ArchiveJanuary 2020

Applicability of the Limitation Act to the Insolvency and Bankruptcy Code

[Vivek Kumar is a Legal Manager at Alchemist Asset Reconstruction Company Limited and Akshay Sharma a 5th year law student at the National University for Study and Research of Law, Ranchi] The applicability of the Limitation Act, 1963 has been a well-traversed issue since the inception of the Insolvency and Bankruptcy Code, 2016 (IBC). The IBC was introduced as a complete code, with the object of...

CCI’s Report on E-commerce in India: A Magna Carta for Future Anti-Trust Investigations

[Jubair Bhati is a corporate lawyer and Mayank Sen is a 5th year BBA LLB (Hons) student at the School of Law, Raffles University, Neemrana (Rajasthan)] The Competition Commission of India (“CCI”) earlier this month published a report concluding its market study on the growing relevance of e-commerce in India. This report provides for various considerations that the stakeholders of e-commerce take...

Continued Uncertainties in the CSR Regime

[Roshni Menon is a an Associate at Samvad Partners, Bangalore] On July 31, 2019, the Parliament passed several amendments to the Companies Act, 2013 .The amendments were brought in to reduce cumbersome compliance, rationalise penalties, and crack the whip on shell companies. They also introduced several revisions to the existing outline of corporate social responsibility (CSR) by inserting penal...

Liability of Personal Guarantors vis a vis their Rights under the IBC: A Legal Conundrum

[Pinak Parikh is an Associate at Singhi & Co, Ahmedabad, and is a B.A L.L.B (Corp Hons) graduate (2019) from the Institute of Law, Nirma University] In December 2019, ArcelorMittal India Private Limited (“AMIPL”) paid over Rs. 42,000 crores to the State Bank of India to complete the acquisition of Essar Steel India Private Limited (“Essar Steel”), in what has been one of the biggest...

The Sun Pharma Orders: NCLT Confounds the Law on Cross-Border Demergers?

[Shinoj Koshy is a partner and Mayank Labh an associate at L&L Partners. The views expressed are personal and do not constitute legal advice. An earlier post on the topic is available here.] On 19 December 2019, the Ahmedabad bench of National Company Law Tribunal (“NCLT”) passed the order in which it rejected an application made by Sun Pharmaceutical Industries Limited (“Sun Pharma”) for a...

NCLT Finds Cross-Border Demergers Impermissible under the Companies Act

An important question arose before the National Company Law Tribunal (NLCT), Ahmedabad bench. Are only cross-border mergers and amalgamations permitted under section 234 of the Companies Act, 2013 (the “Act”), or does the provision also encompass cross-border demergers and other similar transactions? The NCLT answered that the scope of section 234 is narrow, and covers only cross-border mergers...

The Seat vs Venue Conundrum in Cases of Unclear Arbitration Clauses: Hardy and Antrix Bad in Law?

[Purvi Kaya is a 5th Year B.A. LL.B. (Hons.) student at O.P. Jindal Global University] The choice of the arbitral seat is fundamental to arbitration. This is because the seat not only determines the lex arbitri, but also the courts that exercise supervisory jurisdiction over the arbitration. Although the distinction between the ‘venue’ and ‘seat’ of arbitration is well recognized in international...

Severability of Arbitration Clauses when the Underlying Agreement is Void Ab Initio

[Ankit Kapoor is a II Year, B.A. L.L.B (Hons.) student at the National Law School of India University, Bangalore] Earlier last year, in Samyak Projects Private Limited v. Ansal Housing & Construction, a single judge of the Delhi High Court invalidated an arbitration clause as the underlying agreement was void ab initio. This represents a departure from the general rule of severability of...

The Supreme Court Ruling in Pioneer: The Curious Case of Allottees under the IBC

[Saurabh Gupta is a third year student at the National Law School of India University. He is an Editor of the Indian Journal of International Economic Law and Law School Policy Review] The Supreme Court in Pioneer Urban Land and Infrastructure v Union of India [2019 SCC OnLine SC 1005] (“Pioneer”) upheld the constitutional validity of the Insolvency Code (Second Amendment) Act of 2018 (“2018...

Setting Up To Fail: The Amended Significant Beneficial Ownership Rules

[Ayush Kashyap is a IV year law student at Hidayatullah National Law University, Raipur] The Companies (Significant Beneficial Owners) Amendment Rules, 2019 suffer from a problem relating to the computation of significant beneficial ownership and disclosure requirements thereon. With the compliance deadline for these rules already lapsed, a look at the problem is in order. However, before that, a...

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