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Ignoring precedent risks stability in real estate

By Pratik Ghose and Avishek Roy Chowdhury, HSA Advocates
The concept of precedent and the binding effect of precedents set by higher courts on lower courts is one of the cardinal bases on which the judiciary functions and the doctrine of stare decisis...

Indian Law Firm Awards 2022

In a celebration of hard work, ingenuity and excellence, India Business Law Journal reveals the winners of the 2022 Indian Law Firm Awards. Vandana Chatlani reports In the past 12 months, India’s lawyers have rediscovered...
NCLT’s ability to issue warrants strengthens insolvency resolution Sonam Gupta

NCLT’s ability to issue warrants strengthens insolvency resolution

By Sonam Gupta and Saumay Kapoor, Bharucha & Partners
The inability to resolve the insolvency of a corporate debtor does not merely stem from the fact that the entity is, in fact, distressed. In many cases, the resolution professional (RP) is unable to...
Trilegal-counsels-Ola-on-NCLAT-win

Trilegal counsels Ola on NCLAT win

Trilegal advised Ola Cabs when the National Company Law Appellate Tribunal on 7 January dismissed appeals filed by rival cab companies Meru Travels and Fast Track. The appeals pertained to a 2017 order of the...
Deals of the Year 2021-opener_img_3

Deals of the Year

India Business Law Journal reveals the standout deals and disputes of 2021 and the law firms that worked hard to successfully conclude them Even as the covid-19 pandemic continued to severely affect both the economy...
Insolvency resolution process has time limits

Insolvency resolution process has time limits

The Supreme Court, in the matter of Committee of Creditors of Amtek Auto Limited through Corporation Bank v Dinkar T Venkatsubramanian, observed that the entire resolution process had to be completed within the period stipulated...
Do shareholder activists face barriers to calling meetings? Justin Bharucha Sneha Jaisingh

Do shareholder activists face barriers to calling meetings?

By Justin Bharucha and Sneha Jaisingh, Bharucha & Partners
In Zee Entertainment Enterprises Ltd v Invesco Developing Markets Fund & Ors, the Bombay High Court considered shareholders’ right to requisition a general meeting. Invesco, a shareholder in Zee, requisitioned an extraordinary general meeting to...
When-does-CCI-consider-low-pricing-predatory-L2

When does CCI consider low pricing predatory?

By Lagna Panda and Prachi Agarwal, Chandhiok & Mahajan
Predatory pricing can be an abuse of dominance under Indian competition law. While the Competition Commission of India (CCI) is yet to issue a final ruling on predatory pricing by an enterprise, its decisions...
IBC offers attractive options for M&A deals Gautam Khurana

IBC offers attractive options for M&A deals

By Gautam Khurana, India Law Offices
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...
CCI-throws-curveball-in-Amazon-Future-saga-L

CCI throws curveball in Amazon-Future saga

By Freny Patel
A penalty of USD27 million imposed on Amazon might just be petty change for the USD1.6 trillion-dollar tech giant, but there is much more at stake, not just for the US e-tailer but more...
Competition-law-needs-framework-for-private-enforcement-L

Competition law needs framework for private enforcement

By Vikram Sobti and Anisha Mittal, Chandhiok & Mahajan
Competition law jurisprudence in India has evolved significantly since the Competition Act, 2002 (act), came into force. However, the private enforcement of competition law infringement is yet to take off. Private enforcement claims can only...
Sonam Gupta Partner Bharucha & Partners

SC overreach undermines the purpose of IBC

By Sonam Gupta, Bharucha & Partners
The Supreme Court in Dena Bank (now Bank of Baroda) v C Shivakumar Reddy held that a money decree or adjudication of a claim creates a fresh cause of action for a financial creditor...
India-IP-counsel-challenges-LexOrbis-r

Keeping up with IP

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...
The-rebuild: IP matters

The rebuild

The IP division at Delhi High Court may be a harbinger of a new era, but India would do well to look further afield for examples of best-practice IP dispute resolution, argues KS Kardam,...
Delays and inconsistent treatment reduce RERA’s effectiveness, Amaresh Kumar Singh, HSA Advocates

Delays and inconsistent treatment reduce RERA’s effectiveness

By Amaresh Kumar Singh, HSA Advocates
RERA, or the Real Estate (Regulation and Development) Act, 2016 (act) and the Real Estate Regulatory Authority established under it, aimed to balance the interests of the various stakeholders in the real estate ecosystem,...
Do hybrid companies still exist

Do hybrid companies still exist?

