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Resolving the Conundrum Surrounding Applicability of Moratorium under Section(14)(1)(a) of IBC

[Kanishka Aswal and Ritik Jhanwar are III year students at the Gujarat National Law University, Gandhinagar. This post was first published here] One of the ultimate goals of the Insolvency and Bankruptcy Code, 2016 (“IBC”) is to provide a mechanism for the timely resolution of a corporate debtor’s insolvency in order to maximize the value of its assets, to facilitate credit facility and to...

NCLAT’s Pronouncement in the DLF Case: An Unwarranted Restriction on the Commission’s Powers

[Shourya Mitra is a penultimate year law student at Jindal Global Law School, Sonipat] Recently, the National Company Law Appellate Tribunal (NCLAT) in the case of Amit Mittal v. DLF Ltd Competition Appeal (AT) No.82 of 2018 (DLF case),  passed an order remitting a case against DLF, back to the Competition Commission of India (CCI) on account of the Commission’s order being void. The reason was...

Supreme Court Reiterates Rectificatory Jurisdiction Under Companies Act: A Conundrum Involving NCLT and SEBI

[Anshita Dave and Abhyudaya Yadav are 5th year B.A., LL.B. (Hons.) students at Dharmashastra National Law University, Jabalpur] Recently, the Supreme Court in IFB Agro Industries Limited v. SICGIL India Limited held that the National Company Law Tribunal (“NCLT”) cannot exercise its rectificatory jurisdiction under section 59 of the Companies Act, 2013 (“the Act”) to...

The Bombay High Court’s Yes Bank Judgement: Falling Short on Fairness

[Harsh Vardhan is a management consultant and Bhargavi Zaveri Shah a doctoral researcher at the Faculty of Law, National University of Singapore and an editor of IndiaCorpLaw Blog] Last week, the Bombay High Court set aside the Reserve Bank of India (RBI)-appointed administrator’s decision to write off the additional tier (AT1) bonds issued by Yes Bank in 2016 and 2017. In 2020, when a...

Mutual Funds, Insider Trading and the Myth of Sisyphus

[Shruti Rajan is a partner at Trilegal] In Greek mythology, the gods condemned Sisyphus to an endless cycle of rolling a boulder up a hill, have it roll down and then start again. A parable of the interminable, eternal human struggle against the diktat of the gods, the fate of Sisyphus has long served as a metaphor for the repetitive and dogged demands of modern life and business. Introducing a...

The Singapore Court of Appeal on Arbitrability and the Proper Law of Arbitration Agreements

In its recent judgment Mittal v Westbridge Ventures, the Singapore Court of Appeal has considered a number of important questions of arbitration law concerning the proper law of arbitration agreements and the identification of the law which determines whether a particular dispute is arbitrable. The case is likely to be of particular interest to Indian practitioners because it illustrates why in...

Call for Submissions: CCL Blog

[Announcement on behalf of the Centre for Corporate Law, National Law University Odisha] The CCL Blog is a two-tier peer-reviewed blog affiliated with the Centre for Corporate Law, National Law University Odisha. The blog aims to foster discourse by encouraging noble and unique literature on Corporate and allied Commercial Laws. Hence, we ensure a thorough review within a short deadline. Review...

Designing a Framework for Disclosures of “Market Rumors” under the LODR Regulations

[Harsh N Dudhe is a IV year student at NALSAR University of Law, Hyderabad] Much has already been said (here and here) about the pitfalls of the mandate proposed by the Securities and Exchange Board of India (SEBI) on top 250 listed companies to confirm or deny market rumors, as part of the continuous disclosure mechanism. The major criticism is that such disclosures would premature and may...

Does the expression “charges” always include demurrage? Supreme Court answers in the negative

[Raghav Bhatia is an advocate, practising at the Supreme Court and Delhi High Court, and Mahima Tahiliani is a third-year law student at UPES Dehradun] Recently, in Food Corporation of India v. Abhijit Paul, the Supreme Court of India [‘SC’] has observed that the expression “charges” does not include demurrage ipso facto and the same has to be determined in light of the terms of contract between...

Online Certificate Course: Evolving Paradigms of Insolvency and Bankruptcy Code, 2016

[Announcement on behalf of the Centre for Insolvency and Bankruptcy Studies, National Law University Jodhpur] The Centre for Insolvency and Bankruptcy Studies, National Law University Jodhpur, is organising a Three-Day Online Certificate Course on ‘Evolving Paradigms of Insolvency and Bankruptcy Code, 2016’ in collaboration with the Insolvency and Bankruptcy Board of India from 25 February 2023...

The Regulatory Progression of ESG in India

The concept of corporate social responsibility (CSR) has had a pivotal status in the debates surrounding corporate law and governance at the turn of the century. Although CSR was ensconced in the idea of voluntarism by which companies and their boards are invited to pay attention to the interests of various constituencies affected by a company’s activities, in some jurisdictions such as India it...

Government AI Procurement in India: Can WEF Guidelines Solve the Latency?

[Jishnu M Nair is a Senior Attorney at IBM] With a score of 63.67, India is at the 32nd position in the Government AI readiness Index 2022, issued by Oxford Insights. The index symbolizes that India is more policy-ready than Brazil and Greece, and less policy-ready than China and Malaysia. Although 32 might not be a desirable rank, for a developing nation to be in the first 25% of the countries...

