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<p> Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023
<a href="javascript:void(0);" onclick="javascript:display("Cia_9923");"> [No. IBBI/2023-24/GN/REG104][18th September 2023]</a>
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<p> Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023 No. IBBI/2023-24/GN/REG104 dated 18th September 2023issued by IBBI In exercise of the powers conferred by
sections 196, 206, 207 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency
and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the </p>
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<p> Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023
<a href="javascript:void(0);" onclick="javascript:display("Cia_9922");"> [No. IBBI/2023-24/GN/REG106][18th September 2023]</a>
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<p> Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 No. IBBI/2023-24/GN/REG106 dated 18th September 2023issued by IBBI In exercise of the powers
conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to
amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, </p>
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<p> Mediation Act, 2023 <a href="javascript:void(0);" onclick="javascript:display("Cia_9920");"> [Act 32 of 2023][14th September 2023]</a>
</p>
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<p> Mediation Act, 2023 Act 32 of 2023, assented by the President on 14th September 2023 An Act to promote and facilitate mediation, especially institutional mediation, for resolution of disputes, commercial or otherwise,
enforce mediated settlement agreements, provide for a body for registration of mediators, to encourage community mediation and to make online mediation as acceptable and cost effective process and for matters connected
therewith or incidental thereto. BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:–– CHAPTER </p>
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<p> Regulatory Reporting by AIFs <a href="javascript:void(0);" onclick="javascript:display("Cia_14535");"> [SEBI/HO/AFD/SEC-1/P/CIR/2023/0155][14th September 2023]</a>
</p>
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<p> Regulatory Reporting by AIFs SEBI/HO/AFD/SEC-1/P/CIR/2023/0155 dated 14th September 2023 issued by SEBI 1. In terms of Regulation 28 of SEBI (AIF) Regulations, 2012 read with Clause 15.1 of SEBI Master Circular for AIFs
dated July 31, 2023, AIFs shall submit quarterly reports to SEBI in the formats specified with respect to the activities carried on by the AIFs. 2. In order to enable the AIF industry to have uniform compliance standards, ease
compliance reporting and for regulatory and developmental </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_9919");">
<p> Extension of Period of the Company Law Committee <a href="javascript:void(0);" onclick="javascript:display("Cia_9919");"> [Order F. No. 2/1/2018-CL-V][13th September 2023]</a>
</p>
</span>
<div id="D_Ci_9919" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Extension of Period of the Company Law Committee Order F. No. 2/1/2018-CL-V dated 13th September 2023issued by MCA In continuation of the Orders of even no. dated 05.09.2022, 23.09.2021, 17.09.2020 and dated 18.09.2019, the
tenure of the Company Law Committee is hereby further extended by one year i.e. till 16.09.2024. 2. This issues with the approval of the Competent Authority. © All rights reserved with Jus Scriptum. </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_14533");">
<p> Board Nomination Rights to Unitholders of Infrastructure Investment Trusts (InvITs)
<a href="javascript:void(0);" onclick="javascript:display("Cia_14533");"> [SEBI/HO/DDHS-PoD-2/P/CIR/2023/153][11th September 2023]</a>
</p>
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<p> Board Nomination Rights to Unitholders of Infrastructure Investment Trusts (InvITs) SEBI/HO/DDHS-PoD-2/P/CIR/2023/153 dated 11th September 2023issued by SEBI 1. Regulation 4(2)(h) of SEBI (Infrastructure Investment Trusts)
Regulations, 2014 (“InvIT Regulations”) inter-alia provides that unitholder(s) holding not less than ten percent of the total outstanding units of the InvIT, either individually or collectively, shall be entitled to nominate
one director on the board of directors of the Investment Manager, in the manner as may be specified by the Board. 2. Accordingly, </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_14532");">
<p> Clarification regarding Investment of Mutual Fund Schemes in Units of Corporate Debt Market Development Fund
<a href="javascript:void(0);" onclick="javascript:display("Cia_14532");"> [SEBI/HO/IMD/PoD2/P/CIR/2023/152][6th September 2023]</a>
</p>
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<div id="D_Ci_14532" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Clarification regarding Investment of Mutual Fund Schemes in Units of Corporate Debt Market Development Fund SEBI/HO/IMD/PoD2/P/CIR/2023/152dated 6th September 2023issued by SEBI 1. This has reference to SEBI Circular
SEBI/HO/IMD/PoD2/P/CIR/2023/129 dated July 27, 2023 on Investment by Mutual Fund Schemes and AMCs in units of Corporate Debt Market Development Fund (“CDMDF”). 2. In this context, AMFI has requested that for calculation of
asset allocation limits, the base may be considered as net asset excluding of investment in units of </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_14530");">
<p> New Format of Abridged Prospectus for Public Issues of Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares
<a href="javascript:void(0);" onclick="javascript:display("Cia_14530");"> [SEBI/HO/DDHS/PoD1/CIR/P/2023/150][4th September 2023]</a>
</p>
</span>
<div id="D_Ci_14530" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> New Format of Abridged Prospectus for Public Issues of Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares SEBI/HO/DDHS/PoD1/CIR/P/2023/150 dated 4th September 2023issued by SEBI 1. Section
2(1) of the Companies Act, 2013 defines an abridged prospectus as a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board of India by making regulations in this
behalf. 2. Further, Section 33(1) of the </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_14529");">
<p> Filing of CIRP Forms for the Purpose of Monitoring Corporate Insolvency Resolution Processes and Performance of Insolvency Professional Entities under the Insolvency and Bankruptcy Code, 2016 and the Regulations made
Thereunder <a href="javascript:void(0);" onclick="javascript:display("Cia_14529");"> [IBBI/CIRP/60/2023][1st September, 2023]</a>
</p>
</span>
<div id="D_Ci_14529" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Filing of CIRP Forms for the Purpose of Monitoring Corporate Insolvency Resolution Processes and Performance of Insolvency Professional Entities under the Insolvency and Bankruptcy Code, 2016 and the Regulations made
Thereunder Circular No. IBBI/CIRP/60/2023 dated 1st September, 2023 Regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) read with Circular no.
IBBI/CIRP/023/2019 dated 14th August 2019, Circular no. IBBI/CIRP/41/2021 dated 18th March 2021 and </p>
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<p> Shri Amarjeet Singh takes Charge as Whole-time Member, SEBI <a href="javascript:void(0);" onclick="javascript:display("Cia_14528");"> [PR No.19/2023][1st September 2023]</a>
</p>
</span>
<div id="D_Ci_14528" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Shri Amarjeet Singh takes Charge as Whole-time Member, SEBI PR No.19/2023dated 1st September 2023issued by SEBI Shri Amarjeet Singh took charge as Whole Time Member, Securities and Exchange Board of India (SEBI), in Mumbai
today. Prior to this assignment he was Executive Director in SEBI. Shri Amarjeet Singh will handle various departments including Investment Management Department, Market Intermediaries Regulation and Supervision Department,
Office of International Affairs, Investigations Department and </p>
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<p> Guidelines for MIIs regarding Cyber Security and Cyber Resilience <a href="javascript:void(0);" onclick="javascript:display("Cia_14526");"> [SEBI/HO/MRD/TPD/P/CIR/2023/146][29th August 2023]</a>
</p>
</span>
<div id="D_Ci_14526" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Guidelines for MIIs regarding Cyber Security and Cyber Resilience SEBI/HO/MRD/TPD/P/CIR/2023/146 dated 29th August 2023issued by SEBI 1. Market Infrastructure Institutions (i.e. Stock Exchanges, Clearing Corporations and
Depositories) are systemically important institutions as they, inter-alia, provide infrastructure necessary for the smooth and uninterrupted functioning of the securities market. As part of the operational risk management,
these Market Infrastructure Institutions (MIIs) need to have robust cyber security framework to provide essential facilities and perform systemically </p>
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<p> Consultation Paper on Flexibility in the Framework on Social Stock Exchange (SSE) <a href="javascript:void(0);" onclick="javascript:display("Cia_14525");"> [][29th August 2023]</a>
</p>
</span>
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<p> Consultation Paper on Flexibility in the Framework on Social Stock Exchange (SSE) Dated 29th August 2023issued by SEBI 1. Regulatory Framework of Social Stock Exchange The regulatory framework for Social Stock
Exchange (SSE) was prescribed by SEBI through amendments dated July 25, 2022 to certain SEBI Regulations and also through Circulars dated September 19, 2022 and October 13, 2022. A brief on the amendments is placed alongside
at Annexure 1. 2. Present status on Social Stock Exchange 2.1. NSE and BSE have both set-up the </p>
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<p> Resignation of Shri Krishnamurthy Subramanian from the Post of Part-time Member in Insolvency and Bankruptcy Board of India
<a href="javascript:void(0);" onclick="javascript:display("Cia_9916");"> [S.O. 3813(E)][28th August 2023]</a>
</p>
</span>
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<p> Resignation of Shri Krishnamurthy Subramanian from the Post of Part-time Member in Insolvency and Bankruptcy Board of India S.O. 3813(E) 28th August 2023issued by MCA Consequent upon the tendering of resignation by Shri
Krishnamurthy Subramanian, part-time member in the Insolvency and Bankruptcy Board of India, the Central Government hereby accepts the resignation of Shri Krishnamurthy Subramanian from the post of part-time member in
Insolvency and Bankruptcy Board of India with effect from the 1st day of November, 2022. © All rights reserved with </p>
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<p> Consultation Paper on Mechanism for Fee Collection by SEBI Registered Investment Advisers and Research Analysts
<a href="javascript:void(0);" onclick="javascript:display("Cia_14524");"> [][25th August 2023]</a>
</p>
</span>
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<p> Consultation Paper on Mechanism for Fee Collection by SEBI Registered Investment Advisers and Research Analysts Dated 25th August 2023issued by SEBI 1. Objective 1.1. This consultation paper seeks comments from the public on
a proposal to create a closed ecosystem for fee collection by SEBI registered Investment Advisers (‘IAs’) and Research Analysts (‘RAs’) from their clients. This ecosystem will help investors ensure that their payments are
reaching only registered IAs and RAs. As a corollary, this would also help investors identify, isolate </p>
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<p> Consultation paper on Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers)
<a href="javascript:void(0);" onclick="javascript:display("Cia_14523");"> [][25th August 2023]</a>
</p>
</span>
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<p> Consultation paper on Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers) Dated 25th August 2023issued by SEBI 1. Objective 1.1. The objective of this
paper is to seek public comments on a proposal to restrict the association of SEBI registered intermediaries/regulated entities with unregistered ‘finfluencers’. 2. Background 2.1. In recent times, activities of financial
influencers (‘finfluencers’) have attracted wide public and media attention. 2.2. These finfluencers are usually unregistered entities providing catchy content, information, and advice on various financial topics to their </p>
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<p> Consultation Paper on Permitting Increased Participation of Non - Resident Indians (NRIs) and Overseas Citizens of India (OCIs) into SEBI Registered Foreign Portfolio Investors (FPIs) based out of International Financial
Services Centres (IFSCs) in India and Regulated by the International Financial Services Centres Authority (IFSCA)
<a href="javascript:void(0);" onclick="javascript:display("Cia_14522");"> [][25th August 2023]</a>
</p>
</span>
<div id="D_Ci_14522" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Consultation Paper on Permitting Increased Participation of Non - Resident Indians (NRIs) and Overseas Citizens of India (OCIs) into SEBI Registered Foreign Portfolio Investors (FPIs) based out of International Financial