By Anushri Uttarwar and Umang Pathak 
Private entities that are legally deemed to be public, yet permitted to retain private characteristics such as restrictions on share transferability, are called hybrid companies. In the Tata-Mistry dispute, the National Company Law Appellate...
The fragile position of independent directors of banks, Sumit P and Asima Ghosh, HSA Advocates

The fragile position of independent directors of banks

By Sumit P and Asima Ghosh, HSA Advocates
The improvement of corporate governance norms of banks has been on the agenda for many years. However, after egregious irregularities and misconduct at the highest levels were found at some well-known banks and non-banking...
Khaitan & Co and Cyril Amarchand Mangaldas advise on IL&FS waste management sale

Khaitan, CAM assist IL&FS on sale of waste management arm

Khaitan & Co advised EverEnviro Resource Management when it acquired the entire waste management business of Infrastructure Leasing and Financial Services (IL&FS), consisting of IL&FS Environmental Infrastructure & Services (IEISL), along with its subsidiaries...
Secured creditors not always financial creditors, Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners

Secured creditors not always financial creditors

By Karthik Somasundram, Sneha Jaisingh and Alabh Lal, Bharucha & Partners
In Phoenix Arc Pvt Ltd v Ketulbhai Ramubhai Patel, the issue before the Supreme Court was whether a person holding a security interest over the assets of a corporate debtor in respect of the...
Indian-Law-Firm-Awards-2021-logo

Indian Law Firm Awards 2021

Vandana Chatlani reports India has faced a terrible year battling the covid-19 pandemic. Companies and law firm offices shut shop. Homes were turned into work spaces, and lawyers relied on technology to stay connected. Investments in...
India Business Law Journal

Relying on specialists

Debate on wisdom of specialised courts returns It is no surprise that the recent scrapping of the Intellectual Property Appellate Board (IPAB) – a tribunal that decided on appeals from the patent and trademark office,...
NCLT proper forum for power purchase agreement insolvency, Abhishek Tripathi and Vedant Kumar, Sarthak Advocates & Solicitors

NCLT proper forum for power purchase agreement insolvency

By Abhishek Tripathi and Vedant Kumar, Sarthak Advocates & Solicitors
The Supreme Court has ruled that the National Company Law Tribunal (NCLT) has jurisdiction under the Insolvency and Bankruptcy Code, 2016 (IBC) in disputes involving Power Purchase Agreements (PPA). Gujarat Urja Vikas Nigam Limited...
Guarantees will now better ensure payment of debts, Aditya Vikram Dua and Aniket Sawant, SNG & Partners

Guarantees will ensure better payment of debts for now

By Aditya Vikram Dua and Aniket Sawant, SNG & Partners
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...
IBC decides the fate of PPAs in insolvency, Abhirup Dasgupta and Bhawana Sharma, HSA Advocates

IBC decides the fate of PPAs in insolvency

By Abhirup Dasgupta and Bhawana Sharma, HSA Advocates
A power purchase agreement (PPA) is essential not only for the way a power project functions, but also for its very existence. There has, however, been significant uncertainty regarding the status of power generators...
Related party exclusion cannot be avoided through divestment 

Related party exclusion cannot be avoided through divestment 

Financial creditors that cease to be related parties in order to circumvent the exclusion under the Insolvency and Bankruptcy Code, 2016, should also be considered as being covered by the exclusion, according to a...
Pledging shares does not create a financial creditor, Shweta Bharti and Nitesh Sachdeva, Hammurabi & Solomon_

Pledging shares does not create a financial creditor

By Shweta Bharti and Nitesh Sachdeva, Hammurabi & Solomon
In Phoenix Arc Pvt Ltd v Ketulbhai Ramubhai Patel, the Supreme Court held that a creditor cannot be a financial creditor on the basis of a pledge agreement unless that agreement contains an undertaking...
The committee of creditors and its commercial wisdom, Sonam Gupta, Sneha Jaisingh and Divyam Sharma, Bharucha & Partners

