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RBI circular triggering IBC on debtors in general, declared ultra vires

5th April 

Supreme Court has declared the RBI Circular dated 12-02-2018, by which the RBI promulgated a revised framework for resolution of stressed assets, ultra vires Section 35AA of the Banking Regulation Act. It declared all actions proceeded against debtors, triggered under Section 7 of the Insolvency Code, as a result of the said circu...

Arbitrability of dispute under TP Act – SC refers matter to Larger Bench

11th March

Supreme Court has referred the question of arbitrability under Transfer of Property Act to the Larger Bench.

Holding that judgment in Himangni Enterprises is required to relooked, it observed that there is nothing in TP Act that shows that a dispute as to determination of lease cannot be decided by arbitration. It was no...

E-Form INC-22A ACTIVE – Companies (Incorporation) Rules amended

26th February

On February 21, 2019, the Ministry of Corporate Affairs (“MCA”), in exercise of its powers under the Companies Act, 2013 (“Companies Act”) issued the Companies (Incorporation) Amendment Rules, 2019 (“Incorporation Amendment Rules”) to amend and incorporate Rule 25A to the Companies (Incorporation) Rules, 2...

Company seeking voluntary removal under Section 248(2) be treated sympathetically

8th February

NCLAT has held that a company seeking voluntary removal of its name from register of companies should be treated sympathetically by the Registrar.

It was held that such company should not be resisted from taking benefits of provisions under Section 248(2) of the Companies Act, 2013 or the Condonation of Delay Scheme, 2018.

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...

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