Introduction

Go First, formerly known as GoAir, has found itself embroiled in a protracted insolvency resolution process, overseen by the National Company Law Tribunal (NCLT). This article delves into the intricacies of Go First’s insolvency journey, examining the recent extension granted by the NCLT and its implications.

Background of Go First’s Insolvency

Go First, a prominent player in the Indian aviation industry, faced significant challenges leading to its insolvency proceedings. Factors such as intense competition, rising operational costs, and the impact of the COVID-19 pandemic culminated in the airline’s decision to halt flight operations on May 3, 2023. Subsequently, on May 10, 2023, the NCLT approved Go First’s plea to initiate voluntary insolvency resolution proceedings, marking the beginning of a complex legal and financial restructuring process.

The Role of the National Company Law Tribunal (NCLT)

As the adjudicating authority for corporate insolvency resolution processes in India, the NCLT plays a pivotal role in overseeing Go First’s insolvency proceedings. The tribunal evaluates requests for deadline extensions, considering various factors such as the progress of the resolution process, stakeholder interests, and compliance with legal timelines.

Extension of Deadline by NCLT: A Closer Look at Go First’s Insolvency

The recent extension granted by the NCLT, prolonging the deadline for completing Go First’s insolvency resolution process by another 60 days, underscores the challenges and complexities inherent in resolving the airline’s financial distress. Despite previous deadline extensions, the resolution process continues to face hurdles, necessitating additional time for stakeholders to reach a consensus and formulate a viable resolution plan.

Request for Extension by Resolution Professional (RP)

The resolution professional (RP) appointed to oversee Go First’s insolvency resolution process filed a request with the NCLT seeking an extension of the timeline. The request, grounded in the need for sufficient time to explore potential resolution strategies, address creditor claims, and negotiate with prospective investors, reflects the intricate nature of corporate insolvency proceedings and the importance of ensuring a thorough and transparent resolution process.

Legal Framework: Insolvency & Bankruptcy Code (IBC)

The Insolvency & Bankruptcy Code (IBC) provides the statutory framework governing corporate insolvency resolution processes in India. Section 12(1) of the Code mandates the completion of the corporate insolvency resolution process (CIRP) within 180 days, with a maximum permissible extension period of 330 days, inclusive of litigation time. Compliance with these statutory timelines is essential to safeguard the interests of creditors and facilitate timely resolution of distressed companies.

Implications of Deadline Extensions on Stakeholders

The recurring extensions granted by the NCLT raise pertinent questions regarding the impact on various stakeholders involved in Go First’s insolvency proceedings. Creditors, including financial institutions, operational creditors, and employees, rely on expeditious resolution to recover outstanding dues and mitigate financial losses. Moreover, prolonged uncertainty surrounding the airline’s future adversely affects employee morale, investor confidence, and consumer perception, highlighting the need for timely resolution.

Challenges Faced in Insolvency Resolution

The resolution process of Go First is fraught with numerous challenges, ranging from complex debt restructuring negotiations to regulatory compliance and asset monetization. Stakeholders must navigate these challenges diligently to formulate a comprehensive resolution plan that addresses the interests of all parties involved. Additionally, external factors such as market dynamics, regulatory changes, and macroeconomic conditions further complicate the resolution process, necessitating adaptive strategies and proactive risk management.

Stakeholder Engagement in Go First’s Insolvency: Ensuring Transparency

Effective stakeholder engagement and consensus building are imperative for the success of Go First’s insolvency resolution process. The resolution professional plays a pivotal role in facilitating constructive dialogue among creditors, shareholders, and other stakeholders to identify common objectives, resolve disputes, and forge consensus on the terms of the resolution plan. Transparent communication, mutual trust, and a collaborative approach are essential for fostering a conducive environment for negotiation and decision-making.

Financial and Operational Restructuring

Central to Go First’s insolvency resolution process is the restructuring of its financial and operational framework to restore financial viability and sustainable operations. This entails debt restructuring, capital infusion, cost optimization measures, and strategic realignment to enhance operational efficiency and competitiveness. The resolution plan must strike a balance between addressing immediate financial concerns and laying the foundation for long-term viability and growth.

Impact on the Aviation Industry

The prolonged insolvency proceedings of Go First have broader implications for the Indian aviation industry, including market dynamics, competition, and regulatory oversight. The restructuring of a major player like Go First can influence industry dynamics, route networks, pricing strategies, and consumer choices. Moreover, regulatory authorities closely monitor the resolution process to ensure compliance with aviation regulations, safety standards, and consumer protection measures.

