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Terminating Contracts with the Corporate Debtor during CIRP: Revisiting the Position

[Vaishali Movva is an associate at a law firm and a practicing advocate in Bengaluru] The provisions of the Insolvency and Bankruptcy Code 2018 (‘IBC’) and the regulations thereunder mandate that a moratorium be imposed on the assets of the corporate debtor during the corporate insolvency resolution process (‘CIRP’). While the moratorium does not explicitly prohibit a third party from terminating...

Call for Papers: NLIU Law Review

[This is an announcement on behalf of the NLIU Law Review] About the Journal The NLIU Law Review is the flagship journal of the National Law Institute University, Bhopal. It is a peer-reviewed academic law journal, published biannually by the students of the University. The Law Review aims to promote a culture of scholarly research and academic writing by bringing to the forefront, articles on...

Tax Deductibility in the Light of the New CSR Regime

[Shivani Pattnaik and Sourav Jena are undergraduate students at the National Law University, Odisha] Recently, the Ministry of Corporate Affairs (“MCA”) along with the Government of India has amended section 135 of the Companies Act, 2013 (“the Act”), thereby bringing upon significant changes to corporate social responsibility (“CSR”) regulations in India. After years of mandated CSR in the...

Principles Governing ‘Anti-Enforcement Injunctions’ in India: Part 2

[Anujay Shrivastava is a law graduate (class of 2020) from Jindal Global Law School, O.P. Jindal Global University, Sonipat. The first part in the series is available here] High Court’s Analysis The High Court recorded that injunctions of legal proceedings in foreign claims may take one of three primary forms, i.e. ASIs, AASIs and AEIs. It distinguished AASIs and AEIs. According to the Court...

Supreme Court on Applicability of IBC Moratorium to Cheque Bounce Cases

[Jai Anant Dehadrai is an Advocate based in New Delhi and Arnav Sinha is an Associate at Dehadrai and Company, New Delhi] The Supreme Court in its recent and landmark decision of P. Mohanraj v.  Shah Brothers Ispat Pvt. Ltd., has put to rest the debate as to whether criminal proceedings under section 138 and section 141 of the Negotiable Instruments Act, 1881 (“NI Act”) would be stayed in...

Call for Contributions: Contemporary Issues on the Laws of Insolvency and Bankruptcy

[Announcement on behalf of the Centre for Corporate Law, National University Odisha] Centre for Corporate Law, National Law University Odisha (hereinafter “CCL, NLUO”) proposes to come up with an edited volume with a multi-disciplinary approach on the “Contemporary issues on the laws of Insolvency and Bankruptcy”. Objective The Insolvency and Bankruptcy (hereinafter “I&B”) Code was enacted...

Principles Governing ‘Anti-Enforcement Injunctions’ in India: Part 1

[Anujay Shrivastava is a law graduate (class of 2020) from Jindal Global Law School, O.P. Jindal Global University, Sonipat] In a significant judgment in Interdigital Technology Corporation v. Xiaomi Corporation(3 May 2021) (“Xiaomi”), the Delhi High Court speaking through C. Hari Shankar, J. recently clarified the principles governing an anti-enforcement injunction (“AEI”) by an Indian judicial...

Is There a Period of Limitation Governing CCI Filings?

[Shreya Kapoor is a 2nd year B.A.LL.B. (Hons.) student at National Law University Odisha] In its order dated 4 May 2021 in Neha Gupta v. Tata Motors, the Competition Commission of India (CCI) was presented with allegations of anti-competitive behaviour and abuse of dominance under sections 3 and 4 of the Competition Act (Act). More pertinently, before deciding to order an inquiry into the alleged...

Deconstructing the Google Meet Case under Competition Law

[Tushar Chitlangia and Nikshetaa Jain are 2nd Year BBA.LLB (Hons.) students at National Law University, Odisha] In the recent case of Baglekar Akash Kumar v Google (“G-Meet case”), the Competition Commission of India (“Commission”) has held that the integration of G-Meet and Gmail does not violate sections 4(2)(d) and 4(2)(e) of the Competition Act (“Act”). The Commission has held that as users...

Oriental Judgment: How Objective is “Just and Equitable” Interest Rate Modification?

[Anujay Shrivastava is a law graduate (class of 2020) from Jindal Global Law School, O.P. Jindal Global University, Sonipat. He is grateful to Professor Manasi Kumar for providing her valuable comments on an earlier post, which were inspiration for the present post] Previously, I had examined the Supreme Court’s Division-bench decision in Oriental Structural Engineers Pvt. Ltd. v. State of Kerala...

Section 29A and the Changing Landscape: The DHFL Saga

[Nikunj Maheshwari is a 4th year law student at the Institute of Law, Nirma University] The National Company Law Tribunal (NCLT), Mumbai Bench has recently provided a new twist to already labrynthine insolvency proceedings of the DHFL Group. The NCLT ordered the Committee of Creditors (CoC) to consider the resolution plan submitted by Mr. Kapil Wadhawan, who is the promoter and erstwhile director...

Going for Gold: SEBI Proposes Gold Trading on Exchanges

[Arunimaa Jaiswal is a fourth-year student at Gujarat National Law University, Gandhinagar] Through the Union Budget 2021-22, the Government of India notified the Securities and Exchange Board of India (“SEBI”) as the regulator for gold exchanges in India. Upon such notification and in pursuance of the Government’s intention of establishing regulated gold exchanges in the country, SEBI released a...