Services Centres (IFSCs) in India and Regulated by the International Financial Services Centres Authority (IFSCA) Dated 25th August 2023issued by SEBI 1. Objective: To enhance investments by FPIs in India by facilitating
increased participation from NRIs and OCIs as constituents of FPIs that are based out of IFSCs in India and regulated by </p>
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<p> Mandating Additional Disclosures by Foreign Portfolio Investors (FPIs) that Fulfil Certain Objective Criteria
<a href="javascript:void(0);" onclick="javascript:display("Cia_14520");"> [SEBI/ HO/ AFD/ AFD - PoD - 2/ CIR/ P/ 2023/ 148][24th August 2023]</a>
</p>
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<p> Mandating Additional Disclosures by Foreign Portfolio Investors (FPIs) that Fulfil Certain Objective Criteria SEBI/ HO/ AFD/ AFD - PoD - 2/ CIR/ P/ 2023/ 148 dated 24th August 2023 A. Background: 1. Certain FPIs have been
observed to hold concentrated portion of their equity portfolio in a single investee company/ corporate group. Such concentrated investments raise the concern and possibility that promoters of such investee companies/
corporate groups, or other investors acting in concert, could be using the FPI </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_9907");">
<p> Shri Kamlesh Chandra Varshney Appointed as Whole-time Member of the Securities and Exchange Board of India
<a href="javascript:void(0);" onclick="javascript:display("Cia_9907");"> [S.O. 3664(E)][16th August 2023]</a>
</p>
</span>
<div id="D_Ci_9907" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Shri Kamlesh Chandra Varshney Appointed as Whole-time Member of the Securities and Exchange Board of India S.O. 3664(E)dated 16th August 2023issued by Ministry of Finance In exercise of the powers conferred by sub-section
(1)(d) and sub-section (4) of section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), read with rule 3 of the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and
Members) Rules, 1992, </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_14518");">
<p> Review of Voluntary Delisting Norms under SEBI (Delisting of Equity Shares) Regulations, 2021 <a href="javascript:void(0);" onclick="javascript:display("Cia_14518");"> [][14th August 2023]</a>
</p>
</span>
<div id="D_Ci_14518" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Review of Voluntary Delisting Norms under SEBI (Delisting of Equity Shares) Regulations, 2021 Dated 14th August 2023issued by SEBI OBJECTIVE 1. The objective of this consultation paper is seek comments / views / suggestions
from the public on the certain aspects relating to voluntary delisting under SEBI (Delisting of Equity Shares) Regulations, 2021 (hereinafter referred to as “Delisting Regulations”). BACKGROUND 2. Delisting Regulations,
inter-alia, provide exit opportunity to be provided by the acquirer1 to all the public shareholders in case the equity shares of </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_13522");">
<p> Simplification of KYC Process and Rationalisation of Risk Management Framework at KYC (Know Your Client) Registration Agencies (KRAs)
<a href="javascript:void(0);" onclick="javascript:display("Cia_13522");"> [SEBI/HO/MIRSD/FATF/P/CIR/2023/0144][11th August 2023]</a>
</p>
</span>
<div id="D_Ci_13522" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Simplification of KYC Process and Rationalisation of Risk Management Framework at KYC (Know Your Client) Registration Agencies (KRAs) SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated 11th August 2023issued by SEBI 1. SEBI vide
circular SEBI/HO/MIRSD/DoP/P/CIR/2022/46 dated April 06, 2022 has specified the framework for validation of records by KRAs in securities market. Based on the feedback received from the stakeholders in securities market and
for ease of onboarding of clients for dealing in securities market, the provisions of the circular have been </p>
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</li>
</ul>
</div>
<h2 class="resp-accordion hor_1" role="tab" aria-controls="hor_1_tab_item-1" style="background-color: rgb(245, 245, 245); border-color: rgb(193, 193, 193);"><span class="resp-arrow"></span>CASE LAWS</h2>
<div class="resp-tab-content hor_1" aria-labelledby="hor_1_tab_item-1" style="border-color: rgb(193, 193, 193);">
<ul>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18365");">
<p> SMBC AVIATION CAPITAL LTD. V. INTERIM RESOLUTION PROFESSIONAL OF GO AIRLINES (INDIA) LTD., ABHILASH LAL SFV AIRCRAFT HOLDINGS IRE 9 DAC V. INTERIM RESOLUTION PROFESSIONAL OF GO AIRLINES (INDIA) LTD., ABHILASH LAL GY AVIATION
LEASE 1731 CO. LTD. AND OTHERS V. INTERIM RESOLUTION PROFESSIONAL OF GO AIRLINES (INDIA) LTD., ABHILASH LAL <a href="javascript:void(0);" onclick="javascript:display("Ca_18365");">
[2023] 175 CLA 55 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18365" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In a section 10-application filed by a corporate applicant, it is not necessary to issue notice to the creditors to give a hearing or opportunity of hearing to the creditors before admission of section 10-application Since
the statutory scheme for application under section 10 does not contain any obligation of issuing notice to the creditors by the corporate applicant, any objector appearing at the time of hearing has to </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18364");">
<p> UNION BANK OF INDIA (ERSTWHILE CORPORATION BANK) V. DINKAR T VENKATASUBRAMANIAN AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18364");">
[2023] 175 CLA 40 (NCLAT)</a>-<b>
National Company Law Tribunal</b>- <i>
Companies Act, 2013</i>
</p>
</span>
<div id="D_C_18364" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The Tribunal is not vested with any power to review the judgment. However, in exercise of its inherent jurisdiction, the Tribunal can entertain an application for recall of judgment on sufficient grounds The power to review
is not conferred upon the Tribunal but power to recall its judgment is inherent in the Tribunal since inherent power of the Tribunal are preserved, powers which are inherent in the Tribunal as </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18366");">
<p> ARUN CHADHA, LIQUIDATOR OF PAWAN BUILDWELL (P.) LTD. V. RAMESH KUMAR SUNEJA AND OTHERS RAMESH KUMAR SUNEJA AND OTHERS V. ARUN CHADHA, LIQUIDATOR OF PAWAN BUILDWELL (P.) LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18366");">
[2023] 175 CLA 76 (NCLAT)</a>-<b>
Preferential transactions</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18366" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Security interest created in the mortgaged property by the corporate debtor is in violation of section 43 Where it is amply clear that the transaction relating to creation of security charge in mortgaged property by the
corporate debtor was clearly and unambiguously for the benefit of its related parties and the creation of security charge was within the two years look back period, creation of security interest on the </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18367");">
<p> BHUSHAN SHRINGARPURE AND OTHERS V. B K MISHRA RESOLUTION PROFESSIONAL OF LAKELAND CHEMICALS (INDIA) LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18367");">
[2023] 175 CLA 91 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18367" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Where resolution professional fails to give notice of any meeting of committee of creditors or their representatives to operational creditors, where the amount of the aggregated due is not less than ten per cent of the debt,
such dereliction of duty on his part deserves to be burdened with costs It is incumbent upon the resolution professional to serve notice of each meeting of the committee of creditors or </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18244");">
<p> CHAIRMAN & MANAGING DIRECTOR, CITY UNION BANK LTD. AND ANOTHER V. R CHANDRAMOHAN <a href="javascript:void(0);" onclick="javascript:display("Ca_18244");">
[2023] 174 CLA 1 (SC)</a>-<b>
Deficiency in Service</b>- <i>
Consumer Protection Act, 1986</i>
</p>
</span>
<div id="D_C_18244" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The proceedings before the Commission being summary in nature, the Forum/Commission could not decide complaints involving tortuous acts or criminality like fraud or cheating, since deficiency in service cannot be presumed,
and has to be proved by the person alleging it Where the proceedings before the Forum/Commission under the Consumer Protection Act/National Consumer Disputes Redressal Commission are not summary in nature, and the complaints
involve highly disputed questions of facts or the cases involve tortuous acts or criminality like fraud or </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18247");">
<p> ABHISHEK SINGH V. HUHTAMAKI PPL LTD. AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_18247");">
[2023] 174 CLA 33 (SC)</a>-<b>
Settlement/withdrawal of CIRP proceedings</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18247" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Regulation 30A provides for withdrawal application filed under section 12A being entertained before constitution of the committee of creditors Section 12A does not specifically mention withdrawal of applications admitted
under sections 7, 9 and 10 where the committee of creditors (‘CoC’) has not been constituted but at the same time it does not debar entertaining applications for withdrawal even before constitution of the CoC. Therefore, the
application under section 12A for withdrawal cannot be said to be kept pending for constitution </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18251");">
<p> MODI RUBBER LTD. V. CONTINENTAL CARBON INDIA LTD. OCL INDIA LTD. V. ANDREW YULE & CO. LTD. AND OTHERS TVS SEWING NEEDLES LTD. V. SINGER INDIA LTD. AND OTHERS TVS SEWING NEEDLES LTD. V. SINGER INDIA LTD. AND OTHERS
TITAGARH WAGONS LTD. V. AMAR FORGING (P.) LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18251");">
[2023] 174 CLA 109 (SC)</a>-<b>
Scheme of Revival / Rehabilitation</b>- <i>
Sick Industrial Companies (Special Provisions) Act, 1985</i>
</p>
</span>
<div id="D_C_18251" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The rehabilitation scheme under section 18 shall bind all the creditors including the unsecured creditors and the unsecured creditors have to accept the scaled down value of its dues provided under the rehabilitation scheme
The view taken by the High Court of Delhi in Continental Carbon India Ltd. v. Modi Rubber Ltd. [2012] 110 CLA (Snr.) 20 (Del.) that on approval of a scheme by the BIFR under the Act, the unsecured creditors has an option not
to accept the scaling </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18239");">
<p> P ESWARAMOORTHY V. DEPUTY COMMISSIONER OF INCOME-TAX (BENAMI PROHIBITION) <a href="javascript:void(0);" onclick="javascript:display("Ca_18239");">
[2023] 173 CLA 372 (NCLAT)</a>-<b>
Adjudicating Authority</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18239" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Attachment made as per sub-section (3) of section 24 of the Prohibition of Benami Property Transactions Act, 1988 (‘Benami Property Act’), cannot be a subject-matter of proceedings under sub-section (5) of section 60. The
Adjudicating Authority is not the proper fora to determine the controversies revolving around the Benami Property Act. Therefore, filing of the application by the liquidator per se is not maintainable in the eyes of law
Ingredients of sub-section (5) of section 60 clearly indicates that it is </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18228");">
<p> AJAY KUMAR RADHEYSHYAM GOENKA V. TOURISM FINANCE CORPORATION OF INDIA LTD. <a href="javascript:void(0);" onclick="javascript:display("Ca_18228");">
</a>-<b>
Dishonour of Cheque</b>- <i>
Negotiable Instruments Act, 1881</i>
</p>
</span>
<div id="D_C_18228" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Proceedings under section 138 can continue simultaneously during the pendency of the proceedings under the Insolvency and Bankruptcy Code The scope of nature of proceedings under the Negotiable Instruments Act and the Code
is quite different and would not intercede each other. A bare reading of section 14 of the Code would make it clear that the nature of proceedings which have to be kept in abeyance do not include criminal proceedings under
section 138. It cannot be pleaded that just </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18238");">
<p> VICTORY IRON WORKS LTD. V. JITENDRA LOHIA AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_18238");">
[2023] 173 CLA 355 (SC)</a>-<b>
Property</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18238" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The development rights created in favour of the corporate debtor constitute ‘property’ within the meaning of clause (27) of section 3, clause (f) of section 18 read with clause (a) of sub-section (2) of section 25.
