This could mean that a claimant who may have deliberately slept over its claim can now can initiate proceedings under the Code even though the same claim may be barred under another law for winding up or recovery of debt. This may lead to several vexatious and delayed claims being filed under the Code.
Some of these important questions are at present sub-judice before the Supreme Court of India in the case of B.K. Educational Services Private Limited v. Parag Gupta & Associates13. It will be interesting to follow the above-cited decision and track how the jurisprudence evolves on this issue.
Member Spotlight
Denise Kaloudis (JLT Specialty USA; New York)
IWIRC Membership
I have always been very proud of being a member of this remarkable international organization, but even more so ever since I became a mother to a little girl, Athena Mary Ryan (side note: her middle name is in honor of IWIRC supporter and Bankruptcy Judge Mary F. Walrath). Given the state of the world, I hope Athena and other little girls grow up to have a network of women like IWIRC who will help them rise, encourage them to speak their mind, celebrate their uniqueness, and inspire them to constantly improve themselves.
I attended my first IWIRC event in 2007 in Los Angeles when I had recently transferred from the New York office to the Los Angeles office of Skadden Arps. I was a native New Yorker without any contacts in California. The IWIRC community swept me up instantly, and I have remained involved throughout my career while in practice (Skadden Arps and Akin Gump) and in my current role as Senior Vice President at JLT Specialty USA.
Many years later, the IWIRC women are now part of my tribe. The women of IWIRC are truly extraordinary - hard-working, caring, strong, diverse, successful and fun. There are many industry groups, but IWIRC is different. Restructuring may be the initial nexus that brings us together, but it is the strong personal bonding cemented in IWIRC that keeps most members like me coming back.
Ways we can work together
It’s always professionally rewarding to work with IWIRC members. I encourage IWIRC members to contact me so I can share more about JLT Specialty USA’s (“JLT”, the world’s largest specialty insurance broker) unique restructuring services and the ways I can help your clients. JLT’s Special Situations Group, where I am Senior Vice President, is made up of restructuring professionals who focus on insurance solutions for distressed and bankrupt companies. Our services also include, among other things, D&O insurance, transactional liability insurance (reps and warranties insurance), recapturing excess collateral posted to insurance carriers, trustee liability insurance, and surety needs. I look forward to working with you!