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[By Neha Mehta and Mahek Shah] The authors are both students at the NMIMS Kirit P. Mehta School of Law. As a response to the outbreak of COVID-19, businesses across the globe have adopted digital models. ‘Digital India’, a government initiative, got a big boost with the demonetisation move four years ago. A 2019 report by the Ministry of Electronics and Information Technology (MeitY) in association with McKinsey…
[By Aman Saraf] The author is a student at the Government Law College, Mumbai. Introduction Through a recent decision in Deepak Chowdhary v.PNB Housing Finance Ltd. & Ors, the Haryana Real Estate Regulation Authority (“HARERA”) delivered a significant order vis-à-vis the status of lenders (especially banks and Non-Banking Financial Companies (“NBFC”)). It affects those lenders that take over a development project in the event that the original developer…
[By Ashuthosh V] The author is a student at the Institute of Law, Nirma University. Introduction The Dispute Settlement Body (‘DSB’) is a forum that resolves disputes between the World Trade Organization (‘WTO’) members. Such disputes must be a subject matter under any WTO agreement arising out of the Final Act of the Uruguay Round. The Dispute Settlement Understanding (‘DSU’), a WTO agreement, lays down a specific set…
[By Urja Dhapre and Chetan Saxena] The authors are students at the Institute of Law Nirma University. Introduction In an attempt to draw things to a close, the Permanent Court of Arbitration [PCA] has passed an award against India’s Income Tax Department, upholding Vodafone International Holding BV’s [VIH] claims to not pay the tax liability for a whopping $2.2 billion. The award holds the Indian Tax Department to…
[By Arushi Gupta] The author is a student at the National Law University, Odisha. The Insolvency and Bankruptcy Board of India (hereinafter ‘IBBI’) in a press release dated November 13, 2020, has notified the Insolvency and Bankruptcy Board of India (Liquidation Process)(Fourth Amendment) Regulations, 2020 (hereinafter ‘the Amendment’). The amendment enables the liquidator to assign or transfer a ‘not readily realizable asset’ (hereinafter referred to as ‘NRRA’) to…
[By Anjali Soni] The author is a student at the National Law University, Odisha. Introduction Real estate developers use various mechanisms to raise finance apart from the traditional loans received from Financial Institutions and buy-back agreements are one of such instruments. Buyback schemes are where the developers agree to repurchase the property at a higher price, within a stipulated time, during which the homebuyers generally get some percentage…
[By Nikhil Singh] The author is a student at the National University of Juridical Sciences, Kolkata. Introduction The Insolvency and Bankruptcy Code, 2016 (“Code”) was brought with an intent to secure the creditors’ interests by providing exhaustive provisions for corporate restructuring and debt recovery. Creditors are classified into two heads i.e. financial and operational creditors and the process to initiate a corporate insolvency resolution process (“CIRP”) has been…
[By Shivek Sahai Endlaw and Tanya Aggarwal] The authors are students at Amity Law School Delhi, GGSIPU. Introduction In November 2020, WhatsApp announced the rollout of their new Unified Payments Interface (‘UPI’) enabled digital payments feature, ‘WhatsApp Pay’ in India. WhatsApp Pay will allow the users of WhatsApp messenger to send and receive monetary payments to their contacts, in addition to the existing instant-messaging, phone, and video–calling services.…