Can IBC be Invoked against a Financial Service Provider?

[Anirudh Agrawal is a fourth year student of Nalsar University of Law, Hyderabad] Recently, a two-member bench of the National Company Law Tribunal (NCLT) in Apeejay Trust v. Aviva Life Insurance Co. India Ltd instituted insolvency proceedings against one of the leading insurance companies of the country – Aviva Life Insurance. Given the exclusion of ‘financial service providers’ from the...

NBFCs and Other Financial Service Providers Now under IBC

[Ashwin Mathew and Bhushan Shah are with Mansukhlal Hiralal & Co, Mumbai]  Under the Insolvency and Bankruptcy Code, 2016 (IBC), the corporate insolvency resolution process contained in Part II applies to corporate debtors. A corporate debtor is defined as a “corporate person who owes a debt to any person.” Corporate person is defined to exclude financial service providers. A financial...

Regulatory Domain over M&A for NBFCs

The Reserve Bank of India (RBI) has issued a notification relating to mergers and acquisitions (M&A) involving non-banking finance companies (NBFCs). This now brings most M&As relating to NBFCs within the regulatory domain of the RBI thereby requiring its prior approval. The following types of transactions fall within the RBI approval requirement: 1...

RBI Guidelines on Private Placement of Debentures by NBFCs – Part 2

[The following post is contributed by Nidhi Ladha and Vinita Nair of Vinod Kothari & Co. They can be contacted at [email protected] and [email protected] respectively. This is a continuation of a previous post accessible here] RBI Directions The present Guidelines From June 27, 2013 onwards, any issue of debentures- whether convertible or non convertible, by NBFCs – whether...

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