Conclusion: Navigating Go First’s Insolvency Roadmap

As Go First’s insolvency saga unfolds, stakeholders must collaborate diligently to navigate the complexities of the resolution process and chart a sustainable path forward for the airline. The recent extension granted by the NCLT provides a window of opportunity for stakeholders to redouble their efforts, explore innovative solutions, and finalize a viable resolution plan that safeguards the interests of all stakeholders. Effective communication, transparent governance, and proactive risk management are essential to achieving a successful outcome and restoring confidence in the Indian aviation industry.

The post Go First’s Insolvency Journey: A Comprehensive Analysis appeared first on Bhatt & Joshi Associates.

Introduction

The evolution of India’s corporate insolvency framework represents one of the most significant legal transformations in the country’s commercial jurisprudence. The journey from the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) to the Insolvency and Bankruptcy Code, 2016 (IBC) marks a paradigmatic shift from a rehabilitation-focused regime to a resolution-oriented framework that prioritizes time-bound proceedings and commercial viability [1]. The Transition from SICA to IBC addressed decades of institutional failures, procedural inefficiencies, and economic stagnation that characterized the earlier insolvency regime.

The SICA regime, which governed India’s approach to industrial sickness for over three decades, was fundamentally designed during an era when the Indian economy operated under a license-permit raj system. The Act emerged as a response to widespread industrial sickness in the 1980s, when the government recognized the urgent need to establish a mechanism for early detection and revival of sick industrial undertakings [2]. However, the economic liberalization of the 1990s and subsequent changes in India’s industrial landscape exposed the inherent limitations of this framework, necessitating a comprehensive overhaul that culminated in the enactment of the IBC.

Historical Context and Genesis of SICA

The Sick Industrial Companies (Special Provisions) Act, 1985, was enacted against the backdrop of pervasive industrial sickness that plagued the Indian economy during the 1980s. The legislation emerged from recommendations of various government committees that identified the need for a specialized institutional mechanism to address the growing menace of industrial sickness [3]. The Act defined a “sick industrial company” under Section 3(o) as “an industrial company (being a company registered for not less than five years) which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth” [4].

The legislative intent behind SICA was threefold: ensuring timely detection of sick and potentially sick companies owning industrial undertakings, facilitating expeditious determination by expert agencies of preventive, ameliorative, remedial and other measures to be taken in respect of such companies, and expediting the rehabilitation of such companies or winding up of such companies whose rehabilitation is not feasible. The Act established two quasi-judicial bodies to achieve these objectives: the Board for Industrial and Financial Reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) [5].

BIFR was constituted as the primary institution for handling industrial sickness, with powers extending to revival, rehabilitation, and liquidation of sick industrial companies. The Board comprised a Chairman and between two to fourteen other members, all required to possess qualifications equivalent to High Court judges or at least fifteen years of relevant professional experience [6]. AAIFR was established as the appellate authority to hear appeals against BIFR orders, ensuring a hierarchical structure for judicial review of decisions.

Fundamental Deficiencies in the SICA Framework

Jurisdictional Limitations and Scope Restrictions

The SICA regime suffered from several fundamental structural deficiencies that limited its effectiveness in addressing industrial sickness comprehensively. The most significant limitation was its narrow jurisdictional scope, which applied exclusively to “industrial companies” as defined under the Act. This restrictive definition excluded service companies, trading entities, and other non-industrial businesses, creating substantial gaps in the insolvency framework [7]. The exclusion became particularly problematic as India’s economy evolved toward a service-oriented structure, with large segments of commercial activity falling outside SICA’s purview.

The Act’s applicability was further constrained by its focus on companies registered for at least five years, which meant newer enterprises facing financial distress could not avail of the rehabilitation mechanisms provided under SICA. Additionally, the threshold requirement of accumulated losses equal to or exceeding the entire net worth created artificial barriers, preventing early intervention in cases where timely action could have prevented complete financial collapse.

Procedural Inefficiencies and Time Delays

One of the most criticized aspects of the SICA regime was its failure to establish meaningful time limits for various stages of the rehabilitation process. While the Act mandated certain procedural requirements, it did not prescribe specific timelines for BIFR to complete its inquiry and determine appropriate remedial measures [8]. This absence of temporal discipline led to prolonged proceedings that often lasted several years, during which the sick companies continued to deteriorate, ultimately reducing the prospects of successful rehabilitation.

