Recovery Certificate under Debt Recovery Act is not limited to winding up proceedings only but extends to IBC: Clarifies Supreme Court
Recently, the Hon’ble Supreme Court in the case of Kotak Mahinda Bank Limited vs A. Balakrishnan & another (Civil Appeal No.689 of 2021) has held that any liability arising out of a recovery certificate needs to be treated as financial debt within vis-à-vis clause (8) of Section 5 of the Insolvency and Bankruptcy Code, 2016[1] …
Revamped Overseas Investment Rules: A Critical Insight
With an aim to improve the ‘ease of doing business’ and simplifying/ liberalising the investment regime, the Government of India in consultation with the Reserve Bank of India (“RBI”), amongst others, has been progressively revamping and liberalizing the foreign exchange regime in India. In view of the foregoing, the Government of India vide Notification No. …
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Need for improving pharmaceutical laws – the proposed way forward
With the rising need to accommodate the new requirements and adaptation of modern technology in the pharmaceutical sector, the draft of the ‘Drugs, Medical Devices and Cosmetics Bill, 2022’ (the “Bill”) has been released by the Ministry of Health and Family Welfare (MoHFW) on July 8, 2022, which seeks to replace the existing archaic law …
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ANALYZING THE CONUNDRUM VIS-A-VIS NCLT’s POWER TO ADMIT CIRP APPLICATION
INTRODUCTION The Insolvency and Bankruptcy Code, 2016 (‘IBC’) enables financial creditors and operational creditors of a corporate debtor to initiate the corporate insolvency resolution process (‘CIRP’), under Section 7 and Section 9 of the IBC, respectively.
Master Directions on Credit Card and Debit Card – Issuance and Conduct Directions, 2022
INTRODUCTION Reserve Bank of India (“RBI”) issued Master Directions on Credit Card and Debit Card – Issuance and Conduct Directions, 2022 (“Master Directions”)[1] dated April 21, 2022, effective from July 01, 2022 (except a few provisions which will be effective from October 01, 2022). These Master Directions were brought in to regulate the conduct of …
In re Hiveloop Technology Pvt. Ltd. vs Britannia Industries Ltd.: CCI Acknowledges Manufacturer’s Right to Select Distributors
The Competition Commission of India (CCI/ Commission), vide its order dated 16th June 2022, dismissed the allegations of ‘refusal to deal’ filed by Hiveloop Technologies Pvt. Ltd., Bengaluru (Informant) against Britannia Industries Ltd.(Britannia) because the Commission did not find any merit in the submissions on the aspect of ‘discrimination’. The Competition Act, 2002 (Act) guarantees …
Every transfer or sale is not ‘actual sale’:: Clarifies Supreme Court
Introduction: Recently, the Hon’ble Supreme Court in the case of PTC India Financial Services Limited (hereinafter referred as PIFSL) v. Venkateswarlu Karu & Ors. (Civil Appeal No.5443 of 2019 has held that Contract Act does not conceive of sale of the pawn to self and consequently, the pawnor’s right to redemption in terms of Section …
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TWIN CONDITIONS TO BE SATISFIED: SC ON CLAIMS OF WAGES/SALARIES
A significant judgement was passed by Hon’ble Supreme Court on 19th April 2022 in matter of Sunil Kumar Jain and others versus Sundaresh Bhatt and others[1] wherein Supreme Court has clarified the intricacies that arose on the claim for payment of wages/salaries before Corporate Insolvency Resolution Process (CIRP); during CIRP and in liquidation of a …
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The Online Gaming (Regulation) Bill, 2022: Hits and Misses
Introduction The Online Gaming (Regulation) Bill, 2022 (“Bill”) was introduced in the Lok Sabha on April 1, 2022 to establish an effective regime for regulating online gaming industry to prevent fraud and misuse. Acknowledging the effects of addictive features of online gaming and noting the profound impact of the gaming industry on the nation, the …
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CCI’s investigation against debenture trustee’s unit of banks – A case of concurrent jurisdiction
The Competition Commission of India’s (CCI) recent investigation into the Trustee Association of India (TAI) and debenture trustee units of State Bank of India, Axis Bank and IDBI Bank for collusion in respect of charging high fees for issuing debt and due-diligence checks has raised jurisdictional conflicts over the sectoral regulator -SEBI, and the market …