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Supreme Court Invokes Article 142 to Permit Withdrawal of CIRP

[Raghav Bhatia is an Advocate, currently practising at the Supreme Court of India & the Delhi High Court. He can be contacted at [email protected]] Recently, the Supreme Court of India (“Supreme Court”) in Amit Katyal v. Meera Ahuja permitted the parties to settle the matter and withdraw the CIRP proceedings by invoking article 142 of the Constitution of India (“Constitution”). The...

GNLU Student Law Review – Call for Papers: Volume IV

[Announcement on behalf of the GNLU Student Law Review] The GNLU Student Law Review (GNLUSLR) is the flagship student journal of the Gujarat National Law University, Gandhinagar. The Review is an annually published, student-edited, double blind peer-reviewed, online, open-access Law Review. Volume III of the Law Review can be viewed here. GNLUSLR is hereby calling for papers for its Volume IV...

An Analysis of SEBI’s Regulatory Framework for Bond Trading Platform

[Ganesh BL and Shubhalakshmi Bhattacharya are Associates at a law firm in Mumbai] On 21 July, 2022, the Securities and Exchange Board of India (“SEBI”) issued a consultation paper (“Consultation Paper”) proposing a regulatory framework to govern online bond trading platforms (“Bond Platforms”). This comes at a time when India has witnessed a transformation in the number of retail investors...

Supreme Court Holds Tax Authorities to be Secured Creditors: Quandary Revived

[Sikha Bansal is a Partner and Neha Sinha an Executive at Vinod Kothari & Company. They can be reached at [email protected]] Earlier this week, in State Tax Officer v. Rainbow Papers Limited (6 September 2022), the Supreme Court (‘SC’) dealt with the question whether the provisions of Insolvency and Bankruptcy Code, 2016 (‘IBC’), especially section 53, overrides section 48 of the...

Supreme Court on Debentureholders’ Rights under Intercreditor Agreements

[Sikha Bansal is a Partner at Vinod Kothari & Company and can be reached at [email protected]] A well-developed corporate bond market not only provides cost-effective funds to the issuer, but it also enables lenders such as banks and other financial institutions to streamline their asset-liability mismatches. As such, there have been considerable efforts to facilitate the development...

SSB Retail India: Analyzing the Need to Safeguard the Scheme of the IBC

[Prakriti is a third-year student at the Hidayatullah National Law University] The enactment of the Insolvency and Bankruptcy Code, 2016 (IBC) was an active step by the legislature to provide a consolidated law for reorganization and insolvency resolution in India. It was an attempt to scrap the earlier existing defaulters’ paradise in India. The IBC has successfully pushed India upwards in the...

Call for Papers: International Virtual Conference on New Facets of Consumer Protection: Challenges and Way Forward

[Announcement on behalf of the Chair for Consumer Law and Practice, National Law School of India University, Bengaluru] The Chair for Consumer Law and Practice (CLAP), National Law School of India University, Bengaluru (NLSIU) invites papers for the International Conference on ‘New Facets on Consumer Protection Challenges and the Way Forward.’ About the Conference The international conference...

Time for Indian Courts to Make Way For Emergency Arbitrators?

[Abhisar Vidyarthi is an Associate at AZB & Partners, New Delhi] Over the last decade, emergency arbitration has been increasingly recognised and adopted by most national and international arbitral institutions. In India, emergency arbitration received a significant push on 6 August 2021, when the Supreme Court of India (‘Supreme Court’) rendered a monumental decision in Amazon.com Nv...

Enhanced Minimum Amount of Default under IBC – Retrospective or Prospective?

[Ashwin Bala Someshwerar is an LL.M. Student at TNNLU, Tiruchirappalli, Tamil Nadu.] The Ministry of Corporate Affairs (MCA) issued a notification on 24 March 2020 (hereafter, ‘the notification’) enhancing the minimum amount of default under the proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (IBC) from one lakh rupees to one crore rupees. The notification does not mention the...

NCLAT Clarifies the Degree of Intervention in a Scheme of Reduction of Capital

[Aastha Bhandari is a fourth-year student at Jindal Global Law School] On 28 July, 2022 the National Company Law Appellate Tribunal (“NCLAT”) passed its judgement in Precious Energy Services Limited v. Regional Director, holding that the negative financials of a company vis-à-vis its net worth and book value per share do not hold any relevance in determining whether the company possesses...

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