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Analysing the Effect of the Supreme Court Judgement in Indian Oil Corporation Limited v. NCC Limited

[Dhiraj Abraham Philip is an Advocate-on-Record of the Supreme Court of India and a Partner at the law firm, Dua Associates] The Supreme Court in its judgment dated 20 July 2022 in Indian Oil Corporation Limited v. NCC Limited, held that even after the insertion of sub-section (6-A) in section 11, the scope of inquiry by the Court was not confined to the examination of whether a binding...

Supreme Court Decision in Vidarbha: Return to the Pre-IBC Era

[Abhismita Goswami is a Trainee Associate at Mindspright Legal, Mumbai] An application for initiating a corporate insolvency resolution process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”/ “Code”) can be filed with the National Company Law Tribunal (“NCLT”) by the financial creditors (“FCs”) and operational creditors (“OCs”) of a corporate debtor (“CD”), under section 7 and...

Call for Posts: Centre for Corporate Law, National Law University Odisha

[Announcement on behalf of the CCL Blog] The CCL Blog is a two-tier peer-reviewed blog affiliated with the Centre for Corporate Law, National Law University Odisha. The blog aims to further the goal of increasing the quality of knowledge on nuanced areas of corporate law and increase the engagement and discussions on the present-day issues of contention. This would help bolster research within...

Analysing CCI’s Order Directing Investigation against BookMyShow

[Tarusi Jain is a third year student at O.P Jindal Global Law School, Sonipat] On 16 June 2022, the Competition Commission of India (‘CCI’) passed an order against Big Tree Entertainment Private Limited (‘BookMyShow’) and directed the Director General (‘DG’) to investigate the allegations of abuse of dominance by BookMyShow in the market for online intermediation services for booking of movie...

Call for Papers: Hidayatullah National Law University Student Review

[Announcement on behalf of HNLUSR] General Information The Hidayatullah National Law University Student Review (HNLUSR) seeks to publish innovative, original scholarship that significantly contributes to the field of law. HNLUSR is a bi-annual publication, student-edited, peer-reviewed, open-access law journal dedicated to publishing legal scholarship by lawmakers, judges, practitioners...

Analyzing the Business Judgement Doctrine in the Indian Context

[Dhvani Shah is a penultimate year student at Gujarat National Law University] In January 2022, the Rajasthan High Court stayed trial court proceedings against Mr. Pratip Chaudhuri, ex-SBI Chairman, for an alleged bank loan scam. Mr. Chaudhuri was arbitrarily arrested for discrepancy in the sale of a non-performing asset (NPA) of the bank, i.e., the “Garh Rajwada hotel” to the Alchemist Asset...

Section 14, SARFAESI Act: Settling A Jurisdictional Conundrum

[KV Kailash Ramanathan is a 4th year B.A., LL.B. (Hons.) student at the National University of Advanced Legal Studies (NUALS), Kochi] Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (“SARFAESI Act” or “Act”) provides for judicial assistance to creditors in enforcing their security interest as envisaged under section 13 of the Act. A...

Extension of Insider Trading Regulations to Mutual Funds

[Ajitesh Arya is the 4th year BA LLB (Hons.) students at NALSAR University of Law, Hyderabad] Recently, the Securities Exchange Board of India (SEBI) floated a consultation paper proposing the expansion of the SEBI (Prohibition of Insider Trading) Regulations, 2015 [Insider Trading Regulations] to encompass mutual fund units. The move is interesting as it comes in the aftermath of a front...

Mortgage on Movable Property: Whether an Attractive Option for Lenders?

[Sikha Bansal is a Partner and Shraddha Shivani an Executive at Vinod Kothari & Company] Pledge, hypothecation and mortgage are all forms of security interest, albeit with different features. Although the common objective of any form of security interest is to create a right in rem (rather than in personam) in favour of the lender, the effectiveness of the security interest would depend on...

SC Clarifies Discretionary Nature of Section 7(5)(a), IBC for Admission of Application

[Anshita Dave and Abhyudaya Yadav are 4th year B.A., LL.B. (Hons.) students at Dharmashastra National Law University, Jabalpur] The issue concerning the nature of section 7(5)(a) of the Insolvency and Bankruptcy Code, 2016 (the “Code”) has been addressed by the Supreme Court of India in its recent decision in Vidharbha Industries Power Ltd v. Axis Bank Ltd. (12 July 2022), wherein the Court has...

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