The Supreme Court’s judgment in Jaypee Kensington Boulevard Apartments Welfare Association & Ors vs. NBCC (India) Ltd. & Ors.[1] (“Jaypee Decision”) has laid down some new requirements whilst reinforcing several old ones in relation to the insolvency resolution regime of the country. In this article, we examine and discuss the implications of the rights of dissenting financial creditors as held in the Jaypee Decision on the corporate insolvency resolution process.…

Evolution of intermediary liability in India Ever since the enactment of the Information Technology Act, 2000 (“the IT Act”), the treatment of intermediary liability[1] has been pendulous. The recent Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“2021 Rules”), bring about the most significant changes for intermediaries in terms of increasing due diligence obligations and liability in cases of non-compliance.…

The Supreme Court in the case of Laxmi Pat Surana vs Union Bank of India & Anr. [Civil Appeal No. 2734 of 2020] (“Laxmi Pat”) has settled the issue of the applicability of Section 18 of the Limitation Act, 1963 (“Limitation Act”) to applications for initiation of insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The Apex Court has held that Section 18 of the Limitation Act (“Section 18”) applies to extend the…

Part 1 of our blog post in this series discussed the evolution of the Aerospace and Defence (A&D) sector in India over the years and certain recent policy changes introduced by the Government during the Covid era, focused on making the A&D sector one of the major pillars of the Atmanirbhar Bharat Abhiyan.  In this second part, we analyse how these policy changes will impact various players in the A&D sector in India going forward.  …

  The conflict between Insolvency and Arbitration is almost of near polar extremes. The difference in focus of the two was well illustrated in Re United States Lines Inc[1] as a: “… conflict of near polar extremes: bankruptcy policy exerts an inexorable pull towards centralization while arbitration policy advocates a decentralized approach towards dispute resolution”. Thus, while insolvency/ bankruptcy aims to centralise all the proceedings against a debtor to one jurisdiction and give rise…

Recently, the Ministry of Corporate Affairs (‘MCA’) has notified the amendments made to Sections 149(9) and 197(3) of the Companies Act, 2013 (‘2013 Act’) by the Companies (Amendment) Act, 2020 (‘2020 Amendment’) -to enable companies faced with absence or inadequacy of profits to pay certain minimum guaranteed remuneration to Non-Executive Directors (‘NEDs’) and Independent Directors (‘IDs’), as may be prescribed. On the same day, the MCA also issued a Notification to amend Schedule V of…