Schrems II: Data Flow to Trusted Jurisdictions and Implications for India

[Intisar Aslam is a 2nd Year B.A., LL.B. (Hons.) student at the National University of Study and Research in Law in Ranchi] The much-awaited Digital Personal Data Protection Bill, 2022 (“DPDP”), released by the Ministry of Electronics and Information Technology (“Meity”), has received mixed reactions from the legal fraternity. Previously, the Data Protection Bill, 2022 (“DPB”) was withdrawn owing...

SEBI’s Proposed Disclosure Regime: Impact on Public M&A and Directors’ Liabilities

[Shivam Yadav, Amudavalli Kannan, and Shreyas Bhushan are with Resolut Partners] Institutional investors, listed companies, and retail shareholders – three key market participants – will be watching SEBI with eagle-eyes while it attempts to implement a new disclosure regime, as set out in its recent consultation paper (Consultation Paper). Most of SEBI’s proposals are well-intentioned and...

Relaxation for Flip Structures under the New Overseas Investment Regime

[Shubh Gautam is a fourth year B.A.LL.B (Hons) student at Chanakya National Law University, Patna] Indian startups and new age companies are jumping on the bandwagon of ‘flipping’ their business. This trend has been addressed by the Foreign Exchange Management (Overseas Investment) Rules, 2022 issued on August 22, 2022 (forming a part of the new overseas investment regime). The new overseas...

Asset Reconstruction Companies as Resolution Applicants: Revisiting the SARFAESI’s Limitations

[Arshit Kapoor and Srilagna Dash are 5th year B.B.A. LL.B. (Hons.) and 3rd year B.A. LL.B. (Hons.) students, respectively at National Law University Odisha, Cuttack] Asset Reconstruction Companies (“ARCs”) are financial institutions which reconstruct and securitise bad assets of banks and financial institutions. They are regulated by the Securitisation and Reconstruction of Financial Assets and...

Call for Submissions: NLS Business Law Review Blog

[Announcement on behalf of the NLS Business Law Review] The Editorial Board of the NLS Business Law Review  (NLSBLR) for 2022-23 is inviting original and unpublished submissions for its blog. About NLSBLR The NLSBLR is a student-run journal at the National Law School of India University (NLSIU), Bengaluru, India’s premier law school. Our goal is to recognise and foster cutting-edge academic...

Call for Submissions: NLUD Journal of Legal Studies

[Announcement on behalf of the NLUD Journal of Legal Studies] The Journal of Legal Studies (JLS) is National Law University Delhi’s annual student edited, peer-reviewed law journal. It seeks to provide a forum for engaging in discussions on varied issues of contemporary importance in domestic and international law and policy. The last volume of the Journal was launched by the Honourable Chief...

Supreme Court’s Note Ban Judgement: Does it Matter?

In a judgement delivered on 2 January 2023, the Supreme Court upheld the constitutionality of the demonetization exercise undertaken by the Government of India in November 2016. The judgement was delivered by a five-judge constitution bench, with one judge dissenting on all the questions decided by the majority. The lapse of six years since the demonetization exercise led to questions regarding...

Landowners’ Plight Under the IBC

[Gaurav Mitra is an Independent Practitioner (LLM, University of Cambridge; BCL, University of Oxford), and Lavanya Pathak is an Associate at Chambers of Gaurav Mitra (LLM, University of Cambridge)] Courts have always strived to balance the interests of all parties involved in the proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Particularly in reference to builder-buyer...

Significance of Significant Contribution – Particularising ‘Investment’ Under India’s Model BIT

[Priyansh Dixit is a second-year B.A. LL.B. (Hons.) student at the National Law School of India University, Bangalore] Defining what constitutes investment is an important task for any investment treaty. By contributing to the establishment of the jurisdiction of a tribunal, the definition effectively determines the rights and obligations of each  party by establishing the jurisdiction of a...

Strengthening SEBI’s Investor Grievance Redressal Mechanism: Recent Efforts

[Tarun Toprani is an associate and Sumit Agrawal a partner at Regstreet Law Advisors. The authors can be reached at [email protected]] The preamble of the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) begins by stating that it is “[a]n Act to provide for the establishment of a Board to protect the interests of investors in securities…”. In fact, Section 11 of the SEBI Act, which...

Labour Law and the Gig Economy: Towards a Hybrid Model of Employment

[Sahaj Mathur is a IV year BA. LLB Student at the National University of Juridical Sciences, Kolkata] The status of gig workers has become a cause of growing concern in recent months. Niti Aayog’s report ‘India’s Booming Gig and Platform Economy’ estimates that nearly 23.5 million workers will be engaged in the gig economy by 2029. However, the report also notes how the gig economy has become...

Captives in India: An Analysis of Proposed Changes to the Insurance Act, 1938

[Bharat Harne is a IV year student at the National Law School of India University, Bangalore] On 3 December 2022, the Department of Financial Services invited comments on a host of proposed amendments to the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, of 1999. One of the proposals is to add a definition of ‘captive insurer’ by adding section 2 (4B) to the...

Challenging Bias in Indian Arbitration: An Illusory Remedy?

[Umang Bhat Nair is a 5th year student at NALSAR University of Law, Hyderabad] The Delhi High Court’s decision in Union of India v. Reliance Industries Ltd. (9 December 2022) added to an already long list of cases (for e.g., see here, here and here) holding that section 14 of the Arbitration & Conciliation Act [“A&C Act”] cannot be resorted to for challenging an arbitrator’s ruling on...

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