Law Firm Articles
Recommendations Of The Insolvency Law Committee: Time For More Changes In IBC
The bankruptcy law framework of India has undergone changes several times since it came into force in the form of the Insolvency and Bankruptcy Code, 2016 ("Code"). Recently, changes have been made in the Code via the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 which has now been repealed by the Insolvency and Bankruptcy Code (Amendment) Act 2020. Further, the Insolvency and Bankruptcy Board of India ("IBBI") also keeps amending the regulations to bring them in line...
Impact Of COVID-19 On Contractual Obligations
The rise of COVID-19 (coronavirus) epidemic which began in early December 2019 in a Chinese state named Wuhan led to become one of the most deadly global crisis with thousands of deaths and complete lockdown across various nations. Due to this epidemic, global health seems to be of utmost importance. However, the rapid transmission and unsuccessful containment measures are leading the global economy into a state of havoc. India has also hundreds of confirmed cases of COVID-19 and its ...
E-Commerce In India And Legal Challenges Faced By It Under The Indian Tax Regime
India has an internet user base of about 475 million as of July 2018, about 40% of the population. Despite being the second-largest userbase in the world, only behind China (650 million, 48% of the population), the penetration of e-commerce is low compared to markets like the United States (266 million, 84%), or France (54 M, 81%), but is growing, adding around 6 million new entrants every month. With the e-commerce industry in India rising at a booming rate, more so with the invasion of...
The Judicial Turmoil
The occurrence of COVID-19 virus pandemic has unquestionably toppled the entire nation. The global outbreak has caused widespread unrest and triggered some major tests on management systems across the world. Not even one sector is unaffected barring possibly the pharmacy sector. From industries such as travel, logistics, technology, banking, insurance to industries like hospitality, essential goods manufacturers and distributors, retailers and entertainment are substantially affected by...
COVID 19: Revised Default Trigger Under The Insolvency And Bankruptcy Code
Pursuant to a notification dated March 24, 2020 (the "Notification")[1], the Ministry of Corporate Affairs, the Government of India has increased the threshold for default by corporate debtors under Section 4 of the Insolvency & Bankruptcy Code, 2016, as amended (the "Code") from INR 100,000 to INR 10,000,000. In terms of the Notification, potential financial and operational creditors will not be able to initiate the corporate insolvency process under the Code on and after March 24, ...
Strict Interpretation Of Statutory Provisions Qua Quasi-Judicial Forums / Tribunals: The Power Of Tribunals To Condone Delay Beyond Statutory Limit
When it comes down to defining the power of tribunals/quasi-judicial forums, The Hon'ble Supreme Court of India has always held a strict view to maintain the fine line of distinction between them and judicial forums. While High Courts enjoy unrestrained power vide instruments like Section 482 and Article 226/227, similar position is not enjoyed by the tribunals. A mandatory provision relates to the matter of substance, disobedience of which would lead to the nullification of the legal...
Section 24(2) Of The LARR Act, 2013- Quietus On The Interpretation
It is known that with the coming into effect of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act,2013 ("LARR Act, 2013") on 01/01/2014, came a controversial provision, i.e., Section 24(2) of the LARR Act, 2013. As per the said provision, if the Award was passed 5 years prior to coming into effect of the New Act and either compensation was not paid or physical possession of the Land was not taken, then the acquisition would be deemed...
Section 32A Of Insolvency And Bankruptcy Code, 2016: A Sought After Reprieve For Potential Investors And Bidders
Insolvency and Bankruptcy Code, 2016 ("IBC") is a game-changer in facilitating the revival of failing companies and addressing the problem of non-performing assets. It is however relatively new legislation that is still evolving. As and when problems arise in the smooth functioning of the IBC, necessary steps are taken to resolve them, including amending the IBC as required to attain the spirit of the IBC. Recently, the Insolvency and Bankruptcy Code (Amendment) Bill, 2020...
Fantasy Sports And Online Casinos - Are They Legal In India ?
Gambling, in general, is a controversial topic in India, and so are online casinos. Even though gambling was present in Indian culture throughout history, it's often associated with crime and addiction. That's the reason why it's still frowned upon in many Indian states, but it doesn't make it less popular. Each of 29 states in India has its own laws regarding gambling and State Governments make all the decisions involved with gambling and taxes. When it comes to land-based casinos or ...
Online Dispute Resolution: Validity Of 'Service' Through Emails, Whatsapp And Messaging Applications
With the Supreme Court of India taking unprecedented measures by barring physical entry into the court premises, holding urgent hearings via video conferencing and sealing lawyers' chambers, the same is being followed by a number of High Courts including the Bombay High Court, Karnataka High Court and Gujarat High Court which are now allowing e-filings and hearings through video conferencing applications like Vidyo, Skype, Whatsapp etc. The last decade saw the shaping of the ambitious...
Possibility Of Mediation In Corporate Insolvency
The book "The Richest Man in Babylon", written by George S. Clason, is a classic in terms of personal finance and wealth management. It was written in the year 1926 and lists a few principles for accumulation and building of wealth and methods to navigate oneself in a financial crisis. It is more or less a "back to the basics" book on finance. The book at one-point talks about how one needs to deal with cases where their debts are more than their income and about how to deal with times...