Resolution professional is duty bound under clause (a) of sub-section (2) of section 25 to take custody and control the same From the sequence of events and the terms and conditions contained in the agreements entered into by
the parties, it is more clear than </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18227");">
<p> GPSK CAPITAL (P.) LTD. V. THE SECURITIES AND EXCHANGE BOARD OF INDIA <a href="javascript:void(0);" onclick="javascript:display("Ca_18227");">
</a>-<b>
Registration of Brokers/Sub-Broker</b>- <i>
Securities and Exchange Board of India Act / Regulations</i>
</p>
</span>
<div id="D_C_18227" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The stock broker not only has to obtain a certificate of registration for each of the stock exchange but at the same time has to pay prescribed fee in reference to each certificate of registration It has been decided by the
Supreme Court in Securities and Exchange Board of India v. National Stock Exchange Members Association [2022] 171 CLA 1 and remains no more res integra in view of decision wherein it has been held that the stock broker not
only </p>
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</div>
</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18232");">
<p> SUNDRESH BHAT RP OF JBF PETROCHEMICAL LTD. V. MANGLORE REFINERY & PETROCHEMICALS LTD. IDBI BANK LTD. V. JBF PETROCHEMICALS LTD. <a href="javascript:void(0);" onclick="javascript:display("Ca_18232");">
</a>-<b>
Adjudicating Authority</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18232" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Residuary jurisdiction of the NCLT under clause (c) of sub-section (5) of section 60 is limited. It cannot give any finding on the issue whether the agreement between two parties is still subsisting or not and also cannot
interpret terms of an agreement to third-party contract Application for directing the resolution professional to supply paraxylene to the corporate debtor as and when plant becomes functional is not maintainable, as the
dispute in question between the corporate debtor and respondent is de </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18226");">
<p> VISTRA ITCL (INDIA) LTD. V. TORRENT INVESTMENTS (P.) LTD. AND OTHERS VISTRA ITCL (INDIA) LTD. V. TORRENT INVESTMENTS (P.) LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18226");">
[2023] 173 CLA 180 (NCLAT)</a>-<b>
Appeal</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18226" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> When the Board of directors of the appellant-company has authorised filing of the appeal by authorised person, it cannot be said that the appeal filed by the appellant is incompetent The Board of directors is fully competent
to take all steps on behalf of appellant including initiation of legal proceedings. When the Board has authorised filing of the appeal through authorised representative, the submission cannot be accepted that appellant is not
authorised by the shareholders. The appeal by financial creditor who </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18233");">
<p> SRI KRISHNA SWEETS & FOOD PRODUCTS (CHENNAI) (P.) LTD. V. JOINT DIRECTOR, MINISTRY OF CORPORATE AFFAIRS AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_18233");">
</a>-<b>
Name of companies</b>- <i>
Companies Act, 2013</i>
</p>
</span>
<div id="D_C_18233" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Clause (b) of sub-section (1) of section 16 does not envisage or provide statutory limitation period from the date on which aggrieved person obtained knowledge of registration/incorporation of a company. This provision is
categoric that the period of 3 years shall run from the date of incorporation Section 16 is categoric in extending two methods by which rectification of name can take place. While the Central Government is given unfettered
power to effect rectification at any point in time, a registered </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18231");">
<p> TRIMURTI ASSOCIATES (P.) LTD. V. BKM INDUSTRIES LTD. ICICI BANK LTD. V. PRATIM BAYAL, THE RESOLUTION PROFESSIONAL (FOR BKM INDUSTRIES LTD.) <a href="javascript:void(0);" onclick="javascript:display("Ca_18231");">
</a>-<b>
Resolution plan</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18231" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> What amount is to be paid to different classes or sub-classes of creditors in accordance with provisions of the Code and the related Regulations, is essentially the commercial wisdom of the committee of creditors ; and a
dissenting secured creditor like the appellant cannot suggest a higher amount to be paid to it with reference to the value of the security interest Just because of the fact that a creditor enjoys the protection of a security
interest, he cannot be treated </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18230");">
<p> NIREJ VADAKKEDATHU PAUL AND OTHERS V. SUNSTAR HOTELS & ESTATES (P.) LTD. AND ANOTHER PADRONE MARKETING (P.) LTD. V. SUNSTAR HOTELS & ESTATES (P.) LTD. AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_18230");">
</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18230" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> It is the settled principle of law that in an application under section 7, there is no place for any third party other than the financial creditor and the corporate debtor. The shareholders of the financial creditor or of
the corporate debtor in their capacity as a shareholder have no locus standi to get themselves impleaded There is no specific law which allows any shareholder of the corporate debtor to challenge the admission of insolvency
resolution process of the corporate debtor, </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18240");">
<p> SHRI GURU CONTAINERS V. JITENDRA PALANDE <a href="javascript:void(0);" onclick="javascript:display("Ca_18240");">
[2023] 173 CLA 394 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18240" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In the statutory construct the applicant, who filed application under section 9 of the Code, is liable to bear the expense/fees of insolvency resolution professional (‘IRP’) as regulation 33 of the CIRP Regulations clearly
provides Where the operational creditor has failed to substantiate any lapses or deficiency in the performance of duties by the insolvency resolution professional (‘IRP’), and committee of creditors (‘CoC’) could not be
constituted by the IRP but that was not on account of any inefficiency or lexity </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18241");">
<p> RAJEEV SRIVASTVA V. AHLUWALIA CONTRACTS (INDIA) LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18241");">
[2023] 173 CLA 410 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18241" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> There is no requirement of issuance of a fresh notice under section 8 as it cannot be read as part of the submission of information as provided in the first proviso to sub-rule (1) of rule 5 of the Companies (Transfer of
Pending Proceedings) Rules, 2016 After the transfer of winding up proceedings as per Companies (Transfer of Pending Proceedings) Rules, 2016 (‘Rules’) read with amendments made in section 434 of the Companies Act, 1956 as
applicable to the Code if </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18225");">
<p> JAGDISH KUMAR PARULKAR V. VINOD AGARWAL AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18225");">
[2023] 173 CLA 160 (NCLAT)</a>-<b>
Preferential transactions</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18225" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Timelines prescribed in regulation 35A is not mandatory and the requirement for approaching the Adjudicating Authority for relief on or before 135th day of the insolvency commencement date is only directory Timelines
prescribed in regulation 35A is not mandatory and the requirement for approaching the Adjudicating Authority for appropriate relief on or before 135th day of the insolvency commencement date (‘ICD’) is only directory. Since
regulation 35A must be read along with the statutory construct of the Code which by itself </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_17579");">
<p> JSW STEEL LTD.V.MAHENDER KUMAR KHANDELWALSANJAY SINGAL AND ANOTHERV.PUNJAB NATIONAL BANK AND OTHERSKALYANI TRANSCOV.BHUSHAN POWER & STEEL LTD. THROUGHRESOLUTION PROFESSIONAL AND OTHERSJALDHI OVERSEAS PTE.LTD.V.BHUSHAN
POWER & STEEL LTD. AND OTHERSMEDI CARRIER (P.) LTD.V.MAHENDRA KUMAR KHANDELWAL,RESOLUTION PROFESSIONAL OF BHUSHAN POWER & STEEL LTD. AND ANOTHERCJ DARCL LOGISTICS LTD.V.MAHENDER KUMAR KHANDELWAL, RESOLUTION
PROFESSIONAL OF BHUSHAN POWER & STEEL LTD.STATE OF ODISHA AND OTHERSV.BHUSHAN POWER & STEEL LTD. AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_17579");">
[2020] 155 CLA 27 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_17579" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Where resolution applicant is not a related party as per definition in clause (24) of section 5, it is eligible to file resolution plan Upon a perusal of clause (a) of sub-section (1) of section 32A (inserted by an Ordinance
promulgated on 28th December, 2019) read with the definition of ''''''''''''''''related party'''''''''''''''' in clause (24) of section 5, it is ex facie evident that the resolution applicant is not an associate
company/related party of the corporate debtor. Further, interpretation of section </p>
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<h2 class="resp-accordion hor_1" role="tab" aria-controls="hor_1_tab_item-2" style="background-color: rgb(245, 245, 245); border-color: rgb(193, 193, 193);"><span class="resp-arrow"></span>ARTICLES</h2>
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<ul>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4671");">
<p> SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (SECOND AMENDMENT) REGULATIONS, 2023 – A STUDY <a href="javascript:void(0);" onclick="javascript:display("Aa_4671");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4671" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The author has, in this article, analysed the provisions of the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 notified on 14th June, 2023. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4670");">
<p> REGULATION 24A OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 – RELEVANCE OR OTHERWISE – A CASE FOR ‘EASE COMPLIANCE BURDEN’
<a href="javascript:void(0);" onclick="javascript:display("Aa_4670");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4670" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author has studied that sub-regulations (1) and (2) of regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is infructuous, overlapping and unwarranted, which
may be deleted and compliance burden eased. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4659");">
<p> CONCEPT OF UNPUBLISHED PRICE SENSITIVE INFORMATION – SET TO CHANGE AGAIN WITH THE PROPOSAL OF SEBI TO LINK THE CONCEPT TO MATERIAL EVENTS IN REGULATION 30 OF SEBI (LODR) REGULATIONS
<a href="javascript:void(0);" onclick="javascript:display("Aa_4659");"> [Lalit Kumar]</a>
</p>
</span>
<div id="D_A_4659" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Concept of unpublished price sensitive information (‘UPSI’) is all set to change with the proposal of the SEBI to link the concept of UPSI to ‘material events’ as provided in regulation 30 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015. The author is of the view that if this proposal goes through, all material events listed in regulation 30 will become UPSI. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4658");">
<p> REINING ON AUDITOR’S RESIGNATION <a href="javascript:void(0);" onclick="javascript:display("Aa_4658");"> [CS Dr. PT Giridharan]</a>
</p>
</span>
<div id="D_A_4658" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The Chapter X of the Companies Act, 2013 relating to audit and auditors has been in the eye storm and the fiduciary relationship between the auditor and the company is emerging like a titanic ship. In this article, the
author writes about resignation of an auditor. </p>
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<p></p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4655");">
<p> LOAN TRANSACTIONS UNDERTAKEN BY THE BANKS/FINANCIAL INSTITUTES IN INDIA – ARE THEY REALLY ARBITRABLE? <a href="javascript:void(0);" onclick="javascript:display("Aa_4655");"> [Nikhil Gurnani]</a>
</p>
</span>
<div id="D_A_4655" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The aim of this article is to evaluate the current legal jurisprudence on the question of availability of ‘Arbitration’ as an alternate to the Debts Recovery Tribunal mechanism and what precautions should be kept in mind
when it is decided by the bank to retain an arbitration clause in the loan transactions or whether arbitration is non-suited for banking recovery at all. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4652");">
<p> SEBI CIRCULAR DATED 28TH MARCH, 2023 SETTING OUT NORMS FOR UNLISTED STOCK EXCHANGES – IS IT ULTRA VIRES THE ACT <a href="javascript:void(0);" onclick="javascript:display("Aa_4652");"> [T V Narayanaswamy]</a>
</p>
</span>
<div id="D_A_4652" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article the author analyses the SEBI Circular dated 28th March, 2023 setting out norms for unlisted stock exchanges. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4654");">
<p> KNOWLEDGE MANAGEMENT AND DISSEMINATION IN INDIAN COMPANIES – MYTHS AND REALITY <a href="javascript:void(0);" onclick="javascript:display("Aa_4654");"> [Dr. Lata Suresh]</a>
</p>
</span>
<div id="D_A_4654" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This paper is an attempt to study the management and dissemination of knowledge in companies which includes the what, why and how part of knowledge management (‘KM’) and the barriers involved in implementing the KM in the
companies particularly in India. The author has also discussed regarding the way forward and how the companies can implement the KM. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4651");">
<p> RIGHTS OF SHAREHOLDERS/INVESTORS OF A CORPORATE DEBTOR TO INTERVENE IN A CORPORATE INSOLVENCY RESOLUTION PROCESS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016
<a href="javascript:void(0);" onclick="javascript:display("Aa_4651");"> [Atul Kumar]</a>
