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In lending transactions, standard practice is to obtain shortfall undertakings, that is meeting any shortfall in the repayment of the underlying facility from holding companies of the borrower or financially strong companies in the...

Insolvency and Bankruptcy Board of India (IBBI) data shows that, as of September 2022, creditors had realised INR2.43 trillion (USD29.97 billion) of the INR7.19 trillion claimed through the corporate insolvency resolution process (CIRP) under...

In 2022, it seems bizarre that in-house counsel may not carry a bar licence owing to an antiquated law that dates to the middle of last century. Freny Patel looks at the battle for...

Recently, in Rathi Graphics Technologies Limited v Rajkumar Rathi & Ors, the National Company Law Tribunal (NCLT), relying on Supreme Court decisions and the report of the Bankruptcy Law Reform Committee, held that committees...

Grey Matter Legal founding partners Ray Vikram Nath and Prashant Kumar, along with Luthra and Luthra Law Offices partner Nitin Gera have launched Aretha Legal. “Grey Matter Legal has merged its practices into the newly...

A product has established itself in the marketplace if an average consumer starts associating its shape as a brand denoting the proprietary source of that product. Few such examples are Toblerone chocolate, the Coca-Cola...

The Insolvency and Bankruptcy Board of India (IBBI) has made several major modifications to liquidation regulations, which came into effect on 6 September. The changes will ensure better stakeholder participation, cut back on delays...

The National Company Law Appellate Tribunal (NCLAT) upheld an NCLT decision setting a precedent and paving the way for progress on the resolution of the Dunar Foods insolvency proceedings. JSA acted as the legal...

As business and travel edge back to normal after the pandemic, which foreign law firms are leading the field with their India offerings? Vandana Chatlani finds out See earlier editions of this report F ollowing a swift...

In a significant move that would bring major changes to insolvency procedures, the Insolvency and Bankruptcy Board of India (IBBI) has proposed to allow the sale of part assets/businesses of corporates facing such proceedings. However,...

Mumbai-based SNG & Partners and southern-based firm R&P Partners have created a pan-India presence after establishing a joint venture to widen their client base and strengthen their foothold outside their respective territories. SNG & Partners...

A spate of defaults at several prominent real estate companies has left creditors and homeowners on shaky ground, with several challenges awaiting them at the insolvency court, writes Vineeta Bansal When Supertech, one of the...

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On 2 April 2022, Australia and India signed their highly anticipated Economic Co-operation and Trade Agreement (ECTA), six months after negotiations between the two nations restarted in September 2021. The ECTA is seen as...

The Competition Act, 2002 (act), gives wide discretion to the Competition Commission of India (CCI) to penalise enterprises and individuals for engaging in anti-competitive practices. Under section 27(b), the CCI can impose a penalty...

The object of the Insolvency and Bankruptcy Code, 2016 (IBC) is to maximise the asset value of the corporate debtor while protecting and balancing the interests of all stakeholders. The IBC discourages individual actions...

The Insolvency and Bankruptcy Code, 2016 (IBC) has gradually evolved but, following a number of amendments, now offers a value route for M&A transactions. Corporate insolvency prior to 2016 was a disordered process but...

India’s IP regime is going through a tumultuous period with the abolition of the IP appellate board earlier this year, the emergence of new technologies, and challenges associated with covid-19 vaccines. We brought together...

Several senior foreign lawyers with India expertise have joined new law firms of late. Vandana Chatlani explores what is prompting them to move In the past 12 months, several foreign lawyers with prominent India-related experience...

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, which provides for pre-packaged insolvency resolution processes (PPIRP), has received assent and replaces the Insolvency and Bankruptcy (Amendment) Ordinance, 2021. The bill inserts a new chapter, III-A,...

Regulating for a slice of tech pie Tax authorities across the globe have been denied access to big tech profits by strategies made possible because of the digitalisation of economies and the flattening of borders....

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Jitters, uncertainty can move stock prices A superstar footballer moves two Coke bottles out of the spotlight during a press conference and replaces them with water, reportedly prompting a USD4 billion drop in Coca-Cola’s market value....

