The Insolvency and Bankruptcy Board of India (IBBI) has notified the final norms for fast track corporate insolvency resolution process (CIRP). The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Regulations) have been notified to give effect to Chapter IV of the Insolvency and Bankruptcy Code, 2016. Chapter IV of the Code provides for the substantive provisions relating to fast track insolvency, while the Regulations lay down . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous […]

Union Minister of Law and Justice Ravi Shankar Prasad today held a press conference in Delhi’s Jaisalmer House to highlight the achievements and initiatives of his ministry in the past 3 years. Prasad, who also holds the Ministry of Electronics & Information Technology cabinet, began by promoting the Digital India Campaign and stated that the digital platform has been effectively used by the Ministry of Law and Justice to increase access to the judicial system. The Law Minister enlisted the . . . To read the entire article, get a premium account With a premium account you get: One year of […]

According to a report in the Economic Times, the government is all set to scrap the University Grants Commission (UGC) and the All India Council for Technical Education (AICTE) and replace them with a single higher education regulator named Higher Education Empowerment Regulation Agency (HEERA). Similar recommendations i.e. scrapping of UGC, were made . . . 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 reports Register Already a subscriber […]

The National Company Law Tribunal (NCLT), Kolkata Bench, has in its recent ruling in the case of Parker Hannifin India Private Limited v/s Prowess International Private Limited, ruled on the aspect of withdrawal of insolvency petition based on a settlement arrived at between the disputant parties after it has been admitted under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). Factual Matrix: An application was filed by Parker Hannifin India Private Limited against Prowess International Private Limited for initiating corporate insolvency resolution process under section 8 and 9 of the IBC. Vide its order dated 20 April 2017, […]

The Ministry of Finance (MoF) has issued a ‘removal of difficulties’ order with respect to the changes introduced in the Finance Act, 2017 (Act) regarding qualifications of members of Tribunals. Section 184 of the Act, which deals with qualifications of the members of tribunals came into effect on May 26, 2017. Second proviso to Section 184 of the Act caps the maximum age of a ‘Presiding Officer’ of a tribunal/appellate tribunal at sixty-seven whereas for . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous […]

In a move that will significantly affect the meat industry in India, the central government’s Ministry of Environment, Forest and Climate Change has notified new Rules, which ban the sale of cattle for the purpose of slaughter in animal markets. Rule 22 of The Prevention of Cruelty to Animals (Regulation of Livestock Markets) Rules, 2017, framed under the . . . 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 […]

President of India Pranab Mukherjee last week approved the Banking Regulation (Amendment) Ordinance, 2017, which made amendments to the Banking Regulation Act, 1949 (BRA). The Ordinance in effect gives more powers to the Reserve Bank of India which (apparently) hitherto did not exist. While the Ordinance carries the force of law, it will still need to be validated when both Houses of the Parliament meet in the next session. By way of the Ordinance, two new sub . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous […]

The Reserve Bank of India (RBI) has come out with its draft regulations on cross border mergers, after the Ministry of Corporate Affairs (MCA) notified Section 234 of the Companies Act, 2013 (Companies Act). The Companies Act for the first time permits outbound mergers i.e. merger of an Indian company with a foreign one, since the erstwhile law permitted only inbound mergers. The MCA, on April 13, 2017, notified [

By Sumit and Vaneesa Agarwal SEBI Board met today in Mumbai and took some important decisions, which shows its approach in the coming years. This board meeting was also important as it was the very first board meeting of new SEBI Chairman Mr. Ajay Tyagi along with Whole Time Members Mr. S Raman, Mr. G Mahalingam and Ms. Madhabi Puri Buch. Suvan Law Advisors

In a significant departure from the ruling passed by the Mumbai Bench of the NCLT, the Chandigarh Bench while admitting an insolvency petition has observed that the definition of a ‘dispute’ under Section 5(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) shall also include, disputes relating to the quality of goods or services even if no suit or arbitration proceedings have been filed in this regard.

