Amid all the hype and popularity of taking over the management of the affairs of the Corporate Debtor under the Insolvency And Bankruptcy Code, 2016 (IBC), a NAVRATNA enterprise has become the first company in India to take over management of a debtor under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI). Rural Electrification Corporation Ltd. (REC), a NAVRATNA Central Public Sector Enterprise established under the Ministry of Power of Government of India, has become the first company in India to take over management under the SARFAESI. REC has initiated action […]

By Amit H Wadhwani At last, financial institutions and secured creditors of real estate projects in Maharashtra can breathe a sigh of relief. The Maharashtra Real Estate Regulatory Authority (Regulatory Authority) has provided much needed clarity on the implication of Section 15 of the Real Estate (Regulation and Development) Act, 2016 (Act). Section 15 (1) of the said Act states as follows: The promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees, except the promoter, and without the prior written […]

The Supreme Court has for the second time allowed settlement to be recorded after admission of case under the Insolvency and Bankruptcy Code, 2016 (IBC). This power was invoked under Article 142 of the Constitution which allows the Supreme Court to “pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it.” A similar ruling, in July 2017, was passed by the same bench, comprising Justice Rohinton Nariman and Justice Sanjay Kishan Kaul. The reason why parties have to resort to this provision of the Constitution is that IBC […]

Last week, on November 6, 2017, a special seminar titled “The Changing Landscape of Arbitration” was held at the India Habitat Center in New Delhi as an introduction to the International Council for Commercial Arbitration (ICCA) conference, which is stated to be held in Sydney in 2018. The opening address was given by none other than Senior Advocate Fali Nariman, who is also a staunch proponent of making India a hub of international arbitration.

The Securities and Exchange Board of India has appointed Sanjeev Kaushik as Whole Time Member, for a period of three years or till the age of 65 years or until further orders. Sanjeev Kaushik, an IAS officer of the Kerala cadre, is the Chairman & Managing director at India Infrastructure Finance Company Limited (IIFCL). An MBA in Finance from London Business School, Kaushik has 25-year experience spanning senior policy/regulatory and Board level positions in the financial sector. Kaushik had exposure in financial markets in the Department of Economic Affairs (DEA), where he handled policy and regulatory matters relating to capital markets, foreign institutional investment, […]

The Digitization Centre of the Madras High Court was formally inaugurated today by Justice Madan B Lokur, Chairman of the Supreme Court E-Committee. Also present were Chief Justice of the Madras High Court Indira Banerjee, Chairman of the Madras High Court Digitization Committee Justice Rajiv Shakdher, and other judges of the High Court. Speaking to Bar & Bench, the Registrar of IT, Madras High Court, remarked that the centre will be the . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and […]

The Law Commission of India has released its 272nd report on Assessment of Statutory frameworks of Tribunals in India. The Commission has made a slew of recommendations in its report and has also made an interesting departure from its previous stance on certain important issues. Some of the important conclusions made by the commission are as follows. Appeal to High Courts The Commission, in a marked departure from its earlier stance, has concluded that the power of judicial review to high courts is a basic feature of the Constitution and cannot be tinkered with. The Commission has also gone so […]

The Delhi High Court has notified that eight Labour Courts, two Central Government Industrial Tribunals (CGIT) and an Industrial Tribunal functioning in the Karkardooma Court will be shifted to the Dwarka Court Complex. The notification issued by the Registrar General of the High Court stated that the new courts shall be made functional with effect from November 6, 2017. The Registrar General also requested the District and Sessions Judges of both Karkardooma and Dwarka Courts to intimate lawyers, litigants, labour departments and other stake holders of this change and ensure that no inconvenience is caused. This change is in line […]

The state government of Rajasthan last month promulgated an ordinance with a view to preventing investigations into the affairs of serving and retired judges and public servants – and the reporting of the same by the media – without sanction. The Criminal Laws (Rajasthan Amendment) Ordinance, 2017, was passed after it received gubernatorial assent on September 7. It seeks to amend provisions of the Code of Criminal Procedure as well as the Indian Penal Code to the aforementioned effect. Firstly, the Ordinance seeks to add a proviso to Section 156(3) of the CrPC. “Provided that, under the said sub-section, no […]

The Supreme Court in this judgment has ruled on an interesting question – whether SEBI can recover interest on orders of penalty and/or orders of disgorgement, when the said amounts have remained unpaid. While clubbing the two cases, SEBI was the appellant in the penalty cases,  whereas in the disgorgement case, it was the private individuals. The Bench, comprising Justices Rohinton Nariman and Sanjay Kishan Kaul drew a comparison between provisions of the Interest Act of . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited […]