The committee of creditors and its commercial wisdom

By Sonam Gupta, Sneha Jaisingh and Divyam Sharma, Bharucha & Partners
The Insolvency and Bankruptcy Code, 2016 (code) was enacted to enable corporate insolvency resolution of financially stressed corporate debtors in a time bound manner, so as to maximise the value of their assets. The...
Manchanda joins partnership at Chandhiok

Manchanda joins partnership at Chandhiok

Deeksha Manchanda has been inducted into the partnership of Chandhiok & Mahajan. Previously a counsel at the firm working in the competition and regulatory practice areas, Manchanda specializes in advising clients on all aspects of...
DSK advises Dighi Port on successful insolvency resolution

DSK advises Dighi Port on successful insolvency resolution

DSK Legal advised the resolution professional of Dighi Port on its corporate insolvency resolution process, a result of which was the port’s acquisition by Adani Ports and Special Economic Zone for ₹7.05 billion (US$97.3...

Future legal leaders

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 been a more crucial quality, India Business Law...
India law firms- deals of the year 2020video

Deals of the Year

India Business Law Journal reveals the most significant deals and disputes of 2020 and the law firms that worked tirelessly in bringing them to fruition. By Rebecca Abraham The year gone by has been unlike...
What the 2021 budget holds for business, Manoj Kumar, Hammurabi & Solomon

What the 2021 budget holds for business

By Manoj Kumar, Hammurabi & Solomon
The budget for 2021-22, which was unveiled on 1 February 2021, impacts a number of commercial sectors. In the corporate field, small companies are now defined as companies with paid up capital of ₹20 million...
_SC-expands-role-of-informant-under-Competition-Law-

SC expands role of informant under Competition Law 

In a noteworthy judgment pronounced by the Supreme Court, the locus standi (right or capacity to bring an action or to appear in a court) of a person as an informant in matters pertaining...
Keeping the power on during insolvency, Abhishek Nath Tripathi and Vedant Kumar

Keeping the power on during insolvency

By Abhishek Nath Tripathi and Vedant Kumar, Sarthak Advocates & Solicitors
The National Company Law Appellate Tribunal (NCLAT) in Gujarat Urja Vikas Nigam Ltd (GUVNL) v Yes Bank Limited recently confirmed a National Company Law Tribunal (NCLT) decision restraining GUVNL from terminating the power purchase...
Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan, Decree holders

Decree holders not financial creditors under IBC

By Anush Raajan and Swastika Chakravarti, Lakshmikumaran & Sridharan
The Insolvency and Bankruptcy Code, 2016 (IBC) was conceived as a solution to the growing problem of non-performing assets. Together with the Reserve Bank of India’s framework for the resolution of stressed assets, the...
S&R promotions include new disputes partner, Shahezad Kazi

S&R promotions include new disputes partner

S&R Associates has promoted disputes counsel Shahezad Kazi to the firm’s partnership. Kazi is the second disputes partner at the firm, along with Niti Dixit, who heads the practice. Kazi is based in Mumbai and...
Aatma Nirbhar Bharat Abhiyaan, Disinvestment

Destination disinvestment?

Selling off public sector enterprises could be the key to strengthening a sluggish economy, writes Subir Bikas Mitra. Will a new privatization drive succeed where earlier attempts have failed? Aatma Nirbhar Bharat Abhiyaan (ANBA), which...
Manoj Kumar and Shweta Bharti, Hammur balance Insolvency and Bankruptcy Code and Prevention of Money Laundering Act abi & Solomon

How to balance the IBC and the PMLA

By Manoj Kumar and Shweta Bharti, Hammurabi & Solomon
The Prevention of Money Laundering Act, 2002 (PMLA) seeks to prevent money laundering, to prosecute those committing money laundering and to recover and seize properties acquired by means of laundered money. However, the effective...
Lalit Kumar J Sagar Associates corporate law company law india

An opportunity lost for corporate law reforms

By Lalit Kumar, J. Sagar Associates
The announcements forming part of the Atma Nirbhar Bharat Abhiyan (Self-Reliant India Mission) were expected to introduce big and bold reforms. Follow-up actions would shore up the ailing Indian economy, which faces an unprecedented...
financial

A tool for financial trouble

Now is a perfect time to introduce a composite code for the resolution of financial service providers, following a series of high-profile incidents in this area, writes Mohit Shukla Editor’s note: Large banking and financial...

