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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_7726");">
<p> Amendments in the notification number S.O. 3997(E), dated 16th August, 2018 <a href="javascript:void(0);" onclick="javascript:display("Cia_7726");"> [S.O. 2809(E)][17th June 2022]</a>
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<p> Amendments in the notification number S.O. 3997(E), dated 16th August, 2018 S.O. 2809(E) dated 17th June 2022issued by Ministry of Finance In exercise of the powers conferred by section 26A of the Securities and Exchange
Board of India, 1992(15 of 1992), section 26A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and section 22C of the Depositories Act, 1996 (22 of 1996), the Central Government, with the concurrence of the
Chief Justice of the Hon’ble High Court </p>
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<p> Designation of Courts of Sessions Judge, Leh and Kargil as Special Courts under the Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956 and Depositories Act, 1996
<a href="javascript:void(0);" onclick="javascript:display("Cia_7725");"> [S.O. 2810(E)][17th June 2022]</a>
</p>
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<p> Designation of Courts of Sessions Judge, Leh and Kargil as Special Courts under the Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act, 1956 and Depositories Act, 1996 S.O. 2810(E) dated
17th June 2022issued by Ministry of Finance In exercise of the powers conferred by section 26A of the Securities and Exchange Board of India Act, 1992 (15 of 1992), Section 26A of the Securities Contracts (Regulation) Act,
1956 (42 of 1956) and Section 22C of the Depositories Act, </p>
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<p> National Financial Reporting Authority (Amendment) Rules, 2022 <a href="javascript:void(0);" onclick="javascript:display("Cia_7724");"> [G.S.R. 456(E)][17th June 2022]</a>
</p>
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<p> National Financial Reporting Authority (Amendment) Rules, 2022 G.S.R. 456(E) dated 17th June 2022issued by MCA In exercise of the powers conferred by sub-sections (2) and (4) of section 132, sub-section (1) of section 139
and sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, to amend the National Financial Reporting Authority Rules, 2018, namely :- 1. Short title and
commencement.- (1) These rules may be called the National Financial </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_12262");">
<p> Nomination for Mutual Fund Unit Holders <a href="javascript:void(0);" onclick="javascript:display("Cia_12262");"> [SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/82][15th June 2022]</a>
</p>
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<p> Nomination for Mutual Fund Unit Holders SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/82 dated 15th June 2022issued by SEBI In order to bring uniformity in practices across all constituents in securities market, the following is
decided in case of nomination for eligible Mutual Fund Unit Holders: 1. Investors subscribing to mutual fund units on or after August 1, 2022, shall have the choice of: a. Providing nomination in the format specified in fourth
schedule of SEBI (Mutual Funds) Regulations, 1996 (or) b. Opting out of nomination </p>
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<p> Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and
Investigation) Regulations, 2017 <a href="javascript:void(0);" onclick="javascript:display("Cia_7723");"> [Press Release No. IBBI/PR/2022/27][15th June 2022]</a>
</p>
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<div id="D_Ci_7723" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and
Investigation) Regulations, 2017 Press Release No. IBBI/PR/2022/27dated 15th June 2022issued by IBBI With a view to put in place, a streamlined and swift complaint handling procedure, the Insolvency and Bankruptcy Board of
India notified the Insolvency and Bankruptcy Board of India (Grievance and Complaint </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_7722");">
<p> Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016
<a href="javascript:void(0);" onclick="javascript:display("Cia_7722");"> [Press Release No. IBBI/PR/2022/28][15th June 2022]</a>
</p>
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<div id="D_Ci_7722" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 Press Release No. IBBI/PR/2022/28 dated
15th June 2022issued by IBBI The Insolvency and Bankruptcy Board of India (IBBI/Board) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)(Second Amendment) Regulations,
2016 (CIRP Regulations) on 14th June, 2022. 2. The amendment provides the operational creditors to furnish extracts of Form GSTR-1, Form GSTR-3B and </p>
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<p> Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016
<a href="javascript:void(0);" onclick="javascript:display("Cia_12261");"> [IBBI/IU/51/2022][15th June 2022]</a>
</p>
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<div id="D_Ci_12261" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016 Circular No. IBBI/IU/51/2022 dated 15th June 2022issued by IBBI It has been decided that henceforth, the Board
will forward the application for initiating insolvency received by it in terms of rule 4, 6 or 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016, to the Information Utility (IU) and on
receipt of the said application, the IU shall: (a) inform other creditors </p>
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<p> Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022
<a href="javascript:void(0);" onclick="javascript:display("Cia_7721");"> [No. IBBI/2022-23/GN/REG087][14th June 2022]</a>
</p>
</span>
<div id="D_Ci_7721" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency and Bankruptcy Board of India (Inspection and Investigation) (Amendment) Regulations, 2022 No. IBBI/2022-23/GN/REG087 dated 14th June 2022issued by IBBI In exercise of the powers conferred under sections 196, 217,
218, 219, 220 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 (Inspection and Investigation) Regulations, 2017, namely: - 1. (1) These Regulations may be called </p>
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<p> Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022
<a href="javascript:void(0);" onclick="javascript:display("Cia_7720");"> [No. IBBI/2022-23/GN/REG086][14th June 2022]</a>
</p>
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<div id="D_Ci_7720" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2022 No. IBBI/2022-23/GN/REG086dated 14th June 2022issued by IBBI n exercise of the powers conferred under
section 196, 217 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 (Grievance and Complaint Handling Procedure) Regulations, 2017, namely:— 1. (1) These Regulations may be called the </p>
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<p> Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022
<a href="javascript:void(0);" onclick="javascript:display("Cia_7719");"> [No. IBBI/2022-23/GN/REG085][14th June 2022]</a>
</p>
</span>
<div id="D_Ci_7719" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2022 No. IBBI/2022-23/GN/REG085 dated 14th June 2022issued by IBBI In exercise of the powers conferred by section 196, 213, 214, 215
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
(Information Utilities) Regulations, 2017, namely: - 1. (1) These Regulations may be called the Insolvency and </p>
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<p> Inviting suggestions/inputs from public for effective and expeditious resolution of Real Estate Projects <a href="javascript:void(0);" onclick="javascript:display("Cia_12260");"> [][14th June 2022]</a>
</p>
</span>
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<p> Inviting suggestions/inputs from public for effective and expeditious resolution of Real Estate Projects Dated 14th June 2022issued by IBBI The Insolvency and Bankruptcy Code, 2016 (Code) was amended in 2018 to clarify the
status of allottees of a real state project as Financial Creditors. However, large number of real estate projects are under consideration under IBC. It has been represented to Insolvency and Bankruptcy Board of India (IBBI)
that real estate projects require different dispensation than normal projects. 2. It </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_12259");">
<p> Discussion Paper on Streamlining the Liquidation Process <a href="javascript:void(0);" onclick="javascript:display("Cia_12259");"> [][14th June 2022]</a>
</p>
</span>
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<p> Discussion Paper on Streamlining the Liquidation Process Dated 14th June 2022issued by IBBI Introduction The Bankruptcy Law Reforms Committee (BLRC) in its report under the section ‘A time- bound, efficient Liquidation’
observed that “In India, it is widely accepted that liquidation is a weak link in the bankruptcy process and must be strengthened as part of ensuring a robust legal framework.” It further observed that preservation of time
value is the most important principle driving the design of the </p>
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<p> Discussion Paper on enabling entities to become insolvency professional <a href="javascript:void(0);" onclick="javascript:display("Cia_12258");"> [][14th June 2022]</a>
</p>
</span>
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<p> Discussion Paper on enabling entities to become insolvency professional Dated 14th June 2022issued by IBBI This paper deals with issue of enabling entities to get registered as an insolvency professional (IP) under
the Insolvency and Bankruptcy Code, 2016 (Code). Background 2. The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, insolvency professional who plays an important role in
resolution of corporate debtors (CDs) in distress. 3. Section 3(19) of the Code defines IP as a person enrolled under section </p>
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<p> Companies (Appointment and Qualification of Directors) (Second Amendment) Rules, 2022 <a href="javascript:void(0);" onclick="javascript:display("Cia_7716");"> [G.S.R. 439(E)][10th June 2022]</a>
</p>
</span>
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<p> Companies (Appointment and Qualification of Directors) (Second Amendment) Rules, 2022 G.S.R. 439(E) dated 10th June 2022issued by MCA In exercise of the powers conferred by section 149 read with section 469 of the Companies
Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: - 1. Short title and commencement.- (1) These
rules may be called the Companies (Appointment and Qualification of Directors) (Second Amendment) Rules, 2022. (2) </p>
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<p> Discussion Paper on Remuneration of an Insolvency Professional <a href="javascript:void(0);" onclick="javascript:display("Cia_12257");"> [][9th June 2022]</a>
</p>
</span>
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<p> Discussion Paper on Remuneration of an Insolvency Professional Dated 9th June 2022issued by IBBI This paper deals with issue of fee of an insolvency professional (IP) acting as interim resolution professional (IRP)/
resolution professional (RP) in corporate insolvency resolution process (CIRP) who have significant role in ensuring timely completion of the CIRP in addition to the indispensable role played by each stakeholder including the
Adjudicating Authority (AA), the committee of creditors (CoC), resolution applicants, etc. To this end, </p>
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<p> Companies (Removal of Names of Companies from the Register of Companies) (Amendment) Rules, 2022 <a href="javascript:void(0);" onclick="javascript:display("Cia_7715");"> [G.S.R. 436(E)][9th June 2022]</a>
</p>
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<p> Companies (Removal of Names of Companies from the Register of Companies) (Amendment) Rules, 2022 G.S.R. 436(E) dated 9th June 2022issued by MCA In exercise of the powers conferred by sub-sections (1), (2) and (4) of section
248 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Removal of Names of Companies from the Register of Companies) Rules,
2016 , namely:- 1. Short title and </p>
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<p> Improvement to the scheme of examinations - frequency of attempts in Limited Insolvency Examination/ Valuation Examinations
<a href="javascript:void(0);" onclick="javascript:display("Cia_12254");"> [Circular No. EXAM-13016/1/2022-IBBI][6th June 2022]</a>
</p>
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<div id="D_Ci_12254" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Improvement to the scheme of examinations - frequency of attempts in Limited Insolvency Examination/ Valuation Examinations Circular No. EXAM-13016/1/2022-IBBI dated 6th June 2022issued by IBBI IBBI conducts the Limited
Insolvency Examination (LIE) in pursuance to regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The said Regulations inter-alia empowers IBBI to determine the syllabus,
format and frequency of the examination, to be published at least three months before the examination. 2. IBBI, as the designated Authority, also conducts </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_12253");">
<p> Extension of facility for conducting annual meeting and other meetings of unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual means (OAVM)
<a href="javascript:void(0);" onclick="javascript:display("Cia_12253");"> [SEBI/HO/DDHS/DDHS_Div2/P/CIR/2022/079][3rd June 2022]</a>
</p>
</span>
<div id="D_Ci_12253" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Extension of facility for conducting annual meeting and other meetings of unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual means (OAVM) SEBI/HO/DDHS/DDHS_Div2/P/CIR/2022/079 dated
3rd June 2022issued by SEBI 1. SEBI vide circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dated June 22, 2020 read with circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/201 dated October 08, 2020 permitted REITs/InvITs to conduct annual
meetings and other meetings of unitholders through VC or OAVM up to </p>
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<p> Investor Grievance Redressal Mechanism <a href="javascript:void(0);" onclick="javascript:display("Cia_12252");"> [SEBI/HO/MIRSD/DOS3/P/CIR/2022/78][3rd June 2022]</a>
</p>
</span>
<div id="D_Ci_12252" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Investor Grievance Redressal Mechanism SEBI/HO/MIRSD/DOS3/P/CIR/2022/78 dated 3rd June 2022issued by SEBI 1. In order to further strengthen the Investor Grievance Redressal Mechanism, based on feedback received from market
participants, Circular No. SEBI/HO/MIRSD/DOC/CIR/P/2020/226 dated November 6, 2020 is amended as follows: Amendment to Circular No. SEBI/HO/MIRSD/DOC/CIR/P/2020/226 dated November 6, 2020 - 1.1 Clause 4 of the Circular No.
