India: Insolvency/Bankruptcy/Re-Structuring

Argus Partners operates offices in three major Indian cities - Mumbai, New Delhi, and Bengaluru - providing legal services across the country. The firm maintains a professional presence with strategically located offices in key business districts including Nariman Point, Okhla Industrial Area, and Lavelle Road. Contact information and physical addresses are provided for each location to facilitate client communication and engagement.

Securities and Exchange Board of India (SEBI) in its recent informal guidance dated 20 July 2026 (Informal Guidance), has clarified that Regulation 62A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (LODR Regulations), applies to outstanding unlisted non-convertible debentures, which was are transferred to a debt listed entity pursuant to any corporate restructuring or business transfer.

The Insolvency and Bankruptcy Code, 2016 (“IBC”) was introduced as a path-breaking legislation to provide a time-bound and creditor-driven process for the resolution of corporate insolvency in India.

A critical issue that has arisen in recent jurisprudence is whether, and to what extent, the NCLT can examine allegations of fraud in the insolvency process. While the IBC aims at swift resolution, the presence of fraudulent intent in initiating or conducting insolvency proceedings challenges this efficiency

The Bombay High Court has restrained Hamon Cooling Systems Private Limited (“Defendant No. 1”) from using the mark HAMON, holding that John Cockerill Hamon SA (the “Plaintiff”) had made out a strong prima facie case that it is the proprietor of the HAMON trade marks in India, and that Defendant No. 1’s use of the marks — traceable to a now-expired “Brand Usage Right” granted following a cross-border insolvency-driven transfer of the Hamon group’s global IP portfolio — amounted to infringement and passing off. The Order was passed by Justice Arif S. Doctor on 6th July 2026, allowing the Plaintiff’s Interim Application seeking to restrain Defendant No. 1 from using “HAMON COOLING” and “HCS HAMON COOLING” as trade marks and as part of its corporate name.

A Delhi High Court ruling examines whether a judgment-holder can withdraw court-deposited award money after the debtor's insolvency resolution plan is approved. The case explores the intersection of arbitration enforcement rights and the Insolvency and Bankruptcy Code's clean-slate doctrine, revealing how a creditor's failure to file a claim during insolvency proceedings can result in forfeiture of seemingly secured funds.