News in brief

Disputes partner joins IndusLaw IndusLaw has hired Mayank Mishra as a partner in its Delhi office. Mishra joins from J Sagar Associates' dispute practice, where he was a partner and has more than 15 years...
India

Indian Law Firm Awards 2020

The 2021 Indian Law Firm Awards is out. Click here to see "Indian Law Firm Awards 2021" And the winners are ... Rebecca Abraham reports Companies and law firms across India have been grappling with a...
Competition

Competition and COVID-19: Compliance for businesses

By Deeksha Manchanda and Shruthi Rao, Chandhiok & Mahajan
Competition authorities worldwide including in the UK, the US, Australia and the EU have responded swiftly to the unprecedented situation created by the COVID-19 pandemic. In India, the Competition Commission of India (CCI) has...
CCI

Blue sky thinking

The competition regulator has over the years allowed companies to undertake innovative commitments to enable their mergers to go through, writes Soumya Hariharan of Trilegal. In the past nine years, the merger regime in India...
Arbitration

Overlap between insolvency code and arbitration law

By Charanya Lakshmikumaran and Puneeth Ganapathy, Lakshmikumaran & Sridharan
Arbitral awards are treated as orders of a court and can be enforced as such, under the Civil Procedure Code, 1908 (CPC), subject to defences under the Arbitration and Conciliation Act, 1996. The Insolvency...
news

News In brief

Real estate partner at HSA HSA Advocates has hired Amaresh Kumar Singh as a partner at the firm’s New Delhi office. Prior to joining HSA, Singh worked at L&L Partners. He has more than 25...
insolvency

Reverse insolvency to the rescue in housing projects

The National Company Law Appellate Tribunal (NCLAT) in Flat Buyers Association Winter Hills – 77, Gurgaon v Umang Realtech Pvt Ltd & Ors, brought by disaffected flat buyers of the Winter Hills project represented...
deals

Deals of the Year 2019

India Business Law Journal reveals the most significant deals and disputes of 2019 and the law firms that worked tirelessly to bring them to fruition The best transactions for the past year in India came...
creditors

Court rules committee of creditors is supreme

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
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....
受压资

The evolving resolution of stressed assets

By Ramya Hariharan and Dipti Srivastava, HSA Advocates
The banking sector has been under tremendous stress in the past few years due to the increasing number of non-performing assets (NPA) caused among other things by the absence of a comprehensive bankruptcy regime....
insolvency

NBFCs brought under purview of insolvency code

By Anisha Shroff and Sharanya Kundu, Samvad Partners
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...
insolvency

Pecking order

The significance of the insolvency code may be put into question if state governments do not observe the order of priority for creditors over a corporate debtor’s assets, write Arvind Varma and Amita Chohan “The...
creditor

Creditors’ wisdom should be heeded

The verdict of the Supreme Court on 15 November 2019, in the case of Committee of Creditors of Essar Steel India Limited through Authorised Signatory v Satish Kumar Gupta & Ors, has brought clarity...
Looking beyond litigation for resolving disputes

Courting mediation

The Singapore Mediation Convention offers hope to businesses looking for an alternative to time-consuming litigation in overburdened courts. Amar Sundram reports A recent article headlined “Trust Deficit” in a leading Indian financial newspaper pointed out...
fraud

Auditor’s professional lapses not fraud

By Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners
In January 2018, the Securities and Exchange Board of India (SEBI) banned the accountancy firm Price Waterhouse (PW) from auditing listed companies for a period of two years due to lapses in the audit...
Essar

Something for everyone in the Essar judgment

By Aniket Sawant and Arvind Nagaraj, SNG & Partners
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,...
claims

Resolution of disputed claims in insolvency process

By Charanya Lakshmikumaran and Gopal Machiraju, Lakshmikumaran & Sridharan
One of the key issues in the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (code), is the status and resolution of disputed claims. This has now been set to...
insolvency

