[Tejas Venkatesh is a Final Year student at Jindal Global Law School] On 26 November 2025, the principal bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi dismissed an appeal arising from an order of the National Company Law Tribunal (NCLT). The order of the NCLT rejected an application by Muralidhar Vincom Pvt. Ltd. to initiate corporate insolvency resolution process...
The Doctrine of Vicarious Liability of Auditors: Delhi High Court in Deloitte v. Union of India
[Bharat Vasani is a Senior Advisor and Maharshi Shah and Ayush Lahoti are Associates, all at the Mumbai office of Cyril Amarchand Mangaldas. An earlier version of this post was published on the Cyril Amarchand Mangaldas Blog] India’s evolving financial reporting system has made robust corporate governance mechanisms indispensable. The need for heightened financial reporting mechanisms was first...
CIRP Amendment Regulations 2025: Streamlining Resolution Processes and Protecting Homebuyer Interests
[Aparna Ravi is a Partner and Manan Sheth an Associate at S&R Associates, Advocates] As of December 2024, insolvencies in the real estate sector accounted for approximately 22% of admitted cases under the Insolvency and Bankruptcy Code, 2016 (“IBC”), making it second only to the manufacturing sector that accounted for 37% of admitted cases, as noted in the Insolvency and Bankruptcy Board of...
SEBI’s New Consultation Procedure for Making Regulations
As the regulator of India’s capital markets, the Securities and Exchange Board of India (“SEBI”) performs the role of a mini-state in that it exercises the powers of the legislature, executive, and judiciary, all vested in a single authority. Over the last three decades of its existence, SEBI has enacted regulations on nearly every single aspect of India’s capital markets. Its regulation-making...
Tax or Contractual Payment: The Prospect of an ISDS Claim
[Kartikey Mahajan is a Partner, Jatan Artur Rodrigues a Senior Associate, and Keshav Somani an Associate, all part of the Dispute Resolution practice group of Khaitan and Co. The authors would like to thank Rohan Sanjith (Paralegal at Khaitan & Co and a final-year student at Indian International University of Legal Education and Research) for his contribution] On 25 July 2024, a nine-judge...
Regulation vs. Reality: Is SEBI Pushing Category-II AIFs into Obsolescence?
[Khushi Patel and Kritika Jain are 3rd year BBA LLB (Hons.) students at Gujarat National Law University, Gandhinagar] Earlier this month, SEBI proposed amendments to regulation 17(a) of the SEBI (Alternative Investment Funds) Regulations, 2012 (the ‘AIF Regulations’), allowing category II alternative investment funds (AIFs) to meet their 50% unlisted investment requirement by including listed...
Streamlining Insolvency Resolutions: A Critical Look at New Proposals
[Yarabham Akshit Reddy and Chakkapalli Satya Kaushik are 3rd year BA.LLB (Hons) students at Hidayatullah National Law University, Raipur] On 4 February 2025, the Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper proposing 11 significant changes to the regulations under the Insolvency and Bankruptcy Code (IBC). These amendments aim at resolving various operational...
Beyond the Judgement: Examining Mandatory Prior CCI Approval in Insolvency Through a Global Lens
[Purava Rathi and Disha Kothawade are 4th year B.A.LL.B. (Hons.) students at National Law Institute University, Bhopal (NLIU)] The recent Supreme Court ruling in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja and Others (29 January 2025) has settled the legal position that approval from the Competition Commission of India (CCI) must be obtained prior to the approval from the Committee...
GoAir Insolvency: Grounded Fleet and Flying Questions
[Jatin Yadav and Pranav Jain are fourth year B.A. LL.B(Hons.) students at Hidayatullah National Law University, Raipur] On 20 January 2025, the National Company Law Tribunal (NCLT) ordered the liquidation of Go Airlines India Limited (Corporate Debtor) after it filed for voluntary liquidation under section 10 of the Insolvency and Bankruptcy Code, 2016 back in 2023. The Corporate Debtor blamed...
Emergency Arbitration: Will the SIAC’s New Rules Face Judicial Resistance in India?
[Gayatri Kondapalli and Aditi Kanoongo are 4th year B.A., LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] On January 1, 2025, the seventh edition of the Singapore International Arbitration Centre Rules (“SIAC Rules, 2025”) came into effect, introducing significant procedural changes, particularly in the context of emergency arbitration. Although the rules enhance expediency in...
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