[Aradhana Parmeshwar is a 4th year student pursuing her B.A. L.L.B (Hons.) at WBNUJS, Kolkata] On 8 November 2021, in a letter written to the Secretary, Department of Legal Affairs, the Ministry of Power clarifiedthat the Corporate Insolvency Resolution Process (‘CIRP’) can be initiated against state-owned electricity distribution and generation companies. The communication was in pursuance of a...
The Need for a “Right to Repair” in India
[Ganesh BL is an Associate at a law firm in Mumbai and Muskaan Ahuja is an Associate at a law firm in Delhi] The notion of the ‘right to repair’ is simple and effective: an individual purchasing a product must own it completely. Apart from being able to use the product in any way they wish to, consumers must also have the right to modify or repair the product whenever, however, and in whichever...
Journal on Governance: Call for Papers | Volume V Issue 1
[Announcement on behalf of the Journal on Governance] National Law University, Jodhpur is an institution of national prominence established under the National Law University, Jodhpur Act, 1999 by Rajasthan State Legislation. The University is established for the advancement of learning, teaching, research and diffusion of knowledge in the field of law. About the Journal The Centre for Corporate...
CCI’s Opaque Penalty Regime: Need for Perspicuous Penalty Guidelines?
[Naman Katyal is a 4th-year B.A., LL.B. (Hons.) student at Gujarat National Law University, Gandhinagar] Since its inception, the Competition Commission of India (‘CCI’) has faced criticism for not supporting its calculations of quantum of penalty with suitable justifications and, therefore, levying arbitrary penalties in a number of judgements by courts and tribunals alike. In fact, section...
Online Certificate Course on Competition Law: 27-28 November 2021
[Announcement on behalf of Fortitude Learning] Through this course we seek to provide the participants with an in-depth knowledge of various aspects of Competition Law practice used all around India and globally. This course is curated to provide the participants with a comprehensive understanding of various aspects of Competition Law. Topics to be covered Bid Rigging and Collusive Rigging Merger...
Scope of Section 9(3) of the Arbitration Act: The Supreme Court Clarifies
[Ameya Vikram Mishra is an Associate at the office of Justice AK Sikri (Retd.). Satya Jha is a graduate of NUJS, Kolkata.] The 2015 Amendment Act brought significant changes to Section 9 of the Arbitration & Conciliation Act, 1996 (“Act”), which deals with granting interim reliefs by courts. The 2015 Amendment Act curtailed the court’s powers to grant interim reliefs once the arbitral...
Appointment of Substitute Arbitrators in India
[Dhruv S. Patel is an advocate practising in Gujarat and is associated with the Chambers of Adv. Jaideep B. Verma.] The appointment of substitute arbitrators in India has not been as straightforward as one would like to imagine. Since the last two decades, the Supreme Court of India and several High Courts have focused on the interpretation of various aspects pertaining to such appointments by...
IFSCA-GNLU Certificate Course on Financial Market Laws
[Announcement on behalf of Gujarat National Law University (GNLU)] The commercial dialogue among business entities is incomplete without financial communications. The role of law, specifically the financial market (laws and regulations), is significant to regulate the financial activities of the business entities in the financial market. Since 1991, with the liberalized economic policy (Indian...
Applicability of Triangular Set-off in the Indian Insolvency Regime
[Ankit Singh Rajput and Pragati Yadav are fourth-year law students at Faculty of Law, Jamia Millia Islamia, New Delhi] Triangular set-off occurs when A owes a debt to B, B owes a debt to C and C owes a debt to A. In the triangular set-off, A attempts to set off the amount it owes to B against the amount that C owes to A. The validity of triangular set-off in the bankruptcy context, as...
Assessing the Recently Reinterpreted Period of Limitation under Section 61 of the IBC
[Raghav Sengupta is pursuing the B.A., LL. B (Hons.) course at Jindal Global Law School] In its recent decision in V. Nagarajan v. SKS Ispat and Power Ltd. (22 October 2021), the Supreme Court of India has ruled that the period of limitation to file an appeal against an order under section 61 of the Insolvency and Bankruptcy Code (“IBC”) would commence from the time of the decision’s...
A Comment on a Delhi High Court Ruling on Shareholder Derivative Actions
One of the age-old tenets of corporate law is the “proper plaintiff” rule laid down in the seminal case of Foss v Harbottle, (1843) 2 Hare 461. According to this rule, where a wrong has been done to a company, it is only the company and not an individual shareholder who may bring an action to seek redress. This represents a wholesome recognition of the separate legal personality of the company...
NCLAT’s Power of Modifying Schemes under Companies Act and NCLAT Rules
[Shauree Gaikwad is a 5th year student and Rishi Raj a 3rd year student at Maharashtra National Law University, Aurangabad] In the recent judgement of Rama Investment Company Private Limited v. Ankit Mittal, the National Company Law Appellate Tribunal (“NCLAT”) clarified the position of rule 11 of the NCLAT Rules, 2016 (“NCLAT Rules”) and stated that the appellate tribunal cannot exercise its...
A Plan Carved in Stone? Effect of CoC Approval in Corporate Insolvency
[Gaurav Chaliya and Krishan Singhal are final year students at National Law University, Jodhpur.] The Supreme Court has in Ebix Singapore Private Ltd. v. Committee of Creditors of Educomp Solutions Ltd. finally put to rest the variegated stances concerning the withdrawal of a resolution plan under the Insolvency and Bankruptcy Code, 2016 (the “Code”). In unequivocal terms, the Court ruled that an...
