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Analysing the Oppression Remedy in India: Is it “Just and Equitable”?

[Devika Bansal and Naina Bora are third-year law students at Gujarat National Law University, Gandhinagar] Spanning over a four-year period, the dispute in Tata Consultancy Services Limited v. Cyrus Investments Pvt. Ltd. recently came to an end with the Indian Supreme Court (“SC”) dismissing allegations of oppression and mismanagement. This SC judgement has highlighted...

Call for Papers: NLUJ Law Review

[Announcement on behalf of the NLUJ Law Review] NLUJ Law Review is the flagship journal of National Law University, Jodhpur, established with the objective of promoting academic research and fostering debate on contemporary legal issues. It is a bi-annual, double-blind student reviewed and edited journal, focusing on an inter-disciplinary approach towards legal writing. The remit of the Review is...

Indian Parties without an Indian Court: The Verdict in PASL Wind Solutions

[Abhi Udai Singh Gautam and Mustafa Rajkotwala are third-year law students at NALSAR University of Law, Hyderabad] The Supreme Court (‘SC’) has recently settled a fundamental question of arbitration law in PASL Wind Solutions Private Ltd v GE Power Conversion India Private Limited (‘PASL v. GE’), by determining that two Indian Parties are, in fact, capable of validly entering into a foreign...

Erstwhile Creditors and their Continued Participation in the Committee of Creditors

[Chandni Ghatak is an advocate practicing in New Delhi.] Recently, the National Company Law Appellate Tribunal, Chennai (“NCLAT”) in Mr. KN Rajakumar v. V. Nagarajanallowed the resolution professional to reconvene a meeting of the committee of creditors (“CoC”) as it stood in the year 2017 at the time of initiating CIRP against the corporate debtor. This was ordered to enable the CoC to consider...

The Evolution of Risk Management Oversight by Indian Boards

[Afra Afsharipour is Senior Associate Dean for Academic Affairs & Professor of Law at UC Davis School of Law and Manali Paranjpe a Research Associate at The Conference Board, India] Across the globe, the focus on effective risk management has intensified over the past two decades as major corporations have experienced risk management failures due to excessive financial risk taking...

Analyzing the Conundrum of Priority inter-se Secured Creditors during Liquidation

[Nishant Nagori and Divyani Saldi are 2nd year students at Rajiv Gandhi National University of Law, Punjab] The raison-d’être of Insolvency and Bankruptcy Code, 2016 is to balance the interest of all the stakeholders during the insolvency as well as liquidation process. However, the National Company Law Appellate Tribunal (“NCLAT”) recently in Technology Development Board v. Anil Goel provided a...

BR Foundation’s Online Certificate Course on International Dispute Settlement [May 28-May 31]

[Announcement on behalf of the BR Foundation] BR Foundation is conducting an online certificate course on the International Dispute Settlement from May 28 to May 31, 2021.  About the Course  This course is an annual 4-day course on “International Dispute Settlement” especially focusing on the developments and growing relevance of international dispute settlement mechanism all around the...

Applicability of Section 29A to Pre-Packaged Insolvency Resolution of MSMEs

[Tushar Kumar is an Associate at Ernst Young Global Delivery Services] Section 29A of the Insolvency & Bankruptcy Code, 2016 (IBC) makes certain persons ineligible to buy the assets of the insolvent corporate debtor, owing to the fact that they are either undesirable or have, due to their misconduct in the past, contributed to the present insolvency of the corporate debtor. It is pertinent to...

Balance Sheet as Valid Acknowledgement of Debts: Flawed Reasoning to a Judicious Conclusion?

[Malika Tiwari is a 4th year B.Com., LL.B. (Hons.) student at Institute of Law, Nirma University, Ahmedabad] Section 18 of the Limitation Act, 1963 (“the Act”) provides for the admission of debts owed by a debtor to its creditor by providing a written acknowledgement, duly signed by him or his authorised agent. Such an acknowledgement marks the commencement of a fresh period of limitation for the...

The Proposed Single Securities Markets Code

In the Budget 2021 speech, the Finance Minister announced a proposal “to consolidate the provisions of SEBI Act, 1992, Depositories Act, 1996, Securities Contracts (Regulation) Act, 1956 and Government Securities Act, 2007 into a rationalized single Securities Markets Code.” When implemented, this would represent a significant step in the modernization of securities regulation in India. In my...

India’s Attempt to Regulate SPACs: Sponsors in the Spotlight

[Anushri Uttarwar is a 4th year law student at O.P. Jindal Global University] On March 11, 2021, the Securities and Exchange Board of India (“SEBI”) formed a group of experts to study the viability of introducing structures like special purpose acquisition companies (“SPACs”) in India. Contrary to SEBI’s guarded position, the International Financial Services Centre Authority (“IFSCA”) has already...

Court’s Refusal to Appoint Arbitrators: An ‘Appeal’ to Create Appeal Mechanisms

[Abhijeet Shrivastava is a third-year law student and Anujay Shrivastava is a law graduate (class of 2020), both from Jindal Global Law School, Sonipat.] Recently, a three-judge bench of the Indian Supreme Court speaking through Nariman, J. in Pravin Electricals v. Galaxy Infra highlighted a crucial discrepancy of law in the Arbitration and Conciliation Act, 1996 (“Act”). Specifically, the...

