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28 Feb '20
A panel on group insolvency has proposed reforms on the legal framework to address group insolvency to the Insolvency and Bankruptcy Board of India (IBBI). It has recommended that the definition of ‘group’ be specific, and it may include holding, subsidiary and associate companies. In our last update, we learnt about the first ever resolution process for […]
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27 Feb '20
The National Highways Authority of India (NHAI) has cleared IL&FS’ claims worth Rs 902 crore related to a single road project that is part of the Delhi-Mumbai industrial corridor. The authority is looking to settle a majority of its arbitration cases, with claims running over Rs 70,000 crore, through conciliation, its chief said. If India needs to become […]
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29 Jan '20
Welcome to our updates from the world of corporate law and regulation. The year has started with the government focusing on boosting the country’s GDP. Digital India programme and the infrastructure are expected to play key roles in achieving the GDP target of USD 5 trillion by 2026. During the next five years, the government […]
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15 Jan '20
On December 28, the President of India promulgated an ordinance to amend the Insolvency and Bankruptcy Code. A corporate debtor will no longer be liable for any offence committed before the corporate insolvency resolution process. No action including attachment, seizure, retention or confiscation of property of the corporate debtor can be taken in relation to […]
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15 Jan '20
A report released by the UK-based Centre for Economics and Business Research places India as the fifth largest economy in the world. It may even overtake Germany if it surpasses USD 5 trillion in gross domestic product by 2026. One of the key contributors to this target would be the government’s Digital India Programme. In […]
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17 Dec '19
At the centre of attention in the world of Indian arbitration was a provision inserted into the Arbitration and Conciliation Act by the 2019 amendment. The challenge to Section 87, under attack from struggling infrastructure companies, highlights some contradiction between the arbitration and insolvency laws. The provision stays all arbitral awards in which arbitral proceedings commenced before October […]
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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 […]