Senior women lawyers across Asia share their personal stories of success, strategy, struggle and loss, all towards a more inclusive legal profession. Putro Harnowo reports The legal profession has long been subject to criticism for...

During the corporate insolvency resolution process (CIRP), the committee of creditors (COC) is the de facto board of the defaulting company. The COC is constituted after collating all the claims on the debtor, and...

Nicholas Peacock, the former head of the India disputes practice at Herbert Smith Freehills (HSF), has left the firm after 14 years to join Bird & Bird.  Peacock joins the firm as partner and head...

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The long-awaited Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, (ordinance) has amended the Insolvency and Bankruptcy Code, 2016 (code), with the aim of reviving micro, small and medium enterprises (MSME). The ordinance has inserted...

The Supreme Court put to rest the contentious issue on foreign-seated arbitration last month in a landmark judgment that brings India in line with international best practices and paves the way for Indian parties...

It is a common practice for lenders to obtain guarantees for securing financial assistance granted to a borrower entity. The guarantor’s liability crystallises as soon as the borrower defaults on the debt. However, the...

Much has been said about the obligation of a third-party security provider when a borrower enters the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Under a financing transaction,...

The pre-pack insolvency resolution process allows corporate debtors to take the wheel and steer their way out of tricky situations, but its success will depend on how certain roadblocks are bypassed. Akaant KM reports Unprecedented times...

Future Legal Leaders 2023 Future Legal Leaders 2022 India Business Law Journal reveals 50 up-and-coming lawyers who are making a name for themselves in the profession Access The List In a year where leadership has never...

Micro, small and medium enterprises (MSME) contribute 8% to GDP, employ 106 million, that is 40% of the workforce, produce 45% of manufacturing output and 40% of total exports. While MSMEs play a vital...

India Business Law Journal reveals the country’s most recommended lawyers and legal icons ACCESS THE A-LIST 2020 Each year, the A-List seeks to recognize India’s most outstanding lawyers. This year required the country’s top lawyers to...

The doctrine of frustration envisaged in section 56 of the Indian Contract Act, 1872, was recently applied by the National Company Law Tribunal (NCLT) in the case of Suraksha Asset Reconstruction Ltd & Ors...

Vodafone may have won the day after a favourable arbitration result cut off India's claim to massive back taxes, but will this crucial award remain unchallenged when so much more is at stake? Freny...

Fox Mandal & Associates has hired Ramaswamy Balasubramanian as its new chief operating officer (COO). Balasubramanian will oversee the operations of Fox Mandal and its strategic ambitions. He will also serve as director of infrastructure advisory...

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“A film is a petrified fountain of thought.” When Jean Cocteau said these words he would not know that much later they would sum up a revolution in the entertainment industry. Bollywood, regional cinema,...

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Essar Steel India defaulted on repayment obligations to its creditors and in 2017 Standard Chartered Bank (SCB) and State Bank of India filed petitions for financial debt under the Insolvency and Bankruptcy Code, 2016....

With the introduction of a codified law on insolvency and bankruptcy processes, restructuring jurisprudence entered a new era. While the new law focused on rehabilitating and restructuring stressed companies, restructuring processes involving financial service...

The long-awaited decision of the Supreme Court in Committee of Creditors of Essar Steel India Limited v Satish Kumar Gupta & Ors case comes as a relief for financial creditors, especially those holding security,...

Preeti Balwani has joined Hindustan Coca-Cola Beverages (HCCB), the bottling arm of Coca-Cola, as its general counsel. Prior to HCCB, Balwani was the general counsel of Kraft Heinz. She now moves to Bengaluru to work...

The role of the committee of creditors (CoC) in a corporate insolvency resolution process (CIRP) has increasingly been scrutinized and clarified by various courts and tribunals, including the Supreme Court. There have also been...

The Insolvency and Bankruptcy Code (Amendment) Act, 2019, seeks to reduce delays in the resolution process because there has been extensive litigation on various aspects of the IBC. A resolution plan can provide for...

