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Default & Doctrine: Full Contents of Issue One
Every article in the Default & Doctrine series — 18 pieces analysing India's Insolvency and Bankruptcy Code through 25,106 court orders.
GLAS Trust v. BYJU Raveendran: The Supreme Court Case That Closed the Section 12A Door
An edtech unicorn, $1.2 billion in cross-border debt, and a 61-page Supreme Court judgment that tightened Section 12A withdrawals. Section 12A withdrawals fell from 296 in 2022 to 59 in 2024.
IBC Frontier Cases: Pre-Pack, Group Insolvency, Cross-Border — India's Under-used Mechanisms
Pre-pack CIRP 86 orders, group insolvency 22, cross-border 9. The frameworks the IBC built to widen its footprint and barely uses.
IBBI Disciplinary Committee: How India Polices Its Insolvency Professionals
300 disciplinary proceedings, one debarment, twenty-two monetary penalties — the gradient of sanctions the IBBI imposes on India's insolvency professionals.
IBC Liquidation: When Resolution Fails, Inside the Section 53 Waterfall
1,148 liquidation orders, eight years. The IBC was designed with a resolution preference — but only 1.46 plans for every liquidation. The Section 53 priority cascade explained.
Section 29A IBC: Who Cannot Buy Back a Defaulted Company in India
Section 29A of the Insolvency and Bankruptcy Code was inserted in 2017 to stop defaulting promoters from buying their own companies back. 1,176 orders later, here's what it actually achieved.
India's Personal Guarantor IBC Revolution: From 4 Cases to 1,492
After Lalit Kumar Jain (2021) and Dilip Jiwrajka (2023), the IBC became a regime that bites individuals. Section 95 admissions are running at 53.5% — the highest admit rate of any IBC category.
Lalit Kumar Jain v. Union of India: When Personal Guarantors Came Onshore
A 21 May 2021 Supreme Court judgment upheld India's personal-guarantor IBC regime. Before it, 29 cases in 2019. After it, 547 in 2022. The story of the IBC's second front.
NCLT, India's IBC Courtroom: 18,971 Orders Across Sixteen Benches
Three out of every four IBC orders come from a single forum. Six NCLT benches handle 71% of the work. The bench geography of Indian insolvency.
NCLAT IBC Appeals: 4,327 Orders Analysed — Who Wins and Why
Across 4,327 NCLAT IBC appeals, 30% are dismissed and 19% allowed — a moderate filter that polices arithmetic and procedure, not commercial wisdom.
The Supreme Court's IBC Docket: 643 Orders Analysed (2017-2024)
643 Supreme Court orders in eight years. The apex court handles 0.4% of all IBC volume but writes the doctrine for everyone else. A close reading.
The 25 Supreme Court Cases That Shaped India's IBC Jurisprudence
Mobilox to GLAS Trust — the precedent backbone of India's insolvency law, ranked by citation count across 25,106 orders. Five Supreme Court rulings account for over 1,400 citations.
Kalyani Transco v. Bhushan Power: India's Longest-Running IBC Saga in the Supreme Court
Civil Appeal No. 1808 of 2020 has produced more Supreme Court orders than any other IBC matter in the eight-year corpus — twenty-eight of them, four years of \"early hearing\" applications, and the doctrine that never landed.
Section 7 vs Section 9 of IBC: Financial vs Operational Creditors, Who Wins More
Financial creditors filing Section 7 are 60% more likely than operational creditors filing Section 9 to walk out with an approved resolution plan. Across 15,285 citations, why the doors behave differently.
Why India's CIRP Funnel Narrows: From 6,210 Admissions to 1,681 Plans
The Corporate Insolvency Resolution Process was designed as a clean pipe from default to plan. Across 20,314 CIRP orders the funnel narrows hard at every joint.
How a CIRP Actually Works: Inside the Sintex-BAPL Resolution (NCLT, 2023)
One real Indian IBC order, traced from default to plan approval — Sintex-BAPL Limited, NCLT Ahmedabad, 17 March 2023, 41,242 characters of judicial text walked through end to end.
India IBC by the Numbers: 25,106 Orders Across 8 Forums (2017-2024)
The Insolvency and Bankruptcy Code at a glance: 75% NCLT, 17% NCLAT, 1.46 plans for every liquidation, and the five provisions that anchor the entire Code.
India's IBC at Eight: An Editor's Note on the Code That Built a Bench
What the IBC promised in 2016, what 25,106 written orders reveal it actually became, and the five themes that run through this entire magazine.
Default & Doctrine: India's IBC at Eight, in 25,106 Orders
A data-driven chronicle of India's Insolvency and Bankruptcy Code, drawn from 25,106 written orders across the NCLT, NCLAT, Supreme Court, IBBI Disciplinary Committee, and the High Courts, 2017-2024.
The PSL Questions Banks Get Wrong: What the RBI's Own FAQ Reveals About Classification Traps
The Reserve Bank of India publishes forty-one FAQs on Priority Sector Lending, updated through January 2026. They are the single most revealing document about where banks make mistakes in PSL classification — because every FAQ exists because someone got it wrong. A bank classified a gold loan incorr
What the RBI's KYC FAQ Actually Says — A Practitioner's Guide With Full Citations
On June 9, 2025, the Reserve Bank of India updated its FAQs on the Master Direction on KYC — thirty-seven questions that answer the issues banks and their customers fight about most often. Can a bank refuse to open your account? Is Aadhaar mandatory? What counts as proof of identity? When can a bank
The 52 Questions Every NBFC Compliance Officer Should Know — From the RBI's Own FAQ
The Reserve Bank of India maintains a public FAQ titled "All you wanted to know about NBFCs" — fifty-two questions and answers that cover everything from what an NBFC is to what happens when one steals your money. Updated through February 2026, it is the RBI's most direct communication to the public
99 Questions the RBI Answered About Bank Licensing — and What They Reveal About Who Gets to Run a Bank
In February 2013, the Reserve Bank of India released the Guidelines for Licensing of New Banks in the Private Sector (PR28191). Within weeks, the queries started arriving — from industrial groups, NBFCs, private equity firms, and individuals, all trying to decode what the central bank actually wante
Credit Derivatives in India: Why the RBI Restricted CDS and How It's Reopening
On September 15, 2008, Lehman Brothers filed for bankruptcy. On September 16, the United States government seized control of American International Group — AIG — to prevent its collapse. AIG had not made bad mortgage loans. AIG had sold credit default swaps — insurance contracts promising to pay if