ArchiveJanuary 2019

Initiation of Corporate Insolvency Resolution Process for Arrears in Lease Transactions

[Tejpal Singh Rathore is a 4th-year B.B.A. LL.B. (Hons.), student at Gujarat National Law University in Gandhinagar] Corporate Insolvency Resolution Process (“CIRP”) can be invoked by a financial creditor, an operational creditor and a corporate debtor itself. An application can be filed by a financial creditor under section 7 of Insolvency and Bankruptcy Code, 2016 (“Code”) if there is any...

An Overview of Exceptions to Moratorium under the Insolvency And Bankruptcy Code

[Radhika Malpani is a 3rd year B.B.A., LL.B student at National Law University, Jodhpur] With the enactment of the Insolvency and Bankruptcy Code, 2016, (“Code”) a unified framework to deal with insolvency has been set in place. Previously, insolvency was dealt under multiple statutes and scattered provisions embedded with numerous complexities. With the introduction of the Code, the liquidation...

Supreme Court on Jurisdictional Conflicts between the CCI and TRAI

[Rajvansh Singh is a 3rd year student at National Law University Odisha]  Conflict in Jurisdiction The preamble of the Competition Act, 2002 read with section 18 of the legislation delegates to the Competition Commission of India (the “CCI”) the duty of “promoting and sustaining competition” in the Indian economy. This implies that the CCI will have principal jurisdiction to regulate conditions...

A Question of Interpretation in Identifying Significant Beneficial Owners

[Aditi Tomar is a 4th Year B.A.LLB (Hons.) Student at NALSAR University of Law, Hyderabad] The Ministry of Corporate Affairs notified the Companies (Significant Beneficial Owners) Rules, 2018 (“Rules”) in the official gazette on 14 June 2018. The power to formulate these Rules is derived from section 90 of the Companies Act, 2013 (“Act”). These Rules cast an obligation on both public and private...

CCI Order on Price Fixing: Collusion in Cab Aggregation Models?

[Kaustub N. S. Bhati and Prankul Boobana are 3rd Year B.A. LL.B. (Hons) students at NALSAR University of Law, Hyderabad] The Competition Commission of India (CCI) passed an order on  6 November 2018 dismissing the allegation that Ola and Uber (Cab Aggregators), through their algorithmic pricing mechanisms, are indulging in price fixation in accordance with section 3(3)(a) of the Competition Act...

Supreme Court Upholds Constitutionality of the Insolvency and Bankruptcy Code

“The defaulter’s paradise is lost. In its place, the economy’s rightful position has been regained”[1] It is not at all surprising that those affected by debt recovery and insolvency legislation, being primarily debtors, would mount constitutional challenges to those legislation. Earlier examples include challenges to the Sick Industrial Companies (Special Provisions) Act, 1985 (D Ravikumar v...

Securitization and Direct Assignment Transactions in the Indian Economy

[Vineet Ojha is Manager – IFRS & Valuation Services at Vinod Kothari Consultants Pvt Ltd] The current financial year has witnessed a sharp surge and a life time high in the volume of securitization and direct assignment transactions in the Indian economy. Consequent to the funding problems that non-banking finance companies (NBFC) and housing finance companies (HFCs) have been facing...

Analyzing the Draft E-Pharmacy Rules

[Akash Santosh Loya and Pratik Joshi are Final Year B.A. LL.B. (Hons.) students at the National University of Advanced Legal Studies, Kochi] While the advent of e-commerce has introduced several advantages, it has also raised various concerns. These are evident in the pharmaceutical sector in India wherein e-commerce is making great strides in helping consumers avail of drugs at their door-step...

RBI Notifies New Framework Policy for External Commercial Borrowings

[Nidhisha Garg is a 3rd year B.A., LL.B (Hons.) student at the National Law Institute University, Bhopal] On 16 January 2019, the Reserve Bank of India (RBI) notified the new policy for External Commercial Borrowings (ECB). It seeks to revise the policy that was earlier in place by virtue of the Master Direction on External Commercial Borrowings dated 1 January 2016, as updated from time to time...

Can an Ex-employee of a Party be appointed as an Arbitrator?

[Rajvansh Singh and Tanay Mishra are students at National Law University Odisha] Independence and impartiality are considered to be the cornerstone of arbitration. The duty of an arbitrator to remain independent and impartial is codified under section 12 of the Arbitration and Conciliation Act 1996 (the “Act”). Neither section 12 of the Act nor Article 12 of the UNCITRAL Model Law provides any...

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