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 …
The overriding effects of Competition Act over State Acts: determining the ‘sufficient cause’ in the condonation of delay
Yet again, the Hon’ble Supreme Court of India in the case of CCI v. State of Mizoram dated 19.01.2022 has set aside the impugned judgment of the Guwahati High Court that restricted the Competition Commission of India (hereinafter referred to as the CCI) to pursue its investigation. The Apex Court upheld the authority of the …
Maritime transport service providers penalized for cartelization in India
The Competition Commission of India (CCI) passed its final order on January 20, 2022, in a sou motu Case No. 10 of 2014 [available on: https://www.cci.gov.in/sites/default/files/10-of-2014.pdf] imposing penalties against four (4) maritime motor transport companies and their employees (those that were responsible) – Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha (K-Line), Mitsui OSK …
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NO BAR FOR WITHDRAWAL AFTER CONSTITUTION OF COC
A significant amendment by Act No. 26 of 2018 (w.e.f. 6-6-2018) was brought in the form of insertion of Section 12A which provided for withdrawal of applications admitted under Section 7, 9 or 10 of the Insolvency and Bankruptcy Code, 2016 (“Code”) with the approval of creditors representing 90% (ninety percent) of the voting share …
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