The Insolvency and Bankruptcy Board of India (IBBI) last week notified two extremely crucial pieces of the (insolvency) puzzle. On 31st March, 2017, the regulations relating to Information Utilities (IU) and Voluntary Liquidation were notified by the government. The simultaneous notification of both, however, is not because one is dependent on the other. Both regulations have come into effect from 1st April, 2017. Information Utilities

The Election Commission of India (EC) yesterday issued a ‘communication’ directed at all ‘print and electronic’ media prohibiting them from telecasting or publishing any content which seeks to predict poll outcomes. This communication comes in light of the recent state elections of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh. While the EC had issued a similar notification on 4th March directing all media houses to refrain from disseminating any content which would declare the results of exit polls, it . . . To read the entire article, get a premium account With a premium account you get: One year of […]

The Ministry of Corporate Affairs, earlier this week, issued a notification significantly relaxing the requirements for applying to the Competition Commission of India (CCI) for combination approval under Section 5 of the CCI Act, 2002. Under Section 5 of the CCI Act, 2002, all ‘combinations’ that exceed certain thresholds are statutorily required to seek CCI approval. These combinations include mergers, acquisitions and control of voting rights by one enterprise over another.

The Mumbai Bench of the NCLT, recently passed an order which underlined what constitutes a ‘curable defect’ under the proviso to Section 9(5) of the Insolvency and Bankruptcy Code, 2016 (Code). In this (possibly) first of its kind case, a petition was filed under Section 9 of the Code by Mrs. Seema Gupta, represented by Zain Mookhi, against Supreme Infrastructure India Ltd. & Ors. (Debtor Company), represented by Farhan Dubash. While the . . . 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 Mumbai Bench of the NCLT has recently passed an order admitting an insolvency petition which highlights a (possible) serious lacunae in the Insolvency and Bankruptcy Code, 2016 (Code). Essar Projects India Ltd. (Essar), represented by Cyril Amarchand Mangaldas, had filed an application against MCL Global Steel Pvt. Ltd. (MCL) in its capacity as an operational creditor, under Sections 8 & 9 of the Code read along with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 . . . To read the entire article, get a premium account With a premium account you get: One […]

Finance Minister Arun Jaitley’s Budget speech hinted at the reduction in the number of tribunals, and it has emerged that the Centre has done just that with the recent passing of the The Finance Amendment Bill, 2017. The Amendment Bill, which is longer than the original Finance Bill itself, has revealed, among other things, the list of tribunals that are sought to be eliminated and the absorption of their responsibilities. The ninth schedule of the amendment bill provides a list . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

While no stay has been granted on the promotional offers offered by Reliance Jio, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has, indicted Telecom Regulatory Authority of India (TRAI) for its inaction inasmuch as there are inconsistencies in the filings done. Airtel and Idea have been fighting a battle against Jio’s promotional offers, and TRAI’s lack of concern on the violations . . . 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 […]

In a classic example of regulatory turf war, market watchdog Securities and Exchange Board of India (SEBI), in a recent letter to the banking regulator Reserve Bank of India (RBI), has expressed its displeasure over RBI’s intervention in trading of HDFC’s shares. Trading gone wrong As a preface, the FDI Policy sets the bar at 74% for foreign investment in private sector banks. As per RBI rules, RBI puts stocks which cross 72% threshold on . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous […]

Following its letter addressed to Cyrus Mistry on December 26 2016, Tata Sons has filed a ‘complaint’ with the Securities and Exchange Board of India (SEBI) against Cyrus Mistry for having violated Regulation 3(1) of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (Insider Trading Regulations). Regulation 3(1) of the Insider Trading Regulations restricts insiders from communicating or providing any ‘unpublished price sensitive . . . 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 […]

The High Court of Bombay has disposed of the writ petition filed by Innoventive Industries challenging the vires of the Insolvency & Bankruptcy Code, 2016 (Code). In December 2016, a petition at the Mumbai Bench of National Company Law Tribunal (NCLT) was filed by ICICI Bank in its capacity as a financial creditor under Section 7(1) of the Code against Innoventive Industries . . . 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 […]

