ArchiveMay 2017

BALCO’s ‘Error’ Amplified: The Supreme Court in Indus Mobile – Part I

[The following post is contributed by Puneet Dinesh, who is a III year student at the  National Law University, Delhi. He can be reached at [email protected]] The Supreme Court’s and the High Court’s approach to ‘arbitral seat’ vis-à-vis exclusive jurisdiction to courts has generated both controversies and analyses. The Delhi High Court (in NHPC Limited, Rohit Basin and Ion Exchange) and...

Bankruptcy Code: Exclusion of Civil Courts in Monetary Matters?

[The following post is contributed by Bhavin Gada, Partner at Economic Laws Practice, Advocates and Solicitors, and Manendra Singh, Associate Manager at Economic Laws Practice, Advocates and Solicitors. The views of authors are personal.] Preface It is well known that in India a civil court of relevant jurisdiction is the usual forum for resolving not just disputes related to debt recovery, but...

Reforms to Restructuring Plans Under the Joint Lenders’ Forum

[The following post is contributed by Nitu Poddar, Practicing Company Secretary, and Vallari Dubey, Executive, at Vinod Kothari & Co. They can be reached at [email protected] and [email protected] respectively.] The Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP) work on the principle of identifying the stress in a borrower entity and curing it at its nascent stage. The...

DoCoMo v. TATA: Unanswered Questions Regarding Powers of the RBI

[The following post is contributed by Ambarish, who is a corporate lawyer. Views are personal. A related post on the topic can be found here.] The decision of the Delhi High Court in NTT Docomo Inc v. Tata Sons Limited has received a lot of media attention, specifically the part where the Court rejected an intervention application by the Reserve Bank of India (RBI).[1] In arriving at its...

SEBI Informal Guidance: Trading Disclosures – What’s the “Value”?

[The following post is contributed by Yogesh Chande, Partner, Shardul Amarchand Mangaldas & Co. Advocates and Solicitors. Views are personal.] The SEBI (Prohibition of Insider Trading) Regulations, 2015 (the “PIT Regulations”) prescribe certain disclosure norms relating to acquisitions and disposals of securities by insiders in companies. Specifically, regulation 7(2)(a) states that where...

Applicability of the Arbitration and Conciliation (Amendment) Act, 2015 – An Unsettling Position?

[The following post is contributed by Nirmit Agrawal, who is a III Year, B.A., LL.B (Hons.) student at the West Bengal National University of Juridical Sciences, Kolkata] In the case of Wind World Ltd v. Enercon Gmbh decided in March, a single judge of the Bombay High Court was faced with the much contentious issue of the applicability of the Arbitration and Conciliation Amendment Act, 2015 (the...

Co-existence of Winding-up Petition and Application under Insolvency Code

[The following post is contributed by Nitu Poddar, who is an Associate at Vinod Kothari & Co, and can be reached at [email protected]] This post seeks to address the question whether an application for resolution process of a company can be filed under the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in case a winding up petition is pending before a High Court? MCA...

Transfer of Shares to the Investor Education and Protection Fund (IEPF)

[The following post is contributed by Pammy Jaiswal, who is an Associate at Vinod Kothari & Co, and can be reached at [email protected]] Introduction By way of its notification dated 28 February 2017, the Ministry of Corporate Affairs (MCA) had tried to simplify the procedure for transferring shares to the Investor Education and Protection Fund (IEPF) Authority. In doing so, it had left...

Clarifications to the Cruz City 1 Holdings Case: What really happened in Renusagar v. General Electric?

[The following guest post is contributed by Suprotik Das, a 5th year law student at the Jindal Global Law School, Sonepat, Haryana.] On April 11, 2017, the Delhi High Court rendered a judgement in the case of Cruz City 1 Mauritius Holdings v. Unitech Limited. As mentioned in this blog earlier, this case dealt with enforcement proceedings of a foreign arbitral award. Unitech Ltd. (the...

Antecedent Transactions: An Anomaly in the Insolvency and Bankruptcy Code, 2016

[The following post is contributed by Rahul Sibal, 3rd Year, and Deep Shah, 2nd Year, students of NALSAR, Hyderabad.  They can be contacted at [email protected] and [email protected] In this post, they analyze certain anomalies with respect to provisions concerning antecedent transactions under the recently enacted Insolvency and Bankruptcy Code, 2016.] The Insolvency and...

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