ArchiveNovember 2018

Corporate Insolvency and the “Fitter Bidder”

[Jaskiran Kaur is an associate at IndusLaw] The National Company Law Appellate Tribunal (“NCLAT”) on 14 November, 2018 gave a go – ahead to the revised bid of Ultratech Cement Limited (“Ultratech”) for the acquisition of debt-ridden Binani Cement Limited (“Binani Cement”), while ruling that the resolution plan submitted by the competitor Dalmia Bharat through its group firm Rajputana Properties...

Filing of Return for Delayed Payment to MSMEs

[Simran Jalan is an Executive at Vinod Kothari & Co] The Government of India enacted the Micro, Small and Medium Enterprises Development Act, 2006 (the “Act”) to ensure timely and smooth flow of credit to micro, small, and medium enterprises (“MSMEs”) and minimize sickness among them. The Act strengthens the provisions relating to delayed payments to the MSMEs by specifying the maximum credit...

Filing of Form PAS-4 in Private Placements

[Deepansh Guwalani is a 5th year student at ILS Law College, Pune] Introduction Private placement in India is regulated by section 42 of the Companies Act, 2013 (the “Act”) and rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 (the “Allotment Rules”). The said laws have undergone a recent change by way of the Companies (Amendment) Act, 2017 and the Companies...

Relevant Market in E-commerce: The Dilemma Resolved?

[Samarth Saxena and Mohak Chikhale are Final Year students at ILS Law College, Pune] This post aims to critically analyse a constant conundrum in the Indian antitrust scenario, namely the relevant market analysis in the e-commerce sector. It does so in the context of the order (“Order”) of the Competition Commission of India (“CCI”) in All India Online Vendors Association (“AIOVA”) v. Flipkart...

Price Parallelism in Bid Rigging Arrangements

[Gunjan Garg is a 3rd year B.A LLB (Hons.) student of National Law Institute University, Bhopal] The Indian Competition Act in section 3 deals with ‘anti-competitive agreements’ which gives the Competition Commission of India (“CCI”) the power to prohibit any agreement between enterprises or persons engaged in identical or similar trade of goods and services, directly or indirectly resulting in...

Activation of Companies Struck Off under Companies Act

[Anirudh Singh is a 4thyear B.A LL.B (Hons) student of NALSAR University, Hyderabad] When a company is registered on incorporation, it is necessary that it should have a process of deregistration other than by way of winding up. This is so if, after registration, the company does not carry on business. Such process, known as “striking off”, is specified in section 248 of Companies Act...

Supreme Court on the Applicability of the Limitation Act to Insolvency Proceedings

[Surbhi Jaju and Pulkit Chaturvedi are associates at Lakshmikumaran and Sridharan Attorneys] Introduction The conundrum of whether the Limitation Act, 1963 (‘Limitation Act’) applies to the proceedings initiated under the Insolvency and Bankruptcy Code, 2016 (‘Code’) has confused the stakeholders since the inception of the Code. The Code was formulated primarily to provide a mechanism to...

Prompt Corrective Action

[Manal Shah is a B.A. LL.B. (Hons.) student at the National University of Advanced Legal Studies, Kochi and writes at thesecuritiesblawg.in] Prompt corrective action (“PCA”) is intended to “intervene early and take corrective measures in a timely manner, so as to restore the financial health of banks that are at risk by limiting deterioration in their health and preserving their capital levels”...

Perceiving Data Protection within the Umbrella of Competition Law

[Vishal Singh is a III Year student at Dr. Ram Manohar Lohiya National Law University, Lucknow] The Competition Act, 2002 has been enacted to prevent activities that have an adverse effect on competition in the Indian Market. The Preamble of the Act unambiguously enunciates the role of ‘economic efficiency’ in competition law. The goal of competition law is to build a competitive market and thus...

Supreme Court on Insolvency Resolution by Operational Creditors

[Akhil Kumar and Ayushi Singh are Fourth Year and Third Year BA LLB (Hons.) students respectively at NUALS, Kochi] Petitions filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (the Code) have received scrutiny before the adjudicating authority, being the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT) as well as the Supreme Court on various...

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