The Reserve Bank of India (RBI) has finally published the final set of rules governing peer-to-peer (P2P) lending platforms, following its recent notification classifying such platforms as Non-Banking Financial Companies (NBFC). The Master Directions – Non-Banking Financial Company – Peer to Peer Lending (Reserve Bank) Directions, 2017 (Directions) are 22-page long, and contain 20 sections and . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all Bar & Bench […]

The Ministry of Finance, through its corrigendum dated September 25, has expounded on the definition of legal services provided by advocates including senior advocates, for the purposes of imposition of GST on such services. The corrigendum states that for the purposes of taxation, such services should  be read as “services provided by an individual advocate including a senior advocate or firm of advocates by way of legal services, directly or indirectly”. It further states that,

Justice Bawa Singh Walia of the Jammu and Kashmir High Court has been transferred  back to the Punjab and Haryana High Court. The President, in exercise of his powers under clause (1) of article 222 and after consultation with the Governor of Jammu and Kashmir and the Chief Justice of India, has directed Justice Walia to assume charge of his office at the Punjab and Haryana High Court by October 13, 2017. Born in Jalandhar (Punjab), Justice Walia was first elevated to the Bench as an additional judge of the Punjab and Haryana High Court in 2014. In February 2015, […]

In a first, the National e-Governance Services Ltd (NeSL), a Union Government company, has now received final registration to become first Information Utility (IU) of India. Yesterday, the Insolvency and Bankruptcy Board of India (IBBI) granted it a renewal registration from September 25, 2017 to September 24, 2022. Provisions relating to IUs are contained in Chapter 5 of the Insolvency and Bankruptcy Code, 2016. This institution of the IU seeks to cure one of . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

The Supreme Court has widened the scope of front-running and ruled that ‘non-intermediary front-running’ in the securities market will be brought under the prohibition prescribed for fraudulent/ unfair trade practices. The 60 page judgment by a bench of Justice Ramana and Justice Gogoi observed that “unfair trade practice” is not an expression clearly defined. The court clubbed four petitions, two filed by the Securities and Exchange Board of India (SEBI) and two . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, […]

While the impending regulations governing Peer-to-Peer (P2P) lending platforms are awaited, the Reserve Bank of India (RBI) has notified that such platforms will fall under the ambit of a Non-Banking Financial Company (NBFC). The gazetted notification further defines what the business of P2P lending is, “the business of providing under a contract, the service of loan facilitation, via online medium or otherwise, to the participants who have entered . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One […]

IDIA (Increasing Diversity by Increasing Access) held its annual awards ceremony at the Constitution Club of India in New Delhi on Friday. IDIA aims at reaching out to the marginalized and under-represented sections of the society, sensitize them to law as a viable career option and help interested students from these sections to acquire admissions to law schools. The initiative believes that good legal education enables the cultivation of personal autonomy, intellectual independence and development of critical life skills beyond the traditional goals of teaching, training and learning of specific skills. The award ceremony is held every year to acknowledge the […]

Delhi sees another major change in the judicial set up under the leadership of Acting Chief Justice Gita Mittal as 13 traffic courts held in Tis Hazari, Karkardooma, Patiala House, Dwarka, Saket and Rohini get abolished. According to the notification issued by the Delhi High Court, along with the abolition of traffic courts, 87 judicial officers of various courts have been transferred. The District and Sessions Judge of the concerned court has been directed to ensure that proper track is kept . . . Facebook Comment To read the entire article, get a premium account With a premium account you […]

The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India (GOI) recently released the consolidated foreign direct investment (FDI) policy circular of 2017 (New FDI Policy). The New FDI Policy is effective immediately from the date of its publication, i.e., 28 August 2017. The New FDI Policy supersedes the consolidated FDI policy of 2016 issued by the DIPP on 7 June 2016 (Erstwhile FDI Policy) and consolidates all the press notes issued by the DIPP post 7 June 2016 until 27 August 2017. Key changes Key changes brought about in the FDI regime through the New […]

Seeking to further legitimise the (objectionable) practice of Internet (and telecom services) shutdowns, the Department of Telecommunications has issued rules under the Telegraph Act, 1885, which gives the Central as well as State Government(s), authority to suspend ‘telecom services’. Software Freedom Law Centre has been maintaining a database of reported internet shutdowns in India, with the total count to 101 of which 42 have been in 2017 alone. While the Rules continue to . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous […]