The procedural framework under SICA allowed companies to exploit the moratorium provisions under Section 22 to avoid legitimate creditor claims while remaining under BIFR’s protection indefinitely. This created a perverse incentive structure where management could use SICA proceedings as a shield against creditor enforcement actions rather than genuinely pursuing rehabilitation [9]. The lack of accountability mechanisms meant that neither the company management nor BIFR faced consequences for delays in the resolution process.

Institutional Inadequacies

BIFR’s institutional design proved inadequate for handling the complexity and volume of cases referred to it. The Board lacked sufficient technical expertise and resources to conduct comprehensive financial and commercial assessments of sick companies. By March 2007, BIFR had registered 5,471 references, with only 825 revival schemes sanctioned and 1,337 cases recommended for winding up, indicating a low success rate in achieving meaningful rehabilitation [10].

The discretionary nature of BIFR’s decision-making process created inconsistencies in outcomes for similarly situated companies. The Act provided BIFR with broad powers to appoint operating agencies and approve rehabilitation schemes, but offered limited guidance on the criteria for exercising these powers. This resulted in a non-standardized approach to insolvency resolution that failed to provide predictable outcomes for stakeholders.

Emergence and Development of the IBC Framework

Bankruptcy Law Reforms Committee and Legislative Genesis

The recognition of SICA’s fundamental inadequacies prompted the Government of India to constitute the Bankruptcy Law Reforms Committee (BLRC) under the Ministry of Finance on August 22, 2014. The Committee, headed by T.K. Viswanathan, former Law Secretary, was tasked with developing a comprehensive framework that would replace the fragmented insolvency laws prevalent in India [11]. The BLRC’s mandate included examining international best practices, analyzing the shortcomings of existing legislation, and drafting a unified bankruptcy code applicable to corporations, partnership firms, and individuals.

The Committee submitted its report along with a draft Insolvency and Bankruptcy Code on November 4, 2015, after extensive consultations with stakeholders and comparative analysis of international insolvency frameworks. The draft legislation incorporated principles from advanced jurisdictions while adapting them to India’s legal and commercial environment. Following public consultations and parliamentary scrutiny, the Insolvency and Bankruptcy Code was introduced in the Lok Sabha as the Insolvency and Bankruptcy Code, 2015, and subsequently enacted as the Insolvency and Bankruptcy Code, 2016 [12].

Institutional Architecture of the IBC

The IBC established a comprehensive institutional ecosystem designed to facilitate efficient and time-bound resolution of financial distress. The Code created specialized adjudicating authorities: the National Company Law Tribunal (NCLT) for corporate persons and limited liability partnerships, and Debt Recovery Tribunals (DRT) for individuals and partnership firms. This institutional framework was complemented by the establishment of the Insolvency and Bankruptcy Board of India (IBBI) as the regulator responsible for overseeing insolvency professionals, insolvency professional agencies, and information utilities [13].

The Code introduced the concept of insolvency professionals as licensed practitioners responsible for conducting the insolvency resolution process. These professionals are required to possess specific qualifications and are subject to regulatory oversight by the IBBI, ensuring professional competence and accountability in the resolution process. The institutional design also incorporated information utilities to maintain records of financial information and facilitate informed decision-making by stakeholders.

Comparative Analysis: SICA versus IBC

Temporal Framework and Resolution Efficiency

The most striking difference between SICA and IBC lies in their approach to time management in insolvency proceedings. While SICA provided no meaningful time limits for resolution, the IBC mandates completion of the Corporate Insolvency Resolution Process (CIRP) within 180 days, extendable to a maximum of 330 days in exceptional circumstances. This time-bound approach was validated by the Supreme Court in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta, where the Court emphasized that timely resolution is fundamental to the IBC’s effectiveness [14].

The Supreme Court noted that “the need for timely resolution (ordinarily within 330 days) addresses the issues which plagued the preceding regulations governing resolution of stressed assets.” This temporal discipline has resulted in significant improvements in resolution outcomes, with the average time for resolution under IBC being substantially lower than the protracted proceedings that characterized the SICA regime.