India at crossroads with cross-border insolvency

By Shweta Bharti and Sukrit Kapoor, Hammurabi & Solomon
The National Company Law Appellate Tribunal (NCLAT) in the Jet Airways insolvency proceedings upheld the recent cross-border protocol agreed between the National Company Law Tribunal (NCLT) appointed Resolution Professional (RP) and the Dutch insolvency...
committee

Evolution of the committee of creditors’ authority

By Charanya Lakshmikumaran and Gopal Machiraju, Lakshmikumaran & Sridharan
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...
subsidiary

Retaining the independence of a subsidiary

Dear Editor, An insolvency resolution professional (IRP) can stop a holding company from moving assets of a subsidiary that is going through a corporate insolvency resolution process because both the companies are separate legal entities....

Rebuilding trust

Maharashtra Real Estate Regulatory Authority chief Gautam Chatterjee talks to Gautam Kagalawala about the role of the regulator, challenges, friction with IBC and other regulations and stress in the state’s realty sector The government introduced...
Deepak-Sabharwal,-Deepak-Sabharwal-&-Associates

Court clarifies conditions for reopening of accounts

By Deepak Sabharwal, Deepak Sabharwal & Associates
A Supreme Court bench comprising justices Indu Malhotra and MR Shah has held that the observations made by the National Company Law Tribunal (NCLT) while making an order under sections 241 and 242 of...
SEBI

SEBI raises questions on IBC’s overriding provisions

By Abhishek Dutta, Manish Parmar and Sayli Petiwale, Aureus Law Partners
A recent challenge by the Securities and Exchange Board of India (SEBI) before the Supreme Court exemplifies how the Insolvency and Bankruptcy Code, 2016 (IBC), remains a heavily contested field. The Supreme Court is...
waterfall mechanism

Ensuring fair distribution under waterfall mechanism

By Aditya Vikram Dua and Satish Anand Sharma, SNG & Partners
The Insolvency and Bankruptcy Code, 2016 (IBC), has been severely tested on many fronts since its enactment. One concept that remains to be tested is the waterfall mechanism, or priority of payments, in the...
Home finance

Home finance lenders are not financial creditors to developers

In a recent judgment in Indiabulls Housing Finance Ltd v Rudra Buildwell Projects (P) Ltd, the National Company Law Appellate Tribunal (NCLAT) dismissed the appeal of Indiabulls claiming to be a financial creditor of...
Deccan Chronicle

Many hurdles in Deccan Chronicle insolvency

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...
Liquidation

Liquidation under IBC

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...
modi government

Wish list

As the Modi government comes back to power, Lawyers tell Gautam Kagalwala about their expectations for the new term The ruling Bharatiya Janata Party led by Prime Minister Narendra Modi has won the elections resolutely...
insolvency

Insolvency code: Judicial trends

By Abhishek Tripathi and Avantika Shukla, Sarthak Advocates & Solicitors
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)...
insolvency

Giving creditors their fair share

By Mahesh Agarwal, Agarwal Law Associates
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...
insolvency

Charting the way ahead for IBC

By Dhananjay Kumar and Hamraj Singh, Cyril Amarchand Mangaldas
Dhananjay Kumar and Hamraj Singh suggest ways to speed up insolvency resolution The Insolvency and Bankruptcy Code, 2016 (IBC) emphasizes the importance of “time-bound” reorganization and resolution for distressed entities and it is touted as...
Bankruptcy

Courts play prudent role in IBC’s logical evolution

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
The bankruptcy process in India before the enactment of the Insolvency and Bankruptcy Code, 2016 (code), was fragmented with the rights of creditors and debtors decided by different judicial forums with sometimes conflicting decisions...
labour laws

SC weighs in on interplay of labour laws and IBC

By Abhishek Dutta and Vineet Shrivastava, Aureus Law Partners
India as a welfare state has enacted various labour laws in order to ensure the protection and promotion of the social and economic status of workers and the elimination of their exploitation. Under the Indian...
Grounded Jet Airways

Grounded

Did the reluctance of Jet Airways’ creditors to pursue bankruptcy proceedings point to turbulence in the insolvency regime? Rebecca Abraham reports Editor’s note: The National Company Law Tribunal (NCLT) Mumbai bench admitted the insolvency petition...
Trade unions are operational creditors under insolvency code

Trade unions are operational creditors under insolvency code

The Supreme Court, in the recent case of JK Jute Mill Mazdoor Morcha v Juggilal Kamlapat Jute Mills Company Ltd through Its Director & Ors, held that a trade union can file as an operational...
Sudipta-Bhattacharjee-Shashank-Shekhar-Advaita-Legal

Are designs provided to auto-parts makers dutiable?

