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02 Dec '19
India has moved up from the 77th to the 63rd rank in the World Bank’s 2020 Report on ease of doing business and the government of India aims to move further up the ladder through regulatory reforms. Recently, the Company Law Committee comprising representation from the government, lawyers, chartered accountants, banks and the corporate sector released a report recommending several amendments […]
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28 Nov '19
After the Supreme Court ruled that the Committee of Creditors had all the rights to decide on the distribution of funds realised from the sale of insolvent assets and that the adjudicating authorities could not change the approved resolution plan, ArcelorMittal, in partnership with Japan’s Nippon Steel, will pay Rs 42,000 crores to the financial […]
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11 Nov '19
Once again, the conversation around arbitration in India remained focused on the 2019 amendment. Would it lead to a complete exclusion of foreign arbitrators? Does the exception in Section 42A for the confidentiality of arbitration proceedings ignore several other circumstances that would require the disclosure of proceedings? A pragmatic interpretation of the newly incorporated provision would be that […]
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01 Nov '19
We hope that all of you had a peaceful festive season with family and friends There has been some pushback recently to the IBC amendment that elevated homebuyers to the status of financial creditors and the Supreme Court judgment that upheld it. The Economic Times has argued that individual homeowners should not be allowed to initiate bankruptcy proceedings. These proceedings […]
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11 Oct '19
Setting aside an order of the Mumbai-bench of NCLT, the NCLAT permitted a Dutch insolvency court administrator to attend the Committee of Creditors meetings of the debt-laden Jet Airways. The Resolution Professional of Jet Airways and the Dutch insolvency court administrator informed the NCLAT that they had finalised the terms of cooperation between them. The Committee of […]
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09 Oct '19
Last month, we noted some of the key changes brought in by recent amendments made to India’s arbitration law. Even though the provision requiring arbitration panels to consist of Indian nationals alone received some criticism from Justice Rohinton Nariman of the Supreme Court, the response to many of the new provisions such as those requiring the appointment […]
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10 Sep '19
Welcome back to our updates from the world of arbitration. The 2019 Amendment to the Arbitration & Conciliation Act, 1996 came into effect earlier this month. As we had noted in a previous edition, the law aims to establish an independent body called Arbitration Council of India (ACI), which will (among other things) frame policies […]
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19 Aug '19
We hope that you had a happy and peaceful Indian Independence Day! The Parliament has approved amendments to India’s bankruptcy law that will restore the primacy of secured creditors over unsecured creditors in the insolvency process. Finance Minister Nirmala Sitharaman said that the amendment was in response to an NCLAT ruling in the Essar case […]
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02 Aug '19
Welcome back to our updates from the world of arbitration. Last month, we were eagerly anticipating the government’s moves in the arbitration space. The wait is now over. The most important news of the past month is from India’s lawmakers. After it received legislative assent, the Union Government has notified The New Delhi International Arbitration Centre Act, 2019. […]
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23 Jul '19
Two recent judgments were heavily criticized for the impact they may have on India’s credit system. The IL&FS case has had the less charged response. In that case, the NCLT held that provident funds, even if they are not secured or senior creditors, should be paid their dues at par with or even over secured […]
