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Holier than Thou? A Tussle for Primacy Between IBC And PMLA

May 20, 2023

[By Naman Maheshwari] The author is a student of Gujarat National Law University.   Introduction The Insolvency & Bankruptcy Code, 2016 (IBC) was enacted with the prime objective to revive distressed corporate debtors through a time-bound Corporate Insolvency Resolution Process (CIRP). But since its enactment, IBC has been at loggerheads with the Prevention of Money Laundering Act, 2002 (PMLA), owing to an overlap in their area of application....

The Curious Case of Reverse CIRP: A Headway in Insolvency Law?

May 19, 2023

[By Soumya Modi and Kunal Dave] The authors are students of National Law School of India University, Bangalore and National Law Institute University, Bhopal.   INTRODUCTION Due to the claims of homebuyers, the Insolvency and Bankruptcy Code, of 2016 (hereinafter, the Code or IBC) has seen several developments since its inception.  A recent judicial experiment in this respect is the National Company Law Appellate Tribunal-devised “Reverse Corporate Insolvency...

Virtual Digital Assets (VDAs): “Securities” or not?

May 19, 2023

[By Dhvani Shah] The author is a student of Gujarat National Law University.   Introduction An estimated USD 15 billion is floating around in India’s crypto-asset sector. Indian IPs accounted for 5% of worldwide crypto asset exchange traffic from January 2018 to December 2020, indicating a large crypto community. Recent research suggests that approximately 6 million people, or roughly 0.5% of India’s total population, are active in the...

The Binding Nature Paradox of Ministerial Decisions: A Grey Area

May 9, 2023

[By Krishna Ravishankar ] The author is a student of National Law University, Jodhpur.   INTRODUCTION With the wheels of the 13th Ministerial Conference (hereinafter, “MC”) bus gearing up speed to be held at Abu Dhabi, MC-12 still remains an important talking point in the realm of international trade. The most significant face of the Geneva Ministerial Conference is the adoption of the 2022 Ministerial Decision on the...

Impact of Consumer Protection Laws on the Banking Industry

May 9, 2023

[By Saloni Mehta] The author is a student of Symbiosis Law School, Pune.   Background on consumer protection laws Consumer protection laws have substantially impacted the legal framework governing the banking industry, particularly in ensuring that banks are held accountable for their actions and that consumers are treated equitably. Consumer Protection Laws safeguard against unfair commercial practices, deceptive marketing and dangerous products. Consumer Protection regulation have recently emphasised...

SEBI’s Portmanteau Pathways on Advertising: Comparing SEC’s Corollary

May 9, 2023

[By Rajdeep Bhattacharjee and Aayush Ambasht] The authors are students of Symbiosis Law School, Pune.   Introduction By way of Circular dated April 5, 2023, the Securities Exchange Board of India (“SEBI”) devised a regulatory cobweb in order to regulate the code of conduct with regards to advertisements; which are to be strictly complied by the Investment Advisers (“IAs”) and Research Analysts (“RAs”) or who are popularly paralleled...

Banks must hear Borrowers before classification of accounts as fraud: Supreme Court verdict on SBI v. Rajesh Agarwal

May 2, 2023

[By Pranay Bhattacharya] The author is a is a lawyer focusing on banking & finance and insolvency & bankruptcy laws.   Introduction In a significant ruling, the division bench of the Supreme Court (“SC”) in State Bank of India & Ors v. Rajesh Agarwal & Ors, (Civil Appeal No. 7300 of 2022) on 27 March 2023 considered the long pending issue that whether the principles of natural justice...

The Distinct Idea of Super-Dominant Undertaking: Judgment of Google Shopping

May 2, 2023

[ByShubham Gandhi and Adhiraj Lath] The authors are students of National Law University, Jabalpur.   Introduction The Google Shopping Judgment (“Google Shopping”), passed by the General Court of the European Union, has once again brought to light the much-debated concept of the Super-Dominance of an undertaking. The judgment,while addressing how Google allegedly used its dominance in the overall internet search market to keep competitors out,     , meaning thereby...

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