ArchiveAugust 2018

NLS Business Law Review: Call for Submissions – Volume 5

[Announcement from the NLS Business Law Review] The Board of Editors of the National Law School Business Law Review is pleased to invite original and unpublished manuscripts for publication in Volume 5 of the Review. About the Journal The NLS Business Law Review is an initiative by the National Law School of India University to recognise and foster academic research and scholarship in corporate...

Interests of Homebuyers in Insolvency: Pre- and post-Ordinance

[Pulkit Khare is a 4th year B.A., LL.B. (Hons.) student at The National University of Advanced Legal Studies, Kochi] Homebuyers knocked on the doors of the Supreme Court under Article 32 of the Constitution on grounds that the corporate insolvency resolution process (CIRP) ignored the interests of vital stakeholders in building projects floated by Jaypee Infratech Limited (JIL) under the...

Limiting the Application of Moratorium to Personal Guarantors

[Karan Sangani is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] One of the contentious issues under the Insolvency and Bankruptcy Code 2016 (“the Code”)relates to the applicability of the moratorium to the personal guarantors of the corporate debtors under section 14 of the Code. This was resolved by the Supreme Court recently in State Bank of India v. V...

Supreme Court Reiterates Position: I&B Code, 2016 Prevails Over the Income Tax Act, 1961

[Siddharth Kumar is a 3rdyear B.B.A. LL.B.(Hons.) student at Vivekananda Law School, Delhi] The Supreme Court of India, by its order dated 10 August 2018 in Pr. Commissioner of Income Tax v. Monnet Ispat and Energy Ltd. has held that the provisions of the moratorium stipulated under section 14 of the Insolvency and Bankruptcy Code, 2016 (“ Code”)  would override anything inconsistent contained in...

The Walmart-Flipkart Deal: A New Era For The Indian E-Commerce Industry

[Hitakshi Mahendru is a 5th Year Law Student at Symbiosis Law School, Pune] Introduction In its order dated 8 August 2018, the Competition Commission of India (CCI) approved the 77% acquisition of outstanding shares of Flipkart Private Limited (Flipkart) by Walmart International Holdings Inc (Walmart) and stated that it is not likely to have an appreciable adverse effect on competition in India...

Promoter’s Stake in Private Banks and Kotak Mahindra Bank’s Preference Share Issue

[Anirudh Goyal and Vishal Hablani are 4thand 3rdYear B.A.L.L.B. (Hons.) students respectively at West Bengal National University of Juridical Sciences, Kolkata] The Reserve Bank of India (“RBI”) on 14 August 2018 took the view that the recent issue of preference shares by Kotak Mahindra Bank to dilute the stake of Uday Kotak, the promoter of bank, does not meet the regulatory norms. The bank on 2...

Prospects of Regulation of Initial Coin Offerings by SEBI

[Aishwarya Singh is a 5th year law student at Jindal Global Law School, Sonipat] The Reserve Bank of India (RBI) had, by way of a circular, ring-fenced banks from dealing with cryptocurrencies. However, the status of cryptocurrencies in India is far from decided. The RBI circular has been recently challenged in the Supreme Court. On the other hand, the Government had also constituted an Inter...

Cryptocurrency on the Path to Legalisation?

[Vineet Ojha is a Manager at Vinod Kothari Consultants Pvt Ltd] From conservative investors to cryptocurrency enthusiasts, cryptocurrency has been the hot button issue. In the tech world, a common phrase is “that’s so crazy it just might work”, and hence, an open-source, unregulated, P2P currency has been thriving for the better part of the last decade. The Indian regulators have not taken...

Circumstances where Resolution Process can be Declared Void after Initiation

[Shreya Routh is an Executive at Vinod Kothari & Company] Gains through unjust fraud are never secured. The same goes for a company against which a process of corporate insolvency has been initiated. If the sole intent for initiation of a case is to defraud the creditors, there can be no possibility of revival of the company. The Insolvency and Bankruptcy Code, 2016 (the “Code”) comes with...

IBBI Expects to Usher in Effective Decision-Making at Creditors’ Committee Meetings

[Vinod Kothari is an insolvency practitioner at Vinod Kothari & Co and can be reached at [email protected]] The circular dated 10 August 2018 issued by the Insolvency and Bankruptcy Board of India (IBBI) makes for interesting reading. While it is lamenting the fact that the hard timeline-bound regime of the insolvency process will lead to unintended corporate mortality if the bank...

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