[Nikhil Gupta is a 5th year BA-LLB (Hons.) student at the National University of Advanced Legal Studies, Kochi] The Jet Airways crisis primarily occurred due to the default in the unpaid lease amounts owed to several aircraft lessors. Jet’s fleet consisted of around 119 Boeing planes out of which about 100 were leased from lessor companies such as Avolon, GE Capital Aviation Services and Aercap...
Videocon Case: The Doctrine of Substantial Consolidation
[Harshit Agrawal is a B.A. LL.B. (Hons.) student at Dr. Ram Manohar Lohiya National Law University, Lucknow] Some of the biggest challenges faced by the Insolvency and Bankruptcy Code, 2016 (IBC) in India are to get a fair value for the stressed industries as a going concern keeping in mind the interest of the creditors. The problem becomes more aggravated in the ‘group company’ situation where a...
Home-Buyers in the IBC: Square Pegs in Round Holes?
[Sikha Bansal is a Senior Associate at Vinod Kothari & Company and can be reached at [email protected]] The ruling of the Supreme Court in Pioneer Urban Land and Infrastructure vs. Union of India comes as a breather for home-buyers, as it upholds the constitutional validity of the amendments made last year to section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). Section...
Impact of Recent Amendments to the Insolvency and Bankruptcy Code
[Ashwin Gowda and Supreme Waskar are corporate lawyers in Mumbai. The views hereunder are personal] With the Insolvency and Bankruptcy Code (Amendment) Act, 2019 being notified on 6 August 2019, it would be important to discuss the changes introduced through the Amendment as it intends to address the critical issues in the corporate insolvency resolution framework, including one pursuant to the...
Initiation of CIRP against a Government Company: NCLT Faces another Conundrum
[Rongeet Poddar is a final year B.A. LLB (Hons.) student at West Bengal National University of Juridical Sciences, Kolkata] In Harsh Pinge v. Hindustan Antibiotics Limited, the two members of the National Company Law Tribunal (NCLT) Mumbai bench have laid down contrary opinions in a case concerning the admission of an insolvency plea by an operational creditor against Hindustan Antibiotics...
The IBC Amendment Bill: Defending the Design of the IBC
[Shreya Prakash is the Coordinator of the Vidhi Bankruptcy Research Programme] The Insolvency and Bankruptcy Code (Amendment) Bill, 2019 passed by Parliament last week proposes key amendments to the Code, to reduce uncertainty in the market on issues that go to the heart of the design of the scheme of the Code. While the Bill proposes various amendments to reduce delays in the process, and binds...
Revisiting The Tale Of The Stubborn Law: The Saga of ‘Venue’ vs. ‘Seat’ Of Arbitration
[Kunal Dey is a Judicial Research Assistant] The simple yet intriguing concepts of ‘seat’ vs. ‘venue’ of arbitration has been at the core of many judicial decisions by various High Courts and the Supreme Court of India who have time and again strived to put the issue to rest. In 2018, the substantial question was assumed to be decided by the landmark judgment of the Supreme Court in the case of...
Appointment of Judges to the Appellate Dispute Settlement Body of the WTO: The Ongoing Impasse
[Jyotsana Singh is a fifth-year student at National Law School of India University, Bangalore] The Dispute Settlement Body (DSB) of the World Trade Organization (WTO), popularly referred to as the ‘crown jewel’ of the said organization, is experiencing an unprecedented crisis. This crisis revolves around the issue of the American attempts at stalling the appointment of judges to the Appellate...
Call for Submissions: Trade, Law and Development
[Announcement on behalf of Trade, Law and Development] The Board of Editors of Trade, Law and Development (TL&D) is pleased to invite original, unpublished manuscripts for publication in the Winter ’19 Issue of the Journal (Vol. 11, No. 2) in the form of Articles, Notes, Comments and Book Reviews. Manuscripts submitted by September 30, 2019 pertaining to any area within the purview of...
Delhi High Court Upholds the Interests of Direct Sellers: A Ray of Hope?
[Deeksha Gabra is a chartered accountant and Shivam Gupta is a final-year law student at the Rajiv Gandhi National University of Law, Punjab] Direct selling (also known as network marketing or multi-level marketing), as the name suggests, refers to selling products directly to the consumer in a non-retail environment. The product moves from the manufacturer to a direct sales company, which are...
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