Limited Liability Partnership Rules

In the preceding quarter, the following key amendments to the provisions of rules governing limited liability partnerships (LLPs) were passed by the Ministry of Corporate Affairs (MCA):   Title Date of Notification Particulars Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023 (“LLP SBO Rules”) November 9, 2023 These LLP SBO Rules are issued pursuant to…

Enhancing the effectiveness of the IBC | IBBI releases discussion papers on significant issues

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…

New criminal law landscape in India

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…

Interim Moratorium under Section 96 of the IBC | Not to be extended to proceedings initiated under the Master Circular of RBI to declare the account as willful defaulter

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…