[Garima Mehra and D Sharma are both Advocates] One of the primary objectives of the Insolvency and Bankruptcy Code, 2016 (the “Code”)) is to facilitate the adoption of a resolution plan for the corporate debtor. The resolution plan is to serve as a benefit to not only the creditors but also to the already stressed corporate debtor. Originally, section 5(25) of the Code defined a resolution...
Proof of Claim in Liquidation: Dispensable?
[Sikha Bansal is a Senior Associate at Vinod Kothari & Company and Shreya is a B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law, Punjab. The authors can be reached at [email protected]] In SBS Transpole Logistic Pvt. Ltd. v. M.M. Cargo Container Line Pvt. Ltd. & Ors. [CA 152/2018 in CP (IB) 204(ND)/2017] before National Company Law Tribunal, New Delhi Bench...
Mandatory Pre-Institution Mediation in Commercial Matters: Is India Ready?
[Vishal Hablani is a 3rd Year B.A.L.L.B. (Hons.) Student and Pankaj Agarwal a 4th Year B.A.L.L.B (Hons.) Student at WBNUJS, Kolkata] In order to address the pendency of cases in the commercial courts, the Government of India on May 3, 2018, introduced the Commercial Courts, Commercial Division and Commercial Appellate Division of High Court (Amendment) Ordinance of 2018 (the “Ordinance”), with...
Direct Listing of Indian Companies on Foreign Exchanges and Vice Versa: A New Era for Fundraising
[Tanaya Desai is a 5th-year student at ILS Law College, Pune] Introduction In its press release dated June 12, 2018, the Securities Exchange Board of India (“SEBI”) expressed its intention to consider facilitating unlisted companies incorporated in India to directly list their equity share capital on foreign exchanges and, concurrently, of foreign firms on Indian exchanges. In furtherance of the...
National Financial Reporting Authority: Is There Really a Need?
[Anirudh Singh is a 4thyear B.A LL.B (Hons.) student of NALSAR University, Hyderabad] On 1 March 2018, the Union Cabinet gave its assent to National Financial Reporting Authority (NFRA), which is considered to be a major development for the regulation of financial auditing in big companies. As recommended by the Standing Committee on Finance in its 21streport, the NFRA will assume its role as an...
Appreciable Adverse Effects on Competition and Circumstantial Evidence in Antitrust Investigations
[Tanya Varshney is a fourth-year BA LLB student from Jindal Global Law School] The effect of information exchange and collusion amongst firms can have a significant impact on the market structure. When firms collude to fix prices and supply levels, they hold a great degree of market power. However, in the absence of a written contractual agreement as direct evidence, is there a presumption of...
Currency Conversion Rate in Execution Proceedings: The Conundrum
[Garima Mehra and D Sharma are both Advocates] The Supreme Court’s observations in its recent decision in Meenakshi Saxena v. ECGC Ltd. highlight the issues that arise whenever a decree is silent with regard to the reckoning date of conversion of foreign currency into Indian rupees and the methodology to be followed by the executing court in such cases. In this case, a dispute arose with respect...
Comment on the Explosives Case: A Jurisprudential Analysis of Penalties under Competition Law
[Abhiroop Saha is a III Year student at the National Law School of India University, Bangalore] The primary aim of this post is to analyze the Explosives case based on the verdicts rendered by the Competition Commission of India (CCI order) and subsequently by the Competition Appellate Tribunal on appeal (COMPAT order)...
Age-limit Criteria for Non-Executive Directors under Amended SEBI Listing Regulations: Prospective or Retrospective?
[Gaurav Pingle is a practising Company Secretary in Pune and can be reached at [email protected]] Introduction On June 2 2017, the Securities and Exchange Board of India (‘SEBI’) constituted a committee under the chairmanship of Mr. Uday Kotak for improving the standards of corporate governance of listed companies in India. On October 5, 2017, Kotak Committee submitted its report to SEBI...
IBC Amendment Ordinance 2018: At Crossroads With RERA
[Garima Mehra and D Sharma are both Advocates] The Insolvency and Bankruptcy Code (Amendment) Ordinance 2018 (the “Ordinance”) was recently promulgated by the President. It incorporates the key recommendations of the Insolvency Law Reform Committee’s (“ILRC”) report published on 3 April 2018 (Report). One of the significant recommendations is the inclusion of homebuyers within the ambit of...
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