Bombay High Court Order in the Zee-Invesco Case: A Critical Analysis
Among the current wave of shareholder activism in Indian companies is the effort by Invesco, an investor in Zee Entertainment Enterprises Limited, to replace members of the board of directors of Zee, including to remove the company’s managing director and CEO. In September, Invesco, which holds 17.88% of Zee’s equity shares, requisitioned the board to call for an extraordinary general meeting...
Analysing the Taxation Laws (Amendment) Act, 2021
[Arya Mittal is a 3rd year B.A., LL.B. (Hons.) student at Hidayatullah National Law University, Raipur. The author would like to thank Dr. Anindhya Tiwari for his valuable inputs in the article.] The Taxation Laws (Amendment) Act, 2021 recently received the President’s assent. The amendment came nearly nine years after some provisions were introduced in taxation laws that retrospectively taxed...
A Proposal to Add Mediation within India’s Corporate Insolvency Resolution Process
India’s Insolvency and Bankruptcy Code, 2016 (IBC) was introduced with the aim of improving the efficiency of the resolution process. While there is much to be credited in the law, the practice of it has shown that the process is often delayed by excessive litigation. In our forthcoming article, Aparajita Kaul and I study delays under the IBC by assessing the law through a feminist lens. We...
Scrutinizing the “Inefficacious Remedy” in Arbitration Proceedings
[Raushan Kumar is a 3rd year B.A. LL.B. (Hons.) student at Damodaram Sanjivayya National Law University, Visakhapatnam.] Prior to the 2015 amendment to the Arbitration and Conciliation Act, 1996, parties were at liberty to approach courts to seek interim relief at any time before the commencement of the arbitration proceedings, during the arbitration proceedings, or at any time after making of...
Indian Insolvency Law and Pre-Pack Insolvency Resolution Process: An Analysis: Part 2
[Krrishan Singhania is the Managing Partner at K. Singhania & Co. Srishti Singhania is a Senior Associate at K. Singhania & Co. and Ashuthosh V (trainee) is a IV-year law student at Nirma University. Part 1 of this post is available here] Comparative Analysis The concept of pre-packaged insolvency resolution mechanism is not a new one as it is a huge success in other jurisdictions like...
Indian Insolvency Law and Pre-Pack Insolvency Resolution Process: An Analysis: Part 1
[Krrishan Singhania is the Managing Partner at K. Singhania & Co. Srishti Singhania is a Senior Associate at K. Singhania & Co. and Ashuthosh V (trainee) is a IV-year law student at Nirma University.] The Pre-Packaged Insolvency Resolution Process (“PPIRP”) was introduced in India vide the Insolvency and Bankruptcy (Amendment) Ordinance 2021 that was promulgated on 5 April 2021, through...
Call for Submissions for the Special Issue of NLS Business Law Review
[Announcement on behalf of the NLS Business Law Review] The Board of Editors of the National Law School Business Law Review is pleased to invite original and unpublished manuscripts for the Special Issue of the NLS Business Law Review. About the Institution The National Law School of India University is an institution of legal education focusing on legal and policy education in India at the...
The Beer Cartel Case: A Way Forward for the CCI
[Prashant Kumar is a 4th-year student of Faculty of Law, Jamia Millia Islamia, New Delhi] In an order dated September 24, 2021, the Competition Commission of India found United Breweries Limited (UBL), Carlsberg India Private Limited, SABMiller India Limited, and All India Brewers’ Association (AIBA), along with their respective key personnel (collectively, the Opposite Parties) guilty of...
Call for Papers by Centre for Corporate Research Law Journal (CRLJ) – CCLS
[Announcement on behalf of the Centre for Corporate Law Studies] The Centre for Corporate Law Studies is an initiative of the Institute aimed atinstitutionalizing and channelizing research on corporate and business-related aspects that take place nationally as well as globally. The Centre looks to give a necessary impetus by inculcating an outlook amongst those future corporate professionals to...
Emerging Dispute Resolution Solutions
[Pramod Rao is Group General Counsel, ICICI Bank. This post represents his personal views] Resolving disputes civilly among individuals, or among individuals and enterprises, is a hallmark of a civilized society. Adoption of uniform, standard procedures and processes for dispute resolution provides the required confidence to citizenry, consumers and commercial enterprises that contracts and...
Fortitude Learning: 3 day Online Certificate Course on Mergers and Acquisitions
[Announcement on behalf of Fortitude Learning] This course, being conducted from October 29 to October 31, 2021, seeks to provide the participants with an in-depth knowledge of the growing relevance of Mergers and Acquisitions in India as well as globally. This course is spread over 15-20 hours to provide the participants with a comprehensive understanding of various aspects of Mergers and...
Managing Significant Transactions & Arrangements with Subsidiaries: Part 2
[Himanshu Dubey and Payal Agarwal are with Vinod Kothari & Co. Part 1 is available here] Basis for assessment – standalone or consolidated? Having dealt with the parameter to be considered for various transactions, another question that may arise is whether the total revenues or expenses or assets or liabilities, as the case may be, have to be considered on a standalone basis or on a...
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