By Sudipta Bhattacharjee and Shashank Shekhar, Advaita Legal
Tax authorities have issued several show-cause notices (SCNs) to auto-component manufacturers (ACMs) recently, seeking to recover additional excise duty on designs or drawings provided by automobile companies to the ACMs for the production and...
Abhishek Dutta, Sayli Petiwale, Aureus Law Partners

NCLAT says statutory dues also operational debt

By Abhishek Dutta and Sayli Petiwale, Aureus Law Partners
The National Company Law Appellate Tribunal (NCLAT) on 20 March 2019 dismissed a batch of appeals in the matter of PR Director General of Income Tax (Admn & TPS) v Synergies Dooray Automotive Ltd...
Shweta-Bharti-Hammurabi-&-Solomon

Commercial implications of RBI circular strike-down

By Shweta Bharti, Hammurabi & Solomon
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...
Ramya-Hariharan-Asmita-Rakhecha-HSA-Advocates-business-law

Lenders face a choice between debtor, guarantor

By Ramya Hariharan and Asmita Rakhecha, HSA Advocates
Guarantee as a form of collateral security is popular in financing deals as the liability of a guarantor and the principal debtor are coextensive. Thus, the creditor has a remedy against both the principal...
Board meeting procedures clarified

Former directors must be given agenda before creditors meeting

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...
Priya-Mehrai-Indigo-law-business

Rising to the occasion

Priya Mehra began her career at Ajay Bahl & Co, then moved to Singapore with Jones Day, and later to Gibson Dunn & Crutcher, where she helped build the India practice. Now the general...
Top law firms in India

Indian Law Firm Awards, 2019

The 2020 Indian Law Firm Awards is out. Click here to see our full coverage  India Business Law Journal presents the top law firms in India 2018-2019. Rebecca Abraham reports The challenges and opportunities of the past...
Abhishek Dutta, Vineet Shrivastava and Manish Parmar, Aureus Law Partners

IBC: Law of guarantees and corporate insolvency process

By Abhishek Dutta, Vineet Shrivastava and Manish Parmar, Aureus Law Partners
The National Company Law Appellate Tribunal (NCLAT), in its recent ruling in the case of Vishnu Kumar Agarwal v Piramal Enterprises Ltd, while examining the validity of an application made under section 7 of...
Legal-frontier-India

Legal frontiers

Leading law firms shed light on the cutting-edge practice areas that are receiving the attention of India’s top legal minds Internet platform liability Bankruptcy & insolvency Data privacy Taxation  INTERNET PLATFORM LIABILITY  Intermediary liability in India – moving goalposts The internet...
DHANANJAY KUMAR is partner and co-author GAUTAM SUNDARESH is an associate in the restructuring and insolvency practice at Cyril Amarchand Mangaldas

IBC: Ensuring dissenting creditors get fair deal

By Dhananjay Kumar and Gautam Sundaresh, Cyril Amarchand Mangaldas
 BANKRUPTCY & INSOLVENCY  A resolution plan passed under the Insolvency and Bankruptcy Code, 2016 (IBC), binds all stakeholders of the company including any dissenting creditors. Providing a 66% voting threshold by value for approval is...
NCLAT-CASE-PENDING-UNDER-NEGOTIABLE-INSTRUMENTS-ACT-NOT-A-DISPUTE

NCLAT: case pending under negotiable instruments act not a dispute

The National Company Law Appellate Tribunal (NCLAT) recently held that if a case is pending under section 138/141 of the Negotiable Instruments Act, 1881 (NIA), it cannot be held to be a dispute pending...
blue star

Deals in brief

ACTIS EXITS SYMBIOTEC STAKE A consortium of private equity funds formed by Motilal Oswal Private Equity and Invascent bought out the entire stake of private equity investor Actis in drugmaker Symbiotec Pharmalab. The Indore, India-based...
A photo of Vasanth Rajasekaran who talks about cement prices in India and the changes brought by CCI and NCLAT

