[Post by Diksha Jain, who is a 5th year student at the National Law University, Jodhpur] The National Company Law Appellate Tribunal (NCLAT) in its order dated 15 May 2017 in Innoventive Industries Ltd. v. ICICI Bank has ruled on certain important requirements to be complied with while admitting an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (the Code). Section...
Buddh Circuit a Permanent Establishment of Formula One: Supreme Court
[In the following post, Akash Santosh Loya, who is a IIIrd Year Student, 5-year B.A. LL.B. (Hons.) Course, National University of Advanced Legal Studies, Kochi, provides a summary of a recent Supreme Court decision that has implications for international taxation.] In Formula One World Championship Ltd v. Commissioner of Income Tax, International Taxation – 3, Delhi,[1] the Supreme Court of India...
Supreme Court Order on “Relevant Turnover”
[The following post is contributed by Akshay Bhatia, who is a 4th year student at the National Law University Odisha] The Supreme Court (SC) in its order on 8 May, 2017 in Excel Crop Care Limited v. the Competition Commission of India has adopted for the first time the concept of relevant turnover while computing the penalty to be imposed in contravention of section 3 of the Competition Act, 2002...
SAT Order in the Satyam Case
In July 2014, we had discussed the order of the Securities and Exchange Board of India (SEBI) then passed against several members of Satyam’s senior management for their role in perpetrating the colossal financial fraud involving the company. In its order, SEBI found several individuals guilty of violating various regulations issued by SEBI, and restrained them from accessing the capital markets...
BALCO’s ‘Error’ Amplified: The Supreme Court in Indus Mobile – Part II
[The following post is contributed by Puneet Dinesh, who is a III year student at the National Law University, Delhi. He can be reached at [email protected]. The first part in the series can be accessed here.] In the earlier post, I had covered the First Idea that gets picked up in Indus Mobile and had argued that the Court gets the position of law correct. In this post, I will analyze the...
BALCO’s ‘Error’ Amplified: The Supreme Court in Indus Mobile – Part I
[The following post is contributed by Puneet Dinesh, who is a III year student at the National Law University, Delhi. He can be reached at [email protected].] The Supreme Court’s and the High Court’s approach to ‘arbitral seat’ vis-à-vis exclusive jurisdiction to courts has generated both controversies and analyses. The Delhi High Court (in NHPC Limited, Rohit Basin and Ion Exchange) and...
Bankruptcy Code: Exclusion of Civil Courts in Monetary Matters?
[The following post is contributed by Bhavin Gada, Partner at Economic Laws Practice, Advocates and Solicitors, and Manendra Singh, Associate Manager at Economic Laws Practice, Advocates and Solicitors. The views of authors are personal.] Preface It is well known that in India a civil court of relevant jurisdiction is the usual forum for resolving not just disputes related to debt recovery, but...
Reforms to Restructuring Plans Under the Joint Lenders’ Forum
[The following post is contributed by Nitu Poddar, Practicing Company Secretary, and Vallari Dubey, Executive, at Vinod Kothari & Co. They can be reached at [email protected] and [email protected] respectively.] The Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP) work on the principle of identifying the stress in a borrower entity and curing it at its nascent stage. The...
DoCoMo v. TATA: Unanswered Questions Regarding Powers of the RBI
[The following post is contributed by Ambarish, who is a corporate lawyer. Views are personal. A related post on the topic can be found here.] The decision of the Delhi High Court in NTT Docomo Inc v. Tata Sons Limited has received a lot of media attention, specifically the part where the Court rejected an intervention application by the Reserve Bank of India (RBI).[1] In arriving at its...
SEBI Informal Guidance: Trading Disclosures – What’s the “Value”?
[The following post is contributed by Yogesh Chande, Partner, Shardul Amarchand Mangaldas & Co. Advocates and Solicitors. Views are personal.] The SEBI (Prohibition of Insider Trading) Regulations, 2015 (the “PIT Regulations”) prescribe certain disclosure norms relating to acquisitions and disposals of securities by insiders in companies. Specifically, regulation 7(2)(a) states that where...
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