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[By Bipasha Kundu] The author is a student at WBNUJS, Kolkata. Introduction The real estate sector holds special importance in the Indian economy, owing not only to its role as one of the major employers but also due to the multiplier effect it has on various other industries operating in the economy. As of 2022, as many as 5,00,000 real estate housing projects were stalled in India and…
[By Akshita Bhansali & Niharika Agarwal] The authors are students of Gujarat National Law University. Background In the backdrop of several tax evasion and money laundering cases, upon the recommendations of the Joint Parliamentary Committee on Stock Market Scam, the Ministry of Finance introduced the Companies (Restriction on Number of Layers) Rules, 2017 (“Layering Rules”) for more transparency. The Layering Rules restrict companies from having more than…
[By Tanya Verma] The author is a student of Dr. Ram Manohar Lohiya National Law University. Introduction In Digital Lending (DL) context, individuals can conveniently secure loans through online platforms. These platforms, typically accessible as applications or websites, are managed by entities known as Loan Service Providers (LSPs). The digital lending process necessitates borrowers to furnish requisite documentation and request specific financial solutions, including Buy Now Pay…
[By Dhruv Kohli] The author is a student of Gujarat National Law University. Introduction In its judgment dated 9th September, 2022, the principal bench of NCLAT has held that a “Deed of Hypothecation” executed in favour of a third-party creditor is not to be construed as a “financial debt” under the IBC. As a corollary, the bench noted that such a third-party secured creditor shall not be…
[By Divya Upadhyay] The author is a student of National University of Advanced Legal Studies, Kochi. Introduction In the wake of the upcoming 18th G20 Summit being hosted by India, debt relief is one of the most significant changes posed to be brought in through India’s presidency for the 2022 – 23 tenure. Prime Minister Narendra Modi has recently highlighted India’s commitment to address matters of sovereign…
[By Akshita Grover] The author is a student of Jindal Global Law School. INTRODUCTION The Insolvency Bankruptcy Code 2016 was essentially a product of India’s efforts about building a competitive stance in the Ease of Doing Business Index of the World Bank Group. The Code consolidates several pieces of insolvency procedures from different legislations to uniformalise the process of Corporate Insolvency Resolution Processes (CIRP). This process is…
[By Yuvraj Sharma & Jatin Patil] The authors are students of School of Law, Narsee Monjee Institute of Management & Studies, Hyderabad. Introduction On August 18, 2023, the Reserve Bank of India (“RBI”) has recently released fresh directives regarding the imposition of Penal interest rates on loan accounts. These guidelines will affect from January 1, 2024. According to these new guidelines, any penalties incurred by borrowers due…
[By Shraddha Tiwari & Tejaswini Kaushal] The authors are students of School of Law Christ University, Bangalore and Dr. Ram Manohar Lohiya National Law University, Lucknow. Introduction Infrastructure Leasing & Financial Services Limited (“IL&FS”), a distinguished stalwart in infrastructure financing, boasted a legacy spanning over three decades. Functioning as a shadow bank, this non-banking financial company (“NBFC”) emulated the services provided by conventional commercial banks. With its…