SEBI/HO/MIRSD/DOC/CIR/P/2020/226 dated November 6, 2020 shall be substituted with the following, namely, - “4. Arbitration (a) For any dispute between the member </p>
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<li><span style="cursor: pointer;" onclick="javascript:display("Ci_12251");">
<p> Procedure for seeking prior approval for change in control of Portfolio Managers <a href="javascript:void(0);" onclick="javascript:display("Cia_12251");"> [SEBI/HO/IMD-1/ DOF1/P/CIR/2022/77][2nd June 2022]</a>
</p>
</span>
<div id="D_Ci_12251" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Procedure for seeking prior approval for change in control of Portfolio Managers SEBI/HO/IMD-1/ DOF1/P/CIR/2022/77 dated 2nd June 2022issued by SEBI 1. Regulation 11(aa) of SEBI (Portfolio Managers) Regulations, 2020
provides that a Portfolio Manager shall obtain prior approval of SEBI in case of change in control in such manner as may be specified by SEBI. Vide Circular No. SEBI/HO/IMD/IMD- I/DOF1/P/CIR/2021/564 dated May 12, 2021, the
procedure for obtaining prior approval in case of change in control of Portfolio </p>
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<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_18047");">
<p> ASSET RECONSTRUCTION COMPANY (INDIA) LTD. V. BISHAL JAISWAL AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_18047");">
[2021] 162 CLA 133 (SC)</a>-<b>
Acknowledgment in Writing</b>- <i>
Limitation Act, 1963</i>
</p>
</span>
<div id="D_C_18047" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Section 18 gets attracted the moment acknowledgement in writing signed by the party against whom such right to initiate resolution process under section 7 of the Insolvency and Bankruptcy Code ensures The question as to
whether section 18, which extends the period of limitation depending upon an acknowledgement of debt made in writing and signed by the corporate debtor, is also applicable under section 238A, given the expression ‘as far as
may be’ governing the applicability of the Act to the </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18053");">
<p> RAJESH KEDIA V. PHOENIX ARC (P.) LTD. AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_18053");">
[2022] 168 CLA 122 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18053" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> On mere dispute of the quantum of the debt amount, the applications under section 7 cannot be rejected Quantum of payment of debt does not fall for consideration before the Adjudicating Authority at the stage of ‘admission’
of application under section 7. The only requirement is that the minimum outstanding debt should be more than the threshold amount provided under the Code. Insolvency and Bankruptcy Code, 2016 – Section 7 – Insolvency
resolution process – Application by financial creditor – Quantum </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18057");">
<p> ADITYA KUMAR TIBREWAL V. OM PRAKASH PANDEY AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18057");">
[2022] 168 CLA 156 (NCLAT)</a>-<b>
Liquidation</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18057" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Time periods in question, as prescribed being directory and not mandatory, the Adjudicating Authority has committed error in rejecting the application of resolution professional Time period prescribed under regulation 35A is
not mandatory but directory, hence, application filed in relation to sections 43 and 45 read with section 66 and sub-section (5) of section 60 is not to be rejected for being filed beyond the 135th day of insolvency
commencement date. Similarly, application for quashing the transactions covered by sections 46 </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18051");">
<p> BABU A DHAMMANAGI AND ANOTHER V. UNION OF INDIA AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18051");">
[2022] 168 CLA 110 (Kar.)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18051" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Sections 95, 97, 99 and 100 do not suffer from any illegality or any unconstitutionality As per the procedure prescribed under sections 95 to 100, the role of resolution professional is limited to make the appropriate
recommendation to the Adjudicating Authority and the final decision of the admission or rejection of the application referred to under section 95 solely lies with the Adjudicating Authority. The procedure prescribed under the
provisions is fair, rational and reasonable and same cannot be termed </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18054");">
<p> ADITI BEZBARUAH V. KAMALESH KUMAR SINGHANIA, RESOLUTION PROFESSIONAL AND OTHERS UTPALA BEZBARUAH V. KAMALESH KUMAR SINGHANIA, RESOLUTION PROFESSIONAL AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18054");">
[2022] 168 CLA 128 (NCLAT)</a>-<b>
Resolution plan</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18054" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Development agreements should be held to be alive during corporate insolvency resolution process period to ensure successful resolution of the corporate debtor Since the insolvency resolution of the corporate debtor is
closely linked to the inclusion of the appellants’ lands in the construction project, and also the fact that the delay in implementation of the development agreements was due to the inaction of the erstwhile corporate debtor,
the successful resolution applicant (SRA) cannot be held responsible for such a delay </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18034");">
<p> UNION OF INDIA V. DELHI GYMKHANA CLUB LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18034");">
[2022] 167 CLA 431 (NCLT)</a>-<b>
Oppression / Mismanagement</b>- <i>
Companies Act, 2013</i>
</p>
</span>
<div id="D_C_18034" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> It will be just and equitable to allow the prayer of the Union Government to nominate 15 persons to be appointed as directors on the general committee of the respondent-company to manage the affairs of the company in order
to function as per the terms of the memorandum and articles of association There is sufficient material for holding that it is a case of mismanagement for the affairs of </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18042");">
<p> SREE VAIBHAVI INFRASTRUCTURES (P.) LTD V. MEDIPRO EDU MANAGEMENT (P.) LTD. <a href="javascript:void(0);" onclick="javascript:display("Ca_18042");">
[2022] 168 CLA 43 (NCLT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18042" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Unless the obligations under the MoUs were fulfilled, it could not be said that there was a default committed in terms of clause (12) of section 3 by the corporate debtor Where the claim of debt is based on two memorandums
of understanding (‘MoUs’) entered into between the parties, and as per the default clause, the right of the investor against the company would be only to proceed against the properties given as security, the investor would
have no right to </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18041");">
<p> DIRECTORATE OF COMMERCIAL TAXES V. KHARKIA STEELS (P.) LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18041");">
[2022] 168 CLA 32 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18041" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Where there is no organic error in calculation of liquidation value of the corporate debtor, the payment proposed in the successful resolution plan keeping the liquidation value so arrived at cannot be found fault with Where
there is no other allegation against the valuation done by registered valuers who were appointed to determine the fair and liquidation value of the corporate debtor in accordance with regulation 35 which calls in question the
assessment of liquidation value, except that the appointment </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18052");">
<p> SUBHANKAR BHOWMIK V. UNION OF INDIA AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_18052");">
[2022] 168 CLA 113 (Tri.)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18052" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process is meant to revive a corporate debtor To put the steering wheel of a non-adversarial process to revive a corporate debtor, in the hands of adversarial claimant, would defeat the very purpose of
the Code. As such there is no merit in the contentions raised by the petitioner that term ‘Other creditor’ has not been defined in clause (10) of section 3. Insolvency and Bankruptcy Code, 2016 – Section 3(10) read with
regulation 9A of Insolvency and Bankruptcy </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18025");">
<p> S RAJENDRAN V. B M ANAND (HUF) AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18025");">
[2022] 167 CLA 369 (NCLAT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18025" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Rents fall under the category of insolvency resolution process (‘IRP’) costs, and the impugned order of the Adjudicating Authority to pay monthly rent of the premises is well sustained in the eye of law Where the premises in
which the corporate debtor is carrying on its business belongs to the respondents, the appellant. Resolution professional is duty bound to pay the rent dues to the respondents, and the Adjudicating Authority commits no error
in passing the impugned order/direction to pay the </p>
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</div>
</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18024");">
<p> BANK OF INDIA LTD. V. PRANAV CONSTRUCTION SYSTEMS (P.)LTD. <a href="javascript:void(0);" onclick="javascript:display("Ca_18024");">
[2022] 167 CLA 359 (NCLT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18024" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Where application made by the financial creditor is complete as required by law and clearly shows that corporate debtor is in default which is in excess of minimum amount stipulated at relevant time, there is no reason to
deny admission of the petition Where the application made by the financial creditor is complete in all respects as required by law, and it clearly shows that the corporate debtor is in default of a debt, due and payable, and
the default is </p>
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</div>
</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18023");">
<p> BALAJI ASSOCIATES V. V VENKATACHALAM AND OTHERS SHREE PADMALAYA PETROLEUM V. V VENKATACHALAM AND OTHERS ZENITH INFRASTRUCTURE V. V VENKATACHALAM AND OTHERS PEST CONTROL IDEAL V. V VENKATACHALAM AND OTHERS JAI LAHARI
INTERPRISES V. V VENKATACHALAM AND OTHERS NKS INFRA & CONTRACT V. V VENKATACHALAM AND OTHERS ABHIJEET INTELLIGENCE SECURITY & LABOUR SUPPLIERS V. V VENKATACHALAM AND OTHERS SCOP INFRASTRUCTURE & CO. V. V
VENKATACHALAM AND OTHERS M N PATIL V. V VENKATACHALAM AND OTHERS PATEL ERECTORS V. V VENKATACHALAM AND OTHERS KRISHNA CONSTRUCTION V. V VENKATACHALAM AND OTHERS SAIBABA MAHADEV MANDOWKAR V. V VENKATACHALAM AND OTHERS VINOD
MANIYAR V. V VENKATACHALAM AND OTHERS D ENGINEERING SERVICES V. V VENKATACHALAM AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18023");">
[2022] 167 CLA 336 (NCLAT)</a>-<b>
Resolution plan</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18023" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Challenging a resolution plan is without any substantial grounds where the plan has been implemented two years ago and change in the management of the corporate debtor has also been effected Where a resolution plan has been
implemented two years ago and change in the management of the corporate debtor has also been effected, there are no substantial grounds to set the clock back. This is keeping in view the ratio of Supreme Court in K Sashidhar
v. Indian Overseas Bank </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18021");">
<p> AMIT KATYAL V. MEERA AHUJA AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18021");">
[2022] 167 CLA 322 (SC)</a>-<b>
Jurisdiction of Courts / Tribunals</b>- <i>
Constitution of India</i>
</p>
</span>
<div id="D_C_18021" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Since out of 128 homebuyers of 176 units, 82 homebuyers who get the possession within a period of one year are against the insolvency proceedings, and coupled with the fact that original applicants have also settled the
dispute with the corporate debtor, this is a fit case for exercising the powers under article 142 of the Constitution read with rule 11 of the National Company Law Tribunal Rules, 2016 and to permit the original applicant to
withdraw the insolvency resolution </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18055");">
<p> BANK OF INDIA V. AMRIT FRESH (P.) LTD. NIRAJ AGARWAL, RESOLUTION PROFESSIONAL OF AMRIT FRESH (P.) LTD. V. AMRIT FRESH (P.) LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18055");">
[2022] 168 CLA 145 (NCLT)</a>-<b>
Liquidation</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18055" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The application for preferential transaction cannot be pursued by the erstwhile resolution professional, nor can the new management of the corporate debtor pursue the application Once a resolution plan is approved, the
resolution professional cannot carry the hat of “former resolution professional” and pursue an avoidance application in respect of a preferential transaction after the change of hands in the management of the corporate debtor.
