[Lyssa Maria Brito is a 4thyear B.B.A.L.L.B. (Hons.) student at School of Law Christ (Deemed to be University), Bengaluru] Introduction Earlier, in section 433(e) of the Companies Act, 1956, there was no distinction provided between a financial and an operational debt. Section 433(e) only provided that a company may be wound up by the court if it is unable to pay its debts. Therefore, the issue...
Amending the Commercial Courts Act: Quantity over Quality?
[Anhad S. Miglani is a Chandigarh based advocate and Sagun Poudyal a Mumbai based commercial lawyer. Both are graduates of the National Law School of India University, Bangalore] In May 2018, an Ordinance was promulgated to amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 (the “Act”). The Parliament, in its monsoon session, has passed a...
Call for Papers: Indian Arbitration Law Review
[Announcement from the Indian Arbitration Law Review] The National Law Institute University, Bhopal (NLIU) is pleased to announce the launch of the Indian Arbitration Law Review (“Journal”), an annual peer-reviewed journal devoted to arbitration. The Journal, supported by L&L Partners Law Offices, is set to be released in February 2019 during the 4th NLIU—Justice R.K. Tankha Memorial...
NLS Business Law Review: Call for Submissions – Volume 5
[Announcement from the NLS Business Law Review] The Board of Editors of the National Law School Business Law Review is pleased to invite original and unpublished manuscripts for publication in Volume 5 of the Review. About the Journal The NLS Business Law Review is an initiative by the National Law School of India University to recognise and foster academic research and scholarship in corporate...
Interests of Homebuyers in Insolvency: Pre- and post-Ordinance
[Pulkit Khare is a 4th year B.A., LL.B. (Hons.) student at The National University of Advanced Legal Studies, Kochi] Homebuyers knocked on the doors of the Supreme Court under Article 32 of the Constitution on grounds that the corporate insolvency resolution process (CIRP) ignored the interests of vital stakeholders in building projects floated by Jaypee Infratech Limited (JIL) under the...
Limiting the Application of Moratorium to Personal Guarantors
[Karan Sangani is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] One of the contentious issues under the Insolvency and Bankruptcy Code 2016 (“the Code”)relates to the applicability of the moratorium to the personal guarantors of the corporate debtors under section 14 of the Code. This was resolved by the Supreme Court recently in State Bank of India v. V...
Supreme Court Reiterates Position: I&B Code, 2016 Prevails Over the Income Tax Act, 1961
[Siddharth Kumar is a 3rdyear B.B.A. LL.B.(Hons.) student at Vivekananda Law School, Delhi] The Supreme Court of India, by its order dated 10 August 2018 in Pr. Commissioner of Income Tax v. Monnet Ispat and Energy Ltd. has held that the provisions of the moratorium stipulated under section 14 of the Insolvency and Bankruptcy Code, 2016 (“ Code”) would override anything inconsistent contained in...
The Walmart-Flipkart Deal: A New Era For The Indian E-Commerce Industry
[Hitakshi Mahendru is a 5th Year Law Student at Symbiosis Law School, Pune] Introduction In its order dated 8 August 2018, the Competition Commission of India (CCI) approved the 77% acquisition of outstanding shares of Flipkart Private Limited (Flipkart) by Walmart International Holdings Inc (Walmart) and stated that it is not likely to have an appreciable adverse effect on competition in India...
Promoter’s Stake in Private Banks and Kotak Mahindra Bank’s Preference Share Issue
[Anirudh Goyal and Vishal Hablani are 4thand 3rdYear B.A.L.L.B. (Hons.) students respectively at West Bengal National University of Juridical Sciences, Kolkata] The Reserve Bank of India (“RBI”) on 14 August 2018 took the view that the recent issue of preference shares by Kotak Mahindra Bank to dilute the stake of Uday Kotak, the promoter of bank, does not meet the regulatory norms. The bank on 2...
Prospects of Regulation of Initial Coin Offerings by SEBI
[Aishwarya Singh is a 5th year law student at Jindal Global Law School, Sonipat] The Reserve Bank of India (RBI) had, by way of a circular, ring-fenced banks from dealing with cryptocurrencies. However, the status of cryptocurrencies in India is far from decided. The RBI circular has been recently challenged in the Supreme Court. On the other hand, the Government had also constituted an Inter...
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