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Insolvency and Bankruptcy Code is constitutionally valid: SC


1st February 

Supreme Court has upheld constitutional validity of various provisions of Insolvency and Bankruptcy Code, 2016. It noted that the Code is a beneficial legislation which puts corporate debtor back on its feet, not being a mere recovery legislation for creditors.

Observing that there is no liquidation, even in the preamble,...

Competition - Director can be proceeded against on violation of Sections 3 & 4


29th January

The Delhi High Court has held that officers or directors of a company can be proceeded against for violation of Sections 3 and 4 of the Competition Act, dismissing the plea that directors are punishable only where CCI order is not obeyed.

It stated that it would be an anathema if officers/directors could not be punished.
...

Insolvency proceedings can be initiated against ‘corporate guarantor’


22nd January

The NCLAT has held that without initiating Corporate Insolvency Resolution Process (CIRP) against the principal borrower, financial creditor can initiate CIRP against the Corporate Guarantors.

It noted that as per IBC Section 5(8)(h), counter-indemnity obligation in respect of a guarantee comes within the meaning of a ‘fi...

Revised policy on FDI in E-Commerce in India


On December 26, 2018, the Government of India, issued a press note (“Press Note”) to clarify the existing foreign direct investment (FDI) policy on e-commerce sector. The provisions of the Press Note will be effective from February 01, 2019. We have summarized the amendments introduced by the Press Note on the existing FDI policy on e-commerce along with the impacts of such amendmen...

Competition law – Advocate can accompany person summoned by DG


11th December

Competition Commission of India has amended CCI (General) Regulations, 2009 to specify that an advocate may accompany any person summoned by the DG to appear before him, subject to specified conditions.

According to the new Regulation 46A, a written request along with Vakalatnama/Power of Attorney must be submitted prior to co...

Companies (Amendment) Ordinance, 2018


15th November 2018

The Companies Act, 2013 (‘Companies Act’) was amended in the year 2017 in order to liberalise and correspond compliance requirements with other laws in force. The Ministry of Law and Justice has come up with the Companies (Amendment) Ordinance dated 2nd November 2018 (‘Ordinance’), further amending various provis...

Limitation in insolvency cases – Insertion of s.238A in IBA is retrospective


12th October

Relying on Report of Insolvency Law Committee, Supreme Court of India has held that insertion of Section 238A in the Insolvency and Bankruptcy Code (IBC) is retrospective.

Setting aside the NCLAT Order, the court in its judgement dated 11-10-2018 held that Limitation Act, 1963 will apply to the applications made under Section 7...

CCI amends Combination Regulations for faster disposal of M&A cases


10th October

Competition Commission of India has amended CCI (Procedure in regard to Transaction of Business relating to Combinations) Regulations, 2011 on 9-10-2018 to provide certainty, transparency and other clarificatory changes for faster disposal of combination cases.

Parties can now submit remedies voluntarily in response to the noti...

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations amended


06th July, 2018

The IBC has undergone multiple amendments, since its inception in 2016. June saw another major amendment, which finally addressed a few issues which had plagued the Code and had resulted in litigation. The June amendment provided the much-needed relief to home buyers and placed them on par with financial creditors, eased the procedure for ...

Implantable medical devices will now be drugs


29th June, 2018

The Central Drugs Standard Control Organization (CDSCO) on June 22, 2018 issued a public notice regarding medical devices. Through the notice, the CDSCO has proposed to include implantable medical devices within the purview of Section 3(b)(iv) of the Drugs and Cosmetics Act, 1940 (the Act), and now would be considered as ‘drugs...

Commercial Courts…(Amendment) Bill passed by Lok Sabha


6th of August

The Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amendment) Bill, 2018 has been passed by the Lok Sabha (lower house of the Indian Parliament).

The Bill provides for faster resolution of matters relating to commercial disputes, thus creating a positive image particularly among the fo...

TRAI’s recommendation on data privacy, security and ownership


18th July, 2018

Introduction

The Telecom Regulatory Authority of India (TRAI) released their Recommendations on Privacy, Security and Ownership of Data (the Recommendations) in context of the telecommunication domain. The Recommendations, besides elaborating on the need and importance of data privacy in te...

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