With the introduction of The Insolvency and Bankruptcy Code (Amendment) Bill, 2019, on 24 July 2019 in the Rajya Sabha, the government has sought to amend the Insolvency & Bankruptcy Code, 2016. Earlier, the...

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The legal team that advised on the Deccan Chronicle Holdings insolvency had to contend with multiple issues and challenges. The National Company Law Tribunal (NCLT) approved the resolution plan put forward by SREI Multiple...

Dear Editor, In the matter of SC Sekaran vs Amit Gupta & Ors, relying on the decisions of the Supreme Court in Swiss Ribbons Pvt Ltd & Anr v Union of India & Ors and...

Abhishek Tripathi and Avantika Shukla look at role of adjudicating bodies in IBC's evolution The Insolvency and Bankruptcy Code, 2016 (IBC), is considered to be among the biggest achievements of the National Democratic Alliance (NDA)...

IBC has created opportunities for equity and debt investors alike, write Sanjay Asher and Nikhil Kaul The Insolvency and Bankruptcy Code, 2016 (code), notified by the government of India in May 2016, was in response...

Protecting the interests of operational creditors is key to IBC's success, writes Mahesh Agarwal The preamble of the Insolvency and Bankruptcy Code, 2016 (IBC), lays out the code’s dual objectives of “maximization of value of...

The Supreme Court recently struck down the Reserve Bank of India Circular dated 12 February 2018 (RBI circular), which directed banks to mandatorily initiate corporate insolvency resolution process (CIRP) for defaulting companies with loan...

India Business Law Journal reveals the top 100 India-focused legal experts outside the country View the A-List 2019 For more than 20 years the opening of India’s legal market to foreign law firms has been the...

The Supreme Court, while dealing with an issue relating to the Insolvency and Bankruptcy Code, 2016 (IBC), held that former members of the board of directors, being vitally interested in resolution plans that may...

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Rajiv Choubey explores the evolution of law surrounding insolvency and bankruptcy, and how regulations designed to protect sick companies had been misused until the Insolvency and Bankruptcy Code was enacted Insolvency and Bankruptcy Code 2016 The...

Dear Editor, The government’s intervention in Infrastructure Leasing & Financial Services (IL&FS) is symptomatic of the push and pull motions the government faces in liberalizing its economy. Ideally, a few of IL&FS’ infrastructure focussed subsidiaries...

Strict timelines distinguish the Insolvency and Bankruptcy Code, 2016, from previous insolvency regimes. The code prescribes a 180-day period for completion of the corporate insolvency resolution process (CIRP), which can be extended to 270...

With the recent amendment in the Insolvency and Bankruptcy Code, 2016 (IBC), effective 6 June 2018, the status of homebuyers who are allottees of a real estate project is raised to financial creditors, enabling...

The fate of homebuyers when a real estate developer (RED) undergoes a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), has been intensely deliberated. An amendment of the IBC...

A rise in high-profile banking frauds led to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The ordinance, effective from 6 June, presses for greater transparency in the corporate insolvency resolution process (CIRP), to...

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The legal team advising Tata Steel in its acquisition of Bhushan Steel faced significant challenges while carrying out a limited due diligence on the target. “The due diligence process was very complex, as the information...

With the coming into force of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, home buyers have finally been recognized as financial creditors, at par with others in the same category. However, a reality...

The battle between Vodafone and the government serves as a pressure gauge for the courts in investment treaty disputes. Rebecca Abraham reports on recent developments The collapse of the Dabhol power project in 2001 resulted...

Subodh Sadana and Bhuvan Arora analyse judicial intervention in insolvency resolution The Insolvency and Bankruptcy Code (IBC) has so far travelled a short journey of about 18 months where it has already faced a plethora...

Legal process management software products are becoming indispensable tools for in-house legal teams. Harsh Aggarwal and Roma Arora explain how they work With general counsel now positioned within the highest ranks of company management, there...

What you see may not be what you get With the country’s banks taking yet another pummelling following the recent unearthing of large scale frauds, it is evident that checks and balances built into the...

