Category: Power Sector

As we close the second quarter of financial year 2021-22, let’s have a look at the developments that took place in the last three months. The Ministry of Corporate Affairs (MCA) vide a notification dated July 22, 2021, has appointed September 1, 2021, as the date to bring into effect the amendment to Section 4 of the Companies Act, 2013. The said Amendment is a part of the Companies (Amendment) Act, 2020 and provides that if a company fails to…

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 which replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 has been passed by both Houses of Parliament. The bill further amends the Insolvency and Bankruptcy Code, 2016, by inter alia, introducing Prepacked Insolvency Resolution Process (PPIRP) for micro, small and medium enterprises (MSMEs). The proposed amendment enables the government to notify…

The Asian International Arbitration Centre has revised its Arbitration Rules. The revised rules have come into effect from 1st August 2021. The revised rules can be accessed here. The Appeal filed by the Indian Government against the decision of the International Arbitration Tribunal granting an award of Rs. 22,100 crore to Vodafona in the retrospective tax dispute would be heard by the Singapore International Commercial Court (SICC)…

Cairn energy has reportedly secured a French Court’s order to seize 20 properties of Indian Government to partially recover a $1.7 billion arbitration award. The Finance Ministry has clarified that it has not received any notice, order or communication from any French Court. Our partner – Ms. Mani Gupta – spoke to The New Indian Express regarding this development and the Indian government’s options from here…

In our last post, we had covered the requirement that all the companies which use accounting software need to use such software which enables them to record audit trails and the same needs to be mentioned in the Auditor’s Report as well. This compliance has been deferred until 01 April, 2022 giving time to businesses to make their internal systems ready for such transition…

Supreme Court of India, Allahabad High Court, Calcutta High Court, Chhattisgarh High Court, Gujarat High Court, Madras High Court, Madhya Pradesh High Court, Orissa High Court, Telangana High Court, Delhi Districts Courts, National Green Tribunal, National Company Law Appellate Tribunal have advanced their summer vacations with a view to allow time for court staff and advocates to recover from this wave…

The Singapore International Arbitration Centre has released its annual report for 2020. India-based parties top the list of users with more than half of the cases involving Indian parties.
The International Bar Association released a toolkit which aims to provide guidance to parties, counsel and arbitrators in situations where a party to arbitration proceedings is also subject to insolvency proceedings in one or more jurisdictions. The release of the toolkit is…

The Reserve Bank of India (RBI) has mandated the usage of Cheque Truncation System (CTS) across the country w.e.f. September 30, 2021 and passed the Reserve Bank of India (Digital Payment Security Controls) Directions, 2021 to set minimum security standards to be followed for all digital payment infrastructure operating in India. The RBI has issued directions in relation to posting and collection of margins for permitted derivatives contracts…

The Ministry of Corporate Affairs invited comments from the public on the proposal for pre-pack insolvency resolution. This mechanism is intended to be debtor-in-control instead of the creditor-driven process under the IBC at present. Our partner, Ms. Mani Gupta commented on this development in this article for Global Restructuring Review.
Should the Swiss challenge method of auction be permitted? The Delhi High Court has asked the IBBI to…