ArchiveMay 2020

The Delisting Dilemma

When the financial markets are on a decline, company managements tend to utilize it as an opportunity to delist shares from stock exchanges. Not only is there a perception that the depressed market price is far from reflecting the true value of the company, but it also provides the promoters the ability to acquire the shares of the public shareholders at a relatively lesser cost. It is no wonder...

The Delhi High Court on a Test for “Sectoral Regulators”

[Karan Kamath is a 2020 B.A. LL.B. (Hons.) graduate from Symbiosis Law School, Pune] The Delhi High Court in Monsanto Holdings Pvt. Ltd. v. Competition Commission of India (20 May 2020) ruled that the Supreme Court’s determination in CCI v. Bharti Airtel Ltd.(2018) is not applicable to the Controller of Patents. It also ruled that the Competition Commission of India (CCI) could investigate...

Post COVID-19 Mergers and the ‘Failing Firm Defence’ : A Need for CCI’s Proactive Role

[Parina Muchhala is a 3rd year student and Ira Pandya a 4th year student, both at the Maharashtra National Law University Mumbai] The effects of the COVID-19 outbreak has led to interruption of supply chains, reduction in consumer demand and disruption of economies.  It has also led many companies to file for bankruptcy worldwide. This indicates that while COVID-19 has also negatively impacted...

Call for Papers: NUJS Journal on Dispute Resolution

[Announcement on behalf of NUJS’s Journal on Dispute Resolution] The Journal on Dispute Resolution (‘JODR’) is the flagship biannual journal of the Mediation Clinic, published under the aegis of the West Bengal National University of Juridical Sciences, Kolkata. It is an open-access, student-reviewed journal, that aims to provide a platform for the discussion of national as well as international...

Adjudicatory Powers of the (Interim) Resolution Professional: Murky Legal Waters

[Muskan Agarwal is a 4th year law student at National Law Institute University, Bhopal] Sections 18 and 25 of the Insolvency and Bankruptcy Code, 2016 (IBC) lay down the duties of an interim resolution professional (IRP) and a resolution professional (RP) respectively. Section 18 states that duties of an IRP include, inter alia, receiving and collating “all claims submitted by creditors to him...

Online Certificate Course on the Insolvency and Bankruptcy Code, 2016 (June 19-June 21, 2020)

[Announcement on behalf of Umang Foundation] This course is an annual 3-day course on Corporate Restructuring and Insolvency especially focusing on the developments in the insolvency regime in India and the major cases. The academic session is spread across nearly 25 hours and covers various areas such as the Insolvency and Bankruptcy Code, 2016, corporate restructuring, the role of the...

Equalization Levy: India’s Experiment with Taxation of the Digital Economy

[Mohit Agarwal and Vibhore Batwara are fourth-year law students from the Institute of Law, Nirma University (ILNU), Ahmedabad, India] An expanded version of equalization levy (EL) has come into force in India from 1 April 2020. EL found no reference when the Finance Bill was initially introduced in the Parliament in February, nor was there any anticipation or any consultation with the impacted...

NAFED v. Alimenta S.A: Supreme Court Reverses Trend in Public Policy

[Prince Todi is a 3rd year student at Hidayatullah National Law University, Raipur] The Supreme Court’s decision in NAFED v. Alimenta S.A (Alimenta) (previously discussed here) sparked controversy concerning the interpretation of the term ‘public policy’. The Court refused to enforce a foreign award on the ground that a violation of the Indian law and export restrictions amounted to a...

Supreme Court on Liberal vs. Literal Interpretation of Contracts

[Paridhi Rastogi is 4th year B.Com. LLB (Hons.) student and Yagya Sharma a 4th year BA LLB (Hons.) student, both at the Institute of Law, Nirma University, Ahmedabad]  On 11 May 2020, a three-judge bench of the Supreme Court gave its verdict in South East Asia Marine Engineering and Constructions Ltd. (SEAMEC Limited) v. Oil India Limited while dealing with certain aspects of arbitration and...

Proposed Amendments to the IBC: A Half Baked Scheme?

[Anushka Garg is a fourth-year B.B.A., LL.B. (Business Law Hons.) student at National Law University, Jodhpur] In wake of the economic fallout caused by the COVID-19 crisis, India’s Finance Minister Nirmala Sitharaman rolled out several measures to provide relief to companies that face the threat of insolvency. The Insolvency and Bankruptcy Code, 2016 will be modified to bring various important...

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