Corporate counsel associations portray themselves as friend, adviser and management guide for in-house counsel. But are they delivering the goods? Gautam Kagalwala reports In-house counsel are well aware of the services of corporate counsel associations...

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IPOs have returned with a bang, but are they a true indicator of an improved economy? Gautam Kagalwala looks at the reasons for the revival of primary markets and the role of the regulator The...

The Insolvency and Bankruptcy Code, 2016 (IBC), implements a “creditor-in-possession” regime that vests decision making powers of the insolvent company with a “committee of creditors” (CoC), astutely recognizing that financial creditors will be better...

India Business Law Journal reveals its definitive list of the country’s most recommended private practice lawyers. Rebecca Abraham reports For the second year running India Business Law Journal has put together a list of India’s...

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Are there any downsides to differentiating only on fees? “Complete carnage” was how cricketer Ben Stokes described the moment during a bidding war at the Indian Premier League (IPL) auction earlier this year, when a...

The evolution of the Insolvency and Bankruptcy Code is being closely watched by companies, creditors and the government for the part they hope it will play in alleviating the country’s stressed assets problem. Gautam...

Since the introduction of the new insider trading regime in 2015, India’s securities market has seen a number of changes in terms of processes and controls for transactions and also with regard to routine...

Multiple rounds of top-level discussions were needed to secure an agreement on terms for Cochin Shipyard’s initial public offering (IPO), according to a lawyer at the law firm acting as international counsel to the...

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The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PIT Regulations), restrict “insiders” from dealing in listed (or to-be-listed) securities when in possession of unpublished price sensitive information (UPSI). Any...

More that 40 in-house lawyers, including heads of legal teams, attended a four-day conclave from 2 February to 5 February organized by the Indian Corporate Counsel Association (ICCA). They included Mohit Shukla, managing director...

Each time you board an aircraft to fly in India or even overfly the country, you are journeying back in time. An iron curtain prohibits flyers in Indian airspace from enjoying Wi-Fi connectivity. While...

Centre-state differences undermine efforts to present India as a favourable commercial destination, argues PM Devaiah While the great Indian juggernaut of liberalization chugs along, the never ending debate on improving the ease of doing business continues...

Every policy tweak can be expected to have an equal, and often opposite, reaction This truism, which has its roots in Isaac Newton’s principles of motion published over 300 years ago, is arguably at the...

More than 40 in-house lawyers, including heads of legal teams, attended a four day conclave from 2 February to 5 February organized by the Indian Corporate Counsel Association (ICCA). They included Mohit Shukla, managing director...

Four in-house counsel, a mediation specialist and partners at three law firms share their views on the developments that are likely to shape India’s business and legal climate in the coming year. Privacy, data protection and...

This age-old question is being answered yet again in the new Bollywood blockbuster Dangal, which tells a tale – inspired by real people and events – of sporting achievement by four girls who emerge...

India Business Law Journal teamed up with the Indian Corporate Counsel Association to compile a definitive list of the country’s most recommended private practice lawyers. Rebecca Abraham reports ACCESS The A-List What does it take to...

A great orator, outstanding scholar and humanist par excellence The phrases above have been used to describe the legendary Nani Palkhivala, a giant of the Indian legal profession who has left an indelible mark on...

The Indian Corporate Counsel Association pays tribute to the leading lights of India’s in-house legal community in its new book, Trailblazers, writes Vandana Chatlani Not long ago, India’s in-house lawyers were the legal community’s forgotten children;...

In recent years, India has seen startups mushroom in the e-commerce sector. Boosted by cheaper data and penetration of smartphones to more households, mobile users today have greater access to e-commerce portals. The rapid...

Rajinder Sharma resigned from Flipkart at the end of July, after serving as its general counsel for 11 months. Sharma had signed a contract to work with the company for a minimum of two...

South African pharmaceutical manufacturer Adcock Ingram has signed a share purchase agreement to sell its marketing and sales operation in India – Adcock Ingram Healthcare – to private equity firm Samara Capital Partners Fund...