Therefore, the application for preferential transaction cannot be pursued by the erstwhile resolution professional nor can </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18044");">
<p> SHAPOORJI PALLONJI FINANCE (P.) LTD. V. REKHA SINGH RCKHA SINGH V. SHAPOORJI PALLONJI FINANCE (P.) LTD. SHAPOORJI PALLONJI FINANCE (P.) LTD. V. SIDDHARTH SINGH SIDDHARTH SINGH V. SHAPOORJI PALLONJI FINANCE (P.) LTD.
SHAPOORJI PALLONJI FINANCE (P.) LTD. V. AJAY KUMAR SINGH AJAY KUMAR SINGH V. SHAPOORJI PALLONJI FINANCE (P.) LTD. <a href="javascript:void(0);" onclick="javascript:display("Ca_18044");">
[2022] 168 CLA 73 (NCLT)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18044" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> The guarantors to the non-banking financial company (‘NBFC’) do not strictly fall within the definition of ‘personal guarantors’ and have existence as individuals only. Application for initiation of insolvency resolution
process can be filed against any personal guarantors of NBFC/financial services provider (‘FSP’) irrespective of insolvency resolution process against the NBFC Insolvency resolution process can be initiated against the
personal guarantors of a NBFC/FSP irrespective of corporate insolvency resolution process against the NBFC, provided that the concerned NBFC falls within the </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18008");">
<p> SHRIKANT G MANTRI V. PUNJAB NATIONAL BANK <a href="javascript:void(0);" onclick="javascript:display("Ca_18008");">
[2022] 167 CLA 153 (SC)</a>-<b>
Consumer</b>- <i>
Consumer Protection Act, 1986</i>
</p>
</span>
<div id="D_C_18008" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Where the complainant took overdraft facility from the bank to expand his business profits, the relation between the complainant and bank is purely business to business relationship and the transaction would come within the
ambit of ’commercial purpose’ Where the National Consumer Disputes Redressal Commission has come to a finding that the complainant had opened an account with the respondent-bank, took overdraft facility to expand his business
profits, and subsequently from time-to-time the overdraft facility </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_17993");">
<p> CONSOLIDATED CONSTRUCTION CONSORTIUM LTD. V. HITRO ENERGY SOLUTIONS (P.) LTD. <a href="javascript:void(0);" onclick="javascript:display("Ca_17993");">
[2022] 167 CLA 1 (SC)</a>-<b>
Operational debt</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_17993" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Since in terms of clause (21) of section 5 an ‘operational debt’ includes a debt arising from a contract in relation to the supply of goods or services from the corporate debtor, the appellant would be an ‘operational
creditor’ within the meaning of clause (20) of section 5 The phrase ‘in respect of’ in clause (21) of section 5 has to be interpreted in a broad and purposive manner to include a debt which arises out of advance payment made
to </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_18002");">
<p> BANK OF BARODA AND ANOTHER V. MBL INFRASTRUCTURES LTD. AND OTHERS <a href="javascript:void(0);" onclick="javascript:display("Ca_18002");">
[2022] 166 CLA 411 (SC)</a>-<b>
Resolution applicant</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_18002" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Once a person executes a guarantee in favour of a creditor and where an application for insolvency resolution has been admitted and the guarantee having been invoked, the bar qua eligibility would come into play Once a
person executes a guarantee in favour of a creditor with respect to the credit facilities availed by a corporate debtor, and in a case where an application for insolvency resolution has been admitted, with the further fact of
the guarantee having been invoked, the </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_17983");">
<p> DEVAS MULTIMEDIA (P.) LTD. V. ANTRIX CORPORATION LTD. AND ANOTHER <a href="javascript:void(0);" onclick="javascript:display("Ca_17983");">
[2022] 166 CLA 262 (SC)</a>-<b>
Winding up</b>- <i>
Companies Act, 2013</i>
</p>
</span>
<div id="D_C_17983" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> It cannot be argued that the failure of the Tribunal to order the publication of an advertisement renders the entire proceedings initiated under clause (c) of section 271 unlawful The requirement to advertise a petition for
winding up does not flow out of the statutory provision of section 271 of the Companies Act, 2013 but flowing out of the rules 5 and 7 of the Winding up Rules read with sub-rules (5) and (6) of rule 35 of the National Company
</p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("C_17955");">
<p> E S KRISHNAMURTHY AND OTHERS V. BHARATH HI TECH BUILDERS (P.) LTD. <a href="javascript:void(0);" onclick="javascript:display("Ca_17955");">
[2022] 166 CLA 11 (SC)</a>-<b>
Insolvency resolution process</b>- <i>
Insolvency and Bankruptcy Code, 2016</i>
</p>
</span>
<div id="D_C_17955" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> While the Adjudicating Authority and Appellate Authority can encourage settlements, they cannot direct them by acting as courts of equity The Adjudicating Authority is empowered only to verify whether a default has occurred
or if a default has not occurred. Based upon its decision, the Adjudicating Authority must then either admit or reject an application respectively. These are the only two courses of action which are open to the Adjudicating
Authority in accordance with sub-section (5) of section 7. The Adjudicating </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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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4622");">
<p> INDEPENDENT DIRECTOR <a href="javascript:void(0);" onclick="javascript:display("Aa_4622");"> [Shukla Bansal]</a>
</p>
</span>
<div id="D_A_4622" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article is intended to give an overview of independent directors as envisaged in sub-section (6) of section 149 and Schedule IV of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors)
Rules, 2014. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4612");">
<p> ISSUANCE OF SECURITIES IN DEMATERIALISED FORM IN CASE OF INVESTOR SERVICE REQUESTS <a href="javascript:void(0);" onclick="javascript:display("Aa_4612");"> [Anjali Jagdish Gorsia]</a>
</p>
</span>
<div id="D_A_4612" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article attempts to familiarise the readers with the recent circular issued by the Securities and Exchange Board of India on issuance of securities in dematerialised form in the case of investor service requests while
processing certain requests of investors and to provide simplistic explanations of terminologies/concept related thereof. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4609");">
<p> DIGITAL TRANSFORMATION AND GOOD GOVERNANCE <a href="javascript:void(0);" onclick="javascript:display("Aa_4609");"> [Meenu Gupta]</a>
</p>
</span>
<div id="D_A_4609" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article highlights the benefits of digital governance in the process of digital transformation. A technology-driven wave has defined a new outlook for businesses. Factors like regulatory support and peer competition
have been responsible for the adoption of digital transformation. From a small vendor to a big businessman, everyone aspires to run their business efficiently. In the wake of this, digital transformation has played a key role.
</p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4619");">
<p> LOANS BY A COMPANY TO ITS WHOLLY OWNED SUBSIDIARY – ARE THEY EXEMPT FROM THE PROVISIONS OF SECTION 186 OF THE COMPANIES ACT, 2013 ?
<a href="javascript:void(0);" onclick="javascript:display("Aa_4619");"> [T V Narayanaswamy]</a>
</p>
</span>
<div id="D_A_4619" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author has discussed the relationship between a holding company and its wholly owned subsidiary company in the backdrop of the provisions of section 186 of the Companies Act, 2013. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4618");">
<p> ORDER OF THE NCLT IN UOI V. DELHI GYMKHANA CLUB LTD. [2022] 167 CLA 431 REMOVING GENERAL COMMITTEE OF THE CLUB AND APPOINTING PERSONS AS DIRECTORS TO CONSTITUTE GENERAL COMMITTEE – IS IT IN CONFORMITY WITH THE POWERS OF THE
TRIBUNAL CONFERRED UNDER SECTION 242 OF THE COMPANIES ACT, 2013? <a href="javascript:void(0);" onclick="javascript:display("Aa_4618");"> [T V Narayanaswamy]</a>
</p>
</span>
<div id="D_A_4618" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article the author has analysed the order of the National Company Law Tribunal in UOI v. Delhi Gymkhana Club Ltd. [2022] 167 CLA 431 and tried to find out whether it is in conformity with the powers of the Tribunal
conferred under section 242 of the Companies Act, 2013 </p>
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<p></p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4615");">
<p> PROXY ADVISORS – RE-ASSURING GOVERNANCE <a href="javascript:void(0);" onclick="javascript:display("Aa_4615");"> [Jaya Sharma Singhania]</a>
</p>
</span>
<div id="D_A_4615" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article is intended to give an overview of the institution of proxy advisors firms which formulate recommendations on the decision of a corporate that requires a pre-requisite of shareholders’ approval. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4616");">
<p> FOUR AUDITORS UNDER THE COMPANIES ACT, 2013 – PROVISIONS IRRATIONAL, DISCRIMINATING AND COMPLIANT UNFRIENDLY <a href="javascript:void(0);" onclick="javascript:display("Aa_4616");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4616" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author has summarised and compared various provisions under the Companies Act, 2013 with regard to the four auditors, who are mandatory in India Inc. under the regulatory statute. He has further
endeavoured to study and highlighted the irrationality, inconsistency and discrimination between the provisions relating to different auditors. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4617");">
<p> ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE REPORTING - SIGNIFICANCE <a href="javascript:void(0);" onclick="javascript:display("Aa_4617");"> [Meenu Gupta]</a>
</p>
</span>
<div id="D_A_4617" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article traces the evolution of sustainability of environmental, social and corporate governance reporting internationally and specifically in India. It also highlights the way forward and identifies likely impediments
in the process. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4614");">
<p> THE SUPREME COURT JUDGMENT IN ESSAR STEEL – BANE FOR THE OPERATIONAL CREDITOR <a href="javascript:void(0);" onclick="javascript:display("Aa_4614");"> [Shreyansh Sankhla]</a>
</p>
</span>
<div id="D_A_4614" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article highlights how the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (‘Code’) is unfair and unjust for operational creditors. It looks into the recent judgment of the Supreme
Court in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta [2019] 153 CLA 275 and how it has contributed to the given situation of the operational creditors. The article shows how provisions in the Code
and the Supreme Court ruling have placed the </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4613");">
<p> ISSUE OF COMMERCIAL PAPERS – LAW AND PROCEDURE <a href="javascript:void(0);" onclick="javascript:display("Aa_4613");"> [Nitin Arora]</a>
</p>
</span>
<div id="D_A_4613" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> SEBI vide its Circular dated 22nd October, 2019 {[2019]153 CLA (St.) 13} has prescribed a framework for listing of commercial papers at stock exchanges for increasing the investor participation. This article aims to abreast
the companies and the investors of the process of issuing commercial papers, as also the process for listing of commercial papers at stock exchanges. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4611");">
<p> GREEN DEBT SECURITIES <a href="javascript:void(0);" onclick="javascript:display("Aa_4611");"> [Chaitanya Bansal]</a>
</p>
</span>
<div id="D_A_4611" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In order to fund environmentally sustainable of projects, various instruments such as Green Bonds or commonly called Green Debt Securities, Green Banks and other similar kind of financial instruments have been issued. This
article discusses all about Green Debt Securities. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4610");">
<p> MIGHT IS RIGHT ! SEBI CIRCULAR DATED 3RD NOVEMBER, 2021 LAYING DOWN SIMPLIFIED NORMS FOR PROCESSING INVESTORS’ SERVICE REQUEST – A CRITICAL REVIEW
<a href="javascript:void(0);" onclick="javascript:display("Aa_4610");"> [T V Narayanaswamy]</a>
</p>
</span>
<div id="D_A_4610" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author questions justification of SEBI Circular dated 3rd November, 2021 {[2021] 165 CLA (St.) 59} making it mandatory for the holders of physical securities to furnish PAN, KYC details and nomination as
a measure of protection of the investors in securities market. Further, he believes that para 5 of the Circular which allows freezing of folios without PAN, KYC details and nomination, would have serious consequences for the
security holders. He suggests that it should be </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4605");">
<p> SMALL COMPANY UNDER THE COMPANIES ACT, 2013 – SCOPE, ADVANTAGES, HARDSHIPS <a href="javascript:void(0);" onclick="javascript:display("Aa_4605");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4605" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author has studied the definition/scope of a small company along with its advantages/relaxations and hardships. The author has made certain suggestions to make the concept of small company wider and more
meaningful. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4608");">
<p> MANAGERIAL REMUNERATION TO DIRECTORS – RESTRICTIONS AND CEILINGS <a href="javascript:void(0);" onclick="javascript:display("Aa_4608");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4608" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author has dealt with relevance or otherwise of the provisions relating to payment of managerial remuneration to the directors in view of openness of economy, competitiveness in trade and industry,
professionalism in management and high standards of payment of remuneration world over. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4603");">
<p> NEW AGE TECHNOLOGIES IN PROFESSIONAL WORLD <a href="javascript:void(0);" onclick="javascript:display("Aa_4603");"> [Meenu Gupta]</a>
</p>
</span>
<div id="D_A_4603" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article is intended to give a bird’s eye view of digital transformation in the field of corporate law and e-corporate governance. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4606");">
<p> GROUP INSOLVENCY IN INDIA – TAKING INSOLVENCY AND BANKRUPTCY CODE A STEP FORWARD <a href="javascript:void(0);" onclick="javascript:display("Aa_4606");"> [Dr. Naveen Bali CS Anchal Jindal]</a>
</p>
</span>
<div id="D_A_4606" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Presently, the Insolvency and Bankruptcy Code, 2016 does not provide for group insolvency. In this article, the authors dwell on group insolvency in India, its rationale and challenges it faces in absence of any legal
framework. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4604");">
<p> CHAIRMAN AND MANAGING DIRECTOR – IS DUAL ROLE ADVISABLE IN CASE MANAGING DIRECTOR IS ALSO CHAIRPERSON <a href="javascript:void(0);" onclick="javascript:display("Aa_4604");"> [T V Narayanaswamy]</a>
</p>
</span>
<div id="D_A_4604" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author makes out a case against dual role of chairperson and managing director in matters of convening and holding meeting of the Board of directors in order to avoid conflict of interest. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4601");">