Analysis: the cement price-fixing dispute

VASANTH RAJASEKARAN of Phoenix Legal provides an insider’s perspective The Builders Association of India (BAI) brought an action under section 19 of the Competition Act, 2002 against the Cement Manufacturers Association (CMA) and 11 major cement...
Deals of the year 2018 | India Business Law Journal

Deals of the Year 2018

India Business Law Journal reveals the most important deals and disputes of 2018 and the law firms behind them. Gautam Kagalwala reports Last year mingled pleasure with pain for debt-strapped India, and many of the...
Insolvency and Bankruptcy Code

In sickness & health

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...
india-legal-developments-2018

2018: The year that was

Aman Abbas and Anant Ghuge review the major legal issues and policy developments that made headlines in India’s mainstream media The pages, websites and studios of  the mainstream media were buzzing with  matters before India’s...
Karthik Somasundram and Shreya Gupta, Bharucha & Partners

Time-barred debts and the insolvency code

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
The Insolvency and Bankruptcy Code, 2016, has been construed as a complete code. Based on that construction and noting that the code contained no provision expressly making the Limitation Act applicable, and as the...

Government constitutes accounting regulator

The Ministry of Corporate Affairs (MCA) notified the constitution of the National Financial Reporting Authority (NFRA) on 1 October 2018. NFRA is mandated to act as an independent regulator for the accounting and auditing...

Rising Stars 2018

50 law firms that are on the ascent by Rebecca Abraham Ask any in-house lawyer to name India’s most reputed law firms and most will mention the six or seven that have for long dominated the...

Deals in brief

SBI lists green bonds MTNs State Bank of India (SBI) completed a maiden green bond offering as well as Medium Term Notes (MTN) issue on the Global Securities Market (GSM) platform of Bombay Stock Exchange’s...

IBC amendment gives voice to beleaguered homebuyers

By Pranav Shroff, Vidhii Partners
The recent amendment to the Insolvency and Bankruptcy Code 2016 (IBC) has created a special status for the homebuyers as “financial creditors” with effect from 6 June 2018. The amendment was brought into force...

Supreme Court says arbitral award not operational debt

By Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners
Is an arbitration award against which a challenge is pending under the Arbitration and Conciliation Act, 1996, sufficient to commence insolvency proceedings under the Insolvency and Bankruptcy Code, 2016? “No”, said the Supreme Court...

Limitation Act applies to IBC proceedings

The Supreme Court, while hearing an appeal against an order of National Company Law Appellate Tribunal (NCLAT), held that Limitation Act, 1963, is applicable to applications filed under the Insolvency and Bankruptcy Code, 2016...

Lenders’ dilemma resolved as guarantors caught in net

By Shweta Bharti and Sukrit Kapoor, Hammurabi & Solomon
The impact of economic and financial crises and the accumulation of non-performing assets paved way for the Insolvency and Bankruptcy Code, 2016 (IBC). The aim of the IBC was to curtail the financial uncertainty,...
CRIMINAL-ACTION-POSSIBLE-DESPITE-MORATORIUM-UNDER-IBC

Criminal action possible despite moratorium under IBC

The National Company Law Appellate Tribunal (NCLAT) recently considered whether a moratorium order covers a criminal proceeding under section 138 of Negotiable Instruments Act, 1881 (NI Act), which provides for punishment in the form...
Parliament--The-monsoon-session

Parliament: the monsoon session

Continuing our regular coverage of India’s parliamentary sessions, Mandira Kala and Roopal Suhag assess key commercial bills that were debated and passed during the recent session The monsoon session of parliament in 2018 marked the...
partner-ATUL-DUA-and-managing-associate-ANUPAM-SANGHI-at-Advaita-Legal

Hyundai case: A lesson for CCI

Atul Dua and Anupam Sanghi analyse why the competition regulator’s order was set aside The automobile industry is prominent for a high incidence of alleged anti-competitive conduct on the part of car manufacturers and their...
Insolvency

NCLAT clarifies ‘dispute’ under the insolvency code

The National Company Law Appellate Tribunal (NCLAT) recently held in an appeal against the Allahabad bench of the National Company Law Tribunal (NCLT) that any disputes within a corporate debtor company is not one...