Creditor Rights and Commercial Decision-Making

The IBC represents a fundamental shift from debtor-in-possession to creditor-in-control model, empowering financial creditors through the Committee of Creditors (CoC) to make commercial decisions regarding the resolution of distressed assets. Under Section 21 of the IBC, the CoC comprises financial creditors who possess voting rights proportionate to their financial exposure, enabling market-driven resolution strategies [15].

This contrasts sharply with the SICA regime, where BIFR retained decision-making authority over rehabilitation plans with limited creditor participation. The Supreme Court in Essar Steel clarified that “the ultimate discretion of what to pay and how much to pay each class or subclass of creditors is with the Committee of Creditors with a caveat that the decision of the CoC must reflect commercial wisdom” [16]. This approach ensures that resolution decisions are driven by commercial considerations rather than administrative discretion.

Scope and Applicability

The IBC’s universal applicability represents a significant expansion over SICA’s limited jurisdiction. While SICA was restricted to industrial companies with specific vintage and financial criteria, the IBC applies to all corporate persons, partnership firms, and individuals, subject to minimum default thresholds. Section 1(3) of the IBC extends its application to companies incorporated under the Companies Act, limited liability partnerships, and other corporate entities as may be notified by the Central Government [17].

This comprehensive coverage underscores the transition from SICA to IBC as a transformative legal shift that ensures the insolvency framework addresses financial distress across all sectors of the economy. It eliminates the jurisdictional gaps that undermined the effectiveness of the pre-IBC regime. The Code also incorporates provisions for cross-border insolvency, although these remain largely unimplemented pending further legislative action.

Judicial Interpretation and Case Law Development

Landmark Decisions Shaping IBC Jurisprudence

The transition from SICA to IBC has generated substantial judicial interpretation that has clarified key principles governing corporate insolvency resolution. The Supreme Court’s decision in Binani Industries Ltd. v. Bank of Baroda established important precedents regarding the finality of CIRP proceedings and the limited circumstances under which corporate debtors can challenge admitted applications [18]. The Court held that “once Corporate Insolvency Resolution Process has started on admission of an application under Section 7, 9 or 10, the same cannot be set aside, except for illegality to be shown.”

In Innoventive Industries Limited v. ICICI Bank, the Supreme Court clarified the threshold requirements for admitting applications under Section 7 of the IBC, emphasizing that the existence of debt and default are the primary criteria for initiating CIRP [19]. This approach contrasts with the discretionary admission procedures under SICA, where BIFR could refuse to entertain references based on broader considerations of company viability.

Creditor Classification and Priority Rights

The Essar Steel judgment provided definitive guidance on creditor classification and distribution rights under the IBC. The Supreme Court held that “equitable treatment is only applicable to similarly situated creditors and that the principle cannot be stretched to treating unequals equally.” The decision established that financial creditors and operational creditors constitute distinct classes with different rights and entitlements in the resolution process [20].

This classification system represents a significant improvement in the transition from SICA to IBC, as SICA did not provide clear guidance on creditor priorities and often resulted in ad hoc distributions lacking commercial rationale. In contrast, the IBC’s structured approach to creditor rights has enhanced predictability and transparency in insolvency proceedings.

Regulatory Framework and Implementation Challenges

IBBI’s Role in Framework Development

The Insolvency and Bankruptcy Board of India has played a crucial role in operationalizing the IBC through the formulation of comprehensive regulations governing various aspects of the insolvency process. The IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, provide detailed procedures for conducting CIRP, while specialized regulations address liquidation, voluntary liquidation, and insolvency professional services.

This regulatory framework represents a significant advancement over the SICA regime, which relied primarily on the principal Act without comprehensive subordinate legislation. The IBBI’s approach of continuous regulatory refinement based on implementation experience has enabled adaptive improvements to the insolvency framework.

Infrastructure and Capacity Constraints

Despite the IBC’s structural improvements, implementation has faced challenges related to institutional capacity and infrastructure. The NCLT currently operates with significant vacancies, with only 47 members against a sanctioned strength of 63, creating bottlenecks in case adjudication [21]. These capacity constraints have resulted in delays that undermine the IBC’s time-bound objectives.

The shortage of qualified insolvency professionals has also posed challenges, particularly for complex resolution processes requiring specialized expertise. While the IBBI has implemented measures to expand the pool of insolvency professionals, capacity building remains an ongoing priority for ensuring effective implementation of the IBC framework.