</p>
</span>
<div id="D_A_4651" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The National Company Law Appellate Tribunal (Chennai Bench) in a significant ruling in the matter of Nirej Vadakkedathu Paul v. Sunstar Hotels & Estate (P.) Ltd. [2023] 173 CLA 298 dealt with the issue of objection by
group of shareholders (which included some foreign portfolio investors) of corporate debtor against which corporate insolvency resolution process (CIRP) has been initiated by the Adjudicating Authority under section 7 of the
Insolvency and Bankruptcy Code, 2016. In this article, the author delves into </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4650");">
<p> COMMITTEE OF DIRECTORS IN INDIA INC. UNDER COMPANIES ACT AND SEBI LISTING REGULATIONS <a href="javascript:void(0);" onclick="javascript:display("Aa_4650");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4650" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article deals with a very trivial but important and practical issue emphasising upon applicability of all applicable provisions as enumerated in the Companies Act, Rules, Secretarial Standard and SEBI Listing
Regulations to meetings of a committee of directors in public or listed companies. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4649");">
<p> REAL TO REEL – A STORY OF DIGITAL TRANSFORMATION <a href="javascript:void(0);" onclick="javascript:display("Aa_4649");"> [CS Ms. Shukla Bansal]</a>
</p>
</span>
<div id="D_A_4649" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author tells a story of digital transformation which is the integration of digital technology into all areas of a business. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4648");">
<p> PHILOSOPHICAL FOUNDATIONS OF SUSTAINABLE CORPORATIONS – TRACES FROM CORPORATE LAWS IN INDIA <a href="javascript:void(0);" onclick="javascript:display("Aa_4648");"> [Swatee Yogessh]</a>
</p>
</span>
<div id="D_A_4648" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This paper is an attempt to unravel those philosophical underpinnings which identify corporations in India as social institutions, envisaging a sustainable future for the human entity; rather than merely an economic unit
generating profits for the owners and shareholders. The researcher proposes to evaluate the philosophical foundations of corporations as social entities and its reflection in the laws and policies, and jurisprudential theories
in context of corporate laws in India. It attempts to answer a pertinent question, i.e., whose sustainability </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4647");">
<p> Payment of Interest on Deposits by Companies from Public under Companies Act, 2013 and the Acceptance of Deposits Rules, 2014
<a href="javascript:void(0);" onclick="javascript:display("Aa_4647");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4647" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article summarises various provisions relating to payment of interest on deposits accepted by companies. The author has analysed and highlighted that, in case a depositor renews his deposit with the company before
expiry of its term, the company cannot reduce the interest on account of premature payment. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4646");">
<p> IMPACT OF TATA STEEL BSL LTD. V. VENUS RECRUITERS PVT. LTD. ON INSOLVENCY AND BANKRUPTCY CODE, 2016 – STATUS OF AVOIDANCE APPLICATIONS
<a href="javascript:void(0);" onclick="javascript:display("Aa_4646");"> [Purti Marwaha Gupta, Jasper Vikas]</a>
</p>
</span>
<div id="D_A_4646" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this case study, the authors delve into implications of the recent decision of the Division Bench of the Delhi High Court in TATA Steel BSL Ltd. v. Venus Recruiters Pvt. Ltd. [2023] 172 CLA 239, which held that the
avoidance applications filed under the Code shall survive even beyond the conclusion of the corporate insolvency resolution process. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4645");">
<p> CHATGPT AND THE FUTURE OF LEGAL SERVICES <a href="javascript:void(0);" onclick="javascript:display("Aa_4645");"> [Manuj Bhargava]</a>
</p>
</span>
<div id="D_A_4645" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> ChatGPT has the potential to revolutionise the way advocates work by making the process of research and case preparation more efficient and accurate. In this article, the author provides useful insight into ChatGPT. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4642");">
<p> ISSUES IN ARBITRATION <a href="javascript:void(0);" onclick="javascript:display("Aa_4642");"> [Dr. Manoj Kumar]</a>
</p>
</span>
<div id="D_A_4642" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author discusses various issues that are still being identified and attempted to be reformed to shape up the scheme of arbitration in line with the international standards and practice. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4643");">
<p> THE UNSUNG SAGA OF EMERGENCY ARBITRATION REGIME IN INDIA <a href="javascript:void(0);" onclick="javascript:display("Aa_4643");"> [Inbavijayan Veeraraghavan, Sameena Syed]</a>
</p>
</span>
<div id="D_A_4643" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the authors provide a bird’s eye view of emergency arbitration regime in India. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4644");">
<p> ON THE MEDIATION TRAIL – MILESTONES AND SIGNPOSTS <a href="javascript:void(0);" onclick="javascript:display("Aa_4644");"> [Sriram Panchu]</a>
</p>
</span>
<div id="D_A_4644" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This is an opportunity to do pause, think and plainspeak, so the author starts with a caution that this piece will not bear attributes of scholarly outpouring. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4641");">
<p> FORENSIC AUDIT – A REMEDY OR RISK MANAGEMENT FOR CORPORATE FRAUD? <a href="javascript:void(0);" onclick="javascript:display("Aa_4641");"> [Tanvi Goyal, Shraddha Jain]</a>
</p>
</span>
<div id="D_A_4641" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the authors have analysed the recommendations of the Company Law Committee for the inclusion of the new concept of ‘forensic audit’ under the Companies Act, 2013. The article intends to provide insight into
the role of forensic audit in deterring corporate crimes. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4640");">
<p> SOCIETIES REGISTRATION ACT, 1860 – RIPE FOR REPEAL <a href="javascript:void(0);" onclick="javascript:display("Aa_4640");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4640" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Societies Registration Act, 1860, a more than one and a half centuries old British-era enactment, is ripe for repeal as all existing societies registered under this Act may be converted into companies, in terms of section 8
of the Companies Act, 2013, meant for promotion of commerce, art, science, sports, education, research, literature, social welfare, religion, charity, health, environment, etc., which will provide greater transparency,
governance, administration, regularisation, uniformity and information in public domain. Economic Times of 24th October, 2022 </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4637");">
<p> INSOLVENCY AND BANKRUPTCY CODE, 2016 GOES THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 WAY: COMMENT ON STATE TAX OFFICER V. RAINBOW PAPERS LTD. [2022] 170 CLA 292 (SC)
<a href="javascript:void(0);" onclick="javascript:display("Aa_4637");"> [Purti Gupta, Jasper V George]</a>
</p>
</span>
<div id="D_A_4637" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In State Tax Officer v. Rainbow Papers Ltd. [2022] 170 CLA 292 (SC), the preference has been given to the Government dues under the Gujarat Value Added Tax Act by reading it as a “Secured Creditor” and while doing so, the
Supreme Court has created an altogether new insolvency jurisprudence in regard to the interpretation of Section 53 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) and thus, in this way, it has possibly drifted away
from the very </p>
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</div>
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</ul>
</div>
<h2 class="resp-accordion hor_1" role="tab" aria-controls="hor_1_tab_item-3" style="background-color: rgb(245, 245, 245); border-color: rgb(193, 193, 193);"><span class="resp-arrow"></span>QUERIES</h2>
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<ul>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2497");">
<p> TENURE OF PROPERTY UNDER LEASE DEED </p>
</span>
<div id="D_Q_2497" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Lease – Tenure of property - Is it mandatory to mention in a lease deed - The period of lease need not be mentioned in the lease document unless it is the requirement of a local law or of usage, in which event the deeming
provision of section 106 of the Transfer of Property Act, 1882 would come into play. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2496");">
<p> When the offence contemplated under section 138 of the Negotiable Instruments Act, 1881 would arise ? </p>
</span>
<div id="D_Q_2496" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Dishonour of cheque – Offence when arise – If the amount shown in the demand notice is higher than the amount due on the presentation of the cheque, no criminal offence is made out. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2487");">
<p> Whether a representative of or the majority shareholders of the corporate debtor be allowed to intervene in the proceedings for initiation of corporate insolvency resolution process under section 9 of the Insolvency and
Bankruptcy Code, 2016 before the Adjudicating Authority/NCLT ? </p>
</span>
<div id="D_Q_2487" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Corporate debtor – Can majority shareholders be allowed to intervene in proceedings for initiation of CIRP – The majority shareholders should be permitted to intervene in the proceedings and put forward their case
effectively before the NCLT, so that it can come to informed conclusion and pass appropriate orders. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2484");">
<p> Whether interse transfer of assets will partake the character of fraudulent/wrongful trading for the purposes of sub-section (1) of section 66 of the Insolvency and Bankruptcy Code, 2016? </p>
</span>
<div id="D_Q_2484" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Inter se transfer of assets – Do they partake character of fraudulent trading – Transfer of assets among/within the group companies will not partake the character of a fraudulent trading </p>
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<p> Can a benefit available for payment of a statutory debt by a corporate debtor under a scheme floated by the Government during the pendency of corporate insolvency resolution process ( CIRP ) and the corporate debtor through
the resolution professional (RP) completed all formalities and requirements under the schemes be denied as the payment of the settled amount was not made within the period stipulated in the scheme ? </p>
</span>
<div id="D_Q_2483" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Statutory debt of corporate debtor under a scheme floated during pendency of CIRP – Can a benefit available for payment thereof – On the corporate debtor making the payment of the settled amount, which is obviously beyond
the date stipulated under the scheme, the benefits available under the scheme should be made available to it. </p>
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<p> COMPLIANCE OFFICER OF LISTED COMPANY – CAN HE RELY ON ASSURANCES GIVEN BY OFFICERS/ORGANS OF THE COMPANY? </p>
</span>
<div id="D_Q_2482" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Compliance officer of listed company – Can he rely on assurances of various officers/organs of the company – It cannot be contended that the role of the compliance officer is limited to redressing grievances of investors. He
is also required to ensure compliance with the Buy-back Regulations </p>
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<p> Whether on approval of the resolution plan under the Insolvency and Bankruptcy Code, 2016, the resolution professional becomes ‘functus officio’? </p>
</span>
<div id="D_Q_2481" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Resolution professional – Does he become functus officio on approval of resolution plan – He would become functus officio, on the approval of the resolution plan by the Adjudicating Authority. </p>
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<p> Can a company issue perpetual (i.e., non-redeemable) preference shares ? </p>
</span>
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<p> Perpetual preference shares – Can a company issue – Sub-section (1) of section 55 of the Companies Act, 2013 impliedly prohibits the creation of perpetual preference shares. </p>
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<p> Whether a guarantor of a debt of a corporate debtor in whose favour an award has been given and which award is under execution, can prefer, under section 7 of the Insolvency and Bankruptcy Code, 2016, an application for
initiation of a corporate insolvency resolution process against the corporate debtor ? </p>
</span>
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<p> Insolvency resolution process – Initiation of – Guarantor whose favourable award is under execution – Can he prefer application under section 7 of the Code – Where object of preferring application is for expeditiously
recovery of guaranteed amount, guarantor cannot be allowed to prefer application. </p>
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<p> Will joint holding of a share in a company disqualify a person to be appointed as auditor of the company ? </p>
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<p> Auditor – Does joint holding of a share disqualify person to be appointed as auditor – Since second/third joint holder has no interest in joint holding so as to influence functioning of auditor, he cannot be deemed to be a
holder of security referred to in section 141. </p>
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<p> Is any insider trading during the prohibited period under the SEBI (Prohibition of Insider Trading) Regulations, 2015, an offence or only those insider trading voluntarily made and resulting in undue gain to an insider ?
