[Pareekshit Bishnoi is an advocate practicing in Delhi, India and a graduate of the National Law University Odisha] Arbitration is primarily a party-designed and party-driven process. This is because the arbitration laws across jurisdictions hold party autonomy as a cardinal principle of the process. The parties are allowed to form an arbitral tribunal with members of their choice, determine...
Call for Papers: RMLNLU Law Review Volume X
[Announcement from the RMLNLU Law Review] About the Journal The RMLNLU Law Review is an annual peer-reviewed journal published by the Journal Committee of Dr. Ram Manohar Lohiya National Law University, Lucknow which seeks to provide numerous insights and views into contemporary legal issues and encourage conversation about the same. The RMLNLU Law Review runs parallel to the RMLNLU Law Journal...
A Critique of SEBI’s Proposed Amendment to the Credit Rating Regulatory Framework
[Rongeet Poddar is a final year B.A. LLB (Hons.) student at the West Bengal National University of Juridical Sciences] The objective of credit rating agencies (CRAs) is to reduce information asymmetry by facilitating investors to form an informed opinion on the credit-worthiness of a debt instrument. The Report of the Committee on Comprehensive Regulation for Credit Rating Agencies released by...
Green Channel in Combination Regulations: Legislative Concerns
[Basu Chandola is a Research Assistant at the Jindal Initiative on Research in IP and Competition (JIRICO)] The Competition Law Review Committee, which was established in 2018 to ensure that competition law is strengthened and re-calibrated to promote best practices, submitted its report in July this year. The Committee has recommended the introduction of a “green channel” mechanism to deal with...
The Murky Case of Aviation Insolvency in India
[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...
MCA Clarifies “Appointed Date” in Schemes of Arrangement
In schemes of arrangement, whether by way of a merger, demerger or other form of corporate restructuring, the timing of when the transaction takes effect becomes important. It is from such a date that the financial statements of the companies involved will reflect the effect of the transaction. Given that the transaction may be completed anytime during the course of a financial year, parties have...
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...
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