<p> DUE DILIGENCE – ITS SCOPE AND OVERVIEW <a href="javascript:void(0);" onclick="javascript:display("Aa_4601");"> [Meenu Gupta]</a>
</p>
</span>
<div id="D_A_4601" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article analyses the proposed amendments to the Companies Act, 2013 relating to related party and procedural or approval process in related party transactions. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4600");">
<p> SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (SIXTH AMENDMENT) REGULATIONS, 2021 – RELATED PARTY TRANSACTIONS BECOME MORE STRINGENT AND TRANSPARENT
<a href="javascript:void(0);" onclick="javascript:display("Aa_4600");"> [Namo Narain Agarwal]</a>
</p>
</span>
<div id="D_A_4600" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> In this article, the author has studied and analysed sweeping, far reaching, wide ranging and penetrating changes, as notified by the SEBI on 9th November, 2021, with respects to listing obligations and disclosure
requirements for ‘related party’ and ‘related party transactions’, vide the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("A_4598");">
<p> OPPRESSION AND MISMANAGEMENT – A LOOK AT THE COMPANIES ACT, 2013 <a href="javascript:void(0);" onclick="javascript:display("Aa_4598");"> [Garima Agarwal]</a>
</p>
</span>
<div id="D_A_4598" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> This article talks about how the concept of oppression and mismanagement has evolved and strengthened over the years from a mere definition in the Needle’s case1 to a strong position in the Vikram Bakshi case2 where the
rights of the minority shareholders were further strengthened. It also seeks to look at the evolution of the rights of minority shareholders in terms of statutory legislation and judicial developments. </p>
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<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_2459");">
<p> RESTORATION OF NAME STRUCK OFF FROM REGISTER OF COMPANIES </p>
</span>
<div id="D_Q_2459" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Restoration of name – Struck off from register of companies – Can a company plead that its name be restored on the ground that it is carrying on business not authorised by memorandum of association – If the business is not
authorised in the objects clause or incidental or ancillary thereto, then it is no business in the eye of law and in that situation it cannot successfully plead for restoration of its name. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2456");">
<p> CAN A FINANCIAL CREDITOR FILE AN APPLICATION FOR INITIATION OF INSOLVENCY RESOLUTION AGAINST A SOCIETY? </p>
</span>
<div id="D_Q_2456" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process – Application for initiation by a financial creditor – Can it be filed against society – Financial creditor cannot file application for initiation of insolvency resolution process against a
society which has not been notified by the Central Government. </p>
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<p> Has the gratuity payable to a managing or whole-time director who has been re-appointed, from time-to-time, for successive periods, to be computed on the basis of the last salary drawn before cessation of appointment or at
the option of either the company or the managing or whole-time director on the salary drawn immediately before each re-appointment ? </p>
</span>
<div id="D_Q_2454" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Gratuity – Payable to a managing director/whole-time director who has been appointed from time-to-time for successive periods – Is it to be computed on the basis of the last drawn salary before cessation of appointment or
salary drawn immediately before such appointment – It would be advisable to pay gratuity computed on the basis of the salary paid to managing director/whole-time director at the conclusion of each term of appointment. </p>
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<p> Is it mandatory that the loan agreement, on the basis of the covenants in which an application was made to the Adjudicating Authority (nclt) under section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating
corporate insolvency resolution process should be fully stamped ? </p>
</span>
<div id="D_Q_2455" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process – Loan agreement on the basis of which application was made – Is it mandatory for loan agreement to be stamped fully - Adjudicating Authority cannot order initiation of corporate insolvency
resolution process, if the application therefor is accompanied only by a copy of the loan agreement entered into by the financial creditor with the corporate debtor. </p>
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<p> Can an application under section 7 of the Insolvency and Bankruptcy Code, 2016 be signed on behalf of the financial creditor by its general power of attorney holder ? </p>
</span>
<div id="D_Q_2453" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process – Application by financial creditor – Can it be signed on his behalf by its general power of attorney – The authorisation under the power of attorney includes the authority to take decision and
to commence legal proceedings before any court or tribunal and to do all acts and deeds incidental, usual and consequential thereto. Therefore, an application under section 7 of the Insolvency and Bankruptcy Code, 2016 can be
signed on behalf of the financial creditor </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2452");">
<p> Whether law of limitation applies to a request by a party to another in an arbitration contract for appointment of an arbitrator under section 11 of the Arbitration and Conciliation Act, 1996 ? </p>
</span>
<div id="D_Q_2452" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Appointment of arbitrator – Does Limitation Act, 1963 apply to a request of one party to another in an arbitration contract for appointment of an arbitrator under section 11 – Even though the provisions of the Limitation Act
apply to proceedings in arbitration, yet it does not apply to an application for request for initiation of arbitration. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2451");">
<p> Whether the matters set out in the notice for convening an extraordinary general meeting of a company, received by a company under section 100 of the Companies Act, 2013 are justifiable ? </p>
</span>
<div id="D_Q_2451" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Extraordinary general meeting – Justification of maters set out in the notice for convening thereof received under section 100 – The Court can consider the vires or otherwise of the matters listed in the requisition before
passing orders on the question of rejection by the Board of directors to call the extraordinary general meeting, as to whether it is correct or not. </p>
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</li>
<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2450");">
<p> Whether the National Company Law Tribunal (‘NCLT’) can in exercise of its powers under section 7 of the Insolvency and Bankruptcy Code, 2016 order on an application made under the said section, the settlement of the dispute
between the financial creditor and the corporate debtor ? </p>
</span>
<div id="D_Q_2450" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process – Application by financial creditor – Power of the NCLT to order settlement of dispute between financial creditor and corporate debtor – While the NCLT can encourage settlement, it cannot order
settlement. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2448");">
<p> From when the limitation period would run for the purposes of filing an application before the National Company Law Tribunal under section 7 of the Insolvency and Bankruptcy Code, 2016 by a financial creditor ? </p>
</span>
<div id="D_Q_2448" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process – Application by financial creditor – When limitation period would run for purpose of filing - Even though the period of limitation would be three years from the date of default, this period
would get extended to further period/s of three years from the date of last acknowledgement, till the last acknowledgement is given in point of time. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2447");">
<p> Whether an application under section 7 of the Insolvency and Bankruptcy Code, 2016 by a financial creditor can be filed by him through a donee of a power of attorney ? </p>
</span>
<div id="D_Q_2447" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process – Application by financial creditor – Can it be filed through a donee of power of attorney – If an officer or other employee of the financial creditor which is a body corporate has been given
power to initiate, prosecute and conduct of legal proceedings before any court or tribunal, he can on behalf of the financial creditor sign the application preferred before NCLT under section 7 of the Code. Such an application
can also be signed </p>
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<p> Which court is competent to issue injunction orders in relation to general meetings of companies ? </p>
</span>
<div id="D_Q_2446" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> General meetings – Which court is competent to issue injunction order in relation thereto – Only the High Court or other courts referred to clause (27) of section 2 are competent to issue any order which can be executed in
relation to the company and no other courts have jurisdiction to issue injunction order. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2445");">
<p> Whether non-approval of resolution relating to related party transactions by the company in general meeting of a listed company would vitiate the earlier adoption of annual financial statements which have incorporated in
them the said related party transactions ? </p>
</span>
<div id="D_Q_2445" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Related party transactions – Non-approval of resolution in general meeting of a listed company – Does it vitiate the earlier adoption of annual financial statements ? – This being a procedural resolution and any non-approval
thereof will not vitiate the related party transactions and make them void. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2444");">
<p> VOTE ON RESOLUTION FOR APPOINTMENT OF PROMOTER AS NON-EXECUTIVE DIRECTOR </p>
</span>
<div id="D_Q_2444" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Promoter – Resolution on his appointment as non-executive director – Can he vote on resolution therefor – Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 would not come in the
way of the appointee voting on the resolution on his appointment as a non-executive director. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2442");">
<p> Can a share transfer agent apply under section 59 of the Companies Act, 2013 for rectification of register of members of a company of which he is the share transfer agent ? </p>
</span>
<div id="D_Q_2442" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Rectification of register of members – Can share transfer agent apply therefor under section 59 – If the requisite powers have been delegated to share transfer agent by the Board of directors, he would be competent to apply
for rectification of register of members for in such a event he would be acting as an agent of the company. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2441");">
<p> Whether on acquisition of shares by a company in compliance with the order of the NCLT under section 242 of the Companies Act, 2013, prescribed requirements for reduction of capital have to be complied with? </p>
</span>
<div id="D_Q_2441" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Acquisition of shares – In compliance with the order of the NCLT – Will compliance require company to comply with section 66 relating to reduction of capital – Compliance need not be established. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2440");">
<p> Whether a financial creditor who has given an interest free loan to a corporate debtor take recourse to the provisions of section 7 of the Insolvency and Bankruptcy Code, 2016 on default of payment of the loan ? </p>
</span>
<div id="D_Q_2440" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution process – Application by financial creditor - Can financial creditor, who has given interest free loan to corporate debtor, file application under section 7 on default of payment of loan ? – Yes,
financial creditor can initiate process of insolvency resolution. </p>
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<p> Whether a person who is ineligible to submit a corporate insolvency resolution plan under the Insolvency and Bankruptcy Code, 2016 can submit a scheme under section 230 of the Companies Act, 2013 in respect of a corporate
debtor which has been ordered to be wound up under the Code ? </p>
</span>
<div id="D_Q_2438" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Insolvency resolution plan – Person not eligible to submit – Can he submit a scheme of arrangement in respect of a corporate debtor ordered to be wound up – Even though there is no express provision to selling the
undertaking to a person who is not competent to be a resolution applicant, keeping in mind the objective of the Code and the provisions of section 29A the undertaking of the corporate debtor cannot be sold to a person who is
</p>
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<p> Whether the timelines set out in sub-section (2) of section 38 of the Consumer Protection Act, 2019 are mandatory ? </p>
</span>
<div id="D_Q_2439" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Complaint – Timelines for admission set out in sub-section (2) of section 38 – Are they mandatory – The timelines for the opposite party to give his version is mandatory and not directory </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2437");">
<p> When directors nominated by promoters of a company can be said to have significant influence over decision making in that company ? </p>
</span>
<div id="D_Q_2437" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Directors – Nominated by promoters – Can they be said to have significant influence over decision of the Board – No decision of the Board could be taken without the expressed or implied consent of at least one of the
nominees. Therefore, such nominee will be deemed to have significant influence in decision making. </p>
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<li><span class="title1" style="cursor: pointer;" onclick="javascript:display("Q_2436");">
<p> STATUS OF A ‘SUBSIDIARY COMPANY’ VIS-A-VIS ITS ‘HOLDING COMPANY’ </p>
</span>
<div id="D_Q_2436" style="display: none; border: 1px solid #dbdbdb; padding: 5px!important; background: #f3f3f3;">
<p> Subsidiary company – Status vis-a-vis its holding company – In view of the independent existence of the subsidiary, the holding company could because of membership, enjoy the benefits of the subsidiary through dividends
declared by it. At the same time the holding company is not responsible or answerable to the actions and losses of the subsidiary. </p>
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* Amendments in the notification number S.O. 3997(E), dated 16th August, 2018
[S.O. 2809(E)][17th June 2022]
Amendments in the notification number S.O. 3997(E), dated 16th August, 2018
S.O. 2809(E) dated 17th June 2022issued by Ministry of Finance In exercise of
the powers conferred by section 26A of the Securities and Exchange Board of
India, 1992(15 of 1992), section 26A of the Securities Contracts (Regulation)
Act, 1956 (42 of 1956) and section 22C of the Depositories Act, 1996 (22 of
1996), the Central Government, with the concurrence of the Chief Justice of
the Hon’ble High Court
More
* Designation of Courts of Sessions Judge, Leh and Kargil as Special Courts
under the Securities and Exchange Board of India Act, 1992, Securities
Contracts (Regulation) Act, 1956 and Depositories Act, 1996 [S.O.