</p>
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<div id="D_Q_2476" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insider trading – During the prohibited period – Is it an offence or only those voluntarily made resulting in undue gain to an insider – Prohibition should not apply to distress sale or a sale under a statutory requirement
or where no benefit or undue advantage has accrued. </p>
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<p> Is it mandatory for the Company Secretary of a company not having a common seal to sign share certificates issued by it ? </p>
</span>
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<p> Share certificate – Company not having a common seal – Is it mandatory for company secretary to sign share certificates issued by it – Share certificates have to be signed by two directors or by a director and the company
secretary, where the company concerned has appointed a company secretary. </p>
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<p> Is it necessary for an entity to come within the meaning of the term ‘undertaking’ as defined in clause (i) of Explanation to clause (a) of sub-section (1) of section 180 of the Companies Act, 2013 has to satisfy both the
conditions set out therein ? </p>
</span>
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<p> Undertaking as defined in Explanation (i) to section 180(1)(a) – Can it be disposed of with the consent of the members by special resolution – Business activity which is not consistently contributing to the coffers of a
company could be disposed of without the consent of the members. </p>
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<p> Will the voting right vest in holders of non-cumulative preference shares in a company under section 47 of the Companies Act, 2013, survive even if the shares are not redeemed on the due date? </p>
</span>
<div id="D_Q_2474" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Non-cumulative preference shares – Voting right vest in holders of – Will it survive even if the shares are not redeemed – From the expiry of the date set for redemption, the preference shares unredeemed will cease to be
preference shares and in consequence, the voting rights conferred on the holders of unredeemed preference shares would lapse. </p>
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<p> Whether the lessor of a movable property to the corporate debtor for employment thereof in the business carried on by him for profit is a financial creditor ? </p>
</span>
<div id="D_Q_2473" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Financial creditor – Is lessor of movable property a financial creditor – Since lease of machinery to the corporate debtor, no money passes from the lessor to the lessee, transaction is not a transaction resulting in
financial debt and the other party is not a financial creditor. </p>
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<p> When there are two special statutes containing non-obstante clauses, provisions of which statute would prevail for deciding a question to which provisions of both the statutes would be applicable ? </p>
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<div id="D_Q_2472" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Non-obstante clause – Two statutes containing – Which statute would prevail – It would be proper to assume that it is intention of the Legislature while passing the Bill, that the non-obstante clause in the later legislation
should prevail. </p>
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<p> Will the moratorium declared under section 14 of the Insolvency and Bankruptcy Code, 2016 extend the period of limitation for initiation of legal proceedings by the corporate debtor ? </p>
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<p> Moratorium – Declared under section 14 – Will it extend limitation period for initiation of proceedings against corporate debtor – Sub-section (6) of section 60 of the Code would come to the rescue of the corporate debtor if
the action proposed to exercise the right is within the period of limitation set out under the Limitation Act plus the exact period of the duration of the moratorium declared under section 14 of the Code. </p>
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<p> Can the residual powers of National Company Law Tribunal be exercised to adjudicate a contract which is unrelated to proceedings for insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 ? </p>
</span>
<div id="D_Q_2468" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> NCLT – Residual powers – Can NCLT exercise power to adjudicate a contract which is unrelated to proceedings for insolvency resolution process - The residuary jurisdiction of NCLT cannot be invoked if the termination of the
contract is based on grounds unrelated to the insolvency of the corporate debtor </p>
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<p> CONVERSION OF REGISTERED PARTNERSHIP INTO LLP – IS STAMP DUTY PAYABLE THEREON ? </p>
</span>
<div id="D_Q_2470" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Partnership – Conversion into LLP – Is stamp duty payable thereon – There being no instrument of transfer of assets of the erstwhile partnership firm to the LLP, the question of payment of stamp duty and registration charges
does not arise as these are chargeable only on the instruments indicated in section 3 of the Stamp Act and section 17 of the Registration Act. </p>
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<p> Is the Income tax Department to the extent of income tax due and payable by the corporate debtor is a secured creditor of the corporate debtor under the Insolvency and Bankruptcy Code, 2016 (the Code) ? </p>
</span>
<div id="D_Q_2469" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Income-tax payable by corporate debtor – Is the Income-tax Department to the extent thereof a secured creditor of corporate debtor – The Income-tax Department meets with the definition of the secured creditor for the
purposes of the Code. </p>
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* HOME * ABOUT US * PRODUCTS * PAY INVOICE ONLINE * CAMPUS AMBASSADOR * Online Courses * CONTACT US * Join Us Knowledge Channel CLAonline e-library on Company / SEBI / Insolvency and Bankruptcy / FEMA / Competition and Other Laws Since 1950 LATEST UPDATES * CIRCULARS / NOTIFICATIONS * CASE LAWS * ARTICLES * QUERIES CIRCULARS / NOTIFICATIONS * Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023 [No. IBBI/2023-24/GN/REG104][18th September 2023] Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2023 No. IBBI/2023-24/GN/REG104 dated 18th September 2023issued by IBBI In exercise of the powers conferred by sections 196, 206, 207 and 208 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, namely: - 1. (1) These regulations may be called the More * Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 [No. IBBI/2023-24/GN/REG106][18th September 2023] Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 No. IBBI/2023-24/GN/REG106 dated 18th September 2023issued by IBBI In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, More * Mediation Act, 2023 [Act 32 of 2023][14th September 2023] Mediation Act, 2023 Act 32 of 2023, assented by the President on 14th September 2023 An Act to promote and facilitate mediation, especially institutional mediation, for resolution of disputes, commercial or otherwise, enforce mediated settlement agreements, provide for a body for registration of mediators, to encourage community mediation and to make online mediation as acceptable and cost effective process and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:–– CHAPTER More * Regulatory Reporting by AIFs [SEBI/HO/AFD/SEC-1/P/CIR/2023/0155][14th September 2023] Regulatory Reporting by AIFs SEBI/HO/AFD/SEC-1/P/CIR/2023/0155 dated 14th September 2023 issued by SEBI 1. In terms of Regulation 28 of SEBI (AIF) Regulations, 2012 read with Clause 15.1 of SEBI Master Circular for AIFs dated July 31, 2023, AIFs shall submit quarterly reports to SEBI in the formats specified with respect to the activities carried on by the AIFs. 2. In order to enable the AIF industry to have uniform compliance standards, ease compliance reporting and for regulatory and developmental More * Extension of Period of the Company Law Committee [Order F. No. 2/1/2018-CL-V][13th September 2023] Extension of Period of the Company Law Committee Order F. No. 2/1/2018-CL-V dated 13th September 2023issued by MCA In continuation of the Orders of even no. dated 05.09.2022, 23.09.2021, 17.09.2020 and dated 18.09.2019, the tenure of the Company Law Committee is hereby further extended by one year i.e. till 16.09.2024. 2. This issues with the approval of the Competent Authority. © All rights reserved with Jus Scriptum. More * Board Nomination Rights to Unitholders of Infrastructure Investment Trusts (InvITs) [SEBI/HO/DDHS-PoD-2/P/CIR/2023/153][11th September 2023] Board Nomination Rights to Unitholders of Infrastructure Investment Trusts (InvITs) SEBI/HO/DDHS-PoD-2/P/CIR/2023/153 dated 11th September 2023issued by SEBI 1. Regulation 4(2)(h) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) inter-alia provides that unitholder(s) holding not less than ten percent of the total outstanding units of the InvIT, either individually or collectively, shall be entitled to nominate one director on the board of directors of the Investment Manager, in the manner as may be specified by the Board. 2. Accordingly, More * Clarification regarding Investment of Mutual Fund Schemes in Units of Corporate Debt Market Development Fund [SEBI/HO/IMD/PoD2/P/CIR/2023/152][6th September 2023] Clarification regarding Investment of Mutual Fund Schemes in Units of Corporate Debt Market Development Fund SEBI/HO/IMD/PoD2/P/CIR/2023/152dated 6th September 2023issued by SEBI 1. This has reference to SEBI Circular SEBI/HO/IMD/PoD2/P/CIR/2023/129 dated July 27, 2023 on Investment by Mutual Fund Schemes and AMCs in units of Corporate Debt Market Development Fund (“CDMDF”). 2. In this context, AMFI has requested that for calculation of asset allocation limits, the base may be considered as net asset excluding of investment in units of More * New Format of Abridged Prospectus for Public Issues of Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares [SEBI/HO/DDHS/PoD1/CIR/P/2023/150][4th September 2023] New Format of Abridged Prospectus for Public Issues of Non-Convertible Debt Securities and/or Non-Convertible Redeemable Preference Shares SEBI/HO/DDHS/PoD1/CIR/P/2023/150 dated 4th September 2023issued by SEBI 1. Section 2(1) of the Companies Act, 2013 defines an abridged prospectus as a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board of India by making regulations in this behalf. 2. Further, Section 33(1) of the More * Filing of CIRP Forms for the Purpose of Monitoring Corporate Insolvency Resolution Processes and Performance of Insolvency Professional Entities under the Insolvency and Bankruptcy Code, 2016 and the Regulations made Thereunder [IBBI/CIRP/60/2023][1st September, 2023] Filing of CIRP Forms for the Purpose of Monitoring Corporate Insolvency Resolution Processes and Performance of Insolvency Professional Entities under the Insolvency and Bankruptcy Code, 2016 and the Regulations made Thereunder Circular No. IBBI/CIRP/60/2023 dated 1st September, 2023 Regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) read with Circular no. IBBI/CIRP/023/2019 dated 14th August 2019, Circular no. IBBI/CIRP/41/2021 dated 18th March 2021 and More * Shri Amarjeet Singh takes Charge as Whole-time Member, SEBI [PR No.19/2023][1st September 2023] Shri Amarjeet Singh takes Charge as Whole-time Member, SEBI PR No.19/2023dated 1st September 2023issued by SEBI Shri Amarjeet Singh took charge as Whole Time Member, Securities and Exchange Board of India (SEBI), in Mumbai today. Prior to this assignment he was Executive Director in SEBI. Shri Amarjeet Singh will handle various departments including Investment Management Department, Market Intermediaries Regulation and Supervision Department, Office of International Affairs, Investigations Department and More * Guidelines for MIIs regarding Cyber Security and Cyber Resilience [SEBI/HO/MRD/TPD/P/CIR/2023/146][29th August 2023] Guidelines for MIIs regarding Cyber Security and Cyber Resilience SEBI/HO/MRD/TPD/P/CIR/2023/146 dated 29th August 2023issued by SEBI 1. Market Infrastructure Institutions (i.e. Stock Exchanges, Clearing Corporations and Depositories) are systemically important institutions as they, inter-alia, provide infrastructure necessary for the smooth and uninterrupted functioning of the securities market. As part of the operational risk management, these Market Infrastructure Institutions (MIIs) need to have robust cyber security framework to provide essential facilities and perform systemically More * Consultation Paper on Flexibility in the Framework on Social Stock Exchange (SSE) [][29th August 2023] Consultation Paper on Flexibility in the Framework on Social Stock Exchange (SSE) Dated 29th August 2023issued by SEBI 1. Regulatory Framework of Social Stock Exchange The regulatory framework for Social Stock Exchange (SSE) was prescribed by SEBI through amendments dated July 25, 2022 to certain SEBI Regulations and also through Circulars dated September 19, 2022 and October 13, 2022. A brief on the amendments is placed alongside at Annexure 1. 