 36, Issue 1, March
2016 , pp. 136-162
• Jennifer Payne, “The Role of the Court in Debt Restructuring”,
[Link]
debt-restructuring/
• Lucian Arye Bebchuk, “The Uneasy Case for the Priority of Secured Claims in
Bankruptcy”, The Yale Law Journal, 1996, Vol. 105: 857,
[Link]
• Mark J. Roe & Stephen D. Adam, “Restructuring Failed Financial Firms in Bankruptcy:
Selling Lehman's Derivatives Portfolio”, Yale Journal on Regulation, Vol. 32, 2015,
[Link]
• Nimmer, Raymond T. "Negotiated Bankruptcy Reorganization Plans: Absolute Priority
and New Value Contributions." Emory Law Journal, vol. 36, no. 4, Fall 1987, p. 1009-
1084. HeinOnline, [Link]
• Richard Squire, “The Case for Symmetry in Creditors' Rights”, The Yale Law Journal,
2009,
[Link]
• Sefa M. Franken, “Cross-Border Insolvency Law: A Comparative Institutional Analysis”,
Oxford Journal of Legal Studies, Vol. 34, No. 1 (2014), pp. 97–131.
• Shebani Bhargava, “Schemes of Compromise or Arrangement During Liquidation”,
(2020) PL June 76 [SCC]
BOOKS

• A K Mittal, Insolvency and Bankruptcy Code: Law and Practice (EBC, 1st ed.).
• Ashish Makhija, Insolvency and Bankruptcy Code of India, (Lexis Nexis, ed. 2018).

7
• Mulla, Law of Insolvency in India (LexisNexis, 2013)
• Sumant Batra, Corporate Insolvency Law and Practice, Eastern Book Company; 1st
Edition, 2017 edition
• V.S Wahi, Treatise on Insolvency & Bankruptcy Code, (Bharat Law House, ed. 2018).
• Vinod Kothari and Shikha Bansal, Law Relating to Insolvency and Bankruptcy Code,
2016, (Taxmann, ed. 2016).

REFERENCES
• Bob Wessels and Gert Jan Boon, Cross-Border Insolvency Law, (2nd ed., Wolters Kluwer
Law International, 2015).
• Chapter 1, Wood, Philip R., Principles of International Insolvency (The Law and Practice
of International Finance Series, vol. 1), 2nd ed. (South Asian ed. 2009).
• Chapters 1 to 4, Finch, Vanessa, Corporate Insolvency Law: Perspectives and Principles
(2nd ed. Cambridge, 2009).
• Chapters I and II, Barry E. Adler, Douglas G. Baird and Thomas H. Jackson, Cases,
Problems, and Materials on Bankruptcy, 4th ed. (Foundation Press, N.Y., 2007).
• Corporate Laws Manual (2015).
• Dinshaw Fardunji Mulla and Aparna Ravi, The Law of Insolvency in India, (6th ed., Lexis
Nexis, 2017).
• Felicity Toube, International Asset Tracing in Insolvency, (1st ed., Oxford University
Press, 2009).
• Finch Vanessa and David Milman, Corporate Insolvency Law: Perspectives and
Principles, (3rd ed., Cambridge, 2017).
• Guide to Insolvency and Bankruptcy Code 2016, (As amended by Insolvency and
Bankruptcy Code (Amendment) Ordinance 2017), (Taxmann, ed. 2017).
• Ian F. Fletcher, Law of Insolvency, Sweet & Maxwell; 5th edition edition (2017)
• Insolvency and Bankruptcy Code, 2016.
• Irit Mevorach, The Future of Cross Border Insolvency, (1st ed., Oxford University Press,
2018).
• Julian R. Franks &Walter N. Torous, Lessons from a Comparison of U.S and U.K
Insolvency Codes8(3)Oxford Review of Economic Policy<[Link]
• Justice P.S. Narayana, Law of Insolvency (Bankruptcy), 8th ed., Asia Law House, 2010).
• Lecture 1, Narayan, Ms. Sathya, Mulla on the Law of Insolvency in India, 4th ed. (Tripathi,
1997).
• Mitra, Dr. N.L. (Chairman), Report of the Advisory Group on Bankruptcy Laws-May
2001, along-with Illustrative Code-Corporate Bankruptcy and Winding up Code, 2001;
Available at:
[Link]
ID=4&SUBSECID=27
• Rosa M. Lastra, Cross-Border Bank Insolvency, ((1st ed., Oxford University Press, 2011).
• Thomson Reuters, Manzar Saeed Commentary on the Insolvency and Bankruptcy Code
2016, (Hardcover, ed.2017).
• Transnational Bankruptcy, Chapter XIII, Barry E. Adler, Douglas G. Baird and Thomas
H. Jackson, Cases, Problems, and Materials on Bankruptcy, 4th ed. (Foundation Press,
N.Y., 2007).
• UNCITRAL Model-Law on Cross-Border Insolvency.
8
 • Vinod Kothari and Shikha Bansal, Law Relating to Insolvency and Bankruptcy Code,
2016, (Taxmann, ed. 2016).
• Vishwanathan, T.K., Interim Report of the Bankruptcy Law Reform Committee, (Feb.
2015), available at: [Link]
• Ziad Raymond Azar, Bankruptcy Policy: A Review and Critique of Bankruptcy Statutes
and Practices in Fifty Countries Worldwide, Cardozo J. of Int’l. & Comp. Law, (Vol. 16),
2008, 279.

BLOGS AND JOURNALS TO FOLLOW:

• Cyril Amarchand Mangaldas Blog -

[Link]
• Harvard Blog - [Link]
roundtable-updates/
• Harvard Law School, The Case Stdies Blog - [Link]
• IndiaCorpLaw Blog – [Link]
• INSOL India Blog
• Journal of Financial Crises – Yale school of Management
• Nishith Desai - [Link]
hotline/[Link]
• Oxford Business Law Blog - [Link]

Note: The topics, legislations and cases mentioned are not exhaustive. The instructor of the course shall be
at liberty to add new topics/legislations/cases.