[Aditya Vaid is a third-year law student at Jindal Global Law School, Sonipat and Hrishikesh Goswami is a third-year law student at the Gujarat National Law University, Gandhinagar] The corporate insolvency resolution process (‘CIRP’) is a recovery mechanism through which the creditors of a corporate debtor may seek to rehabilitate the company with a view to recovering their debt. The CIRP aims...
Venture Capital’s Tryst with Tax: Revisiting the Debate on Carry
[Bhaskar Vishwajeet and Abhinav Shankarraman are final year law students at Jindal Global Law School] The Karnataka High Court recently overruled a Customs, Excise, Service Tax Appellate Tribunal (“CESTAT”) order (page 4) on the service tax status of venture capital trusts (“VCTs”), declaring that service tax is not applicable to VCTs as they are pass-through structures. The authors argue that...
Interim Measures in Oppression & Mismanagement Proceedings: The Encroachment of Third-Party Rights
[Abhijnan Jha is a Partner, Urvashi Misra a Senior Associate, and Anant Narayan Misra an Associate, all at AZB & Partners, New Delhi] In contentious corporate litigation, much depends on interim measures. A victory at the interim stage becomes a turning point for most parties. This is particularly true for shareholder disputes, which become a battle to retain the company’s control. A...
The Uncertain Fate of Arbitrations Terminated under Section 29A of the Arbitration and Conciliation, 1996
[Sanjana Muraleedharan is a Senior Associate at Keystone Partners, Bengaluru] A division bench of the Supreme Court is set to examine the position on termination of the mandate of an arbitrator where the application for extension under section 29A(5) of the Arbitration and Conciliation Act, 1996 (‘Act’) was not filed prior to termination of the mandate. The Special Leave Petition in Rohan...
Settling the Jurisdictional Conundrum: Navigating the App Developers v. Google Judgement
[Sanjana Rebecca Samuel is a 4th year B.A., LL.B. (Hons.) student at Symbiosis Law School, Pune] On 19 January 2024, the Madras High Court dismissed the suit filed by several app developers against Google. The developers asserted that Google’s policies within the Play Store contravened stipulations and directives outlined in the Payment and Settlement Systems Act, 2007 (“PSS Act”). Additionally...
Can SAT Function Without the Presence of a “Judicial Member”? Has the Conundrum Been Resolved?
[Ravishekhar Pandey and Amarpal Singh Dua are independent securities law practitioners] On 29 December 2023, Justice Tarun Agarwala retired and demitted office as the Presiding Officer (PO) of the Securities Appellate Tribunal (SAT), which hears appeals against orders passed by the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI)...
Navigating the Choppy Waters of Anti-trust Regulation in the Maritime Industry
[Aditya Trivedi is an Associate with the Competition Advisory Services (India) LLP, New Delhi and an LL.M. student in Competition Law & Economics at the Brussels School of Competition and Vanshika Arora is a 4th Year B.A.LL.B. student at the Army Institute of Law, Mohali] In the vast tapestry of India’s economic landscape, the maritime sector stands as a pivotal contributor, shaping the...
Inherent Powers of the NCLT to Recall an Insolvency Resolution Plan
The Insolvency and Bankruptcy Code, 2016 (IBC) lays emphasis on an elaborate process by which a corporate insolvency resolution plan (CIRP) can be proposed, considered, decided, and approved. The principal actors involved in the process include the resolution professional, the committee of creditors (CoC) and the adjudicating authority (being the National Company Law Tribunal (NCLT) and, on...
Will Insolvency Drown Under the Crown’s Weight? Addressing Differential Debt Treatment under the IBC
[Deep Dighe is an Advocate practicing in the Bombay High Court] The question of statutory dues or crown debts (as they were previously known under the colonial regime) and their interplay with the corporate insolvency law in India has been an issue that has drawn the attention of all stakeholders to it. Much ink has been spilled about the contrasting Supreme Court judgments on the treatment of...
Open Questions on RBI’s Enforcement Actions in Indian Fintech
“God may be in the details, but the goddess is in the questions. Once we begin to ask them, there’s no turning back.” – Gloria Steinem Over the last month and a half, the enforcement actions of the Reserve Bank of India (RBI) with respect to Paytm and in relation to certain payment arrangements through corporate cards have raised substantive questions of law, facts and due process. This...
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