ArchiveJuly 2017

What Should the Insolvency and Bankruptcy Code for SMEs be Like?

[Guest post by Rishi A, who is a Legal Analyst at Spotdraft.com] The Insolvency and the Bankruptcy Code (“IBC”), 2016 was a much-needed legislation in India for hastening the process of bankruptcy filing and to provide for a framework that would incorporate globally recognised standards for both creditors as well as debtors. However, right from its inception, there has been some discussionabout...

SAT Affirms SEBI’s Power to Lift the Corporate Veil

In an order passed yesterday in Sahara Asset Management Company P. Ltd v. Securities and Exchange Board of India, the Securities Appellate Tribunal (“SAT”) considered an appeal from an order of the Securities and Exchange Board of India (“SEBI”) in which SEBI had found that Sahara India Financial Corporation Ltd. (“Sahara Sponsor”) is not a “fit and proper” person and hence the Sahara Mutual Fund...

Supreme Court on Settlement of Insolvency Proceedings

[Guest post by Aayush Mitruka, a lawyer based in Delhi] The Supreme Court in a decision this week in Lokhandwala Kataria Construction Limited v Nisus Finance And Investment Managers, LLP allowed a settlement by entering into consent terms by the parties after the insolvency proceedings under section 7 of the Insolvency and Bankruptcy Code, 2016 (the “Code”)  were admitted.  The Supreme...

Supreme Court on the Ineligibility to Nominate an Arbitrator: A Critique

[Guest post by Amitav Singh, 5th year student at the National University of Advanced Legal Studies (NUALS), Kochi] In the judgement of TRF Ltd. v. Energo Engineering Projects rendered earlier this month, the Supreme Court (“Court”) has decided that a person who was required by the contract to arbitrate (but for the ineligibility by the operation of law), also becomes ineligible to nominate some...

Update on Layering of Subsidiaries

[The following guest post is contributed by Siddharth Raja, Senior Partner & National Executive Director, Argus Partners, Solicitors & Advocates.  Monica Umesh and Divya Mirlay, Associates of the Firm, assisted in the preparation of the post.  Views are personal and do not reflect or incorporate the views or positions of the Firm. Comments are welcome.] This...

Companies (Amendment) Bill Resurrected in an Altered Shape

Readers will recall that early last year the Government introduced the Companies (Amendment) Bill, 2016 (the “Amendment Bill”) in Parliament. This was in response to the report of the Companies Law Committee (CLC) that sought to address some issues that arose in the implementation of the Companies Act, 2013 (the “Act”). The theme of the legislative effort and the recommendations of the CLC were...

Layering of Subsidiaries: The Phoenix Rises Again?

[The following guest post is contributed by Siddharth Raja, Senior Partner & National Executive Director, Argus Partners, Solicitors & Advocates.  Monica Umesh and Divya Mirlay, Associates of the Firm, assisted in the preparation of the “Note on Objections” referred to below.  Views are personal and do not reflect or incorporate the views or positions of the Firm. Comments are...

More on RBI’s Intervention in Matters of Corporate Insolvency

The Gujarat High Court judgment discussed in a post yesterday by a guest contributor, Saurav Roy, brings to the fore several tricky issues and questions relating to the extent to which the Reserve Bank of India (RBI) ought to be involved in matters relating to the resolution of corporate insolvency. While matters of insolvency are essentially within the purview of the National Company Law...

Gujarat High Court Rules on RBI’s Powers Relating to Corporate Insolvency

[Guest post by Saurav Roy, IV B.A.LL.B, ILS Law College, Pune.]  Introduction Last week, the Gujarat High Court ruled on some interesting issues under the Insolvency and Bankruptcy Code 2016 (“IB Code”) while adjudicating upon a writ petition filed by Essar Steel Ltd., (“Essar”) against the Reserve Bank of India’s (“RBI”) decision to initiate insolvency proceedings against Essar and 11 other...

Activism through Directors Elected by “Small Shareholders”

Recent news reports (here, here and here) have highlighted a shareholder proposal that has been initiated in preparation for the annual general meeting of Alembic Limited to be held on 28 July 2017. The shareholder in question is Unifi Capital Private Limited who is said (though not verified) to be holding 3% shares in Alembic. The proposal involves the election of a “small shareholder” director...

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