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Wind World, IBC And The Doctrine Of Frustration
The story of Wind World is exceptional only in that it reflects the collective pain of creditors and resolution applicants.
14 Sep 2020, 09:28 PM IST
Wind World (India) Ltd., an insolvent wind power company which owns farms across seven states, faced a problem that many will identify with. Long delays in its resolution process even under the supposedly time-bound Insolvency and Bankruptcy Code.Except in this case, the frustration became the legal ground on which the resolution applicant—Suraksha Asset Reconstruction Company—was allowed to withdraw from the process. Suraksha receiv...
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