[Siddharth S. Aatreya is a V Year B.A., LL.B. (Hons.) Candidate at the National Law School of India University, Bangalore] Introduction The public policy ground for challenging an arbitral award has been the subject of much controversy in India. In the Supreme Court’s decision in Venture Global v. Tech Mahindra (2017) two issues within this broad area entered the spotlight – the applicability of...
Implications of India Adopting the UNCITRAL Model Law on Cross-Border Insolvency
[Aastha Kaushal (B.A.,LLB (Hons.)) and Saurav Gurjer (BB.A.,LLB (Hons.)) are 4thyear students from School of Law, Christ(Deemed to be University), Bengaluru] The management of international insolvencies are aimed to be resolved through a formal cross- border approach through the UNCITRAL Model Law on Cross-Border Insolvency (Model Law) which was approved by the United Nations General Assembly...
Ultratech Cements: Understanding Trends in the Economics of Market Power
[Lianne Lucia D’Souza is a 4thyear B.A. LL.B. student at School of Law, Christ (Deemed to be University, Bengaluru] Introduction Since the enforcement of merger control provisions in the Competition Act, 2002, the Competition Commission of India (“CCI”) has played an active role by assessing over 500 combinations in a short span of seven years. All transactions meeting the jurisdictional...
Supreme Court on the Scope of “Dispute” under the Insolvency and Bankruptcy Code
[Shourya Bari is an associate at a law firm in Mumbai having graduated from Jindal Global Law School, Sonipat (JGLS) in 2018 and Aditi Singh Kashyap is a 4th year B.A., LL.B. (Hons.) student at JGLS] The Insolvency & Bankruptcy Code (“IBC”) stipulates that the adjudicating authority (i.e. the National Company Law Tribunal or NCLT) would not admit an application by an operational creditor to...
Taxation of Bonus Shares: Deciphering the Law
[Unnati Ghia is a 4th year BA LLB (Hons.) student at National Law School of India University, Bangalore] There is no steadfast rule or statutory provision governing the taxation of bonus shares, save for its statutory exclusion from the category of ‘dividends’. This category of shares has presented a dilemma to both the Revenue and the judiciary in multiple instances, given that determining...
The Curious Case of Cryptocurrencies: Part II
[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached at [email protected]] The first post in this series is available here] The Indian Position While India has active cryptocurrency traders as well as cryptocurrency exchanges, there has been no serious development on the regulatory front, except, of course, the repeated warnings by Reserve Bank of India and the...
The Curious Case of Cryptocurrencies: Part I
[Pranav Tolani is associated with a corporate law firm in Mumbai and can be reached [email protected]] Cryptocurrencies have made waves in financial markets around the globe. According to leading cryptocurrency exchanges, the August 2018 global cryptocurrency market capitalisation is somewhere short of USD 400 billion – less than half of what it was in December 2017 (on the back of...
The Continuing Saga of Homebuyers under Insolvency and Bankruptcy Code
[Karan Sahi is a lawyer and company secretary. He can be contacted at [email protected]] Introduction The recent slump in the real estate industry culminated in a grim situation where several major builders have been unable to complete their housing projects and hand over possession to their customers, leaving them in the lurch. As is the usual practice, many of these customers have taken...
Charter Hire Agreements: Abuse of Dominance in a Monopsonist Procurer Market
[B.V.S. Aditya Santosh is a 4thYear BBA.L.L.B. (Hons.) Student at ICFAI Law School, Dehradun] In Indian National Shipowners’ Association Vs. Oil and Natural Gas Corporation Limited (order dated 12 June 2018), the Competition Commission of India (CCI) dealt with abuse of dominant position of an enterprise in a monopsonist procurer market (buyer’s monopoly) by virtue of unfair charter...
NCLT Approves Amalgamation of LLP with Company: Did the Legislature Intend This?
[Ritika Bharti and Siddharth Subramanya Raj Urs are 4th year B.B.A. LL.B. (Hons.) students at School of Law, CHRIST (Deemed to be University), Bengaluru] Giving a new dimension to corporate restructuring, the Chennai Bench of the National Company Law Tribunal (“Tribunal”), in its first of a kind order dated 11 June 2018, laid down a fresh interpretation to the provisions pertaining to the...
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