Economic Impact and Market Response

Improved Recovery Rates and Resolution Outcomes

The transition to the IBC framework has yielded measurable improvements in recovery rates and resolution efficiency. According to IBBI data, the average recovery rate for financial creditors under the IBC has been significantly higher than historical recovery rates under the pre-IBC regime [22]. The threat of losing control has also prompted voluntary settlements and improved payment discipline among corporate borrowers.

The World Bank’s Ease of Doing Business rankings reflected this improvement, with India’s ranking in resolving insolvency improving from 136th position in 2017 to 52nd position in 2020, demonstrating international recognition of the IBC’s effectiveness [23]. This improvement has enhanced India’s attractiveness as an investment destination and strengthened confidence in the legal framework governing commercial transactions.

Behavioral Changes in Corporate Governance 

The IBC has induced significant behavioral changes in corporate governance and risk management practices. The prospect of losing control through CIRP has incentivized promoters to maintain higher standards of financial discipline and transparency. Pre-packaged insolvency resolution processes, introduced for micro, small, and medium enterprises, have provided additional flexibility while maintaining the IBC’s core principles.

The Code’s emphasis on information transparency through mandatory disclosures and information utilities has improved market discipline and reduced information asymmetries that previously enabled financial mismanagement. These changes have contributed to a more robust corporate governance environment that supports sustainable business practices.

Future Developments and Reform Initiatives 

Cross-Border Insolvency and UNCITRAL Model Law

The IBC framework includes provisions for cross-border insolvency under Sections 234 and 235, although these remain largely unoperationalized. The government has indicated intentions to develop a comprehensive cross-border insolvency framework based on the UNCITRAL Model Law on Cross-Border Insolvency, which would facilitate coordination with foreign proceedings and recognition of foreign insolvency orders [24].

This development would address the limitations of the current framework in handling multinational corporate groups and assets located across multiple jurisdictions. The implementation of cross-border provisions would further align India’s insolvency framework with international best practices and enhance its effectiveness in addressing complex commercial failures.

Technology Integration and Digital Infrastructure

The ongoing digitization of legal processes presents opportunities for further improving the efficiency and accessibility of insolvency proceedings. The IBBI has initiated measures to leverage technology for case management, information sharing, and stakeholder communication. Electronic auction platforms for asset sales and digital documentation systems have already demonstrated the potential for technology-driven improvements.

Future developments may include artificial intelligence-powered case assessment tools, blockchain-based information utilities, and virtual hearing platforms that can reduce the time and cost associated with insolvency proceedings while maintaining procedural integrity.

Conclusion 

The transition from SICA to IBC represents a fundamental transformation in India’s approach to corporate insolvency and financial distress resolution. The IBC framework has addressed the systemic deficiencies that undermined the SICA regime, introducing time-bound procedures, creditor-driven decision-making, and comprehensive institutional infrastructure. The substantial improvements in recovery rates, resolution timelines, and international rankings validate the effectiveness of this legislative reform.

However, the full potential of the IBC framework remains contingent on addressing implementation challenges related to institutional capacity, professional expertise, and technological infrastructure. The ongoing refinement of regulations, expansion of adjudicating capacity, and development of cross-border provisions will determine the framework’s long-term success in promoting efficient capital markets and sustainable economic growth.

The transition from SICA to IBC demonstrates India’s commitment to aligning its legal framework with contemporary commercial realities and international best practices. As the framework continues to mature through judicial interpretation and regulatory development, it promises to serve as a robust foundation for addressing financial distress and promoting entrepreneurship in India’s dynamic economic environment. The success of this transformation has established India as a model for other developing economies seeking to modernize their insolvency frameworks and strengthen their commercial legal systems.

References

[1] Sick Industrial Companies (Special Provisions) Act, 1985, Ministry of Law and Justice, Government of India. Available at: https://www.indiacode.nic.in/handle/123456789/1414 

[2] Investopedia, “Sick Industrial Companies Act (SICA): Definition and Objectives,” Available at: https://www.investopedia.com/terms/s/sick-industrial-companies-act-sica.asp 

[3] Indian Kanoon, “Section 3 in The Sick Industrial Companies (Special Provisions) Act, 1985,” Available at: https://indiankanoon.org/doc/1690793/ 

[4] Indian Kanoon, “The Sick Industrial Companies (Special Provisions) Act, 1985,” Available at: https://indiankanoon.org/doc/438563/ 