2810(E)][17th June 2022]
Designation of Courts of Sessions Judge, Leh and Kargil as Special Courts
under the Securities and Exchange Board of India Act, 1992, Securities
Contracts (Regulation) Act, 1956 and Depositories Act, 1996 S.O. 2810(E)
dated 17th June 2022issued by Ministry of Finance In exercise of the powers
conferred by section 26A of the Securities and Exchange Board of India Act,
1992 (15 of 1992), Section 26A of the Securities Contracts (Regulation) Act,
1956 (42 of 1956) and Section 22C of the Depositories Act,
More
* National Financial Reporting Authority (Amendment) Rules, 2022 [G.S.R.
456(E)][17th June 2022]
National Financial Reporting Authority (Amendment) Rules, 2022 G.S.R. 456(E)
dated 17th June 2022issued by MCA In exercise of the powers conferred by
sub-sections (2) and (4) of section 132, sub-section (1) of section 139 and
sub-section (1) of section 469 of the Companies Act, 2013 (18 of 2013), the
Central Government hereby makes the following rules, to amend the National
Financial Reporting Authority Rules, 2018, namely :- 1. Short title and
commencement.- (1) These rules may be called the National Financial
More
* Nomination for Mutual Fund Unit Holders [SEBI/HO/IMD/IMD-II
DOF3/P/CIR/2022/82][15th June 2022]
Nomination for Mutual Fund Unit Holders SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/82
dated 15th June 2022issued by SEBI In order to bring uniformity in practices
across all constituents in securities market, the following is decided in
case of nomination for eligible Mutual Fund Unit Holders: 1. Investors
subscribing to mutual fund units on or after August 1, 2022, shall have the
choice of: a. Providing nomination in the format specified in fourth schedule
of SEBI (Mutual Funds) Regulations, 1996 (or) b. Opting out of nomination
More
* Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy
Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017
and the Insolvency and Bankruptcy Board of India (Inspection and
Investigation) Regulations, 2017 [Press Release No. IBBI/PR/2022/27][15th
June 2022]
Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy
Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017
and the Insolvency and Bankruptcy Board of India (Inspection and
Investigation) Regulations, 2017 Press Release No. IBBI/PR/2022/27dated 15th
June 2022issued by IBBI With a view to put in place, a streamlined and swift
complaint handling procedure, the Insolvency and Bankruptcy Board of India
notified the Insolvency and Bankruptcy Board of India (Grievance and
Complaint
More
* Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy
Board of India (Insolvency Resolution Process for Corporate Persons) (Second
Amendment) Regulations, 2016 [Press Release No. IBBI/PR/2022/28][15th June
2022]
Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy
Board of India (Insolvency Resolution Process for Corporate Persons) (Second
Amendment) Regulations, 2016 Press Release No. IBBI/PR/2022/28 dated 15th
June 2022issued by IBBI The Insolvency and Bankruptcy Board of India
(IBBI/Board) notified the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons)(Second Amendment)
Regulations, 2016 (CIRP Regulations) on 14th June, 2022. 2. The amendment
provides the operational creditors to furnish extracts of Form GSTR-1, Form
GSTR-3B and
More
* Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to
Adjudication Authority) Rules, 2016 [IBBI/IU/51/2022][15th June 2022]
Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to
Adjudication Authority) Rules, 2016 Circular No. IBBI/IU/51/2022 dated 15th
June 2022issued by IBBI It has been decided that henceforth, the Board will
forward the application for initiating insolvency received by it in terms of
rule 4, 6 or 7 of the Insolvency and Bankruptcy (Application to Adjudication
Authority) Rules, 2016, to the Information Utility (IU) and on receipt of the
said application, the IU shall: (a) inform other creditors
More
* Insolvency and Bankruptcy Board of India (Inspection and Investigation)
(Amendment) Regulations, 2022 [No. IBBI/2022-23/GN/REG087][14th June 2022]
Insolvency and Bankruptcy Board of India (Inspection and Investigation)
(Amendment) Regulations, 2022 No. IBBI/2022-23/GN/REG087 dated 14th June
2022issued by IBBI In exercise of the powers conferred under sections 196,
217, 218, 219, 220 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 (Inspection and Investigation) Regulations, 2017,
namely: - 1. (1) These Regulations may be called
More
* Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling
Procedure) (Amendment) Regulations, 2022 [No. IBBI/2022-23/GN/REG086][14th
June 2022]
Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling
Procedure) (Amendment) Regulations, 2022 No. IBBI/2022-23/GN/REG086dated 14th
June 2022issued by IBBI n exercise of the powers conferred under section 196,
217 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 (Grievance and Complaint Handling Procedure) Regulations, 2017,
namely:— 1. (1) These Regulations may be called the
More
* Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment)
Regulations, 2022 [No. IBBI/2022-23/GN/REG085][14th June 2022]
Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment)
Regulations, 2022 No. IBBI/2022-23/GN/REG085 dated 14th June 2022issued by
IBBI In exercise of the powers conferred by section 196, 213, 214, 215 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
(Information Utilities) Regulations, 2017, namely: - 1. (1) These Regulations
may be called the Insolvency and
More
* Inviting suggestions/inputs from public for effective and expeditious
resolution of Real Estate Projects [][14th June 2022]
Inviting suggestions/inputs from public for effective and expeditious
resolution of Real Estate Projects Dated 14th June 2022issued by IBBI The
Insolvency and Bankruptcy Code, 2016 (Code) was amended in 2018 to clarify
the status of allottees of a real state project as Financial Creditors.
However, large number of real estate projects are under consideration under
IBC. It has been represented to Insolvency and Bankruptcy Board of India
(IBBI) that real estate projects require different dispensation than normal
projects. 2. It
More
* Discussion Paper on Streamlining the Liquidation Process [][14th June 2022]
Discussion Paper on Streamlining the Liquidation Process Dated 14th June
2022issued by IBBI Introduction The Bankruptcy Law Reforms Committee (BLRC)
in its report under the section ‘A time- bound, efficient Liquidation’
observed that “In India, it is widely accepted that liquidation is a weak
link in the bankruptcy process and must be strengthened as part of ensuring a
robust legal framework.” It further observed that preservation of time value
is the most important principle driving the design of the
More
* Discussion Paper on enabling entities to become insolvency professional
[][14th June 2022]
Discussion Paper on enabling entities to become insolvency professional
Dated 14th June 2022issued by IBBI This paper deals with issue of enabling
entities to get registered as an insolvency professional (IP) under the
Insolvency and Bankruptcy Code, 2016 (Code). Background 2. The Insolvency and
Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals,
namely, insolvency professional who plays an important role in resolution of
corporate debtors (CDs) in distress. 3. Section 3(19) of the Code defines IP
as a person enrolled under section
More
* Companies (Appointment and Qualification of Directors) (Second Amendment)
Rules, 2022 [G.S.R. 439(E)][10th June 2022]
Companies (Appointment and Qualification of Directors) (Second Amendment)
Rules, 2022 G.S.R. 439(E) dated 10th June 2022issued by MCA In exercise of
the powers conferred by section 149 read with section 469 of the Companies
Act, 2013 (18 of 2013), the Central Government hereby makes the following
rules further to amend the Companies (Appointment and Qualification of
Directors) Rules, 2014, namely: - 1. Short title and commencement.- (1) These
rules may be called the Companies (Appointment and Qualification of
Directors) (Second Amendment) Rules, 2022. (2)
More
* Discussion Paper on Remuneration of an Insolvency Professional [][9th June
2022]
Discussion Paper on Remuneration of an Insolvency Professional Dated 9th June
2022issued by IBBI This paper deals with issue of fee of an insolvency
professional (IP) acting as interim resolution professional (IRP)/ resolution
professional (RP) in corporate insolvency resolution process (CIRP) who have
significant role in ensuring timely completion of the CIRP in addition to the
indispensable role played by each stakeholder including the Adjudicating
Authority (AA), the committee of creditors (CoC), resolution applicants, etc.
To this end,
More
* Companies (Removal of Names of Companies from the Register of Companies)
(Amendment) Rules, 2022 [G.S.R. 436(E)][9th June 2022]
Companies (Removal of Names of Companies from the Register of Companies)
(Amendment) Rules, 2022 G.S.R. 436(E) dated 9th June 2022issued by MCA In
exercise of the powers conferred by sub-sections (1), (2) and (4) of section
248 read with section 469 of the Companies Act, 2013 (18 of 2013), the
Central Government hereby makes the following rules further to amend the
Companies (Removal of Names of Companies from the Register of Companies)
Rules, 2016 , namely:- 1. Short title and
More
* Improvement to the scheme of examinations - frequency of attempts in Limited
Insolvency Examination/ Valuation Examinations [Circular No.
