[Surbhi Soni is a third year student at the National Law School of India University, Bangalore] The Insolvency and Bankruptcy Code 2016 adopts the conventional court-mediated contract enforcement mechanism for debt resolution and restructuring of a corporate debtor. The basic principle of such resolution is that it mirrors the application of a predetermined (or ex ante) contractual bargain...
Mitigating Coronavirus Crisis: Income Tax Policy Response from an Indian Perspective
[Hardeep Singh Chawla is an LL.M. candidate in International Taxation (Class of 2020) at NYU School of Law. This post seeks to propose various substantive changes that may be introduced into India’s tax regime to provide some succor to individuals and other entities, so as to aid them in navigating through these challenging times and rebuilding the economy] The Indian government recently...
Competition Conundrum during the Crisis
[Surbhi Lahoti is a fourth year law student at Government Law College, Mumbai] COVID-19, a health emergency, has taken an unprecedented toll on the world economy. The lockdowns in India have resulted in supply chain disruption and panic buying by the consumers even after multiple assurances from the Government. The Essential Commodities Act, 1955 regulates the prices of the essential goods and...
Withdrawal of Resolution Plans due to Covid-19: A Legal Analysis
[Sikander Hyaat and Sara Jain are 5th year B.A., LL.B. (Hons.) students at MNLU Mumbai] The outbreak of the coronavirus pandemic has caused substantial market disruptions and deterioration of consumption. Recently, the Fitch Ratings has reduced India’s GDP growth forecast from 5.1% to 2%, making it the slowest growth rate over the past 30 years. Consequently, businesses are facing severe...
Carry Back Losses: A Liquidity Booster in the Current Pandemic
[Kailash Nath P S S is an Advocate practising at Hyderabad and is a Chartered Accountant by qualification] Following the outbreak of COVID-19 in India, the Central Government declared it as an epidemic and declared a lockdown from 21 March 2020 by invoking the provisions of the Disaster Management Act, 2005 and the Epidemic Diseases Act, 1897. Accordingly, the overall economic activity has...
The Specific Relief (Amendment) Act 2018: Applicable to Pending Proceedings? – Part III
[Rahul Sibal is an advocate who graduated from NALSAR Hyderabad. The author thanks Purvi Khanna, Nishtha Gupta and Anirudh Ramakrishnan for their comments on the draft version. However, the views expressed are the author’s alone. The author can be contacted at [email protected].] [The first and second posts in the series can be accessed here and here] In the previous post, the author analysed...
The Specific Relief (Amendment) Act 2018: Applicable to Pending Proceedings? – Part II
[Rahul Sibal is an advocate who graduated from NALSAR Hyderabad. The author thanks Purvi Khanna, Nishtha Gupta and Anirudh Ramakrishnan for their comments on the draft version. However, the views expressed are the author’s alone. The author can be contacted at [email protected].] [The first post in the series can be accessed here.] As discussed in the previous post, some practitioners have...
Decoding the Judicial Logjam Surrounding the ‘Seat’ of Arbitration
[Soham Banerjee is an Associate (Dispute Resolution) in a law firm in Mumbai and Salona Mittal is an advocate at the Bombay High Court] There is no gainsaying the fact that determination of the ‘seat’ of arbitration is a vexed question in law, having undergone multiple (and often conflicting) judicial interpretation. Identifying the seat of arbitration is a crucial exercise, since the...
SEBI’s Consultation Paper on Pricing of Preferential Issues and Open Offer Exemption
[Rongeet Poddar is a 5th Year student at West Bengal National University of Juridical Sciences] The Securities and Exchange Board of India (“SEBI”) on 22 April 2020 issued a consultation paper for easing pricing norms for preferential issues in companies having stressed assets. It aims to provide objective criteria for classifying a company as ‘stressed’. The document issued by the securities...
Banking on Force Majeure: Honouring Bank Guarantees in Times of a Pandemic
[Abhilash Agrawal is a legal officer at a private bank. In this post, he writes about the conflicting opinions given by the Bombay and Delhi High Courts on whether banks can be restrained from honouring bank guarantees and letters of credit by citing Covid-19 and subsequent disruptions caused due to it as force majeure. While the Bombay High Court has categorically denied such relief to...
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