India

Chandhiok & Mahajan acted as legal advisors for InsuranceDekho and RenewBuy and secured an approval from the Competition Commission of India in relation to their proposed merger. C&M advised on all competition law aspects of the transaction, including the preparation of the merger notification and related submissions before the CCI. C&M’s competition team, comprising Avinash Amarnath (Partner), Aakash Kumbhat (Managing Associate), Aileen Aditi Sundardas (Associate), Saumya Sunidhi (Associate), and Jai Hindocha (Associate), represented InsuranceDekho and RenewBuy before the CCI. InsuranceDekho is involved in the distribution of various insurance products in India through its platform, and RenewBuy provides insurance brokerage services through online and offline channels and operates a platform that simplifies insurance and financial products and makes them accessible for customers through its digitally enabled advisors.

The Seventh Edition of The Banking Law: In Theory and Practice, a marquee consolidation of the significant laws and judicial precedents governing the interplay between financial creditors and debtors in the evolving legal landscape in India, has been published by LexisNexis – Universal. The book, published in three comprehensive volumes, is an authoritative and enduring work that provides an in-depth analysis of the legal, regulatory, and practical aspects of banking in India. Carrying forward the rich legacy of the late Shri. S.N. Gupta, one of India’s pioneering scholars on banking law, this new edition has been revised, expanded, and updated by Rajesh Narain Gupta, Founder and Chairman, and Amit Aggarwal, Managing Partner – Corporate and Non-Contentious Practice at SNG & Partners. The publication marks a milestone in the evolution of this classic legal text, which has for decades served as a cornerstone for lawyers, bankers, academicians, and policymakers alike. Speaking on the release, Mr. Rajesh Narain Gupta, Founder and Chairman of SNG & Partners, said: “The book has been a foundational reference for professionals in the financial and legal sectors for several decades. Through this new edition, we have aimed to ensure that the book reflects the dynamic realities of the Indian and global banking ecosystem. It integrates recent legal, regulatory, and technological developments, while maintaining the original intent of the work, to serve as a practical and authoritative reference for anyone engaged in banking law and practice. In the last two decades, the way of doing banking has undergone a disruptive change, and with the arrival of new forms of financial institutions such as NBFCs, AIFs and to some extent mutual funds, the ability to raise funds by the borrowers and the manner in which they are raised has significantly evolved. Working on this book every edition is almost a ritual I thoroughly enjoy as it enables the entire team to condense our learnings and experiences into an academic text that will benefit many and not just a few.” Mr. Amit Aggarwal, Managing Partner – Corporate and Non-Contentious Practice at SNG & Partners, added: “The banking industry today operates at the intersection of law, technology, and innovation. In revising this edition, we sought to incorporate these dimensions and make the text relevant to both the traditional bankers and the modern financial professionals. With each edition, we are entrusted with the responsibility to produce a text that is aligned with every facet of the evolution of banking and finance laws, including cutting-edge digital and tech-driven trends. Significant modifications have been incorporated not only by the way of judicial pronouncements but also in aspects of new forms of fundraising, digital lending mechanisms, and new age frauds and safeguards around it are covered in the book. This revision also covers the latest aspects relating to IBC, fintech-related issues pertaining to data-sharing, payment platforms, and e-banking etc. It is our hope that this work will continue to be an indispensable guide for practitioners and academicians alike.” The authors were assisted by their colleagues Devyani Dhawan, Pankaj Bajpai and Bhavya Chopra on this project.   Mr. Rajesh Narain Gupta & Mr. Amit Aggarwal

We are pleased to announce that Argus Partners successfully represented the Liquidator for M/s Concast Steel and Power Ltd. before the National Company Law Appellate Tribunal (NCLAT) in a significant judgment addressing the inclusion of leasehold rights in a Corporate Debtor's liquidation estate. The Tribunal dismissed the appeal filed by West Bengal Housing Infrastructure Development Corporation Ltd., holding that leasehold rights transferred through an approved amalgamation scheme constitute intangible assets of the Corporate Debtor and can be included in the liquidation estate. The judgment clarified that NCLT/NCLAT possess jurisdiction to determine whether assets form part of the liquidation estate, that implied consent can be inferred from conduct and correspondence, and that the bar under Section 36(4)(a)(iv) does not apply to leasehold rights owned by the Corporate Debtor. The Liquidator was represented by Soorjya Ganguli and Pooja Chakrabarti [Partners], Kiran Sharma [Principal Associate (Designate)], and Anand Amit [Associate].

We are pleased to announce that Argus Partners advised Tata Steel Limited on its acquisition of BlueScope’s stake in the Joint Venture Tata BlueScope Steel. Over the last two decades, Tata BlueScope Steel has emerged as a world class products and solutions company for coated steel products in India. The acquisition is part of Tata Steel’s broader strategy to focus on downstream business in the flat products segment. The team at Argus Partners advising Tata Steel was led by Adity Chaudhury (Partner); and comprised Ankur Arora (Partner) assisted by Milind Anand, Anoushka Mani and Suvanwesh Das (Associates). Armaan Patkar (Partner) advised on securities law aspects of the deal. Read more at: Hindu BusinessLine