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Legislative Integration of Reverse CIRP in Real Estate Insolvency

December 21, 2023

[By Ayush Mathur] The author is a student of National Law School of India University, Bangalore.   Introduction As a penultimate step towards incorporating the amendments in the Insolvency and Bankruptcy Code (IBC), the Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper for comments on the proposed amendments. The 28th of November marked the deadline for these comments, and now the Ministry of Corporate Affairs…

Post Rainbow Papers – The Supreme Court’s Dueling Rulings on Government Dues

December 21, 2023

[By Shubham Singh] The author is a student of National Law University, Odisha.   Introduction Section 53 of the Insolvency and Bankruptcy Code, 2016 (IBC) establishes a waterfall mechanism for the distribution of assets in liquidation, with secured creditors having the highest priority and equity shareholders having the lowest priority. The waterfall mechanism is designed to ensure that the most important creditors are paid first and that all…

Caught in The Crossfire: IBC’s Unjust Stranglehold on Personal Guarantors

December 21, 2023

[By Bhabesh Satapathy & Vatsala Tyagi] The authors are students of National Law University, Odisha.   Introduction In the intricate web of insolvency jurisprudence, the intersection of personal guarantees and the Insolvency and Bankruptcy Code, 2016 (“Code“) has recently been scrutinized by the Supreme Court (“SC”) in the case of Surendra B. Jiwrajika v. Omkara Assets Reconstruction Private Limited.  A personal guarantee, emblematic of an individual’s commitment to…

SEBI’s Strategic Shift and the Role of Mutual Funds in Navigating Risk and Boosting Quality

December 21, 2023

[By Yuvraj Sharma & Vandana Kaniya] The authors are students of School of Law, Narsee Monjee Institute of Management & Studies, Hyderabad.   Introduction In the recent SEBI circular dated June 8th, 2023, a significant change has taken place with SEBI permitting mutual funds to take part in repo transactions involving Commercial Papers (“hereinafter referred to as CPS”) and Certificates Of Deposits (“hereinafter referred to as CDs”). The…

Correspondent Banking and Currency Internationalisation: India’s Experience

December 15, 2023

[By Gurumurthy Cherukuthota] The author is a student of Symbiosis Law School, Pune.   Introduction On July 11, 2022, India’s Central Bank, the Reserve Bank of India (RBI), issued a circular announcing its decision to introduce an international trade settlement mechanism for invoicing, payment, and settlement of exports and imports in Indian Rupees (INR). The RBI’s strategic move illustrates India’s commitment to promoting cross-border transactions and fostering international…

Dark Patterns and Antitrust Laws: Shedding the Light on the Artificial Barriers

December 15, 2023

[By Madhav Tripathi] The author is a student of RMLNLU, Lucknow.   Introduction Recently, a piece of news that made headlines in the antitrust arena of the world is that the Federal Trade Commission (hereinafter FTC) accused the e-commerce giant Amazon of duping millions of Americans by getting them to do recurring subscriptions of Amazon Prime by taking their consent illegally and also making hard for them to…

Applicability of Equitable Doctrines in Withdrawal of Tax Exemption Benefits: A Judicial Analysis Pre- and Post-GST Regime

December 15, 2023

[By Vaisiya Ramya B.] The author is a student of Tamil Nadu National Law University (TNNLU). Introduction: In the pre-GST regime, the government to promote the investment and manufacturing sector rolled out various area-based excise and Value Added Tax (VAT) exemption schemes through the power conferred under section 5A (1) of the Central Excise Act, 1944, and the state-specific acts. However, with the implementation of GST, the Central…

Unveiling the Shadows: Legal Implications of “Accustomed to Act” with relation to Shadow Directors

December 15, 2023

[By Divyansh Bhatnagar & K Prashant Agrawal] The authors are students of Damodaram Sanjivayya National Law University.   Introduction The concepts of Related Party and Shadow Director and the implications of the phraseology “any person in whose advice, directions, or instruction the Board of Directors of a Company is accustomed to act” involves jurisprudence of utmost relevance to corporate law in India and foreign jurisdictions. The jurisprudence of…

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