2. Present status on Social Stock Exchange 2.1. NSE and BSE have both set-up the More * Resignation of Shri Krishnamurthy Subramanian from the Post of Part-time Member in Insolvency and Bankruptcy Board of India [S.O. 3813(E)][28th August 2023] Resignation of Shri Krishnamurthy Subramanian from the Post of Part-time Member in Insolvency and Bankruptcy Board of India S.O. 3813(E) 28th August 2023issued by MCA Consequent upon the tendering of resignation by Shri Krishnamurthy Subramanian, part-time member in the Insolvency and Bankruptcy Board of India, the Central Government hereby accepts the resignation of Shri Krishnamurthy Subramanian from the post of part-time member in Insolvency and Bankruptcy Board of India with effect from the 1st day of November, 2022. © All rights reserved with More * Consultation Paper on Mechanism for Fee Collection by SEBI Registered Investment Advisers and Research Analysts [][25th August 2023] Consultation Paper on Mechanism for Fee Collection by SEBI Registered Investment Advisers and Research Analysts Dated 25th August 2023issued by SEBI 1. Objective 1.1. This consultation paper seeks comments from the public on a proposal to create a closed ecosystem for fee collection by SEBI registered Investment Advisers (‘IAs’) and Research Analysts (‘RAs’) from their clients. This ecosystem will help investors ensure that their payments are reaching only registered IAs and RAs. As a corollary, this would also help investors identify, isolate More * Consultation paper on Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers) [][25th August 2023] Consultation paper on Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers) Dated 25th August 2023issued by SEBI 1. Objective 1.1. The objective of this paper is to seek public comments on a proposal to restrict the association of SEBI registered intermediaries/regulated entities with unregistered ‘finfluencers’. 2. Background 2.1. In recent times, activities of financial influencers (‘finfluencers’) have attracted wide public and media attention. 2.2. These finfluencers are usually unregistered entities providing catchy content, information, and advice on various financial topics to their More * Consultation Paper on Permitting Increased Participation of Non - Resident Indians (NRIs) and Overseas Citizens of India (OCIs) into SEBI Registered Foreign Portfolio Investors (FPIs) based out of International Financial Services Centres (IFSCs) in India and Regulated by the International Financial Services Centres Authority (IFSCA) [][25th August 2023] Consultation Paper on Permitting Increased Participation of Non - Resident Indians (NRIs) and Overseas Citizens of India (OCIs) into SEBI Registered Foreign Portfolio Investors (FPIs) based out of International Financial Services Centres (IFSCs) in India and Regulated by the International Financial Services Centres Authority (IFSCA) Dated 25th August 2023issued by SEBI 1. Objective: To enhance investments by FPIs in India by facilitating increased participation from NRIs and OCIs as constituents of FPIs that are based out of IFSCs in India and regulated by More * Mandating Additional Disclosures by Foreign Portfolio Investors (FPIs) that Fulfil Certain Objective Criteria [SEBI/ HO/ AFD/ AFD - PoD - 2/ CIR/ P/ 2023/ 148][24th August 2023] Mandating Additional Disclosures by Foreign Portfolio Investors (FPIs) that Fulfil Certain Objective Criteria SEBI/ HO/ AFD/ AFD - PoD - 2/ CIR/ P/ 2023/ 148 dated 24th August 2023 A. Background: 1. Certain FPIs have been observed to hold concentrated portion of their equity portfolio in a single investee company/ corporate group. Such concentrated investments raise the concern and possibility that promoters of such investee companies/ corporate groups, or other investors acting in concert, could be using the FPI More * Shri Kamlesh Chandra Varshney Appointed as Whole-time Member of the Securities and Exchange Board of India [S.O. 3664(E)][16th August 2023] Shri Kamlesh Chandra Varshney Appointed as Whole-time Member of the Securities and Exchange Board of India S.O. 3664(E)dated 16th August 2023issued by Ministry of Finance In exercise of the powers conferred by sub-section (1)(d) and sub-section (4) of section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), read with rule 3 of the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992, More * Review of Voluntary Delisting Norms under SEBI (Delisting of Equity Shares) Regulations, 2021 [][14th August 2023] Review of Voluntary Delisting Norms under SEBI (Delisting of Equity Shares) Regulations, 2021 Dated 14th August 2023issued by SEBI OBJECTIVE 1. The objective of this consultation paper is seek comments / views / suggestions from the public on the certain aspects relating to voluntary delisting under SEBI (Delisting of Equity Shares) Regulations, 2021 (hereinafter referred to as “Delisting Regulations”). BACKGROUND 2. Delisting Regulations, inter-alia, provide exit opportunity to be provided by the acquirer1 to all the public shareholders in case the equity shares of More * Simplification of KYC Process and Rationalisation of Risk Management Framework at KYC (Know Your Client) Registration Agencies (KRAs) [SEBI/HO/MIRSD/FATF/P/CIR/2023/0144][11th August 2023] Simplification of KYC Process and Rationalisation of Risk Management Framework at KYC (Know Your Client) Registration Agencies (KRAs) SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated 11th August 2023issued by SEBI 1. SEBI vide circular SEBI/HO/MIRSD/DoP/P/CIR/2022/46 dated April 06, 2022 has specified the framework for validation of records by KRAs in securities market. Based on the feedback received from the stakeholders in securities market and for ease of onboarding of clients for dealing in securities market, the provisions of the circular have been More CASE LAWS * SMBC AVIATION CAPITAL LTD. V. INTERIM RESOLUTION PROFESSIONAL OF GO AIRLINES (INDIA) LTD., ABHILASH LAL SFV AIRCRAFT HOLDINGS IRE 9 DAC V. INTERIM RESOLUTION PROFESSIONAL OF GO AIRLINES (INDIA) LTD., ABHILASH LAL GY AVIATION LEASE 1731 CO. LTD. AND OTHERS V. INTERIM RESOLUTION PROFESSIONAL OF GO AIRLINES (INDIA) LTD., ABHILASH LAL [2023] 175 CLA 55 (NCLAT)- Insolvency resolution process- Insolvency and Bankruptcy Code, 2016 In a section 10-application filed by a corporate applicant, it is not necessary to issue notice to the creditors to give a hearing or opportunity of hearing to the creditors before admission of section 10-application Since the statutory scheme for application under section 10 does not contain any obligation of issuing notice to the creditors by the corporate applicant, any objector appearing at the time of hearing has to More * UNION BANK OF INDIA (ERSTWHILE CORPORATION BANK) V. DINKAR T VENKATASUBRAMANIAN AND OTHERS [2023] 175 CLA 40 (NCLAT)- National Company Law Tribunal- Companies Act, 2013 The Tribunal is not vested with any power to review the judgment. However, in exercise of its inherent jurisdiction, the Tribunal can entertain an application for recall of judgment on sufficient grounds The power to review is not conferred upon the Tribunal but power to recall its judgment is inherent in the Tribunal since inherent power of the Tribunal are preserved, powers which are inherent in the Tribunal as More * ARUN CHADHA, LIQUIDATOR OF PAWAN BUILDWELL (P.) LTD. V. RAMESH KUMAR SUNEJA AND OTHERS RAMESH KUMAR SUNEJA AND OTHERS V. ARUN CHADHA, LIQUIDATOR OF PAWAN BUILDWELL (P.) LTD. AND OTHERS [2023] 175 CLA 76 (NCLAT)- Preferential transactions- Insolvency and Bankruptcy Code, 2016 Security interest created in the mortgaged property by the corporate debtor is in violation of section 43 Where it is amply clear that the transaction relating to creation of security charge in mortgaged property by the corporate debtor was clearly and unambiguously for the benefit of its related parties and the creation of security charge was within the two years look back period, creation of security interest on the More * BHUSHAN SHRINGARPURE AND OTHERS V. B K MISHRA RESOLUTION PROFESSIONAL OF LAKELAND CHEMICALS (INDIA) LTD. AND OTHERS [2023] 175 CLA 91 (NCLAT)- Insolvency resolution process- Insolvency and Bankruptcy Code, 2016 Where resolution professional fails to give notice of any meeting of committee of creditors or their representatives to operational creditors, where the amount of the aggregated due is not less than ten per cent of the debt, such dereliction of duty on his part deserves to be burdened with costs It is incumbent upon the resolution professional to serve notice of each meeting of the committee of creditors or More * CHAIRMAN & MANAGING DIRECTOR, CITY UNION BANK LTD. AND ANOTHER V. R CHANDRAMOHAN [2023] 174 CLA 1 (SC)- Deficiency in Service- Consumer Protection Act, 1986 The proceedings before the Commission being summary in nature, the Forum/Commission could not decide complaints involving tortuous acts or criminality like fraud or cheating, since deficiency in service cannot be presumed, and has to be proved by the person alleging it Where the proceedings before the Forum/Commission under the Consumer Protection Act/National Consumer Disputes Redressal Commission are not summary in nature, and the complaints involve highly disputed questions of facts or the cases involve tortuous acts or criminality like fraud or More * ABHISHEK SINGH V. HUHTAMAKI PPL LTD. AND ANOTHER [2023] 174 CLA 33 (SC)- Settlement/withdrawal of CIRP proceedings- Insolvency and Bankruptcy Code, 2016 Regulation 30A provides for withdrawal application filed under section 12A being entertained before constitution of the committee of creditors Section 12A does not specifically mention withdrawal of applications admitted under sections 7, 9 and 10 where the committee of creditors (‘CoC’) has not been constituted but at the same time it does not debar entertaining applications for withdrawal even before constitution of the CoC. Therefore, the application under section 12A for withdrawal cannot be said to be kept pending for constitution More * MODI RUBBER LTD. V. CONTINENTAL CARBON INDIA LTD. OCL INDIA LTD. V. ANDREW YULE & CO. LTD. AND OTHERS TVS SEWING NEEDLES LTD. V. SINGER INDIA LTD. AND OTHERS TVS SEWING NEEDLES LTD. V. SINGER INDIA LTD. AND OTHERS TITAGARH WAGONS LTD. V. AMAR FORGING (P.) LTD. AND OTHERS [2023] 174 CLA 109 (SC)- Scheme of Revival / Rehabilitation- Sick Industrial Companies (Special Provisions) Act, 1985 The rehabilitation scheme under section 18 shall bind all the creditors including the unsecured creditors and the unsecured creditors have to accept the scaled down value of its dues provided under the rehabilitation scheme The view taken by the High Court of Delhi in Continental Carbon India Ltd. v. Modi Rubber Ltd. [2012] 110 CLA (Snr.) 20 (Del.) that on approval of a scheme by the BIFR under the Act, the unsecured creditors has an option not to accept the scaling More * P ESWARAMOORTHY V. DEPUTY COMMISSIONER OF INCOME-TAX (BENAMI PROHIBITION) [2023] 173 CLA 372 (NCLAT)- Adjudicating Authority- Insolvency and Bankruptcy Code, 2016 Attachment made as per sub-section (3) of section 24 of the Prohibition of Benami Property Transactions Act, 1988 (‘Benami Property Act’), cannot be a subject-matter of proceedings under sub-section (5) of section 60. The Adjudicating Authority is not the proper fora to determine the controversies revolving around the Benami Property Act. Therefore, filing of the application by the liquidator per se is not maintainable in the eyes of law Ingredients of sub-section (5) of section 60 clearly indicates that it is More * AJAY KUMAR RADHEYSHYAM GOENKA V. TOURISM FINANCE CORPORATION OF INDIA LTD. - Dishonour of Cheque- Negotiable Instruments Act, 1881 Proceedings under section 138 can continue simultaneously during the pendency of the proceedings under the Insolvency and Bankruptcy Code The scope of nature of proceedings under the Negotiable Instruments Act and the Code is quite different and would not intercede each other. A bare reading of section 14 of the Code would make it clear that the nature of proceedings which have to be kept in abeyance do not include criminal proceedings under section 138. It cannot be pleaded that just More * VICTORY IRON WORKS LTD. V. JITENDRA LOHIA AND ANOTHER [2023] 173 CLA 355 (SC)- Property- Insolvency and Bankruptcy Code, 2016 The development rights created in favour of the corporate debtor constitute ‘property’ within the meaning of clause (27) of section 3, clause (f) of section 18 read with clause (a) of sub-section (2) of section 25. Resolution professional is