EXAM-13016/1/2022-IBBI][6th June 2022]
Improvement to the scheme of examinations - frequency of attempts in Limited
Insolvency Examination/ Valuation Examinations Circular No.
EXAM-13016/1/2022-IBBI dated 6th June 2022issued by IBBI IBBI conducts the
Limited Insolvency Examination (LIE) in pursuance to regulation 3 of the
Insolvency and Bankruptcy Board of India (Insolvency Professionals)
Regulations, 2016. The said Regulations inter-alia empowers IBBI to determine
the syllabus, format and frequency of the examination, to be published at
least three months before the examination. 2. IBBI, as the designated
Authority, also conducts
More
* Extension of facility for conducting annual meeting and other meetings of
unitholders of REITs and InvITs through Video Conferencing (VC) or through
Other Audio-Visual means (OAVM) [SEBI/HO/DDHS/DDHS_Div2/P/CIR/2022/079][3rd
June 2022]
Extension of facility for conducting annual meeting and other meetings of
unitholders of REITs and InvITs through Video Conferencing (VC) or through
Other Audio-Visual means (OAVM) SEBI/HO/DDHS/DDHS_Div2/P/CIR/2022/079 dated
3rd June 2022issued by SEBI 1. SEBI vide circular no.
SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dated June 22, 2020 read with circular no.
SEBI/HO/DDHS/DDHS/CIR/P/2020/201 dated October 08, 2020 permitted
REITs/InvITs to conduct annual meetings and other meetings of unitholders
through VC or OAVM up to
More
* Investor Grievance Redressal Mechanism
[SEBI/HO/MIRSD/DOS3/P/CIR/2022/78][3rd June 2022]
Investor Grievance Redressal Mechanism SEBI/HO/MIRSD/DOS3/P/CIR/2022/78 dated
3rd June 2022issued by SEBI 1. In order to further strengthen the Investor
Grievance Redressal Mechanism, based on feedback received from market
participants, Circular No. SEBI/HO/MIRSD/DOC/CIR/P/2020/226 dated November 6,
2020 is amended as follows: Amendment to Circular No.
SEBI/HO/MIRSD/DOC/CIR/P/2020/226 dated November 6, 2020 - 1.1 Clause 4 of the
Circular No. SEBI/HO/MIRSD/DOC/CIR/P/2020/226 dated November 6, 2020 shall be
substituted with the following, namely, - “4. Arbitration (a) For any dispute
between the member
More
* Procedure for seeking prior approval for change in control of Portfolio
Managers [SEBI/HO/IMD-1/ DOF1/P/CIR/2022/77][2nd June 2022]
Procedure for seeking prior approval for change in control of Portfolio
Managers SEBI/HO/IMD-1/ DOF1/P/CIR/2022/77 dated 2nd June 2022issued by SEBI
1. Regulation 11(aa) of SEBI (Portfolio Managers) Regulations, 2020 provides
that a Portfolio Manager shall obtain prior approval of SEBI in case of
change in control in such manner as may be specified by SEBI. Vide Circular
No. SEBI/HO/IMD/IMD- I/DOF1/P/CIR/2021/564 dated May 12, 2021, the procedure
for obtaining prior approval in case of change in control of Portfolio
More
CASE LAWS
* ASSET RECONSTRUCTION COMPANY (INDIA) LTD. V. BISHAL JAISWAL AND ANOTHER
[2021] 162 CLA 133 (SC)- Acknowledgment in Writing- Limitation Act, 1963
Section 18 gets attracted the moment acknowledgement in writing signed by the
party against whom such right to initiate resolution process under section 7
of the Insolvency and Bankruptcy Code ensures The question as to whether
section 18, which extends the period of limitation depending upon an
acknowledgement of debt made in writing and signed by the corporate debtor,
is also applicable under section 238A, given the expression ‘as far as may
be’ governing the applicability of the Act to the
More
* RAJESH KEDIA V. PHOENIX ARC (P.) LTD. AND ANOTHER [2022] 168 CLA 122
(NCLAT)- Insolvency resolution process- Insolvency and Bankruptcy Code, 2016
On mere dispute of the quantum of the debt amount, the applications under
section 7 cannot be rejected Quantum of payment of debt does not fall for
consideration before the Adjudicating Authority at the stage of ‘admission’
of application under section 7. The only requirement is that the minimum
outstanding debt should be more than the threshold amount provided under the
Code. Insolvency and Bankruptcy Code, 2016 – Section 7 – Insolvency
resolution process – Application by financial creditor – Quantum
More
* ADITYA KUMAR TIBREWAL V. OM PRAKASH PANDEY AND OTHERS [2022] 168 CLA 156
(NCLAT)- Liquidation- Insolvency and Bankruptcy Code, 2016
Time periods in question, as prescribed being directory and not mandatory,
the Adjudicating Authority has committed error in rejecting the application
of resolution professional Time period prescribed under regulation 35A is not
mandatory but directory, hence, application filed in relation to sections 43
and 45 read with section 66 and sub-section (5) of section 60 is not to be
rejected for being filed beyond the 135th day of insolvency commencement
date. Similarly, application for quashing the transactions covered by
sections 46
More
* BABU A DHAMMANAGI AND ANOTHER V. UNION OF INDIA AND OTHERS [2022] 168 CLA
110 (Kar.)- Insolvency resolution process- Insolvency and Bankruptcy Code,
2016
Sections 95, 97, 99 and 100 do not suffer from any illegality or any
unconstitutionality As per the procedure prescribed under sections 95 to 100,
the role of resolution professional is limited to make the appropriate
recommendation to the Adjudicating Authority and the final decision of the
admission or rejection of the application referred to under section 95 solely
lies with the Adjudicating Authority. The procedure prescribed under the
provisions is fair, rational and reasonable and same cannot be termed
More
* ADITI BEZBARUAH V. KAMALESH KUMAR SINGHANIA, RESOLUTION PROFESSIONAL AND
OTHERS UTPALA BEZBARUAH V. KAMALESH KUMAR SINGHANIA, RESOLUTION PROFESSIONAL
AND OTHERS [2022] 168 CLA 128 (NCLAT)- Resolution plan- Insolvency and
Bankruptcy Code, 2016
Development agreements should be held to be alive during corporate insolvency
resolution process period to ensure successful resolution of the corporate
debtor Since the insolvency resolution of the corporate debtor is closely
linked to the inclusion of the appellants’ lands in the construction project,
and also the fact that the delay in implementation of the development
agreements was due to the inaction of the erstwhile corporate debtor, the
successful resolution applicant (SRA) cannot be held responsible for such a
delay
More
* UNION OF INDIA V. DELHI GYMKHANA CLUB LTD. AND OTHERS [2022] 167 CLA 431
(NCLT)- Oppression / Mismanagement- Companies Act, 2013
It will be just and equitable to allow the prayer of the Union Government to
nominate 15 persons to be appointed as directors on the general committee of
the respondent-company to manage the affairs of the company in order to
function as per the terms of the memorandum and articles of association There
is sufficient material for holding that it is a case of mismanagement for the
affairs of
More
* SREE VAIBHAVI INFRASTRUCTURES (P.) LTD V. MEDIPRO EDU MANAGEMENT (P.) LTD.
[2022] 168 CLA 43 (NCLT)- Insolvency resolution process- Insolvency and
Bankruptcy Code, 2016
Unless the obligations under the MoUs were fulfilled, it could not be said
that there was a default committed in terms of clause (12) of section 3 by
the corporate debtor Where the claim of debt is based on two memorandums of
understanding (‘MoUs’) entered into between the parties, and as per the
default clause, the right of the investor against the company would be only
to proceed against the properties given as security, the investor would have
no right to
More
* DIRECTORATE OF COMMERCIAL TAXES V. KHARKIA STEELS (P.) LTD. AND OTHERS
[2022] 168 CLA 32 (NCLAT)- Insolvency resolution process- Insolvency and
Bankruptcy Code, 2016
Where there is no organic error in calculation of liquidation value of the
corporate debtor, the payment proposed in the successful resolution plan
keeping the liquidation value so arrived at cannot be found fault with Where
there is no other allegation against the valuation done by registered valuers
who were appointed to determine the fair and liquidation value of the
corporate debtor in accordance with regulation 35 which calls in question the
assessment of liquidation value, except that the appointment
More
* SUBHANKAR BHOWMIK V. UNION OF INDIA AND ANOTHER [2022] 168 CLA 113 (Tri.)-
Insolvency resolution process- Insolvency and Bankruptcy Code, 2016
Insolvency resolution process is meant to revive a corporate debtor To put
the steering wheel of a non-adversarial process to revive a corporate debtor,
in the hands of adversarial claimant, would defeat the very purpose of the
Code. As such there is no merit in the contentions raised by the petitioner
that term ‘Other creditor’ has not been defined in clause (10) of section 3.
Insolvency and Bankruptcy Code, 2016 – Section 3(10) read with regulation 9A
of Insolvency and Bankruptcy
More
* S RAJENDRAN V. B M ANAND (HUF) AND OTHERS [2022] 167 CLA 369 (NCLAT)-
Insolvency resolution process- Insolvency and Bankruptcy Code, 2016
Rents fall under the category of insolvency resolution process (‘IRP’) costs,
and the impugned order of the Adjudicating Authority to pay monthly rent of
the premises is well sustained in the eye of law Where the premises in which
the corporate debtor is carrying on its business belongs to the respondents,
the appellant. Resolution professional is duty bound to pay the rent dues to
the respondents, and the Adjudicating Authority commits no error in passing
the impugned order/direction to pay the
More
* BANK OF INDIA LTD. V. PRANAV CONSTRUCTION SYSTEMS (P.)LTD. [2022] 167 CLA
359 (NCLT)- Insolvency resolution process- Insolvency and Bankruptcy Code,
2016
Where application made by the financial creditor is complete as required by
law and clearly shows that corporate debtor is in default which is in excess
of minimum amount stipulated at relevant time, there is no reason to deny
admission of the petition Where the application made by the financial
creditor is complete in all respects as required by law, and it clearly shows
that the corporate debtor is in default of a debt, due and payable, and the
default is
More
* BALAJI ASSOCIATES V. V VENKATACHALAM AND OTHERS SHREE PADMALAYA PETROLEUM V.
V VENKATACHALAM AND OTHERS ZENITH INFRASTRUCTURE V. V VENKATACHALAM AND
OTHERS PEST CONTROL IDEAL V. V VENKATACHALAM AND OTHERS JAI LAHARI
INTERPRISES V. V VENKATACHALAM AND OTHERS NKS INFRA & CONTRACT V. V
VENKATACHALAM AND OTHERS ABHIJEET INTELLIGENCE SECURITY & LABOUR SUPPLIERS V.
