[Prince Todi is a 4th year student at Hidayatullah National Law University, Raipur] India’s tryst with arbitration has been a long tale of legislative amendments and remedial judicial decisions. Various steps have been taken, time and again, to make India a friendly jurisdiction and achieve conformity with the international norms. Accordingly, the principles of party autonomy, minimal court...
A Need to Revisit the SEBI (Intermediaries) Regulations, 2008
[Pallavi Mishra is a 5th year student at Hidayatullah National Law University] The Securities and Exchange Board of India (“SEBI”) notified the SEBI (Intermediaries) Regulations, 2008 were notified as an attempt to consolidate various laws governing the market intermediaries in India. These regulations lay down the common procedural compliances and adjudicatory mechanisms. They are enforced along...
Amendment to Section 7 of The IBC: A Well-Intentioned Constitutional Fallacy?
[Ridhi Arora and Hitoishi Sarkar are III Year B.A. LL.B (Hons.) students at Gujarat National Law University] Section 3 of the Insolvency and Bankruptcy (Amendment) Act, 2020 (‘Amendment’), added certain provisos to section 7 of the Insolvency and Bankruptcy Code, 2016 (‘Code’) whereby special conditions were added for real estate allottees to qualify as a financial creditor under the Code. The...
Input Tax Credit under GST: The Misery of Innocent Buyers
[Yash More and Hitoishi Sarkar are II year students at Gujarat National Law University] In 2017, the Indian Parliament introduced the concept of Goods and Services Tax (“GST“). Designed to be a single, comprehensive, destination-based taxation system, it aimed to overhaul the existing indirect tax framework and unify the country in terms of how taxes are collected. An uninterrupted...
Initiation of CIRP against a Government Company: NCLT Faces another Conundrum
[Rongeet Poddar is a final year B.A. LLB (Hons.) student at West Bengal National University of Juridical Sciences, Kolkata] In Harsh Pinge v. Hindustan Antibiotics Limited, the two members of the National Company Law Tribunal (NCLT) Mumbai bench have laid down contrary opinions in a case concerning the admission of an insolvency plea by an operational creditor against Hindustan Antibiotics...
Statutory Licensing and Internet Broadcasting: A Legal Conundrum
[Ayushi Singh and Abhishek Jamalpur are 4th year students at National University of Advanced Legal Studies, Kochi] In May 2019 the Ministry of Commerce and Industry, in exercise of its powers conferred under section 78 of the Copyright Act, 1957, has proposed the Copyright Draft Amendment Rules, 2019 to amend some of the rules of the principal Copyright Rules, 2013. These Amendment Rules are...
Reassessment Proceedings under the Income Tax Act: Assessing Officer’s “Reason to Believe”
[Amrit Singh is a fourth-year B.A., LL.B. (Hons.) student at Institute of Law, Nirma University] According to section 2(9) of the Income Tax Act 1961, the term “assessment year” means the period of twelve months commencing on the 1st day of April every year. Reassessment means reopening the already completed assessment on fulfilment of certain conditions to reassess the total income of the...
Demystifying Pre-Deposit Clauses in Arbitration Agreements
[Anirudh Lekhi is an associate at a law firm in New Delhi, having graduated from National University of Juridical Sciences in 2017] Parties elect to incorporate pre-deposit clauses (PDCs) in arbitration agreements to principally weed out frivolous claims. Typically, PDCs provide for parties to deposit a portion of the amount claimed, with a bank, before initiating arbitration. In this regard, a...
Who Does India’s Draft Enabling Framework for Regulatory Sandbox actually Enable?
[Anupriya Dhonchak is a student at the National Law University New Delhi A longer version of this post is available on the Kluwer Competition Law Blog] One of the salient recommendations of the Reserve Bank of India (RBI) Working Group’s Report on FinTech and Digital Banking was the introduction of a regulatory sandbox in India. A regulatory sandbox is an innovative tool which allows market...
Income Tax Act: Appeals from the Dispute Resolution Panel
[Nishant Pande is a 4th year BA LLB (Hons.) student at NALSAR University of Law] The Dispute Resolution Panel (‘DRP’) is one of several bodies established in under the Income Tax Act, 1961 (the ‘IT Act’) to allow settlement of disputes with the help of an alternative dispute resolution (‘ADR’) mechanism. Section 253(2A) of the Act empowered the Revenue to prefer an appeal before the Income Tax...
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