Recharacterization of Intra-Group Financial Instruments under the Insolvency and Bankruptcy Code, 2016: Towards an Identity of Interest Test
The Insolvency and Bankruptcy Code, 2016 creates a sharp divide between financial creditors and equity holders, and that divide shapes the entire course of a company's insolvency. Financial creditors are given significant powers: they sit on the Committee of Creditors, vote on resolution plans, and recover their dues a...