[Pallavi Meena is a IV Year BSW, LL.B (Hons.) student and Ridhi Arora a IV Year B.A., LL.B (Hons.) student, both at Gujarat National Law University] In Nitin Jain, Liquidator, PSL Limited. v. Enforcement Directorate (15 December 2021), the Delhi High Court ruled that the power under the Prevention of Money Laundering Act, 2002 (“PMLA”) to attach properties ceases to exist when an order of...
SC Scrutinizes NCLT’s Powers Conferred under Section 7(5) of IBC
[Govind Gupta and Roshi Surele are 3rd Year BA. LL.B. students at the Institute of Law, Nirma University, Ahmedabad] The Insolvency and Bankruptcy Code, 2016 (“IBC”) is a complete code in itself. Both the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”) derive their powers in insolvency matters from the IBC itself while their jurisdiction is...
Supreme Court Rules on Intervening Claims Arising During Arbitration Proceedings
[Raghav Bhatia is an Advocate practicing at the Supreme Court of India and Devanshi Gupta is a IV year law student at Jindal Global Law School] Recently, in State of Haryana v M/s Shiv Shankar Construction (14 December 2021), the Supreme Court of India had the opportunity to answer, inter alia, whether a claim raised after the filing of a Statement of Claim (‘SOC’) could be awarded or not...
Government Allows FDI into the Indian Solar Energy Market
[Akshat Bhargava is an Associate at Shardul Amarchand Mangaldas & Co and Nandini Shenai is a 4th Year BBA LLB (Hons) student at NMIMS School of Law, Mumbai] The Indian Constitution lists electricity in the concurrent list, and both the Union and State legislatures have simultaneous authority to enact legislation on the topic. In the case of a contradiction or conflict, nevertheless, the law...
CCI’s Penalty on Amazon: A Necessary Intervention
[Saikishan B Rathore is a 4th year BSW LLB (Business Corporate and Financial Law Hons.) student at Gujarat National Law University, Gandhinagar] In a first of its kind, the Competition Commission of India (CCI) on 17 December 2021 found Amazon NV Investment Holdings LLC (Amazon) guilty of contravening sections 43-A, 44 and 45 of the Competition Act, 2002 (Act). By way of its order dated 17...
Supreme Court on the Regularization of Temporary Employees
[Naman Keswani is a 3rd year B.A., LL.B. (Hons.) student at Hidayatullah National Law University, Raipur. The author would like to thank Dr. Balwinder Kaur for her valuable inputs on the post] In Union of India v. Ilmo Devi (7 October 2021), the Supreme Court reiterated the fact that a temporary or casual worker in a State-run authority cannot seek parity with the regular employees of the...
New Materiality Threshold for RPTs: Nagging Questions on Shareholder Approval
[Vinita Nair and Sikha Bansal are Partners at Vinod Kothari & Company, Practicing Company Secretaries] Related party transactions (RPTs) are perceived as potential tools for unjust enrichment of those in a fiduciary capacity. Hence, SEBI has recently revamped RPT norms (most of which are to take effect from 1 April 2022) intending to impose a greater scrutiny on RPTs. With the above, all...
Non-Fungible Tokens: An Indian Perspective
[Aiyushi Mehrotra is a 4th Year B.A., LLB. student at Gujarat National Law University, Gandhinagar] Non-fungible tokens (“NFTs”) are digital blockchain tokens that identify ownership or particulars of unique items, whether they be digital or real in form. They are traded and programmed in the same way as cryptocurrencies like Bitcoin or Ethereum, but that is where the similarities...
Supreme Court on NCLT’s Powers under IBC, 2016
[Swarnendu Chatterjee is a Principal Associate at Saraf and Partners, Law Offices in New Delhi and Sneha Rath is a 3rd year B.A., LL.B. (Hons.) student at National Law University Odisha] The Supreme Court in Gujarat Urja Vikas v. Amit Gupta had propounded that the residuary powers of the National Company Law Tribunal (NCLT) under section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC)...
Rise of Low Cost Carriers: Reexploring the Traditional Market Definition
[Akshat Kothari is a 3rd year law student at Institute of Law, Nirma University] The Indian aviation industry is attracting customers by offering affordable services. However, the industry arguably suffers from its oligopolistic nature, since 90.5% of the market share vests with only few players. The interdependence in oligopoly allows the firms to operate in combinations and it gives rise to...
Recent Comments