Yesterday, the Delhi High Court added yet another feather to its (already loaded) cap under the leadership of the Acting Chief Justice Gita Mittal with a profound training programme for doctors regarding handling of sexual violence cases. The programme, apart from making doctors aware about the psyche of the victims as well as the legal issues involved, aimed at guiding them regarding collection of evidence and ensuring purity of such evidence. Other objectives of the programme include: Ensuring . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited […]

The Insolvency and Bankruptcy Board of India (IBBI) recently amended two of its regulations to allow claims by persons who are not either financial or operational creditors. Amendments were made to the IBBI (Insolvency Resolution for Corporate Persons) Regulations, 2017 and IBBI (Fast Track Insolvency Resolution for Corporate Persons) Regulations, 2017 to include ‘Rule 9A’ and  ‘Form F’ in the respective Regulations; permitting claims to be made by creditors other than financial and operational creditors.

Alleging criminal negligence and apathy which led to the death of more than 65 children at the Baba Raghav Das (BRD) Medical College in Uttar Pradesh’s Gorakhpur district, the Youth Bar Association of India, a civil society organisation, has filed a PIL in the Allahabad High Court demanding a CBI probe. The petition, filed through Advocates Saksham Srivastava and Anoop Trivedi, contends that only an “intense inquiry” by an independent agency like the CBI can establish whether the acute paucity of oxygen . . . Facebook Comment To read the entire article, get a premium account With a premium account you […]

The Singapore International Arbitration Centre (SIAC) has opened its second office in India at Gujarat International Finance Tec-City (GIFT) International Financial Services Centre Zone (IFSC). This is pursuant to the Memorandum of Agreement entered into between SIAC and GIFT. The collaboration will promote to all companies and investors in GIFT, the use of arbitration and related dispute resolution services such as the Arb-Med-Arb service jointly provided by SIAC and the Singapore International Mediation Centre. In a press release, CEO of SIAC Lim Seok Hui was quoted as saying, “…Opening a second SIAC office in India in GIFT IFSC will allow SIAC […]

The central government and the Supreme Court are mulling conferring powers of tribunals upon district judges, reports ET. According to the report, a meeting was recently held wherein top officials from the Prime Minister’s Office, Ministries of Finance and Law, Department of Personnel and Training (DoPT) were in attendance, along with two Supreme Court judges. The primary reason for . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to all […]

The entry of foreign law firms into India may be a reality very soon. Prime Minister of India Narendra Modi has instructed the Law Ministry and Commerce Ministry to allow the liberalisation of the legal market, and to submit a draft notification in four weeks, reported ET Now. Recently, the Law Ministry and the Commerce Secretary had met with the Bar Council of India Chairman, SILF President and other . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles […]

The Supreme court today dismissed a PIL filed by advocates Ashwini Kumar Upadhyay and  JC Seth seeking to make yoga compulsory in schools. A Bench of Justices Madan B Lokur and Adarsh Kumar Goel said that it is for the government to decide and not the Court. On November 29 last year, the Court had sought the Centre’s response in a PIL . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, columns and articles One year access to all archival material Access to […]

Today, Law Minister Ravi Shankar Prasad held a media briefing at New Delhi’s Shastri Bhavan to expound on the findings of a High Level Committee constituted to review the institutionalization of arbitration mechanism in India. The ten-member committee headed by retired Supreme Court Judge Justice B N Srikrishna included Justice (Retd) R V Raveendran, Justice S Ravindra Bhat of the Delhi High Court, Attorney General KK Venugopal, ASG P S Narasimha, Senior Advocate Indu Malhotra, Research Director of Vidhi Arghya Sengupta . . . Facebook Comment To read the entire article, get a premium account With a premium account you get: […]

The central government’s push to make Aadhaar all-pervasive in our daily lives has gone beyond the grave. This time, the Home Ministry has mandated the requirement of the twelve-digit number for registration of deaths. Rather than putting an additional burden on aggrieved relatives of the deceased, the Centre believes that such a move would “result in ensuring accuracy of the details provided by the relatives / dependents / acquaintances of the deceased”.

The Registrar General of the Punjab & Haryana High Court has issued a circular to all district and sessions courts in Punjab, Haryana and the Union Territory of Chandigarh, directing them to collect the Aadhaar numbers of parties while entering cases in the court docket. This directive comes after the Executive Committee of the High Court, in a meeting on July 17, decided to go ahead with the move. The circular was subsequently issued on July 27. The operative part of the directive requests Advocates to inform their clients that they have to provide their Aadhaar numbers, which will be […]