ArchiveAugust 2019

A Critique of SEBI’s Proposed Amendment to the Credit Rating Regulatory Framework

[Rongeet Poddar is a final year B.A. LLB (Hons.) student at the West Bengal National University of Juridical Sciences] The objective of credit rating agencies (CRAs) is to reduce information asymmetry by facilitating investors to form an informed opinion on the credit-worthiness of a debt instrument. The Report of the Committee on Comprehensive Regulation for Credit Rating Agencies released by...

Green Channel in Combination Regulations: Legislative Concerns

[Basu Chandola is a Research Assistant at the Jindal Initiative on Research in IP and Competition (JIRICO)] The Competition Law Review Committee, which was established in 2018 to ensure that competition law is strengthened and re-calibrated to promote best practices, submitted its report in July this year. The Committee has recommended the introduction of a “green channel” mechanism to deal with...

The Murky Case of Aviation Insolvency in India

[Nikhil Gupta is a 5th year BA-LLB (Hons.) student at the National University of Advanced Legal Studies, Kochi] The Jet Airways crisis primarily occurred due to the default in the unpaid lease amounts owed to several aircraft lessors. Jet’s fleet consisted of around 119 Boeing planes out of which about 100 were leased from lessor companies such as Avolon, GE Capital Aviation Services and Aercap...

MCA Clarifies “Appointed Date” in Schemes of Arrangement

In schemes of arrangement, whether by way of a merger, demerger or other form of corporate restructuring, the timing of when the transaction takes effect becomes important. It is from such a date that the financial statements of the companies involved will reflect the effect of the transaction. Given that the transaction may be completed anytime during the course of a financial year, parties have...

Videocon Case: The Doctrine of Substantial Consolidation

[Harshit Agrawal is a B.A. LL.B. (Hons.) student at Dr. Ram Manohar Lohiya National Law University, Lucknow] Some of the biggest challenges faced by the Insolvency and Bankruptcy Code, 2016 (IBC) in India are to get a fair value for the stressed industries as a going concern keeping in mind the interest of the creditors. The problem becomes more aggravated in the ‘group company’ situation where a...

Home-Buyers in the IBC: Square Pegs in Round Holes?

[Sikha Bansal is a Senior Associate at Vinod Kothari & Company and can be reached at [email protected]] The ruling of the Supreme Court in Pioneer Urban Land and Infrastructure vs. Union of India comes as a breather for home-buyers, as it upholds the constitutional validity of the amendments made last year to section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). Section...

Impact of Recent Amendments to the Insolvency and Bankruptcy Code

[Ashwin Gowda and Supreme Waskar are corporate lawyers in Mumbai. The views hereunder are personal] With the Insolvency and Bankruptcy Code (Amendment) Act, 2019 being notified on 6 August 2019, it would be important to discuss the changes introduced through the Amendment as it intends to address the critical issues in the corporate insolvency resolution framework, including one pursuant to the...

Initiation of CIRP against a Government Company: NCLT Faces another Conundrum

[Rongeet Poddar is a final year B.A. LLB (Hons.) student at West Bengal National University of Juridical Sciences, Kolkata] In Harsh Pinge v. Hindustan Antibiotics Limited, the two members of the National Company Law Tribunal (NCLT) Mumbai bench have laid down contrary opinions in a case concerning the admission of an insolvency plea by an operational creditor against Hindustan Antibiotics...

Trade Associations and Pharmaceutical Industry: A Competition Conundrum

[Yashvardhan Singh is a 2nd year student and Palash Moolchandani a 3rd year student, both at the National Law University Odisha] Trade Associations are business platforms where players of a particular industry meet to discuss common concerns and to take collective decisions about certain practices in that industry. The role of trade associations in any industry and the economy cannot be disputed...

Tribute to a Trailblazer in Indian Legal Education

We are deeply saddened to learn about the passing of Professor Shamnad Basheer. Shamnad was far from the archetypal legal academic. While he enjoyed a stellar reputation for teaching and research in the field of intellectual property (IP), his heart was set on nobler goals such as diversity in access to legal education and reforms in the common law admissions test (CLAT) in law schools. It is...

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