[5] Wikipedia, “Board for Industrial and Financial Reconstruction,” Available at: https://en.wikipedia.org/wiki/Board_for_Industrial_and_Financial_Reconstruction 

[6] iPleaders, “Sick companies and the regulations governing them,” Available at: https://blog.ipleaders.in/sick-companies-and-the-regulations-governing-them/ 

[7] Testbook, “Under the Sick Industrial Companies (Special Provision) Act, 1985,” Available at: https://testbook.com/question-answer/under-the-sick-industrial-companies-special-provi–6078467045d59ceb3588ec10 

[8] Drishti Judiciary, “Sick Company,” Available at: https://www.drishtijudiciary.com/current-affairs/sick-company 

[9] Indian Kanoon, “Section 20 in The Sick Industrial Companies (Special Provisions) Act, 1985,” Available at: https://indiankanoon.org/doc/980768/ 

[10] Wikipedia, “Insolvency and Bankruptcy Code, 2016,” Available at: https://en.wikipedia.org/wiki/Insolvency_and_Bankruptcy_Code,_2016 

[11] NextIAS, “What is Insolvency and bankruptcy code 2016 (IBC 2016)?” Available at: https://www.nextias.com/blog/insolvency-and-bankruptcy-code-ibc/ 

[12] iPleaders, “All you need to know about Insolvency and Bankruptcy Code,” Available at: https://blog.ipleaders.in/all-need-know-about-insolvency-bankruptcy-code/ 

[13] Clear Tax, “Insolvency and Bankruptcy Code, 2016,” Available at: https://cleartax.in/s/insolvency-and-bankruptcy-code-2016 

[14] IBC Laws, “Summary of landmark judgment of Supreme Court in Committee of Creditors of Essar Steel India Limited vs Satish Kumar Gupta & Ors.,” Available at: https://ibclaw.in/summary-of-landmark-judgment-of-supreme-court-in-committee-of-creditors-of-essar-steel-india-limited-vs-satish-kumar-gupta-ors-under-ibc/ 

[15] Bar & Bench, “Essar Steel Judgment: Key Highlights,” Available at: https://www.barandbench.com/columns/essar-steel-judgment-key-highlights 

[16] AK Legal, “Committee Of Creditors Of Essar Vs Satish Kumar Gupta,” Available at: https://aklegal.in/committee-of-creditors-of-essar-vs-satish-kumar-gupta/ 

[17] IBC Laws, “Insolvency and Bankruptcy Code, 2016 IBC Bare Act,” Available at: https://ibclaw.in/insolvency-and-bankruptcy-code-2016-ibc-bare-act/ 

[18] SCC Online, “Binani Industries cannot now repay dues and settle; UltraTech Cement’s revised resolution plan for Binani Cement accepted: NCLAT,” Available at: https://www.scconline.com/blog/post/2018/11/15/binani-industries-cannot-not-pay-dues-and-settle-ultratech-cements-revised-resolution-plan-for-binani-cement-accepted-nclat/ 

[19] India Corporate Law, “Essar Steel India Limited: Supreme Court Reinforces Primacy of Creditors Committee in Insolvency Resolution,” Available at: https://corporate.cyrilamarchandblogs.com/2019/11/essar-steel-india-limited-supreme-court-reinforces-primacy-of-creditors-committee-insolvency-resolution/ 

[20] Mondaq, “Case Note: Judgement Of The Supreme Court In The Essar Steel Case,” Available at: https://www.mondaq.com/india/insolvencybankruptcy/1058270/case-note-judgement-of-the-supreme-court-in-the-essar-steel-case 

[21] Global Restructuring Review, “Overview of India’s Insolvency and Bankruptcy Code,” Available at: https://globalrestructuringreview.com/review/asia-pacific-restructuring-review/2023/article/overview-of-indias-insolvency-and-bankruptcy-code 

[22] LiveLaw, “Implications Of Binani Ruling For IBC,” Available at: https://www.livelaw.in/implications-of-binani-ruling-for-ibc/ 

[23] Insolvency Professionals, “Supreme Court ruling on Essar Steel under IBC,” Available at: https://insolvencyandbankruptcy.in/supreme-court-ruling-on-essar-steel-under-ibc/ 

[24] Mondaq, “Insolvency Of Binani Cement – A Case Study,” Available at: https://www.mondaq.com/india/insolvencybankruptcy/780632/insolvency-of-binani-cement–a-case-study 

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