duty bound under clause (a) of sub-section (2) of section 25 to take custody and control the same From the sequence of events and the terms and conditions contained in the agreements entered into by the parties, it is more clear than More * GPSK CAPITAL (P.) LTD. V. THE SECURITIES AND EXCHANGE BOARD OF INDIA - Registration of Brokers/Sub-Broker- Securities and Exchange Board of India Act / Regulations The stock broker not only has to obtain a certificate of registration for each of the stock exchange but at the same time has to pay prescribed fee in reference to each certificate of registration It has been decided by the Supreme Court in Securities and Exchange Board of India v. National Stock Exchange Members Association [2022] 171 CLA 1 and remains no more res integra in view of decision wherein it has been held that the stock broker not only More * SUNDRESH BHAT RP OF JBF PETROCHEMICAL LTD. V. MANGLORE REFINERY & PETROCHEMICALS LTD. IDBI BANK LTD. V. JBF PETROCHEMICALS LTD. - Adjudicating Authority- Insolvency and Bankruptcy Code, 2016 Residuary jurisdiction of the NCLT under clause (c) of sub-section (5) of section 60 is limited. It cannot give any finding on the issue whether the agreement between two parties is still subsisting or not and also cannot interpret terms of an agreement to third-party contract Application for directing the resolution professional to supply paraxylene to the corporate debtor as and when plant becomes functional is not maintainable, as the dispute in question between the corporate debtor and respondent is de More * VISTRA ITCL (INDIA) LTD. V. TORRENT INVESTMENTS (P.) LTD. AND OTHERS VISTRA ITCL (INDIA) LTD. V. TORRENT INVESTMENTS (P.) LTD. AND OTHERS [2023] 173 CLA 180 (NCLAT)- Appeal- Insolvency and Bankruptcy Code, 2016 When the Board of directors of the appellant-company has authorised filing of the appeal by authorised person, it cannot be said that the appeal filed by the appellant is incompetent The Board of directors is fully competent to take all steps on behalf of appellant including initiation of legal proceedings. When the Board has authorised filing of the appeal through authorised representative, the submission cannot be accepted that appellant is not authorised by the shareholders. The appeal by financial creditor who More * SRI KRISHNA SWEETS & FOOD PRODUCTS (CHENNAI) (P.) LTD. V. JOINT DIRECTOR, MINISTRY OF CORPORATE AFFAIRS AND ANOTHER - Name of companies- Companies Act, 2013 Clause (b) of sub-section (1) of section 16 does not envisage or provide statutory limitation period from the date on which aggrieved person obtained knowledge of registration/incorporation of a company. This provision is categoric that the period of 3 years shall run from the date of incorporation Section 16 is categoric in extending two methods by which rectification of name can take place. While the Central Government is given unfettered power to effect rectification at any point in time, a registered More * TRIMURTI ASSOCIATES (P.) LTD. V. BKM INDUSTRIES LTD. ICICI BANK LTD. V. PRATIM BAYAL, THE RESOLUTION PROFESSIONAL (FOR BKM INDUSTRIES LTD.) - Resolution plan- Insolvency and Bankruptcy Code, 2016 What amount is to be paid to different classes or sub-classes of creditors in accordance with provisions of the Code and the related Regulations, is essentially the commercial wisdom of the committee of creditors ; and a dissenting secured creditor like the appellant cannot suggest a higher amount to be paid to it with reference to the value of the security interest Just because of the fact that a creditor enjoys the protection of a security interest, he cannot be treated More * NIREJ VADAKKEDATHU PAUL AND OTHERS V. SUNSTAR HOTELS & ESTATES (P.) LTD. AND ANOTHER PADRONE MARKETING (P.) LTD. V. SUNSTAR HOTELS & ESTATES (P.) LTD. AND ANOTHER - Insolvency resolution process- Insolvency and Bankruptcy Code, 2016 It is the settled principle of law that in an application under section 7, there is no place for any third party other than the financial creditor and the corporate debtor. The shareholders of the financial creditor or of the corporate debtor in their capacity as a shareholder have no locus standi to get themselves impleaded There is no specific law which allows any shareholder of the corporate debtor to challenge the admission of insolvency resolution process of the corporate debtor, More * SHRI GURU CONTAINERS V. JITENDRA PALANDE [2023] 173 CLA 394 (NCLAT)- Insolvency resolution process- Insolvency and Bankruptcy Code, 2016 In the statutory construct the applicant, who filed application under section 9 of the Code, is liable to bear the expense/fees of insolvency resolution professional (‘IRP’) as regulation 33 of the CIRP Regulations clearly provides Where the operational creditor has failed to substantiate any lapses or deficiency in the performance of duties by the insolvency resolution professional (‘IRP’), and committee of creditors (‘CoC’) could not be constituted by the IRP but that was not on account of any inefficiency or lexity More * RAJEEV SRIVASTVA V. AHLUWALIA CONTRACTS (INDIA) LTD. AND OTHERS [2023] 173 CLA 410 (NCLAT)- Insolvency resolution process- Insolvency and Bankruptcy Code, 2016 There is no requirement of issuance of a fresh notice under section 8 as it cannot be read as part of the submission of information as provided in the first proviso to sub-rule (1) of rule 5 of the Companies (Transfer of Pending Proceedings) Rules, 2016 After the transfer of winding up proceedings as per Companies (Transfer of Pending Proceedings) Rules, 2016 (‘Rules’) read with amendments made in section 434 of the Companies Act, 1956 as applicable to the Code if More * JAGDISH KUMAR PARULKAR V. VINOD AGARWAL AND OTHERS [2023] 173 CLA 160 (NCLAT)- Preferential transactions- Insolvency and Bankruptcy Code, 2016 Timelines prescribed in regulation 35A is not mandatory and the requirement for approaching the Adjudicating Authority for relief on or before 135th day of the insolvency commencement date is only directory Timelines prescribed in regulation 35A is not mandatory and the requirement for approaching the Adjudicating Authority for appropriate relief on or before 135th day of the insolvency commencement date (‘ICD’) is only directory. Since regulation 35A must be read along with the statutory construct of the Code which by itself More * JSW STEEL LTD.V.MAHENDER KUMAR KHANDELWALSANJAY SINGAL AND ANOTHERV.PUNJAB NATIONAL BANK AND OTHERSKALYANI TRANSCOV.BHUSHAN POWER & STEEL LTD. THROUGHRESOLUTION PROFESSIONAL AND OTHERSJALDHI OVERSEAS PTE.LTD.V.BHUSHAN POWER & STEEL LTD. AND OTHERSMEDI CARRIER (P.) LTD.V.MAHENDRA KUMAR KHANDELWAL,RESOLUTION PROFESSIONAL OF BHUSHAN POWER & STEEL LTD. AND ANOTHERCJ DARCL LOGISTICS LTD.V.MAHENDER KUMAR KHANDELWAL, RESOLUTION PROFESSIONAL OF BHUSHAN POWER & STEEL LTD.STATE OF ODISHA AND OTHERSV.BHUSHAN POWER & STEEL LTD. AND ANOTHER [2020] 155 CLA 27 (NCLAT)- Insolvency resolution process- Insolvency and Bankruptcy Code, 2016 Where resolution applicant is not a related party as per definition in clause (24) of section 5, it is eligible to file resolution plan Upon a perusal of clause (a) of sub-section (1) of section 32A (inserted by an Ordinance promulgated on 28th December, 2019) read with the definition of ''''''''''''''''related party'''''''''''''''' in clause (24) of section 5, it is ex facie evident that the resolution applicant is not an associate company/related party of the corporate debtor. Further, interpretation of section More ARTICLES * SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (SECOND AMENDMENT) REGULATIONS, 2023 – A STUDY [Namo Narain Agarwal] The author has, in this article, analysed the provisions of the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 notified on 14th June, 2023. More * REGULATION 24A OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 – RELEVANCE OR OTHERWISE – A CASE FOR ‘EASE COMPLIANCE BURDEN’ [Namo Narain Agarwal] In this article, the author has studied that sub-regulations (1) and (2) of regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is infructuous, overlapping and unwarranted, which may be deleted and compliance burden eased. More * CONCEPT OF UNPUBLISHED PRICE SENSITIVE INFORMATION – SET TO CHANGE AGAIN WITH THE PROPOSAL OF SEBI TO LINK THE CONCEPT TO MATERIAL EVENTS IN REGULATION 30 OF SEBI (LODR) REGULATIONS [Lalit Kumar] Concept of unpublished price sensitive information (‘UPSI’) is all set to change with the proposal of the SEBI to link the concept of UPSI to ‘material events’ as provided in regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The author is of the view that if this proposal goes through, all material events listed in regulation 30 will become UPSI. More * REINING ON AUDITOR’S RESIGNATION [CS Dr. PT Giridharan] The Chapter X of the Companies Act, 2013 relating to audit and auditors has been in the eye storm and the fiduciary relationship between the auditor and the company is emerging like a titanic ship. In this article, the author writes about resignation of an auditor. More * LOAN TRANSACTIONS UNDERTAKEN BY THE BANKS/FINANCIAL INSTITUTES IN INDIA – ARE THEY REALLY ARBITRABLE? [Nikhil Gurnani] The aim of this article is to evaluate the current legal jurisprudence on the question of availability of ‘Arbitration’ as an alternate to the Debts Recovery Tribunal mechanism and what precautions should be kept in mind when it is decided by the bank to retain an arbitration clause in the loan transactions or whether arbitration is non-suited for banking recovery at all. More * SEBI CIRCULAR DATED 28TH MARCH, 2023 SETTING OUT NORMS FOR UNLISTED STOCK EXCHANGES – IS IT ULTRA VIRES THE ACT [T V Narayanaswamy] In this article the author analyses the SEBI Circular dated 28th March, 2023 setting out norms for unlisted stock exchanges. More * KNOWLEDGE MANAGEMENT AND DISSEMINATION IN INDIAN COMPANIES – MYTHS AND REALITY [Dr. Lata Suresh] This paper is an attempt to study the management and dissemination of knowledge in companies which includes the what, why and how part of knowledge management (‘KM’) and the barriers involved in implementing the KM in the companies particularly in India. The author has also discussed regarding the way forward and how the companies can implement the KM. More * RIGHTS OF SHAREHOLDERS/INVESTORS OF A CORPORATE DEBTOR TO INTERVENE IN A CORPORATE INSOLVENCY RESOLUTION PROCESS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 [Atul Kumar] The National Company Law Appellate Tribunal (Chennai Bench) in a significant ruling in the matter of Nirej Vadakkedathu Paul v. Sunstar Hotels & Estate (P.) Ltd. [2023] 173 CLA 298 dealt with the issue of objection by group of shareholders (which included some foreign portfolio investors) of corporate debtor against which corporate insolvency resolution process (CIRP) has been initiated by the Adjudicating Authority under section 7 of the Insolvency and Bankruptcy Code, 2016. In this article, the author delves into More * COMMITTEE OF DIRECTORS IN INDIA INC. UNDER COMPANIES ACT AND SEBI LISTING REGULATIONS [Namo Narain Agarwal] This article deals with a very trivial but important and practical issue emphasising upon applicability of all applicable provisions as enumerated in the Companies Act, Rules, Secretarial Standard and SEBI Listing Regulations to meetings of a committee of directors in public or listed companies. More * REAL TO REEL – A STORY OF DIGITAL TRANSFORMATION [CS Ms. Shukla Bansal] In this article, the author tells a story of digital transformation which is the integration of digital technology into all areas of a business. More * PHILOSOPHICAL FOUNDATIONS OF SUSTAINABLE CORPORATIONS – TRACES FROM CORPORATE LAWS IN INDIA [Swatee Yogessh] This paper is an attempt to unravel those philosophical underpinnings which identify corporations in India as social institutions, envisaging a sustainable future for the human entity; rather than merely an economic unit generating profits for the owners and shareholders. The researcher proposes to evaluate the philosophical foundations of corporations as social entities and its reflection in the laws and policies, and jurisprudential theories in context of corporate laws in India. It attempts to answer a pertinent question, i.e., whose sustainability More * Payment of Interest on Deposits by Companies from Public under Companies Act, 2013 and the Acceptance of Deposits Rules, 2014 [Namo Narain Agarwal] This article summarises various provisions relating to payment of interest on deposits accepted by companies. The author has analysed and highlighted that, in case a depositor renews his deposit with the company before expiry of its term, the company cannot reduce the interest on account of premature payment. More * IMPACT OF TATA STEEL BSL LTD. V. VENUS RECRUITERS PVT. LTD. ON INSOLVENCY AND BANKRUPTCY CODE, 2016 – STATUS OF AVOIDANCE APPLICATIONS [Purti Marwaha Gupta, Jasper Vikas] In this case study, the authors delve into implications of the recent decision of