[Guest post by Aishwarya Singh, 5th year student at Jindal Global Law School] Background Sections 241 and 242 of the Companies Act, 2013 (“CA, 2013”) provide the National Company Law Tribunal (“NCLT”) the present day authority to deal with the petitions pertaining to oppression and mismanagement. Under the previous Companies Act, 1956 (“CA, 1956”), this power was exercised by the Company Law...
Report on Regulation of Credit Rating Agencies in India
[Guest post by Shreya Prakash, who is a Research Fellow in the Corporate Law & Financial Regulation vertical at the Vidhi Centre for Legal Policy] Credit ratings are an opinion of a recognised entity on the relative creditworthiness of a debt instrument. Entities that form these opinions, i.e., credit rating agencies (‘CRAs’), are essential gatekeepers of the financial system. In fact...
Some Open Questions under the IBC: Debt Restructuring Schemes and Prepacks
[The following is a guest post contributed by Aparna Ravi, who is Counsel at Samvad Partners. The views expressed here are personal and comments are welcome.] In the high-profile insolvency case of Essar Steels Ltd., that was admitted by the Ahmedabad Bench of the National Company Law Tribunal (“NCLT”) last week, two objections raised by Essar against admission of the insolvency application were...
‘Antecedent’ Provisions in the Insolvency and Bankruptcy Code, 2016: An Improvement on its UK Counterpart?
[The following post is contributed by Deep Shah, 3rd Year and Rahul Sibal, 4th Year , students of NALSAR, Hyderabad. They can be contacted at [email protected] and [email protected]. In this post, they undertake a comparative analysis of provisions concerning antecedent transactions under the recently enacted Insolvency and Bankruptcy Code, 2016, vis-à-vis the Insolvency Act, 1986 of...
We’ve Moved! Launch of Our New Website
We are pleased to announce the launch of our new website: , which is now live. This is intended to improve the experience of readers. Do explore the navigation button on the top right hand side for more content. Given the tremendous increase in guest contributions, we will shortly be devising a Submissions Policy, which will be available on the website. I would like to thank all our contributors...
The Companies Amendment Bill, 2017: Proposed Changes to Section 185
[Guest post by Amitabh Robin Singh, who is a corporate lawyer practising in Mumbai] With the Companies Amendment Bill, 2017 (“Amendment“) being passed by the Lok Sabha and sent to the Rajya Sabha, it would be pertinent to discuss one of the major changes proposed by the Amendment. The Amendment proposes to completely replace Section 185 of the Companies Act, 2013 (“2013...
SEBI Requires Disclosure of Loan Defaults
Over the last couple of years, there has been a steady regulatory move to create some connections between the banking system and the capital markets in order to address cases of loan defaults by companies, especially those listed on the stock exchanges. Take the case of wilful defaulters, who are effectively now kept out of the capital markets (as discussed here on this Blog). Another mechanism...
NCLT Order Admitting Essar Steel Insolvency
In one of the first high profile cases under the Insolvency and Bankruptcy Code, 2016 (the “Code”), the Ahmedabad Bench of the National Company Law Tribunal (“NCLT”) yesterday issued its order admitting the insolvency petition brought by the State Bank of India (“SBI”) and Standard Chartered Bank (“SCB”) as financial creditors of Essar Steel Limited. The insolvency of Essar Steel had earlier...
Supreme Court’s Centrotrade Judgement: An Uncertain Celebration?
[Guest post by Shashank Chaddha, IV Year | B.A.LL.B (Hons.) student at the National Law Institute University, Bhopal] Last year, with the Supreme Court of India upholding the validity of a two-tier arbitration clause in Centrotrade Minerals & Metal Inc. v. Hindustan Copper Ltd., 2017 (2) SCC 228 (the ‘Centrotrade’), there has been much celebration about India’s recent ‘pro-arbitration’ stance...
Call for Papers: Indian Competition Law Review
[The following announcement is posted on behalf of the Indian Competition Law Review] The Indian Competition Law Review (“ICLR”) is the flagship annual journal of the Centre for Competition Law & Policy (CCLP), published under the aegis of National Law University Jodhpur, (India). ICLR strives to achieve scholarly excellence with the aid of an eminent advisory board and an institution known...
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