The cut-throat competition in India’s banking industry, together with the cocktail of systemic difficulties that the industry faces, present stiff challenges to stabilized and sustained growth. The issues being faced by the banking industry...

India Business Law Journal indulges in a little festive fun and asks 15 foreign lawyers to reveal what they love and and don’t love about India and to recount their most memorable experiences in the country By Vandana Chatlani India’s legal...

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Intrepid Indian law firms are setting up offices overseas. What are the practicalities, perks and perils of such ventures? Vandana Chatlani investigates As Indian businesses become more global in their outlook and operations, forward-looking Indian law...

Many Indian law firms are grappling with the introduction of practice management systems. Vandana Chatlani talks to some about their successes and failures All but the newest Indian law firms have come a long way since...

In today’s competitive world, companies continuously try to come up with unique advertisements to promote and create awareness of their goods and services. Advertising in India, a country with so much diversity, is particularly...

How the government selects law firms for infrastructure Projects. By Vandana Chatlani The Indian government is often described by infrastructure lawyers as a poor paymaster. In line with its lowest bidder wins (L1) policy, it tends...

Boutique law firm Altacit Global has celebrated its 12th anniversary with an office opening in Cochin. This is the firm’s fifth office after Chennai, Bangalore, Coimbatore and Hyderabad, marking its presence in all the...

As Bangalore continues to draw in investors, how has the city’s legal market evolved to keep up with the needs of companies based there? Rebecca Abraham reports from Bangalore Bangalore has long been recognized as India’s...

As two well-known intellectual property law firms merge, Rebecca Abraham asks what clients should expect In 2013, six lawyers who appear before Delhi High Court were designated as senior advocates, five of them in February...

Indian lawyers reflect on the challenges facing the legal profession.  Vandana Chatlani reports Brothers Shardul and Cyril Shroff, the managing partners of Amarchand Mangaldas have been engaged in mediation since November in an effort to resolve...

Comparative advertising is a well-known and long-standing marketing tool in the UK, as it is in India and many other countries around the world. It allows companies to compare their products with a competitor,...

Mired in a tax dispute and hamstrung by labour laws, the plight of Nokia’s plant near Chennai highlights the perils and complexities of closing a factory in India. Vandana Chatlani reports It was a shining example...

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In-house counsel from leading companies trade tips on IP protection and discuss the structures, systems and safeguards required for a successful IP strategy in India Narendra Modi’s government vowed in September to draw up a...

The Indian Corporate Counsel Association (ICCA) has appointed S Ramaswamy, the vice president and group general counsel of Escorts, as its new president. Ramaswamy takes over from former president Girish Gokhale. Ashok Sharma, ICCA’s...

As high levels of corporate debt trigger a wave of divestments, Nandini Lakshman explores the challenges of selling assets in troubled times Indian companies are on an asset shedding spree. Suzlon Energy, India’s largest wind...

Providing maximum governance with minimum government may sound too good to be true Yet as the recent Indian election has shown, a bold vision combined with the right amount of determination and drive can produce...

Long years ago we made a tryst with destiny ... Powerful oratory from India’s first prime minister, Jawaharlal Nehru, in a speech made on the eve of India’s independence, when he famously said India was...

Practitioners and in-house counsel share their insights on India’s IP professionals and how to choose among them. James Burden reports Choices over which intellectual property (IP) lawyers to engage in different jurisdictions are among the...

The chief judicial magistrate for the Raisen district of Madhya Pradesh (MP) has ordered five Hershey executives to attend a hearing in April following allegations that the company has violated India’s Biological Diversity Act,...

India’s advertising regulations are disjointed and disparate. Companies looking to play safe may find that self-regulation is the best route to compliance. Ish Bali of Coca-Cola India explains The legal and regulatory framework for advertising is...

Awareness about patients’ rights is growing in India. This trend is clearly discernible in the recent spurt in litigation concerning the liability of medical professionals and the medical establishment. The Supreme Court judgment in...