[Priyanka Sunjay is a Fourth year student, B.A., LL.B.(Hons), National Law University, Jodhpur] Crowdfunding is a means by which an entrepreneur or business raises financing by way of small contributions from a large number of individuals using mass communication through the Internet. It is usually used to raise funds for films, art, business ventures or social causes. There are various types of...
Why the RBI and IBBI Need to Work Together to Effectively Handle the Resolution of Stressed Assets
[Anirudh Gotety is a 4th year student pursuing B. B. A., LL. B. (Business Law Honours) at National Law University, Jodhpur. He can be contacted at anirudh.gotety@outlook.com] The introduction of the Insolvency and Bankruptcy Code, 2016 (“IBC”) has led to a paradigm shift in the debt recovery mechanism in India. The IBC was a much-needed legislation given the plethora of central and state laws...
RBI Directions on Peer to Peer Lending
[Guest post by Samrudhi Chothani, an Associate at Bharucha and Partners, Mumbai and Saurav Roy, a IV B.A.LL.B student at the ILS Law College, Pune. Views are personal] Introduction The Peer to Peer (“P2P”) Lending sector is one with tremendous potential and requires robust regulation. P2P lending is similar to crowd-funding, where persons who want loans are connected with interested lenders. The...
Application Under SARFAESI: Supreme Court’s Liberal Approach
[Guest post by Richa Saraf, Assistant Legal Advisor at Vinod Kothari & Co.] In the case of M.D. Frozen Foods Exports Pvt. Ltd. v. Hero Fincorp Ltd.,[1] the Supreme Court held that there was no illegality in a non-banking finance company (“NBFC”) invoking the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”) for recovery of...
Process for Issuing a Demand Notice under the Insolvency and Bankruptcy Code
[Guest post by Satish Rai, who is an advocate based in New Delhi.] Introduction While the Insolvency and Bankruptcy Code, 2016 (the ‘Code’) gains momentum with evolving jurisprudence and continual changing of contours of provisions of the Code, a two-fold procedural requirement prescribed for the initiation of insolvency resolution process by an operational creditor requires greater scrutiny. The...
Relevant Turnover and its Basis in the Competition Act
[Guest post by Niranjan Sankar Rao, who is a Fourth Year B.A. LL.B. (Hons) Student at Jindal Global Law School, Sonipat. An earlier post on the topic can be found here.] The Supreme Court of India in May 2017 in Excel Crop Care v. Competition Commission of India, (2017) 8 SCC 47, upheld the Competition Appellate Tribunal’s (COMPAT) decision of awarding penalty based on ‘relevant turnover’. For a...
Conference on Insolvency Resolution and Cross-border Insolvency
[Announcement from the Centre for Transnational Commercial Law, National Law University, Delhi] The Centre for Transnational Commercial Law, National Law University Delhi, in collaboration with UNCITRAL, Insolvency and Bankruptcy Board of India and International Law Institute is organising a two-day conference to commemorate the 2017 UNCITRAL Asia Pacific Day. The theme of the event is Insolvency...
Supreme Court Opens New Avenue for Enforcement in Foreign International Commercial Arbitration
[Guest post by Ashutosh Kumar, who is an Advocate practising in India. Views are personal.] The decision of the Supreme Court in Alka Chandewar v. Shamshul Ishrar Khan (6 July 2017) has opened a new avenue for the enforcement of interim orders and emergency awards in foreign arbitrations involving at least one non-Indian party – or foreign international commercial arbitrations in the...
Consumers Cannot be Compelled to Arbitrate Disputes
[Guest post by Ajar Rab, Partner, Rab & Rab Associates LLP, Dehradun] Background Earlier this year, in an article titled Redressal Mechanism under the Real Estate (Regulation and Development) Act 2016: Ouster of the Arbitration Tribunal?, I had argued that even after the amendment to section 8 of the Arbitration & Conciliation Act, 1996 (“Arbitration Act”), the parties can continue to...
Strict Interpretation or Purposive Interpretation? Analysing the Sanjeev Shriya Case
[Guest post by Deeksha Malik, who is a is a fifth-year student of National Law Institute University, Bhopal. An earlier post on the topic is available here.] Ever since the Insolvency and Bankruptcy Code, 2016 (the “Code”) came into force, the Indian judiciary has been dealing with a number of cases that have required it to interpret various provisions of the Code. A review of the relevant...
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