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Review of FDI Policy on various sectors


3rd February

Union Cabinet recently approved changes in the Foreign Direct Investment Policy (“FDI Policy”) allowing further liberalisation with a view to promote and provide ease of doing business in the country. On January 23, 2018, the Department of Industrial Policy & Promotion notified the amendments by way of Press Note No. 1 (2018 S...

IRDAI (Investment by PE Funds in Indian Insurance Companies) Guidelines


3rd January

IRDAI has issued certain guidelines with respect to investment in insurance companies either as an investor or as a promoter. These Guidelines provide clarity as they set out a regulatory framework that will now apply, and which will enable increased flow of Foreign Direct Investment into the country and will also unleash a new era for formati...

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017

 
23rd November

The President of India, on 23rd November, 2017 [Notification No. DL- (N)04/0007/2003-17], promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, which amends the existing Insolvency and Bankruptcy Code, 2016 (IBC), in order to strengthen the insolvency resolution process. A brief summary of some key amen...

SEBI (International Financial Services Centres) Guidelines, 2015 – Amendments

14th November

In its Circular dated November 14, 2017 (“Circular”), SEBI has amended the guidelines for International Financial Services Centres (“IFSC”) wherein SEBI has introduced an amended definition of an ‘Issuer’  in the SEBI (IFSC) Guidelines, 2015 (“Guidelines”).
 
Previously, the def...

Contract – SC rules on when express term can be implied

24th November, 2017

The Supreme Court has held that a contract should be interpreted in accordance with the terms expressly provided in its agreement. A term can only be implied to be present in the contract if it is necessary to give efficacy to the business transaction. 
 
The Punjab State Electricity Board (PSEB) conducted a competitive...

Counter-guarantee is an independent contract, separate from its underlying contract

27th November 2017

The High Court of Delhi has held that a counter-guarantee is an independent contract, separate from its underlying contract. The Court upheld that the intentions of the parties were paramount to determining jurisdiction, and a mere omission of a technical term such as ‘only’ would not be enough to render the jurisdiction as non-excl...

Limitation Act not applicable for proceedings under IBC


The National Company Law Appellate Tribunal held that the Limitation Act, 1963 is not applicable to the Insolvency & Bankruptcy Code, 2016. NCLAT further held that debentures fall within the meaning of ‘Financial Debt’ irrespective of the amount of interest attached to them.
 
Contentions
The Appellant (Neelkanth Township and Constr...

Demerged resultant entity eligible to position itself as a ‘financial creditor’

 
Brief Overview
Financial Creditor (Reliance Commercial Finance Limited) made an application to the National Company Law Tribunal, Ahmedabad to initiate insolvency resolution process against Corporate Debtor (Anil Nutrients Limited) under Section 7 of the Insolvency and Bankruptcy Code. The Corporate Debtor had availed a term loan from the Financia...

Consolidated FDI Policy


The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India has released the latest Consolidated FDI Policy, 2017 (FDI Policy 2017), effective from August 28, 2017. Some major changes reflected in the FDI Policy 2017 are outlined below:

Investment exceeding Rs. 5000 Crores - Previously, additio...

Pendency of winding up petition when not bars initiation of corporate insolvency process


6 June

Key points:

  • If a notice for winding-up is served to the corporate debtor/respondent company or if the application for winding-up is pending before the High Court and no order has been passed as on date: an application under Insolvency Bankruptcy Code, 2016 (IBC) can be filed with the National Company Law Tribunal (NCLT) wit...

Corporate insolvency proceedings can be initiated for dishonour of post-dated cheques


6 June

Key Points:

  • Issuance of post-dated cheques to any person will amount to acknowledgement of legally enforceable liability;
  • Dishonour of post-dated cheques would amount to “default” under the Insolvency and Bankruptcy Code, 2016 (“Code”) and can be used as a ground for initiation o...

RERA - Operative provisions notified


6 June

RERA is a legislation that has been formulated with a view to (i) protect the interest of the allottees by promoting transparency, accountability and efficiency in the construction and execution of real estate projects by promoters and (ii) establishing uniformity, standardization of business practices and transactions in the real estate sector.

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