This year’s budget made a short yet significant reference to amendments that will be introduced in the Arbitration Act, 1996 to ‘streamline institutional arrangements for resolution of disputes in infrastructure related construction contracts, public-private partnerships and public utility contracts’. This, however, is not the first time that such reforms were suggested in the budget speech. Last year’s budget speech, also, proposed a ‘Public Contracts (Resolution of Disputes) Bill’ which, inter alia, made provisions for . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, […]

In what could be a very significant initiative, the Central government is exploring the possibility of emphasising on pro-bono legal assistance as a criterion for appointment of lawyers as High Court judges. Towards this end, it is planning to create a database of lawyers who would be ready to provide pro-bono assistance to needy litigants. Secretary of Department of Justice, Snehlata Shrivastava has addressed a letter to Chairman of Bar Council of India (BCI) Manan Kumar Mishra on November 10, last . . . To read the entire article, get a premium account With a premium account you get: One […]

Senior Advocates Harish Salve and Darius Khambata will be part of the law panel at the India Conference to be organised at Harvard, USA. The conference will be held from February 11- February 12. The Harvard India Conference is a student-run conference at the Harvard Business School & Harvard Kennedy School. The conference this year is themed around . . . 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 Securities and Exchange Board of India (SEBI) has passed an interim order ‘restraining’ Vijay Mallya, former Chairman of United Spirits Limited (USL), from holding position as a ‘Director’ or ‘Key Managerial Person’ (KMP) of any listed company or to deal in securities market, along with six others. Six others include: Ashok Capoor, Managing Director, who has also been barred from being a director or KMP in a listed company; P.A Murali, Executive Director & CFO . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to […]

The Telecom Regulatory Authority of India (TRAI), in its most recent consultation paper, has sought stakeholder’s views on governing Net Neutrality (NN) and allied issues. This ‘consultation paper’ comes based on the responses received on the ‘pre-consultation paper’, issued in May last year, which discussed issues of NN and traffic management. Among other things, the paper proposes a legislation for NN, and/or an umbrella regulation on NN. As far as the wider issue of . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access to previous interviews, […]

In the first set of substantial legislative changes post the November 8 announcement of demonetisation, the government has passed one Act and two Ordinances directly related to demonetisation. In addition to the Taxation Laws (Second Amendment) Act, the government has also promulgated the Specified Bank Notes (Cessation of Liabilities) Ordinance, and the Payment of Wages Act (Amendment) Ordinance. This is what they say. 1. The Taxation Laws (Second Amendment) Act [Presidential Assent on December 15]

The central government has constituted a High Level Committee to review the institutionalisation of arbitration mechanisms in India. The Committee consists of legal luminaries, including retired judges and Senior Advocates and will be headed by retired Supreme Court judge, Justice BN Sri Krishna. The other members of the Committee are retired Supreme Court judge Justice RV Raveendran, sitting Delhi High Court judge, Justice S Ravindra Bhat, Senior Advocates

After two rounds of discussions with various stakeholders, the Software Freedom Law Centre, India recently conducted an event for the launch of its report on ‘Online Harassment’ [pdf]. The crux of this issue can be conceptually associated with the right to freedom of speech and expression, which is, widely considered one of the most ‘sacrosanct of fundamental human rights’. This right, however, more often than not, crosses the line . . . 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 […]

With the phasing out of the SICA, the Government is all set to usher in the new Insolvency & Bankruptcy Code (Code). Several parts of the Code are gradually being notified in a phased manner, and the insolvency resolution process is now in place. In November, the rules relating to Insolvency Professionals (IPs) and Insolvency Professional Agencies (IPAs) were notified.

By Sonam Chandwani & Tanaya Desai  The Securities and Exchange Board of India (SEBI), in its board meeting held on November 23, 2016, introduced amendments to the SEBI (Alternative Investment Funds) Regulations, 2012, thus ushering in a more liberalised and progressive era for fund-raising in start-ups as also enhancing the scope of investment of foreign investors in unlisted debt securities. In order to further develop the alternative investment industry and the startup ecosystem in India, SEBI, in . . . To read the entire article, get a premium account With a premium account you get: One year of unrestrcited access […]