ArchiveAugust 2017

An Analysis of the First Insolvency Resolution Scheme Under the Insolvency and Bankruptcy Code

[Guest post by Enakshi Jha, who is a graduate from NALSAR University of Law and is currently working at a corporate law firm in Mumbai] Factual Matrix In the present case, Synergies-Dooray Automotive Limited (“SDAL”) was the corporate debtor. Ms. Mamta Binani was appointed as the Resolution Professional and is the applicant in the present dispute and had filed an application against all the...

A Guide for Filing Form C by Flat Buyers in the Jaypee Infratech Insolvency Matter

[Guest post by Abhishek Dubey, a corporate lawyer based out of Delhi NCR. This document is merely a guidance for fellow flat buyers of Jaypee Wishtown and not legal advice. Flat buyers may consult their own legal counsel before taking any action. Views are personal. Some of the background to the legal issues arising in this post are available here.] Thousands of flat buyers stuck in the Jaypee...

Amendment Creates a Third Class of Creditor Under the Insolvency and Bankruptcy Code, 2016

[Guest post by Aayush Mitruka, a lawyer based in Delhi] The Insolvency and Bankruptcy Board of India (“IBBI”) on 16 August, 2017 amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 and...

Winding-up Under the Companies Act and its Impact on the Insolvency and Bankruptcy Code

[Guest post by Anirudh Gotety, who is a 4th year student pursuing B.B.A., LL.B. (Business Law Honours) at National Law University, Jodhpur] Before the introduction of the Insolvency and Bankruptcy Code, 2016 (the ‘Code’), the winding up of a company took place solely under the Companies Act, 1956 (the ‘1956 Act’). The 1956 Act allowed companies to be wound up voluntarily (Chapter III of Part...

Proprietary Remedies in Indian Law

We had earlier considered the question of whether there exist proprietary remedies for breaches of directors’ duties. The question of whether a remedy is proprietary or personal makes a difference most importantly in the context of insolvency. If a remedy against the fiduciary is merely personal, the beneficiary will only be able to claim along with other unsecured creditors. If the remedy is...

Object Clause under the Companies (Amendment) Bill: A Flip-Flop

[Guest post by Naman Kamdar, a 5th year BA LLB student at National Law University Odisha] The Companies (Amendment) Bill, 2017 was introduced in Parliament to usher in more changes to the recently amended Companies Act, 2013 (the “Act of 2013”). The Bill seeks to make substantial changes in the pattern of trade and commerce in the country by liberalizing the procedures and requirements for...

Additional Concerns Raised by TRF v. Energo

[Guest post by Agnish Aditya, who is a 4th Year B.B.A LL.B student at NLU Odisha] The Supreme Court ruling in TRF v Energo Engineering Projects (“Energo”) has been covered in this blog twice (here and here). Mr. Naniwadekar’s post gave an overview of the judgment and Amitav’s post raised pertinent concerns regarding the Court’s jurisdiction under Section 11 of the Arbitration and Conciliation...

McDonald’s Case: NCLT Decision on Oppression

[Guest post by Enakshi Jha, who is a graduate from NALSAR University of Law and is currently working at a corporate law firm in Mumbai] McDonalds India has recently been in the news for shutting down 43 of its 55 Delhi outlets.  The bone of contention leading to this event is the ongoing dispute between Mr. Vikram Bakshi  and McDonalds India Private Limited (“MIPL”). This case has clarified that...

SAT Rejects Appeals in the United Spirits Case

We had earlier this year discussed SEBI’s ad-interim ex parte order in the United Spirits Limited (USL) case by which several persons (including Mr. Vijay Mallya) were prohibited from buying, selling or otherwise dealing in any securities, with some of them being restrained from holding positions as directors or key managerial personnel of any listed company. Against this, some of the persons...

Analysis of the Material Adverse Change Clause in the Indian Context

[Guest post by Tushit Mishra, who is a Third Year Student at NALSAR University of Law] Introduction The economic viability of an agreement in securities transactions is subject to a wide range of factors, due to which agreements concerning mergers and acquisitions (M&A) are constantly under a cloud of uncertainty. The past realization of such uncertainty with regards to risk mitigation and...

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