V VENKATACHALAM AND OTHERS SCOP INFRASTRUCTURE & CO. V. V VENKATACHALAM AND
OTHERS M N PATIL V. V VENKATACHALAM AND OTHERS PATEL ERECTORS V. V
VENKATACHALAM AND OTHERS KRISHNA CONSTRUCTION V. V VENKATACHALAM AND OTHERS
SAIBABA MAHADEV MANDOWKAR V. V VENKATACHALAM AND OTHERS VINOD MANIYAR V. V
VENKATACHALAM AND OTHERS D ENGINEERING SERVICES V. V VENKATACHALAM AND
OTHERS [2022] 167 CLA 336 (NCLAT)- Resolution plan- Insolvency and
Bankruptcy Code, 2016
Challenging a resolution plan is without any substantial grounds where the
plan has been implemented two years ago and change in the management of the
corporate debtor has also been effected Where a resolution plan has been
implemented two years ago and change in the management of the corporate
debtor has also been effected, there are no substantial grounds to set the
clock back. This is keeping in view the ratio of Supreme Court in K Sashidhar
v. Indian Overseas Bank
More
* AMIT KATYAL V. MEERA AHUJA AND OTHERS [2022] 167 CLA 322 (SC)- Jurisdiction
of Courts / Tribunals- Constitution of India
Since out of 128 homebuyers of 176 units, 82 homebuyers who get the
possession within a period of one year are against the insolvency
proceedings, and coupled with the fact that original applicants have also
settled the dispute with the corporate debtor, this is a fit case for
exercising the powers under article 142 of the Constitution read with rule 11
of the National Company Law Tribunal Rules, 2016 and to permit the original
applicant to withdraw the insolvency resolution
More
* BANK OF INDIA V. AMRIT FRESH (P.) LTD. NIRAJ AGARWAL, RESOLUTION PROFESSIONAL
OF AMRIT FRESH (P.) LTD. V. AMRIT FRESH (P.) LTD. AND OTHERS [2022] 168 CLA
145 (NCLT)- Liquidation- Insolvency and Bankruptcy Code, 2016
The application for preferential transaction cannot be pursued by the
erstwhile resolution professional, nor can the new management of the
corporate debtor pursue the application Once a resolution plan is approved,
the resolution professional cannot carry the hat of “former resolution
professional” and pursue an avoidance application in respect of a
preferential transaction after the change of hands in the management of the
corporate debtor. Therefore, the application for preferential transaction
cannot be pursued by the erstwhile resolution professional nor can
More
* SHAPOORJI PALLONJI FINANCE (P.) LTD. V. REKHA SINGH RCKHA SINGH V. SHAPOORJI
PALLONJI FINANCE (P.) LTD. SHAPOORJI PALLONJI FINANCE (P.) LTD. V. SIDDHARTH
SINGH SIDDHARTH SINGH V. SHAPOORJI PALLONJI FINANCE (P.) LTD. SHAPOORJI
PALLONJI FINANCE (P.) LTD. V. AJAY KUMAR SINGH AJAY KUMAR SINGH V. SHAPOORJI
PALLONJI FINANCE (P.) LTD. [2022] 168 CLA 73 (NCLT)- Insolvency resolution
process- Insolvency and Bankruptcy Code, 2016
The guarantors to the non-banking financial company (‘NBFC’) do not strictly
fall within the definition of ‘personal guarantors’ and have existence as
individuals only. Application for initiation of insolvency resolution process
can be filed against any personal guarantors of NBFC/financial services
provider (‘FSP’) irrespective of insolvency resolution process against the
NBFC Insolvency resolution process can be initiated against the personal
guarantors of a NBFC/FSP irrespective of corporate insolvency resolution
process against the NBFC, provided that the concerned NBFC falls within the
More
* SHRIKANT G MANTRI V. PUNJAB NATIONAL BANK [2022] 167 CLA 153 (SC)- Consumer-
Consumer Protection Act, 1986
Where the complainant took overdraft facility from the bank to expand his
business profits, the relation between the complainant and bank is purely
business to business relationship and the transaction would come within the
ambit of ’commercial purpose’ Where the National Consumer Disputes Redressal
Commission has come to a finding that the complainant had opened an account
with the respondent-bank, took overdraft facility to expand his business
profits, and subsequently from time-to-time the overdraft facility
More
* CONSOLIDATED CONSTRUCTION CONSORTIUM LTD. V. HITRO ENERGY SOLUTIONS (P.)
LTD. [2022] 167 CLA 1 (SC)- Operational debt- Insolvency and Bankruptcy
Code, 2016
Since in terms of clause (21) of section 5 an ‘operational debt’ includes a
debt arising from a contract in relation to the supply of goods or services
from the corporate debtor, the appellant would be an ‘operational creditor’
within the meaning of clause (20) of section 5 The phrase ‘in respect of’ in
clause (21) of section 5 has to be interpreted in a broad and purposive
manner to include a debt which arises out of advance payment made to
More
* BANK OF BARODA AND ANOTHER V. MBL INFRASTRUCTURES LTD. AND OTHERS [2022] 166
CLA 411 (SC)- Resolution applicant- Insolvency and Bankruptcy Code, 2016
Once a person executes a guarantee in favour of a creditor and where an
application for insolvency resolution has been admitted and the guarantee
having been invoked, the bar qua eligibility would come into play Once a
person executes a guarantee in favour of a creditor with respect to the
credit facilities availed by a corporate debtor, and in a case where an
application for insolvency resolution has been admitted, with the further
fact of the guarantee having been invoked, the
More
* DEVAS MULTIMEDIA (P.) LTD. V. ANTRIX CORPORATION LTD. AND ANOTHER [2022] 166
CLA 262 (SC)- Winding up- Companies Act, 2013
It cannot be argued that the failure of the Tribunal to order the publication
of an advertisement renders the entire proceedings initiated under clause (c)
of section 271 unlawful The requirement to advertise a petition for winding
up does not flow out of the statutory provision of section 271 of the
Companies Act, 2013 but flowing out of the rules 5 and 7 of the Winding up
Rules read with sub-rules (5) and (6) of rule 35 of the National Company
More
* E S KRISHNAMURTHY AND OTHERS V. BHARATH HI TECH BUILDERS (P.) LTD. [2022]
166 CLA 11 (SC)- Insolvency resolution process- Insolvency and Bankruptcy
Code, 2016
While the Adjudicating Authority and Appellate Authority can encourage
settlements, they cannot direct them by acting as courts of equity The
Adjudicating Authority is empowered only to verify whether a default has
occurred or if a default has not occurred. Based upon its decision, the
Adjudicating Authority must then either admit or reject an application
respectively. These are the only two courses of action which are open to the
Adjudicating Authority in accordance with sub-section (5) of section 7. The
Adjudicating
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ARTICLES
* INDEPENDENT DIRECTOR [Shukla Bansal]
This article is intended to give an overview of independent directors as
envisaged in sub-section (6) of section 149 and Schedule IV of the Companies
Act, 2013 and the Companies (Appointment and Qualification of Directors)
Rules, 2014.
More
* ISSUANCE OF SECURITIES IN DEMATERIALISED FORM IN CASE OF INVESTOR SERVICE
REQUESTS [Anjali Jagdish Gorsia]
This article attempts to familiarise the readers with the recent circular
issued by the Securities and Exchange Board of India on issuance of
securities in dematerialised form in the case of investor service requests
while processing certain requests of investors and to provide simplistic
explanations of terminologies/concept related thereof.
More
* DIGITAL TRANSFORMATION AND GOOD GOVERNANCE [Meenu Gupta]
This article highlights the benefits of digital governance in the process of
digital transformation. A technology-driven wave has defined a new outlook
for businesses. Factors like regulatory support and peer competition have
been responsible for the adoption of digital transformation. From a small
vendor to a big businessman, everyone aspires to run their business
efficiently. In the wake of this, digital transformation has played a key
role.
More
* LOANS BY A COMPANY TO ITS WHOLLY OWNED SUBSIDIARY – ARE THEY EXEMPT FROM THE
PROVISIONS OF SECTION 186 OF THE COMPANIES ACT, 2013 ? [T V Narayanaswamy]
In this article, the author has discussed the relationship between a holding
company and its wholly owned subsidiary company in the backdrop of the
provisions of section 186 of the Companies Act, 2013.
More
* ORDER OF THE NCLT IN UOI V. DELHI GYMKHANA CLUB LTD. [2022] 167 CLA 431
REMOVING GENERAL COMMITTEE OF THE CLUB AND APPOINTING PERSONS AS DIRECTORS TO
CONSTITUTE GENERAL COMMITTEE – IS IT IN CONFORMITY WITH THE POWERS OF THE
TRIBUNAL CONFERRED UNDER SECTION 242 OF THE COMPANIES ACT, 2013? [T V
Narayanaswamy]
In this article the author has analysed the order of the National Company Law
Tribunal in UOI v. Delhi Gymkhana Club Ltd. [2022] 167 CLA 431 and tried to
find out whether it is in conformity with the powers of the Tribunal
conferred under section 242 of the Companies Act, 2013
More
* PROXY ADVISORS – RE-ASSURING GOVERNANCE [Jaya Sharma Singhania]
This article is intended to give an overview of the institution of proxy
advisors firms which formulate recommendations on the decision of a corporate
that requires a pre-requisite of shareholders’ approval.
More
* FOUR AUDITORS UNDER THE COMPANIES ACT, 2013 – PROVISIONS IRRATIONAL,
DISCRIMINATING AND COMPLIANT UNFRIENDLY [Namo Narain Agarwal]
In this article, the author has summarised and compared various provisions
under the Companies Act, 2013 with regard to the four auditors, who are
mandatory in India Inc. under the regulatory statute. He has further
endeavoured to study and highlighted the irrationality, inconsistency and
discrimination between the provisions relating to different auditors.
More
* ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE REPORTING - SIGNIFICANCE
[Meenu Gupta]
This article traces the evolution of sustainability of environmental, social
and corporate governance reporting internationally and specifically in India.
It also highlights the way forward and identifies likely impediments in the
process.
More
* THE SUPREME COURT JUDGMENT IN ESSAR STEEL – BANE FOR THE OPERATIONAL CREDITOR
[Shreyansh Sankhla]
This article highlights how the corporate insolvency resolution process under
the Insolvency and Bankruptcy Code, 2016 (‘Code’) is unfair and unjust for
operational creditors. It looks into the recent judgment of the Supreme Court
in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta
[2019] 153 CLA 275 and how it has contributed to the given situation of the
operational creditors. The article shows how provisions in the Code and the
Supreme Court ruling have placed the
More
* ISSUE OF COMMERCIAL PAPERS – LAW AND PROCEDURE [Nitin Arora]
SEBI vide its Circular dated 22nd October, 2019 {[2019]153 CLA (St.) 13} has
prescribed a framework for listing of commercial papers at stock exchanges
for increasing the investor participation. This article aims to abreast the
companies and the investors of the process of issuing commercial papers, as
also the process for listing of commercial papers at stock exchanges.
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* GREEN DEBT SECURITIES [Chaitanya Bansal]
In order to fund environmentally sustainable of projects, various instruments
such as Green Bonds or commonly called Green Debt Securities, Green Banks and
other similar kind of financial instruments have been issued. This article
discusses all about Green Debt Securities.
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* MIGHT IS RIGHT ! SEBI CIRCULAR DATED 3RD NOVEMBER, 2021 LAYING DOWN
SIMPLIFIED NORMS FOR PROCESSING INVESTORS’ SERVICE REQUEST – A CRITICAL
REVIEW [T V Narayanaswamy]
In this article, the author questions justification of SEBI Circular dated
3rd November, 2021 {[2021] 165 CLA (St.) 59} making it mandatory for the
holders of physical securities to furnish PAN, KYC details and nomination as
a measure of protection of the investors in securities market. Further, he
believes that para 5 of the Circular which allows freezing of folios without
PAN, KYC details and nomination, would have serious consequences for the
security holders. He suggests that it should be
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* SMALL COMPANY UNDER THE COMPANIES ACT, 2013 – SCOPE, ADVANTAGES, HARDSHIPS
[Namo Narain Agarwal]
In this article, the author has studied the definition/scope of a small
company along with its advantages/relaxations and hardships. The author has
made certain suggestions to make the concept of small company wider and more
meaningful.
