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[By Nakshatra Gujrati] The author is a student of National Law University, Odisha. Introduction The Reserve Bank of India (“RBI”) on April 24, 2024 directed Kotak Mahindra Bank Limited (“Bank”) to suspend the onboarding of new customers through online channels and the issuance of new credit cards (“action”). The action resulted from significant deficiencies and non-compliances on the part of the bank. The RBI in its press…
[By Dhanshitha Ravi & Rishabh Guha] The authors are students of Symbiosis Law School, Pune. INTRODUCTION Interoperability refers to the synergy between different systems to communicate with one another. Users can access multiple complementary services through a single access point. An example of interoperability in our everyday lives is the ability to upload one’s Instagram content on Meta (erstwhile, Facebook). The Draft Digital Competition Bill, 2024 (Bill),…
[By Ayesha Nacario Gupta] The author is a student of Amity University, Rajasthan. INTRODUCTION The Insolvency and Bankruptcy code, 2016 (hereinafter the ‘Code’) is an important enactment by the legislature which provides for specialized mechanisms for insolvency and liquidation processes of corporate entities. The main highlight of this code is that it provides for the corporate insolvency process (hereinafter the ‘CIRP’) for financially distressed companies which is…
[By Swarnendu Chatterjee & Shreya Mittal] The authors are Advocate-on-Record, Supreme Court of India and a student at National Law Institute University, Bhopal respectively. (This is in continuation of the Part I of the blog where the author discusses the background and the verdict of the Supreme Court in the above-captioned case. In this Part, the author highlights the principle of arbitral autonomy and minimum judicial intervention…
[By Swarnendu Chatterjee & Shreya Mittal] The authors are Advocate-on-Record, Supreme Court of India and a student at National Law Institute University, Bhopal respectively. Abstract: By a judgement dated December 13, 2023, a seven-judge bench of the Supreme Court in In Re: Interplay between Arbitration Agreements under the Arbitration and Conciliation Act, 1996 and the Indian Stamp Act, 1899, unanimously decided on the issue surrounding the admissibility…
[By Aryaditya Chatterjee] The author is a student of School of Law (Christ Deemed to be University). INTRODUCTION On 3rd of January, 2024 the High Court of Madhya Pradesh (HC) in the case of Aniruddh Singh v Authorized Officer ICICI BANK LTD[1], held that Debt Recovery Tribunal has the power to condone delay for an application filed under Section 17(1) of the SARFAESI Act2002 through the application…
[By Ayushman Rai] The author is a student of National Law University, Jodhpur. Background Until the 2023 amendment, the Indian law didn’t explicitly take a stand between the global and relevant turnover, and hence the pendulum kept on swinging between the two. This article is written with the twin motives of examining the backdrop and implications of the changes in the basis for penalisation under Indian law; and…
[By Agrima Bajpai & Kritika Soni] The authors are students of National Law Institute University, Bhopal. Introduction The Air India-Vistara merger has been picking up speed since the approval was granted by the Chandigarh Bench of the National Company Law Tribunal (“NCLT”) in early June this year. The merger is likely to make it India’s largest international carrier and the 2nd largest domestic carrier, second only to…