Tag: Interpretation of statutes
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The Uneasy Coexistence of PMLA and IBC: Mapping Judicial Interplay
[Harsh Bansal is a final year B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law] The overlap between the Prevention of Money Laundering Act, 2002 (PMLA) and the Insolvency and Bankruptcy Code, 2016 (IBC) has repeatedly troubled Indian courts and academics alike. Both statutes contain sweeping non-obstante clauses: section 71 in PMLA and section 238 in
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Furnace Fabrica: Analysing the Interplay of the IBC and the EPFO Act
[Vanshika Sharma and Ayush Singhal are 4th year B.A., LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] The Insolvency and Bankruptcy Code, 2016 (“IBC”) was introduced with the primary objective of a time-bound resolution of corporate insolvency. However, since its inception, its operational mechanics have been challenged by an array of statutory overlaps. A notable overlap is the
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Equitable Overreach?: Re-examining Article 142 in the Context of the IBC (Part – II)
[Srujan Sangai is a V year B.A. LLB student at National Law School of India University, Bengaluru. Part I of this post is available here] Reframing Equity’s Domain within the IBC Theoretical Foundations: Interpreting “Fairness” through Legal Positivism and Economic Efficiency In the context of the IBC, the “law” refers to the explicit, codified rules, procedures, timelines, and
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Equitable Overreach?: Re-examining Article 142 in the Context of the IBC (Part – I)
[Srujan Sangai is a V year B.A. LLB student at National Law School of India University, Bengaluru] The Supreme Court of India has been invoking Article 142 of the Constitution to settle insolvency disputes in the recent past. From 2016 until 2024, the Supreme Court has invoked Article 142 in 36 cases to adjudicate insolvency matters. More recently, in Kalyani
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Settling Regulatory Settlements: A Taxing Tale
[Bhaskar Vishwajeet is a lawyer at a law firm in New Delhi] On April 23, 2025, the Central Board of Direct Taxes issued a Notification that any expenditure incurred in settlement proceedings concerning contraventions under certain laws will not be deemed deductible from the taxable income of a settlement-seeking entity. The Notification exclusively covers only the following legislations:
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“Prior” CCI Approval of Resolution Plans: A Case for Legislative Amendment
[Rajat Sethi is a Partner and Akanksha Agrahari an Associate at S&R Associates] The recent judgement of the Supreme Court in Independent Sugar Corporation Ltd. v. Girish Sriram Juneja has reignited the debate in respect of the timing for approval of the Competition Commission of India (“CCI”) for resolution plans under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The factual matrix of this
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Unity in Distress: Intra-Class Distinctions Among Homebuyers in Real Estate Insolvency
[Anushka Aggarwal is a third-year B.A. LL.B. (Hons.) student at the National Law School of India University, Bengaluru] The 2018 amendment to the Insolvency and Bankruptcy Code, 2016 (‘IBC’) marked a significant evolution, granting the status of financial creditors to homebuyers. As real estate insolvency cases continue to burden the courts, the question of whether homebuyers a class, united
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Appointing Arbitrators Following the Approval of Resolution Plans: Adopting A Pro-IBC Stance
[Udai Yashvir Singh and Aditi Gupta are 5th year students at National Law University Delhi] The principle of clean slate was propounded by the Supreme Court in the seminal case of CoC of Essar Steel India Limited v. Satish Gupta. The principle essentially entails that any claim which is pending before a court or arbitral tribunal or any claim which has
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To Register or Not to Register ? – MSMEs and Arbitration Act
[Anirudh Goyal is a practicing advocate at the Calcutta High Court, and Jaspreet Singh is a final year undergraduate student at the WBNUJS, Kolkata] On multiple occasions, the Supreme Court, followed by various High Courts, has emphasised upon registration being a prerequisite for availing benefits under the Micro, Small and Medium Enterprises Development Act, 2006 (“MSMED Act, 2006”)
