Asia: Insolvency/Bankruptcy/Re-Structuring

The Court of First Instance ("CFI") has recently recognised two sets of Singaporean bankruptcy proceedings, granting the trustees appointed by the Singapore Courts specific powers to assist their investigations in Hong Kong into the affairs of the bankrupt individuals.

In an important decision on the interplay between the Insolvency and Bankruptcy Code, 2016 ("IBC") and the Prevention of Money Laundering Act, 2002 ("PMLA"), the National Company Law Appellate Tribunal, Principal Bench, New Delhi ("NCLAT"), in Mr. Anil Kohli, Resolution Professional for Dunar Foods Limited vs. Directorate of Enforcement and Anr.

The Supreme Court held a creditor can use another creditor's unmet statutory demand to prove insolvency in winding-up proceedings.