the Division Bench of the Delhi High Court in TATA Steel BSL Ltd. v. Venus Recruiters Pvt. Ltd. [2023] 172 CLA 239, which held that the avoidance applications filed under the Code shall survive even beyond the conclusion of the corporate insolvency resolution process. More * CHATGPT AND THE FUTURE OF LEGAL SERVICES [Manuj Bhargava] ChatGPT has the potential to revolutionise the way advocates work by making the process of research and case preparation more efficient and accurate. In this article, the author provides useful insight into ChatGPT. More * ISSUES IN ARBITRATION [Dr. Manoj Kumar] In this article, the author discusses various issues that are still being identified and attempted to be reformed to shape up the scheme of arbitration in line with the international standards and practice. More * THE UNSUNG SAGA OF EMERGENCY ARBITRATION REGIME IN INDIA [Inbavijayan Veeraraghavan, Sameena Syed] In this article, the authors provide a bird’s eye view of emergency arbitration regime in India. More * ON THE MEDIATION TRAIL – MILESTONES AND SIGNPOSTS [Sriram Panchu] This is an opportunity to do pause, think and plainspeak, so the author starts with a caution that this piece will not bear attributes of scholarly outpouring. More * FORENSIC AUDIT – A REMEDY OR RISK MANAGEMENT FOR CORPORATE FRAUD? [Tanvi Goyal, Shraddha Jain] In this article, the authors have analysed the recommendations of the Company Law Committee for the inclusion of the new concept of ‘forensic audit’ under the Companies Act, 2013. The article intends to provide insight into the role of forensic audit in deterring corporate crimes. More * SOCIETIES REGISTRATION ACT, 1860 – RIPE FOR REPEAL [Namo Narain Agarwal] Societies Registration Act, 1860, a more than one and a half centuries old British-era enactment, is ripe for repeal as all existing societies registered under this Act may be converted into companies, in terms of section 8 of the Companies Act, 2013, meant for promotion of commerce, art, science, sports, education, research, literature, social welfare, religion, charity, health, environment, etc., which will provide greater transparency, governance, administration, regularisation, uniformity and information in public domain. Economic Times of 24th October, 2022 More * INSOLVENCY AND BANKRUPTCY CODE, 2016 GOES THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 WAY: COMMENT ON STATE TAX OFFICER V. RAINBOW PAPERS LTD. [2022] 170 CLA 292 (SC) [Purti Gupta, Jasper V George] In State Tax Officer v. Rainbow Papers Ltd. [2022] 170 CLA 292 (SC), the preference has been given to the Government dues under the Gujarat Value Added Tax Act by reading it as a “Secured Creditor” and while doing so, the Supreme Court has created an altogether new insolvency jurisprudence in regard to the interpretation of Section 53 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) and thus, in this way, it has possibly drifted away from the very More QUERIES * TENURE OF PROPERTY UNDER LEASE DEED Lease – Tenure of property - Is it mandatory to mention in a lease deed - The period of lease need not be mentioned in the lease document unless it is the requirement of a local law or of usage, in which event the deeming provision of section 106 of the Transfer of Property Act, 1882 would come into play. More * When the offence contemplated under section 138 of the Negotiable Instruments Act, 1881 would arise ? Dishonour of cheque – Offence when arise – If the amount shown in the demand notice is higher than the amount due on the presentation of the cheque, no criminal offence is made out. More * Whether a representative of or the majority shareholders of the corporate debtor be allowed to intervene in the proceedings for initiation of corporate insolvency resolution process under section 9 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority/NCLT ? Corporate debtor – Can majority shareholders be allowed to intervene in proceedings for initiation of CIRP – The majority shareholders should be permitted to intervene in the proceedings and put forward their case effectively before the NCLT, so that it can come to informed conclusion and pass appropriate orders. More * Whether interse transfer of assets will partake the character of fraudulent/wrongful trading for the purposes of sub-section (1) of section 66 of the Insolvency and Bankruptcy Code, 2016? Inter se transfer of assets – Do they partake character of fraudulent trading – Transfer of assets among/within the group companies will not partake the character of a fraudulent trading More * Can a benefit available for payment of a statutory debt by a corporate debtor under a scheme floated by the Government during the pendency of corporate insolvency resolution process ( CIRP ) and the corporate debtor through the resolution professional (RP) completed all formalities and requirements under the schemes be denied as the payment of the settled amount was not made within the period stipulated in the scheme ? Statutory debt of corporate debtor under a scheme floated during pendency of CIRP – Can a benefit available for payment thereof – On the corporate debtor making the payment of the settled amount, which is obviously beyond the date stipulated under the scheme, the benefits available under the scheme should be made available to it. More * COMPLIANCE OFFICER OF LISTED COMPANY – CAN HE RELY ON ASSURANCES GIVEN BY OFFICERS/ORGANS OF THE COMPANY? Compliance officer of listed company – Can he rely on assurances of various officers/organs of the company – It cannot be contended that the role of the compliance officer is limited to redressing grievances of investors. He is also required to ensure compliance with the Buy-back Regulations More * Whether on approval of the resolution plan under the Insolvency and Bankruptcy Code, 2016, the resolution professional becomes ‘functus officio’? Resolution professional – Does he become functus officio on approval of resolution plan – He would become functus officio, on the approval of the resolution plan by the Adjudicating Authority. More * Can a company issue perpetual (i.e., non-redeemable) preference shares ? Perpetual preference shares – Can a company issue – Sub-section (1) of section 55 of the Companies Act, 2013 impliedly prohibits the creation of perpetual preference shares. More * Whether a guarantor of a debt of a corporate debtor in whose favour an award has been given and which award is under execution, can prefer, under section 7 of the Insolvency and Bankruptcy Code, 2016, an application for initiation of a corporate insolvency resolution process against the corporate debtor ? Insolvency resolution process – Initiation of – Guarantor whose favourable award is under execution – Can he prefer application under section 7 of the Code – Where object of preferring application is for expeditiously recovery of guaranteed amount, guarantor cannot be allowed to prefer application. More * Will joint holding of a share in a company disqualify a person to be appointed as auditor of the company ? Auditor – Does joint holding of a share disqualify person to be appointed as auditor – Since second/third joint holder has no interest in joint holding so as to influence functioning of auditor, he cannot be deemed to be a holder of security referred to in section 141. More * Is any insider trading during the prohibited period under the SEBI (Prohibition of Insider Trading) Regulations, 2015, an offence or only those insider trading voluntarily made and resulting in undue gain to an insider ? Insider trading – During the prohibited period – Is it an offence or only those voluntarily made resulting in undue gain to an insider – Prohibition should not apply to distress sale or a sale under a statutory requirement or where no benefit or undue advantage has accrued. More * Is it mandatory for the Company Secretary of a company not having a common seal to sign share certificates issued by it ? Share certificate – Company not having a common seal – Is it mandatory for company secretary to sign share certificates issued by it – Share certificates have to be signed by two directors or by a director and the company secretary, where the company concerned has appointed a company secretary. More * Is it necessary for an entity to come within the meaning of the term ‘undertaking’ as defined in clause (i) of Explanation to clause (a) of sub-section (1) of section 180 of the Companies Act, 2013 has to satisfy both the conditions set out therein ? Undertaking as defined in Explanation (i) to section 180(1)(a) – Can it be disposed of with the consent of the members by special resolution – Business activity which is not consistently contributing to the coffers of a company could be disposed of without the consent of the members. More * Will the voting right vest in holders of non-cumulative preference shares in a company under section 47 of the Companies Act, 2013, survive even if the shares are not redeemed on the due date? Non-cumulative preference shares – Voting right vest in holders of – Will it survive even if the shares are not redeemed – From the expiry of the date set for redemption, the preference shares unredeemed will cease to be preference shares and in consequence, the voting rights conferred on the holders of unredeemed preference shares would lapse. More * Whether the lessor of a movable property to the corporate debtor for employment thereof in the business carried on by him for profit is a financial creditor ? Financial creditor – Is lessor of movable property a financial creditor – Since lease of machinery to the corporate debtor, no money passes from the lessor to the lessee, transaction is not a transaction resulting in financial debt and the other party is not a financial creditor. More * When there are two special statutes containing non-obstante clauses, provisions of which statute would prevail for deciding a question to which provisions of both the statutes would be applicable ? Non-obstante clause – Two statutes containing – Which statute would prevail – It would be proper to assume that it is intention of the Legislature while passing the Bill, that the non-obstante clause in the later legislation should prevail. More * Will the moratorium declared under section 14 of the Insolvency and Bankruptcy Code, 2016 extend the period of limitation for initiation of legal proceedings by the corporate debtor ? Moratorium – Declared under section 14 – Will it extend limitation period for initiation of proceedings against corporate debtor – Sub-section (6) of section 60 of the Code would come to the rescue of the corporate debtor if the action proposed to exercise the right is within the period of limitation set out under the Limitation Act plus the exact period of the duration of the moratorium declared under section 14 of the Code. More * Can the residual powers of National Company Law Tribunal be exercised to adjudicate a contract which is unrelated to proceedings for insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 ? NCLT – Residual powers – Can NCLT exercise power to adjudicate a contract which is unrelated to proceedings for insolvency resolution process - The residuary jurisdiction of NCLT cannot be invoked if the termination of the contract is based on grounds unrelated to the insolvency of the corporate debtor More * CONVERSION OF REGISTERED PARTNERSHIP INTO LLP – IS STAMP DUTY PAYABLE THEREON ? Partnership – Conversion into LLP – Is stamp duty payable thereon – There being no instrument of transfer of assets of the erstwhile partnership firm to the LLP, the question of payment of stamp duty and registration charges does not arise as these are chargeable only on the instruments indicated in section 3 of the Stamp Act and section 17 of the Registration Act. More * Is the Income tax Department to the extent of income tax due and payable by the corporate debtor is a secured creditor of the corporate debtor under the Insolvency and Bankruptcy Code, 2016 (the Code) ? Income-tax payable by corporate debtor – Is the Income-tax Department to the extent thereof a secured creditor of corporate debtor – The Income-tax Department meets with the definition of the secured creditor for the purposes of the Code. More Company / SEBI / Insolvency and Bankruptcy / FEMA / Competition and Other Laws Since 1950 Forgot Password? * Online Subscription Plans * Get Free Trial * Training Manual ABOUT CLAONLINE CLAonline is a leading source of Legal information comprising of complete digital online law library on Company / SEBI / Insolvency and Bankruptcy / FEMA / Competition and Other Laws for professionals and institutions powered by one of the most trusted journal (Corporate Law Adviser) on the subject since 1989. CLAonline provides full text of Cases, Legislations, Articles, Notifications, Commentaries, Procedures, Resolutions etc. with daily updates. PRINT JOURNAL (CLA) Fortnightly journal on Corporate / SEBI and Business Laws ....... 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