Yash More, B.B.A LL.B. (Hons.) University of Mumbai Law Academy
ABSTRACT
The present article discusses the relationship between three acts, namely, the Admiralty (Jurisdiction and Settlement of Claims) Act 2017, the Insolvency and Bankruptcy Code 2016, and the Companies Act 2103, and how each of the acts interacts with the other. It discusses the order passed by the Hon’ble Bombay High Court authored by Hon’ble Justice Shri. K.R Shriram, the approach for finding a harmonious construction between all the laws was unique in a way that it did not infringe the special nature of both Admiralty Act and the IBC. In this article, the nature of in rem proceedings against the vessel and how it is different from proceedings against the owners are discussed in great detail. This article highlights the interplay between the acts in such a way that it enables the provisions of each act rather than hindering it and takes into consideration the needs of each and every stakeholder, which were left neglected in the confusion that was present before the relation was established.
Keywords: Admiralty Act, Insolvency & Bankruptcy Act, Liquidation, in rem action, Companies Act, priority of claim, financial creditor.
Comments