Insolvency and Personal Guarantors: Lalit Kumar v. Union of India

[Priyanka Pillai is an associate at IC Universal Legal, Mumbai] The protracted saga of the treatment of personal guarantors under the Insolvency and Bankruptcy Code, 2016 (the “Code”) seems to have been finally put to rest by the Supreme Court by way of its judgment in Lalit Kumar Jain v. Union of India. The inception of this tale was the notification issued by the Ministry of Corporate Affairs...

Arbitrator’s Award of Interest not ‘Patently Illegal’ Unless Contract Precludes

[Anujay Shrivastava is a law graduate (class of 2020) from Jindal Global Law School, O.P. Jindal Global University, Sonipat] It is a well-settled principle that ‘patent illegality’ is a valid ground for a court to set aside an arbitral award under section 34 of the Arbitration and Conciliation Act, 1996. Previously, I had jointly examined the position of law on ‘patent illegality’ as a ground to...

The Delhi High Court in Ultra Homes on IP Jurisdiction

[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 an LLB candidate at Jindal Global Law School]  A plaintiff in an infringement suit is bestowed with a generous choice of jurisdiction in addition to what the Code of Civil Procedure, 1908 (“CPC”) provides. Several...

Unqualified Fair & Equitable Treatment Clause: It’s Time to Revamp

[Ameya Vikram Mishra is an associate at J. Sagar Associates, New Delhi and Nikhil Pratap an advocate practising in Delhi] Recently, Cairn Energy plc filed a petition in the South District of New York to attach Air India’s assets. This action has been taken pursuant to an award by an arbitral tribunal (“Tribunal”) constituted under the Bilateral Investment Treaty between the United Kingdom and...

Replacing the Anachronistic Methods of Determining Dominance in EU Competition Law

[Aryan Garg and Bishesh Joshi are undergraduate law students at NALSAR University of Law, Hyderabad] With the evolving technology, there has been a rise of new dynamic digital platforms. They deviate from the traditional business models in various ways. The modern-day digital platforms are multi-sided, due to which there are network effects, and they can operate on the basis of zero-price models...

Call for Posts: The CCL, NLUO Blog

[Announcement on behalf of the CCL, NLUO Blog] The Centre for Corporate Law is an initiative of National Law University Odisha, Cuttack that strives to promote interdisciplinary research in corporate law, and related fields like insolvency laws, securities law, etc. The Centre for Corporate Law is pleased to inform you about the launch of the “CCL Blog”. The CCL Blog is a two-tier, peer-reviewed...

Digital Markets: Need for a New Approach to Merger Regulation

[Manasvin Andra is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law School, Hyderabad] The emergence of digital markets has heralded a remarkable shift in antitrust law, with the impact of mergers on potential competitors attracting particular attention in recent years. While authorities in the United States (‘US’) and the European Union (‘EU’) have begun deliberating on...

Initiation of CIRP against a Company in Liquidation: How Early is too Early?

[Subodh Asthana and Madhur Bhatt are 3rd year B.A., LL.B. (Hons.) students at Hidayatullah National Law University, Raipur.] Section 279 of the Companies Act 2013 [“Act”] envisages that no legal proceedings shall be admitted if the winding up petition of a company has been accepted by the court or the liquidation proceedings have begun. The article seeks to clarify whether an application to...

AIF Units as ‘Securities’ and its Ripple Effect on Taxation

[Priya Maharishi and Vansh Singla are 4th B.A. LL.B. (Hons.) students at Jindal Global Law School, Sonepat] With the growth of start-ups and early-stage companies, there is a continuous need for long-term capital investments and management expertise. Pooled investment funds can fulfil this need as they have forbearance unlike other sources of capital like public funding. These pooled investment...

IBC vis-à-vis PMLA: Does Section 32A Resolve the Question of Primacy?

[Manisha Arora is a 3rd year B.A., LL.B. (Hons.) student at Damodaram Sanjivayya National Law University, Visakhapatnam] The absence of definitive jurisprudence on the interplay of the Insolvency and Bankruptcy Code, 2016 (“IBC”) and the Prevention of Money Laundering Act, 2002 (“PMLA”) has resulted in the uncertainty in their enforcement. While the IBC ensures the management of operations of a...

SEBI’s ‘Skin in the Game’ Directive – Investor Interest versus Employee Interest

[Aman Jha is a third-year student at National Law University, Delhi and Anurag Shah is a fourth-year student at School of Law, Christ University Bangalore] The Securities and Exchange Board of India (“SEBI”), through a circular dated April 28, 2021, has directed Asset Management Companies (“AMCs”) to compensate its key employees partly in the form of units of the mutual fund schemes managed by...

Analyzing the Fintech Implications of RBI’s Mandate for Interoperability

[Akshay Luhadia and Rohit Gupta are 3rd year B.A., LL.B. (Hons.) students at West Bengal National University of Juridical Sciences, Kolkata] On April 7, 2021, the Governor of the Reserve Bank of India (‘RBI’) announced significant changes in the policies regulating the operation of prepaid payment instruments (‘PPIs’) in India. According to the guidelines under the Payment and Settlement Systems...

“Clean Slate Theory” under the Insolvency & Bankruptcy Code: An Analysis

[Aditya Saraswat is a 5th year student at National Law University, Jodhpur] One of the foremost objectives of the Insolvency and Bankruptcy Code, 2016 (the “Code”) is to ensure timely resolution and revival of corporate debtors. For this purpose, various resolution plans are invited and deliberated upon before a final plan is selected. However, what if certain liabilities are imposed by the...

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