One of the consultation papers recently released by the Securities and Exchange Board of India (SEBI) has sparked notable changes in the regulatory framework overseeing Special Situation Funds (SSFs) as set out under the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF Regulations). Falling under the umbrella of Alternative Investment Funds (AIFs), SSFs, as the name…
The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under the provisions of the Insolvency Bankruptcy Code, 2016 (IBC), has issued various discussion papers and has sought comments, inter alia, on the following issues: Amendments to IBBI (Insolvency Resolution Process for Corporate Process) Regulations 2016 | Discussion Paper dated…
In December, the criminal law landscape in India was entirely changed by the introduction of the following three new legislations: the Bharatiya Nyaya Sanhita, which would replace the Indian Penal Code, 1860 (IPC); the Bharatiya Nagarik Suraksha Sanhita, which would replace the Code of Criminal Procedure, 1898 (CrPC); and the Bharatiya Sakshya, which would replace…
The Department for Promotion of Industry & Internal Trade, Government of India (DPIIT) in April 2020, issued the Press Note 3 (PN3) to amend the FDI Policy of India with an intent to curb opportunistic takeovers / acquisitions of Indian companies. The PN3 provided that an entity of a country sharing land border with…
An appeal was filed under section 62(1) of the Insolvency and Bankruptcy Code, 2016 (IBC)IBC, challenging the decision of the National Company Law Appellate Tribunal’s (NCLAT) which held that Compulsorily Convertible Debentures (CCDs) issued under “put option” are to be treated as equity for the purposes of the treatment under the IBC. Although the hon’ble…
The Hon’ble Supreme Court of India (Supreme Court) in a recent judgment in the matter of Hari Babu Thota v. Shree Aashraya Infra-Con Ltd. settled that the benefit regarding the non-applicability of the disqualifications provided under section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC) shall be available, even if, the Corporate Debtor had…
The NCLAT, New Delhi vide its judgment in the matter of Real Estate Regulatory Authority vs. M/s D.B. Corp Limited and Anr., inter alia, dealt with the following questions: firstly, whether amounts accruing on account of a barter agreement could be ascertained as an ‘Operational Debt’ for the purposes of maintainability of an application filed…
The hon’ble High Court of Gujarat (Gujarat High Court) in its judgment in the matter of Jagdish Prasad Saboo v. IDBI Bank Limited, held that proceedings initiated under chapter III, Part III of the IBC will have no bearing on the proceedings initiated against the debtor under the master circular issued by the RBI to…
October 31, 2023 dismissed the review petition filed seeking the review of the judgment passed in the matter of State Tax Officer v. Rainbow Papers Ltd. (Rainbow Papers) and reaffirmed its decision to hold that statutory authorities having a security interest created under any other legislation will be treated at par with the secured creditors…
In Cox and Kings Ltd. v. SAP India Private Ltd., the hon’ble Supreme Court of India (Supreme Court) upheld the applicability of the doctrine of group of companies (Doctrine) in the context of complex transactions involving multiple parties and agreements in the Indian arbitration jurisprudence. Supreme Court recognized the practicality of modern commercial transactions,…