[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...
Call for Submissions: 7th Gary B. Born Essay Competition on International Arbitration, 2022
[Announcement on behalf of the Centre for Advanced Research and Training in Arbitration Law & Indian Journal of Arbitration Law, National Law University, Jodhpur] Themes: Harmonising principles on joinder and consolidation: necessity or an issue taken too seriously? Reconciling arbitration with insolvency proceedings and corporate restructuring; Third-party funding and disclosures in...
Redefining the Contours for Admitting an Application by Financial Creditors
[Kavya Lalchandani is a Master of Corporate Law student at University of Cambridge] In a judgement dated 12 July 2022, in Vidarbha Industries Power Limited v. Axis Bank Limited, the Supreme Court (SC) ruled that admission of the application under section 7(5) of the Insolvency and Bankruptcy Code (IBC or the Code) which is made by a financial creditor is discretionary while admission of an...
The Conundrum of Inter-se Priorities between Secured Creditors in Liquidation
[Arvind Tiwari is a IV year student at the National Law University, Delhi] The recent ruling of the National Company Law Appellate Tribunal (“NCLAT”) in Oriental Bank of Commerce v. Anil Anchalia has rekindled the debate concerning the significance of inter-se priorities among secured creditors in the process of liquidation. In this matter, it was held that once a secured financial...
Analysing the Co-Investment Framework in India
[Dharmvir Brahmbhatt and Devarsh Shah are fifth year students at Gujarat National Law University] Over the last three decades, private equity investments in India and overseas have witnessed phenomenal development. Institutional investors have been attracted to the asset class owing to its persistent outperformance of public market benchmarks. Historically, commingled funds or “blind pools” of...
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