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Compounding under Section 24A of SEBI Act: Charting A New Course

[Navya Saxena and Aadya Bansal are 4th-year B.A., LL.B. (Hons.) students at National Law Institute University, Bhopal] In Prakash Gupta v. Securities and Exchange Board of India (26 July 2021), the Supreme Court has addressed the question of whether the Securities and Exchange Board of India (“SEBI”) has veto power over compounding of offences under the Securities and Exchange Board of India Act...

Hanging by a Thread: The Saga of Interest-Free Loans under the IBC

[Ojaswi Shankar is with ICICI Bank in Mumbai] In Orator Marketing Private Limited v. Samtex Desinz Private Limited (26 July 2021), the Supreme Court held that a person who has advanced an interest-free loan to a corporate entity would be a ‘financial creditor’ and, hence, competent to initiate a corporate insolvency resolution process (“CIRP”) under section 7 of the Insolvency and Bankruptcy...

Qualitative Tests for Accredited Investors: A Comparative Study

[Mehek Wadhwani and Rishi Raj are third-year students of B.A. LL.B. (Hons.) at MNLU Aurangabad] The Securities and Exchange Board of India (SEBI) recently ushered in the concept of a new class of investors in the Indian securities market, termed as accredited investors or qualified investors or professional investors. On 3 August 2021, the SEBI (Alternative Investment Funds) Regulations, 2012...

Recourse to Appropriate Proceedings against Personal Guarantor of Corporate Debtor

[Akansha Uboveja is a fifth-year B.A., LL.B. (Hons.), student at Hidayatullah National Law University, in Raipur] Recently, the National Company Law Appellate Tribunal (NCLAT) in Nitin Chandrakant Naik v. Sandhiya Industries LLP clarified the position of personal guarantors in corporate insolvency resolution proceedings (CRIP) initiated against a corporate debtor under the Insolvency and...

Call for Papers: HNLU Conference on “Calibrating Corporate Governance in New Economy”

[Announcement on behalf of Hidayatullah National Law University, Raipur] Established in 2003, Hidayatullah National Law University, Raipur is one of the leading law schools in the country. In a short span of time, HNLU has carved out a niche in the realm of legal education across India and the legacy is soaring towards newer heights day by day. Named after the great legal luminary Justice...

‘Ordinary Course of Business’ Defence under the IBC: Origin and Scope

[Saai Sudharsan Sathiyamoorthy is an advocate practising at the Madras High Court and is one of the Chief Specialist Editors of Wadhwa Law Chambers Guide to Insolvency & Bankruptcy Code (2nd edition, 2021). He can be contacted at [email protected]] One way that the Insolvency & Bankruptcy Code, 2016 (“the Code”) seeks to secure pro rata distribution among similarly placed...

Retention of Title Clauses – An Indian Perspective

[Malavika Devaya is an associate at Poovayya & Co., Advocates & Solicitors.] A retention of title (ROT) clause is a provision that may be included in commercial contracts and purports to protect the seller’s interests by maintaining title to the goods with the seller until the occurrence of a future event, usually the receipt of payment. These clauses are, however, not very commonly...

Can Air India Trigger Turbulence on the Enforcement Proceedings of Cairn Energy?

[Subodh Asthana and Madhur Bhatt are penultimate year law students at Hidayatullah National Law University, Raipur] Cairn Energy PLC has approached the US District Court for the Southern District of New York (“US Court”) seeking enforcement of a $1.2 billion arbitration award against India. It won the award in December 2020 for proving the breach of fair and equitable treatment (“FET”)...

Unsuccessful Party & Post Award Interim Measures

[Rohan Tigadi runs an independent dispute resolution & litigation practice in Bangalore, Karnataka. He is an alumnus of National Law University Jodhpur] Section 9 of the Arbitration and Conciliation Act, 1996 (“Act”) permits a party to arbitral proceedings to seek interim measures from court ‘even after making of the arbitral award but before it is enforced in accordance with Section 36 of...

Fortitude Learning: Online certificate course on International Dispute Settlement from September 24 – 27, 2021

[Announcement on behalf of Fortitude Learning] Through this course, we seek to provide the participants with an in-depth knowledge of the growing relevance of international dispute settlement mechanisms, especially international arbitration globally. This course is curated to provide the participants with a comprehensive understanding of various aspects of International Arbitration.   Topics to...

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