Rooted in preserving market integrity, the concept of insider trading emerged and has been ingrained in the context of the securities markets. Despite the well-understood nature of the subject-matter of insider trading, a question recently arose on whether the offence can be extended to the purchase and sale of land. In Chekka Guru Murali Mohan v. The State of Andhra Pradesh (decided 19 January...
Examining the Issues Related to TDR under GST
[Madhura Karanth is a fourth year student at NALSAR University of Law, Hyderabad. The author is thankful to Mr. Mihir Naniwadekar for valuable inputs] A Joint Development Agreement (“JDA”) is common in the Indian construction industry. A landowner and a developer enter into such an arrangement, where the developer undertakes to develop the owner’s land. Usually, the constructed area is shared...
Applicability of Force Majeure in Commercial Lease Agreements Amid Covid-19
[Sumit Kumar Gupta is a 4th year student at the West Bengal National University of Juridical Sciences, Kolkata] Covid-19 has unleashed an unprecedented economic crisis, and has brought with it a plethora of issues surrounding commercial lease agreements, as tenant associations increasingly seek waivers. The question whether the lockdown would entitle tenants a guarantee of waiver or claim...
IBC Ordinance, 2019: Impleadment of Allottees in a Pending Application
[Pareekshit Bishnoi is an advocate based in Delhi] The President of India on 28 December 2019 promulgated the Insolvency and Bankruptcy Amendment (Ordinance) Act, 2019 (the “Ordinance”) to amend several provisions of the Insolvency and Bankruptcy Code, 2016 (the “Code”). Pertinently, section 3 of the Ordinance amended section 7 of the Code by adding three provisos to it. The provisos have limited...
Budget 2020: What’s there for the Real Estate Sector?
[Akash Kumar Prasad is a fourth-year student at NALSAR University of Law, Hyderabad] The Union Budget 2020-21 was presented on February 1, 2020 by the Finance Minister Nirmala Sitharaman. Amidst sharp decline in the economy, the Union Budget was awaited with great expectations to foster growth in the real estate sector. However, with no major announcement for catalysing the same, the Budget fell...
The Supreme Court Ruling in Pioneer: The Curious Case of Allottees under the IBC
[Saurabh Gupta is a third year student at the National Law School of India University. He is an Editor of the Indian Journal of International Economic Law and Law School Policy Review] The Supreme Court in Pioneer Urban Land and Infrastructure v Union of India [2019 SCC OnLine SC 1005] (“Pioneer”) upheld the constitutional validity of the Insolvency Code (Second Amendment) Act of 2018 (“2018...
Home-Buyers in the IBC: Square Pegs in Round Holes?
[Sikha Bansal is a Senior Associate at Vinod Kothari & Company and can be reached at [email protected]] The ruling of the Supreme Court in Pioneer Urban Land and Infrastructure vs. Union of India comes as a breather for home-buyers, as it upholds the constitutional validity of the amendments made last year to section 5(8) of the Insolvency and Bankruptcy Code, 2016 (IBC). Section...
Real Estate Intermediaries: A Missed Opportunity in the Recent ECB Framework?
[Bhavin Gada, Soumya Shanker and Sharan Sanil are with M/s Economic Laws Practice, Advocates and Solicitors. The views of the authors are personal] Recently, the Reserve Bank of India (“RBI”), through the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, consolidated all the erstwhile foreign exchange regulations governing the borrowing and lending in foreign currency or...
Creation and Operation of Tenancy Rights over Secured Assets under SARFAESI
[Samarth Saxena is a final year student at ILS Law College, Pune] The advent of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (“SARFAESI”) ushered in a new era of reforms for the Indian banking regime. These reforms were primarily aimed at facilitating the speedy recovery of defaulting loans and thereby controlling the rising levels of non...
Better Safe than Sorry: The Importance of Registering Lease Deeds
[Huzefa Tavawalla is a Leader, Aishwarya H a Senior Member and Anusha Reddy a Member, all at Nishith Desai Associates] The legal provisions which mandate registration of lease deeds are rarely explored. As a result, the law on registration of lease deeds is often misunderstood. While parties spend much time negotiating terms of a lease deed (lock-in period, security deposit, termination...
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