ArchiveAugust 2018

Supreme Court on the Scope of “Dispute” under the Insolvency and Bankruptcy Code

[Shourya Bari is an associate at a law firm in Mumbai having graduated from Jindal Global Law School, Sonipat (JGLS) in 2018 and Aditi Singh Kashyap is a 4th year B.A., LL.B. (Hons.) student at JGLS] The Insolvency & Bankruptcy Code (“IBC”) stipulates that the adjudicating authority (i.e. the National Company Law Tribunal or NCLT) would not admit an application by an operational creditor to...

Taxation of Bonus Shares: Deciphering the Law

[Unnati Ghia is a 4th year BA LLB (Hons.) student at National Law School of India University, Bangalore] There is no steadfast rule or statutory provision governing the taxation of bonus shares, save for its statutory exclusion from the category of ‘dividends’. This category of shares has presented a dilemma to both the Revenue and the judiciary in multiple instances, given that determining...

The Curious Case of Cryptocurrencies: Part II

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached at [email protected]] The first post in this series is available here] The Indian Position While India has active cryptocurrency traders as well as cryptocurrency exchanges, there has been no serious development on the regulatory front, except, of course, the repeated warnings by Reserve Bank of India and the...

The Curious Case of Cryptocurrencies: Part I

[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached [email protected]] Cryptocurrencies have made waves in financial markets around the globe. According to leading cryptocurrency exchanges, the August 2018 global cryptocurrency market capitalisation is somewhere short of USD 400 billion – less than half of what it was in December 2017 (on the back of...

The Continuing Saga of Homebuyers under Insolvency and Bankruptcy Code

[Karan Sahi is a lawyer and company secretary. He can be contacted at [email protected]] Introduction The recent slump in the real estate industry culminated in a grim situation where several major builders have been unable to complete their housing projects and hand over possession to their customers, leaving them in the lurch. As is the usual practice, many of these customers have taken...

Charter Hire Agreements: Abuse of Dominance in a Monopsonist Procurer Market

[B.V.S. Aditya Santosh is a 4thYear BBA.L.L.B. (Hons.) Student at ICFAI Law School, Dehradun] In Indian National Shipowners’ Association Vs. Oil and Natural Gas Corporation Limited (order dated 12 June 2018), the Competition Commission of India (CCI) dealt with abuse of dominant position of an enterprise in a monopsonist procurer market (buyer’s monopoly)  by virtue of unfair charter...

NCLT Approves Amalgamation of LLP with Company: Did the Legislature Intend This?

[Ritika Bharti and Siddharth Subramanya Raj Urs are 4th year B.B.A. LL.B. (Hons.) students at School of Law, CHRIST (Deemed to be University), Bengaluru] Giving a new dimension to corporate restructuring, the Chennai Bench of the National Company Law Tribunal (“Tribunal”), in its first of a kind order dated 11 June 2018, laid down a fresh interpretation to the provisions pertaining to the...

Corporate Insolvency Proceedings: Can Interest be Claimed as a Part of Debt?

[Lyssa Maria Brito is a 4thyear B.B.A.L.L.B. (Hons.) student at School of Law Christ (Deemed to be University), Bengaluru] Introduction Earlier, in section 433(e) of the Companies Act, 1956, there was no distinction provided between a financial and an operational debt. Section 433(e) only provided that a company may be wound up by the court if it is unable to pay its debts. Therefore, the issue...

Amending the Commercial Courts Act: Quantity over Quality?

[Anhad S. Miglani is a Chandigarh based advocate and Sagun Poudyal a Mumbai based commercial lawyer. Both are graduates of the National Law School of India University, Bangalore] In May 2018, an Ordinance was promulgated to amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 (the “Act”). The Parliament, in its monsoon session, has passed a...

Call for Papers: Indian Arbitration Law Review

[Announcement from the Indian Arbitration Law Review] The National Law Institute University, Bhopal (NLIU) is pleased to announce the launch of the Indian Arbitration Law Review (“Journal”), an annual peer-reviewed journal devoted to arbitration. The Journal, supported by L&L Partners Law Offices, is set to be released in February 2019 during the 4th NLIU—Justice R.K. Tankha Memorial...

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