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* MANAGERIAL REMUNERATION TO DIRECTORS – RESTRICTIONS AND CEILINGS [Namo
Narain Agarwal]
In this article, the author has dealt with relevance or otherwise of the
provisions relating to payment of managerial remuneration to the directors in
view of openness of economy, competitiveness in trade and industry,
professionalism in management and high standards of payment of remuneration
world over.
More
* NEW AGE TECHNOLOGIES IN PROFESSIONAL WORLD [Meenu Gupta]
This article is intended to give a bird’s eye view of digital transformation
in the field of corporate law and e-corporate governance.
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* GROUP INSOLVENCY IN INDIA – TAKING INSOLVENCY AND BANKRUPTCY CODE A STEP
FORWARD [Dr. Naveen Bali CS Anchal Jindal]
Presently, the Insolvency and Bankruptcy Code, 2016 does not provide for
group insolvency. In this article, the authors dwell on group insolvency in
India, its rationale and challenges it faces in absence of any legal
framework.
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* CHAIRMAN AND MANAGING DIRECTOR – IS DUAL ROLE ADVISABLE IN CASE MANAGING
DIRECTOR IS ALSO CHAIRPERSON [T V Narayanaswamy]
In this article, the author makes out a case against dual role of chairperson
and managing director in matters of convening and holding meeting of the
Board of directors in order to avoid conflict of interest.
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* DUE DILIGENCE – ITS SCOPE AND OVERVIEW [Meenu Gupta]
This article analyses the proposed amendments to the Companies Act, 2013
relating to related party and procedural or approval process in related party
transactions.
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* SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (SIXTH AMENDMENT)
REGULATIONS, 2021 – RELATED PARTY TRANSACTIONS BECOME MORE STRINGENT AND
TRANSPARENT [Namo Narain Agarwal]
In this article, the author has studied and analysed sweeping, far reaching,
wide ranging and penetrating changes, as notified by the SEBI on 9th
November, 2021, with respects to listing obligations and disclosure
requirements for ‘related party’ and ‘related party transactions’, vide the
Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Sixth Amendment) Regulations, 2021.
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* OPPRESSION AND MISMANAGEMENT – A LOOK AT THE COMPANIES ACT, 2013 [Garima
Agarwal]
This article talks about how the concept of oppression and mismanagement has
evolved and strengthened over the years from a mere definition in the
Needle’s case1 to a strong position in the Vikram Bakshi case2 where the
rights of the minority shareholders were further strengthened. It also seeks
to look at the evolution of the rights of minority shareholders in terms of
statutory legislation and judicial developments.
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QUERIES
* RESTORATION OF NAME STRUCK OFF FROM REGISTER OF COMPANIES
Restoration of name – Struck off from register of companies – Can a company
plead that its name be restored on the ground that it is carrying on business
not authorised by memorandum of association – If the business is not
authorised in the objects clause or incidental or ancillary thereto, then it
is no business in the eye of law and in that situation it cannot successfully
plead for restoration of its name.
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* CAN A FINANCIAL CREDITOR FILE AN APPLICATION FOR INITIATION OF INSOLVENCY
RESOLUTION AGAINST A SOCIETY?
Insolvency resolution process – Application for initiation by a financial
creditor – Can it be filed against society – Financial creditor cannot file
application for initiation of insolvency resolution process against a society
which has not been notified by the Central Government.
More
* Has the gratuity payable to a managing or whole-time director who has been
re-appointed, from time-to-time, for successive periods, to be computed on
the basis of the last salary drawn before cessation of appointment or at the
option of either the company or the managing or whole-time director on the
salary drawn immediately before each re-appointment ?
Gratuity – Payable to a managing director/whole-time director who has been
appointed from time-to-time for successive periods – Is it to be computed on
the basis of the last drawn salary before cessation of appointment or salary
drawn immediately before such appointment – It would be advisable to pay
gratuity computed on the basis of the salary paid to managing
director/whole-time director at the conclusion of each term of appointment.
More
* Is it mandatory that the loan agreement, on the basis of the covenants in
which an application was made to the Adjudicating Authority (nclt) under
section 7 of the Insolvency and Bankruptcy Code, 2016 for initiating
corporate insolvency resolution process should be fully stamped ?
Insolvency resolution process – Loan agreement on the basis of which
application was made – Is it mandatory for loan agreement to be stamped fully
- Adjudicating Authority cannot order initiation of corporate insolvency
resolution process, if the application therefor is accompanied only by a copy
of the loan agreement entered into by the financial creditor with the
corporate debtor.
More
* Can an application under section 7 of the Insolvency and Bankruptcy Code,
2016 be signed on behalf of the financial creditor by its general power of
attorney holder ?
Insolvency resolution process – Application by financial creditor – Can it be
signed on his behalf by its general power of attorney – The authorisation
under the power of attorney includes the authority to take decision and to
commence legal proceedings before any court or tribunal and to do all acts
and deeds incidental, usual and consequential thereto. Therefore, an
application under section 7 of the Insolvency and Bankruptcy Code, 2016 can
be signed on behalf of the financial creditor
More
* Whether law of limitation applies to a request by a party to another in an
arbitration contract for appointment of an arbitrator under section 11 of the
Arbitration and Conciliation Act, 1996 ?
Appointment of arbitrator – Does Limitation Act, 1963 apply to a request of
one party to another in an arbitration contract for appointment of an
arbitrator under section 11 – Even though the provisions of the Limitation
Act apply to proceedings in arbitration, yet it does not apply to an
application for request for initiation of arbitration.
More
* Whether the matters set out in the notice for convening an extraordinary
general meeting of a company, received by a company under section 100 of the
Companies Act, 2013 are justifiable ?
Extraordinary general meeting – Justification of maters set out in the notice
for convening thereof received under section 100 – The Court can consider the
vires or otherwise of the matters listed in the requisition before passing
orders on the question of rejection by the Board of directors to call the
extraordinary general meeting, as to whether it is correct or not.
More
* Whether the National Company Law Tribunal (‘NCLT’) can in exercise of its
powers under section 7 of the Insolvency and Bankruptcy Code, 2016 order on
an application made under the said section, the settlement of the dispute
between the financial creditor and the corporate debtor ?
Insolvency resolution process – Application by financial creditor – Power of
the NCLT to order settlement of dispute between financial creditor and
corporate debtor – While the NCLT can encourage settlement, it cannot order
settlement.
More
* From when the limitation period would run for the purposes of filing an
application before the National Company Law Tribunal under section 7 of the
Insolvency and Bankruptcy Code, 2016 by a financial creditor ?
Insolvency resolution process – Application by financial creditor – When
limitation period would run for purpose of filing - Even though the period of
limitation would be three years from the date of default, this period would
get extended to further period/s of three years from the date of last
acknowledgement, till the last acknowledgement is given in point of time.
More
* Whether an application under section 7 of the Insolvency and Bankruptcy Code,
2016 by a financial creditor can be filed by him through a donee of a power
of attorney ?
Insolvency resolution process – Application by financial creditor – Can it be
filed through a donee of power of attorney – If an officer or other employee
of the financial creditor which is a body corporate has been given power to
initiate, prosecute and conduct of legal proceedings before any court or
tribunal, he can on behalf of the financial creditor sign the application
preferred before NCLT under section 7 of the Code. Such an application can
also be signed
More
* Which court is competent to issue injunction orders in relation to general
meetings of companies ?
General meetings – Which court is competent to issue injunction order in
relation thereto – Only the High Court or other courts referred to clause
(27) of section 2 are competent to issue any order which can be executed in
relation to the company and no other courts have jurisdiction to issue
injunction order.
More
* Whether non-approval of resolution relating to related party transactions by
the company in general meeting of a listed company would vitiate the earlier
adoption of annual financial statements which have incorporated in them the
said related party transactions ?
Related party transactions – Non-approval of resolution in general meeting of
a listed company – Does it vitiate the earlier adoption of annual financial
statements ? – This being a procedural resolution and any non-approval
thereof will not vitiate the related party transactions and make them void.
More
* VOTE ON RESOLUTION FOR APPOINTMENT OF PROMOTER AS NON-EXECUTIVE DIRECTOR
Promoter – Resolution on his appointment as non-executive director – Can he
vote on resolution therefor – Regulation 23 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 would not come in the way of
the appointee voting on the resolution on his appointment as a non-executive
director.
More
* Can a share transfer agent apply under section 59 of the Companies Act, 2013
for rectification of register of members of a company of which he is the
share transfer agent ?
Rectification of register of members – Can share transfer agent apply
therefor under section 59 – If the requisite powers have been delegated to
share transfer agent by the Board of directors, he would be competent to
apply for rectification of register of members for in such a event he would
be acting as an agent of the company.
More
* Whether on acquisition of shares by a company in compliance with the order of
the NCLT under section 242 of the Companies Act, 2013, prescribed
requirements for reduction of capital have to be complied with?
Acquisition of shares – In compliance with the order of the NCLT – Will
compliance require company to comply with section 66 relating to reduction of
capital – Compliance need not be established.
More
* Whether a financial creditor who has given an interest free loan to a
corporate debtor take recourse to the provisions of section 7 of the
Insolvency and Bankruptcy Code, 2016 on default of payment of the loan ?
Insolvency resolution process – Application by financial creditor - Can
financial creditor, who has given interest free loan to corporate debtor,
file application under section 7 on default of payment of loan ? – Yes,
financial creditor can initiate process of insolvency resolution.
More
* Whether a person who is ineligible to submit a corporate insolvency
resolution plan under the Insolvency and Bankruptcy Code, 2016 can submit a
scheme under section 230 of the Companies Act, 2013 in respect of a corporate
debtor which has been ordered to be wound up under the Code ?
Insolvency resolution plan – Person not eligible to submit – Can he submit a
scheme of arrangement in respect of a corporate debtor ordered to be wound up
– Even though there is no express provision to selling the undertaking to a
person who is not competent to be a resolution applicant, keeping in mind the
objective of the Code and the provisions of section 29A the undertaking of
the corporate debtor cannot be sold to a person who is
More
* Whether the timelines set out in sub-section (2) of section 38 of the
Consumer Protection Act, 2019 are mandatory ?
Complaint – Timelines for admission set out in sub-section (2) of section 38
– Are they mandatory – The timelines for the opposite party to give his
version is mandatory and not directory
More
* When directors nominated by promoters of a company can be said to have
significant influence over decision making in that company ?
Directors – Nominated by promoters – Can they be said to have significant
influence over decision of the Board – No decision of the Board could be
taken without the expressed or implied consent of at least one of the
nominees. Therefore, such nominee will be deemed to have significant
influence in decision making.
More
* STATUS OF A ‘SUBSIDIARY COMPANY’ VIS-A-VIS ITS ‘HOLDING COMPANY’
Subsidiary company – Status vis-a-vis its holding company – In view of the
independent existence of the subsidiary, the holding company could because of
membership, enjoy the benefits of the subsidiary through dividends declared
by it. At the same time the holding company is not responsible or answerable
to the actions and losses of the subsidiary.
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