Lakshmi Kumaran & Sridharan AttorneysAn ISO 9001 / 27001 certified law firm

Corporate News

Search From Date To Date
Corporate Insolvency Resolution Process – NCLT clarifies scope of ‘operational debt’

6 June


The National Company Law Tribunal (NCLT) has passed an order on dated 31-3-2017 interpreting the definitions of ‘operational creditor’ and ‘operational debt’ under the Insolvency and Bankruptcy Code, 2016 (Code).

NCLT rejected the application filed under Section...

FEMA violation not a valid defence against enforcement of foreign arbitral award

15th May 2017


A petition was filed before the High Court of Delhi, by the Petitioner in the instant case, Cruz City 1 Mauritius Holdings (Cruz City), a company incorporated under the laws of Mauritius, to enforce an arbitral award rendered under the London Court of International Arbitration Rules (Award), with respect to a d...

Existence of “dispute” in terms of Insolvency Code bars initiation of insolvency process

11th May 2017

Key points

  • The definition of the word “dispute” is not exhaustive but illustrative. A corporate debtor has the right to reject a demand on any sustainable ground other than showing a pending suit, arbitration proceeding or the breach of representation or warranty. The sustainability of suc...

Listing date crucial in determining exemption from open offer obligations

8th May 2017

Key Points

  • It is irrelevant whether the same promoters were holding the same shares for over a long period either in the target company or in the parent company or both, prior to listing the target company. The only relevant factor is date of listing the target company and the promoter holding filed by the targe...

Merger control exemptions - Expansion of scope

4th May 2017

The Ministry of Corporate Affairs, vide Notification dated March 27, 2017 (2017 Notification), has expanded the scope of combinations under Section 5 and Section 6 of Competition Act 2002 (Act) which are eligible for an exemption from seeking approval of Competition Commission of India (CCI) based on certain de-minimis thres...

Voluntary liquidation process - Draft Regulations issued

7 March 2017

On February 14, 2017, the Insolvency and Bankruptcy Board of India (IBBI) has published draft Regulations applicable to the voluntary liquidation of corporate persons under Part II of the Insolvency and Bankruptcy Code, 2016 (IBC).

Section 59 of the IBC mandates a corporate person to meet such conditions and procedural requirem...

Integrated Reporting by listed entities

7 March 2017

Currently, SEBI mandates the top 500 listed entities in India (based on market capitalization calculated as on March 31 of every financial year) to prepare a business responsibility report describing initiatives taken from an environmental, social and governance perspective (in accordance with Regulation 34(2)(f) of SEBI (Listing Obligations ...

Breach of promise of ‘assured returns’ when not Financial Debt

7 March 2017

Key Point:

  1. A forward contract to sell product at the end of a specified period - such as a contract for sale/purchase of property will be treated as a contract for sale of specified goods.
  2. ‘Financial debt’ includes such financial transactions which are usually for a su...

Insolvency and Bankruptcy Regulations notified

6 January 2017
The Insolvency and Bankruptcy Board of India (IBBI) has notified Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Liquidation Process Regulations

Companies (Transfer of Pending Proceedings) Rules, 2016 notified

6 January 2017
The National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal were established in June 2016 to adjudicate upon company law matters in India. The Central Government by Notification No. S.O.1936 (E) dated 1st June, 2016, appointed 1st June, 2016 as the date on which all proceedings pending be...

Foreign award cannot be enforced in absence of arbitration agreement

6 January 2017
The present case was filed before the High Court of Delhi with regard to the enforcement of an arbitral award. The case dealt with two companies involved in the sale of palm oil that were at a preliminary stage of negotiations. The seller sought to enforce the arbitral award which was rendered by the Arbitral Tribunal, presuming the e...

Central legislation shall have precedence over State legislation – Supreme Court rulings on SARFAESI Act

6 January 2017
The Supreme Court of India has held that provision of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) shall have precedence over State legislation. The dispute arose from Order of the High Court wherein the lower court had held that since the Tripura Land Revenue ...

Page(s) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 
Please refer 'Archives' section to see older items.
Search People
Search People
Alphabetical by First Name
Enter at least a name or a keyword to search