Blog Posts
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One Size Fits None: Reading Indian REIT and InvIT Data Against a One-Dimensional Leverage Cap
[Varun Soni is a graduate from the National Law School of India University, and an upcoming associate at AZB and Partners] Real estate investment trusts (REITs) and infrastructure investment trusts (InvITs) operate under a peculiar financial straitjacket. According to their governing regulations, they must distribute at least 90% of their distributable cash flow to unitholders. These…
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Personal Insolvency and Cheque Dishonour: A Critique of the Supreme Court’s Decision in Dinesh Chand Surana
[Shubhansh Thakur is an advocate practising before the Courts in New Delhi with Keystone Partners] Recently, a two-judge bench of the Supreme Court (SC) in Dinesh Chand Surana v. UCO Bank (“Surana”) referred two questions to a three-judge bench: first, whether proceedings under section 138 of the Negotiable Instruments Act, 1881 (“NI Act”) are quasi-criminalin nature with a tilt toward the criminal…
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SEBI’s ‘Fit and Proper’ Overhaul
[Dhaval Bothra is a dispute resolution lawyer at a law firm in New Delhi] The consultation paper released by the Securities and Exchange Board of India (“SEBI”) on 04 February 2026 (“Consultation Paper”) has now culminated in the Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2026, published on 15 April 2026 (“2026 Amendment”). The 2026 Amendment has…
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Warranty & Indemnity Insurance in Business Transactions: Investor Protection or Risk Displacement?
[Shourya Sharma and Nandita Yadav are students from the batch of 2027 at Jindal Global Law School, Sonipat and National Law Institute University, Bhopal, respectively] The information asymmetry between buyers and sellers of a business or a company impacts risk distribution in mergers and acquisitions (“M&A”) or private equity (“PE”) transactions. Due diligence exists precisely to identify these…
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A Purposive Approach to Membership in Oppression and Mismanagement Cases
[Ankur Singhal is an advocate practising before the Supreme Court of India] On 4 May 2026, the Supreme Court delivered its judgment in Dr. Bais Surgical and Medical Institute Pvt. Ltd. v. Dhananjay Pande (2026 INSC 447). The Court held that the expression “member” in the context of oppression and mismanagement cases should be construed with respect to…
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Softening the Borders: Relaxing FDI Norms for Land Border Countries
[Shriyansh Mishra and Runit Rathore are 4th year BA. LL.B. (Hons.) students at Hidayatullah National Law University, Raipur] In a significant development, the Indian Government on 15 March 2026 issued Press Note 2 of 2026 (PN 2026) easing foreign direct investment (FDI) norms for countries sharing a land border (LBC) with India. The move seeks to relax the restrictions introduced through Press…
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Initiation of Insolvency Resolution Process on the Strength of a Money Decree
[Raghav Bhatia is an Advocate practising at the Supreme Court of India] Recently, in Anjani Technoplast Ltd. v. Shubh Gautam (23 April 2026), the Supreme Court examined whether a decree holder can initiate proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) on the strength of a money decree in their favour. The author is…
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Judicial Veil Piercing in Insolvency Proceedings: More Questions Than Answers – Part 2
[Umakanth Varottil is a Professor of Corporate Law at the National University of Singapore. Thanks to Raghav Bhatia for alerting the author to the Supreme Court ruling that forms the basis for this post. This is continued from Part 1] The circumstances of the case and the ruling of the Supreme Court in Alpha Corp Development Private Limited…
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Judicial Veil Piercing in Insolvency Proceedings: More Questions Than Answers – Part 1
[Umakanth Varottil is a Professor of Corporate Law at the National University of Singapore. Thanks to Raghav Bhatia for alerting the author to the Supreme Court ruling that forms the basis for this post] Corporate groups, evidenced through a network of holding companies and subsidiaries, are commonplace in Indian business. Such a set up invokes significant…
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Unlocking Section 245: A New Chapter in Shareholder Class Actions
[Parth Birla and Runit Rathore are 5th year and 4th year BA.LL.B. students, respectively, at Hidayatullah National Law University, Raipur] Recently, the National Company Law Appellate Tribunal (“NCLAT”) in a much-anticipated appeal by the Jindal Poly Films Ltd (“JPF”) upheld the National Company Law Tribunal’s (“NCLT”) verdict admitting the class action suit by shareholders under section 245 of the Companies Act, 2013 (“the Act”). It marks a significant development…