[Mohini Parghi is a IV Year B.A. LLB (Hons.) student at NALSAR University of Law, Hyderabad] The Competition Commission of India passed an interim order on 9 March 2021 in the ongoing case involving a complaint against MakeMyTrip, Go-Ibibo and Oyo alleging anticompetitive practices under sections 3 and 4 of the Competition Act, 2002. The case is expected to be instrumental in shaping the...
Taxing Data under the Equalisation Levy: Taxpayers’ Challenges
[Akshara Rao is a final year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat] With the increasing dominance of the digital economy, countries and international organisations have highlighted the inefficiency of the current tax system in covering digital businesses, which are generating enormous profits from a jurisdiction without having any physical presence. Several countries...
Disputes amongst the Same Class of Creditors and Judicial Intervention
[Rohit Sharma is a partner at Mamta Binani & Associates, Mumbai] Since the inception of the Insolvency and Bankruptcy Code, 2016 (‘Code’), numerous amendments have been carried out to plug the loopholes or uncertainties in the Code. In such a vein, section 30(4) of the Code was amended on 6 August, 2019, which states as follows: (4) The committee of creditors may approve a resolution plan by...
Dealing with Competition Issues in the Indian Informal Sector
[Manohar Samal is a Master of Laws student at the National Institute of Securities Markets, Mumbai] Competition law has played a vital role in enhancing healthy competition in Indian markets and has also boosted innovation and economic development. The Competition Act, 2002 is the principal legislation which prevents activities that have adverse effects on competition in the Indian market. Even...
Caught between PMLA and IBC: The Bhushan Power-JSW Saga
[Aniket Aggarwal is a commercial litigator and technology lawyer practicing in New Delhi] A prima facie look at the Prevention of Money Laundering Act, 2002 [“PMLA” or “the Act”] and the Insolvency and Bankruptcy Code, 2016 [“IBC” or “the Code”] belies exclusivity and distinctness between the legislations. Indeed, the Delhi High Court observed these laws to be consistent with each other in light...
SPAC Listings in India: Regulatory Hurdles and the Way Forward
[Devarsh Shah is a third-year law student at Gujarat National Law University] One of the most significant developments in the international capital markets in the past couple of years has been the revival of ‘Special Purpose Acquisition Vehicles (SPACs)’. In 2020, around $80 billion was raised in the US by 247 SPACs representing almost 50% of the raised capital of about $174 billion. While SPAC...
India’s Struggle with Public Procurement Regulations
[Jishnu M Nair is a Senior Attorney at IBM India/South Asia. The opinions are personal views of the author and do not necessarily represent IBM’s positions, strategies or opinions] Public sector procurement forms around 22 percent of India’s total GDP, with the Government’s total procurement, spend running at around $417 billion. On an earlier estimate, the Government’s IT spend...
A Case for Exclusion of Schemes of Arrangement from Liquidation
[Sikha Bansal is a Partner at Vinod Kothari & Company] The concerns around schemes of arrangement under section 230 of the Companies Act, 2013 in the background of insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) have been partly addressed with the ruling of Supreme Court (SC) in Arun Kumar Jagatramka v. Jindal Steel and Power Ltd. The SC has held that the...
Supreme Court on the Validity of Ipso Facto Clauses during Insolvency
[Ridhi Arora is a III Year B.A., LL.B (Hons.) student at Gujarat National Law University and Varun Singh a III Year B.A., LL.B (Hons.) student at Rajiv Gandhi National University of Law] On March 8, 2021, the Supreme Court of India in Gujarat Urja Vikas Nigam Limited v. Amit Gupta ruled that the provisions of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) prevail over power purchase agreements...
Arbitration of Consumer Disputes in India: A Need for Reform
[Pavitra Naidu & Shreya Jain are 4th year B.B.A., LL.B. (Hons.) students from Jindal Global Law School, Sonipat] The case of Emaar MGF v Aftab Singh was a landmark in the issue of arbitrability of consumer disputes. However, with India striving towards a pro-arbitration regime, delving into the possibility of arbitration of consumer disputes in India becomes imperative. This post will...
Recent Comments