Legal discord?

Clashes between intellectual property laws and antitrust laws are causing a headache for rights owners Intellectual property (IP) and antitrust laws seem to be two areas of law that are in conflict. In IP rights,...

Promoter-investor disputes may be solved by mediation

By Ekta Bahl, Samvad Partners
Startups, early-stage and even growth-stage companies seek investors with capital, experience and connections to help fuel their business, while investors hope for an exit with fabulous returns. Private equity funds have a finite life...
Deepak-Sabharwal,-Deepak-Sabharwal-&-Associates

Changes aim to halt abuse of insolvency proceedings

By Deepak Sabharwal, Deepak Sabharwal & Associates
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...
Business Law Journal, letter to the editor

IBC’s position on supply of essential goods and services

Dear Editor, Section 14(2) of the Insolvency and Bankruptcy Code, 2016 (IBC), states that the “supply of essential goods or services to a corporate debtor shall not be suspended during the moratorium period”. The purpose...

Supreme Court clarifies scope of appeal before NCLAT

The Supreme Court recently held that the National Company Law Appellate Tribunal (NCLAT) does not have the jurisdiction to dismiss an appeal for a party’s failure to provide a deposit as a pre-condition for...

Bhushan Steel IBC’s first big win

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...

Timely ordinance replies to resolution process feedback

By Manoj Kumar, Hammurabi & Solomon
As of 31 March, 525 corporate debtors were undergoing resolution under the Insolvency and Bankruptcy Code, 2016. Resolution plans had been approved for 22 of them and 87 liquidations had commenced, all in 15...
insolvency-code-india-challenges

Full steam ahead

Banks are beginning to see the light at the end of the lending tunnel, but the challenges facing investors are still daunting. Rebecca Abraham reports As the clean-up of the balance sheets of lenders continues,...
Deepak-Sabharwal,-Deepak-Sabharwal-&-Associates

Amendments spur renewal of interest in arbitration

By Deepak Sabharwal, Deepak Sabharwal & Associates
When domestic and international commercial disputes arise, arbitration and other alternative dispute resolution (ADR) mechanisms offer many advantages over litigation in civil courts. Under the Arbitration Act, 1940, courts were allowed to interfere at...

Stress test

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...
blue star

Deals in brief

ELP ADVISES FUTURE LIFESTYLE Economic Laws Practice (ELP) assisted Future Lifestyle Fashions (FLFL) with the sale of a 10% stake to Singapore-based Spectacular Investments for US$125 million. The transaction is a combination of primary and...
Liquidation-of-personal-guarantor’s-assets-halted

Liquidation of personal guarantor’s assets halted

The National Company Law Appellate Tribunal (NCLAT) recently held that assets of personal guarantors cannot be liquidated while a moratorium is being imposed on the alienation of a corporate debtor’s assets by the National...
SUBODH-SADANA-and-BHUVAN-ARORA-Advaita-Legal.

Court’s role in insolvency cases

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...
Law-clarified-on-procedure-for-board-meetings

Law clarified on procedure for board meetings

The National Company Law Appellate Tribunal (NCLAT), New Delhi, recently resolved the ambiguity regarding the binding nature of a company director’s option to participate in a board meeting through video conferencing or other audio-visual...

Personal guarantee: A loophole finally plugged

By Sachin Gupta and Pragya Khaitan, Dhir & Dhir Associates
The Insolvency and Bankruptcy Code, 2016, is still embryonic and constantly evolving. At this stage, it is of utmost importance that issues that lack absolute clarity be settled promptly to avoid any obstacles to...
Aditya-Vikram-Dua,-Satish-Anand-Sharma,-SNG-&-Partners

Judgments resolving issues facilitate resolution process in India

By Aditya Vikram Dua and Satish Anand Sharma, SNG & Partners
Issues arising in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, are being resolved by decisions of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal...

Replacement of resolution professionals in liquidation

By Varsha Banerjee, Dhir & Dhir Associates
The Insolvency and Bankruptcy Code, 2016 (IBC), has been in the news since it came into force in December 2016. Apart from laying down new law in the restructuring domain, the code provides guidelines...

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