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Undue Emphasis on Certificate from a Financial Institution under Insolvency Law

[Aayush Mitruka is a lawyer based in Delhi] The working of the Insolvency and Bankruptcy Code, 2016 (Code) has given rise to several challenges which need to be adequately addressed. The Code enables an operational creditor to initiate a corporate insolvency resolution process (CIRP) under section 9 provided it has complied with the requirement of sending a demand notice to the corporate debtor...

Settlement under the Insolvency and Bankruptcy Code, 2016: A Contrarian Perspective

[Shaleen Tiwari is an Advocate, Bombay High Court and a graduate of Hidayatullah National Law University, BA.LLB (Hons.), 2016] This post represents a contrarian view to the one adopted in a November 17, 2017 post titled ‘The Jeopardy of Settlements in Insolvency Cases’. Forming the cornerstone of the discussion here is the recent Supreme Court order in Uttara Foods and Feeds Private Limited v...

Survey on Succession Planning in Indian Companies

Historically, the issue of succession planning has received scant attention from a policy perspective in the corporate governance debates in India. More recently, however, succession planning has played a key role in corporate governance episodes such as Tata Sons and Infosys, thereby highlighting the importance of the concept. Regulators and policymakers have begun to place emphasis on...

The Jeopardy of Settlements in Insolvency Cases

[Shreya Prakash is a BCL student at the University of Oxford. Earlier posts on the topic can be found here and here.] The Supreme Court in a recent order recommended that the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 be amended to allow for settlement between an individual debtor and creditor after an insolvency petition has been accepted. With respect...

Inconsistency between FDI policy and FCRA in the Media Sector

[Aditya Singh Rajput and Nelson Chaudhuri are researchers at the National Institute of Public Finance and Policy (NIPFP), New Delhi. The authors thank Radhika Pandey and Sumant Prashant from NIPFP for their valuable inputs] The post highlights an inconsistency which exists in the current Foreign Direct Investment (FDI) Policy and the Foreign Contribution (Regulation) Act, 2010 (FCRA) with respect...

The Ability of Promoters to Bid for their Own Companies in Insolvency

[Anupam Choudhary is an Associate at Agram Legal Consultants, a law firm based in Mumbai. The views and opinions expressed are those of the author and do not reflect the view of his firm nor do they constitute legal opinion] Recently, there has considerable debate over whether promoters of insolvent companies can submit bids in the bidding process for their own companies. Recently, the Essar...

SARFAESI Amendment: The “Qualified Buyers” Confusion Remains

[Akhileshwari Anand Raj is a 3rd year B.Com LL.B (Hons.) student at Gujarat National Law University, Gandhinagar] The amendments last year to the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) were long overdue. They sought to ensure that the various banking and recovery laws were in consonance with each other, and they also...

One Year On: The Effect of Demonetization on the Companies Act, 2013

[Shikha Rawal is an Associate at Shardul Amarchand Mangaldas & Co.] “Demonetization” is a topic that has evoked considerable interest and strong opinions across the board since it was announced a year ago, i.e. on November 8, 2016. The goal of demonetization was to eliminate the unaccounted cash transactions, and thereby strengthen the economy. Differences of opinion abound on whether...

Reviewing Arbitrability at the Interim Relief Stage

[Agnish Aditya is a 4th Year B.B.A LL.B student at NLU Odisha] In a judgment rendered last month, the Madras High Court considered the impact of non-arbitrability on granting an interim relief. In Lifestyle Equities Cv v. QDSeatoman Designs Pvt. Ltd (“Lifestyle”), the Court was called upon to decide the arbitrability of certain disputes pertaining to intellectual property rights in an application...

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