A Post-Pandemic Analysis of CSR in India

India’s provision relating to corporate social responsibility (CSR) in the Companies Act, 2013 has attempted to define and measure the concept, and is in this respect something of a milestone. However, by thus providing a definition and measurability to CSR, the concept has lost some of its innate flexibility. In my article forthcoming in the Journal of Comparative Law, I examine how effective...

Supreme Court Widens Scope of Moratorium on Criminal Proceedings

[Prachi Gupta is a fourth-year B.A., LL.B. (Hons.) student at the Institute of Law, Nirma University] On 1 March 2021, the Supreme Court in the case of P. Mohanraj  v. Shah Brothers Ispat Pvt. Ltd. has put an end to a much-debated topic of applicability of moratorium under section 14 of Insolvency and Bankruptcy Code, 2016 (“IBC”) to proceedings of dishonour of cheque under section 138 of...

Climate Change – A Ticking Clock for Investors?

[Insaf Ahmad TK and Mathangi K are third-year undergraduate law students at Gujarat National Law University, India] The year 2019 witnessed the bankruptcy of Pacific Gas and Electric Corporation which the Wall Street Journal described as a “climate change bankruptcy”. The investors in Pacific Gas and Electric Corporation incurred losses worth millions of dollars due to a series of wildfires in...

CCI on WhatsApp Privacy Policy: Some Inspirations, Some Questions

[Raghav Harini N is a final year B.A.LL.B. (Hons) student at ILS Law College, Pune] The Competition Commission of India (CCI), in a recent order, has caused the Director General (DG) to investigate the controversial privacy policy and terms of service of WhatsApp (the policy). It has concluded that the policy prima facie violates section 4 of the Competition Act 2002 (the Act). This decision...

Indus Biotech v Kotak: A Step in the Right Direction?

[Ankur Singhal and Vasavi Khatri are 5th year B.A., LL.B. (Hons.) students at National Law School of India University, Bangalore] On 26 March 2021, the Supreme Court, in Indus Biotech Private Limited v. Kotak India Venture Fund ruled that an arbitration petition would not be maintainable after the insolvency resolution petition under section 7 of the Insolvency and Bankruptcy Code is  admitted...

Limitation Period for Section 37 Appeals: An Uncertain Affair

[Nitesh Mishra is a 4th year B.A., LL.B. (Hons.) student at National Law University Delhi] The Supreme Court in its recent judgment in Government of Maharashtra v. Borse Brothers Engineers & Contractors Pvt. Ltd. (19 March 2021) has attempted to clarify the law on the applicability and scope of condonation of delays in filing of appeals under section 37 of the Arbitration and Conciliation...

Standards for Application of the Limitation Act to the IBC

[Karan Kamath is an Advocate practicing at Mumbai] In the short span of existence of the Insolvency and Bankruptcy Code (“Code”), the Supreme Court has been called upon on a considerable number of occasions to decide whether the Limitation Act, 1963 (“Act”) is applicable to proceedings under the Code. On March 22, 2021, in another of such decisions, the Supreme Court inched towards settling the...

Section 36 of the Arbitration and Conciliation Act, 1996, as Recently Amended

[Raghav Kacker is an Advocate practicing before the High Court of Delhi and various Tribunals and Ruchi Chaudhury is a postgraduate in anthropology, and currently a 2nd year LLB candidate at Jindal Global Law School]   The Central Government has notified the Arbitration and Conciliation (Amendment) Act, 2021 (the ‘Amendment’), which was already in force as law by way of an Ordinance issued by...

CCI on Interim Measures in Digital Markets

[Mohini Parghi is a IV Year B.A. LLB (Hons.) student at NALSAR University of Law, Hyderabad] The Competition Commission of India passed an interim order on 9 March 2021 in the ongoing case involving a complaint against MakeMyTrip, Go-Ibibo and Oyo alleging anticompetitive practices under sections 3 and 4 of the Competition Act, 2002. The case is expected to be instrumental in shaping the...

Supreme Court on Directors’ Duties in the Tata/Mistry Case: A Critique

On 26 March 2021, the Supreme Court of India pronounced its much-awaited ruling in Tata Consultancy Services Limited v. Cyrus Investments Pvt. Ltd. The Court found that the allegations of oppression and prejudice raised by the Mistry group could not be sustained, and hence declined to grant any relief. It answered all the legal questions raised in favour of the Tata group. In a sense, this forces...

Taxing Data under the Equalisation Levy: Taxpayers’ Challenges

[Akshara Rao is a final year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat] With the increasing dominance of the digital economy, countries and international organisations have highlighted the inefficiency of the current tax system in covering digital businesses, which are generating enormous profits from a jurisdiction without having any physical presence. Several countries...

Disputes amongst the Same Class of Creditors and Judicial Intervention

[Rohit Sharma is a partner at Mamta Binani & Associates, Mumbai] Since the inception of the Insolvency and Bankruptcy Code, 2016 (‘Code’), numerous amendments have been carried out to plug the loopholes or uncertainties in the Code. In such a vein, section 30(4) of the Code was amended on 6 August, 2019, which states as follows: (4) The committee of creditors may approve a resolution plan by...

Dealing with Competition Issues in the Indian Informal Sector

[Manohar Samal is a Master of Laws student at the National Institute of Securities Markets, Mumbai] Competition law has played a vital role in enhancing healthy competition in Indian markets and has also boosted innovation and economic development. The Competition Act, 2002 is the principal legislation which prevents activities that have adverse effects on competition in the Indian market. Even...

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