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[By Akshita Totla and Nikunj Maheshwari] The authors are students at Institute of Law, Nirma University. Introduction The Insolvency and Bankruptcy Code (IB Code) was enacted for the resolution of the corporate debtor so that it continues as a ‘going concern’[i]. The doctrine of clean slate is one of the means to achieve this objective of the revival of the corporate debtor. This doctrine states that post the…
[By Aman Sadiwala] The author is a student at National Law School of India University, Bengaluru Introduction The Insolvency and Bankruptcy Code, 2016 (“IBC”) provides the insolvency resolution process for corporate persons in Part II. Section 3(7) of the IBC defines “corporate person” and specifically excludes any financial service provider (“FSP”) from its ambit. Section 3(8) defining “corporate debtor” qualifies this ‘corporate person’ as one who owes a…
[By Ashna Chhabra and Anuja Chaudhury] The authors are students at ILS Law College, Pune Introduction The Ministry of Corporate Affairs published the Draft Competition Amendment Bill, 2020[i] on 12th February 2020 based on the recommendations of the Competition Law Review Committee (CLRC). One of the proposed changes is the insertion of S.4A which extends the Intellectual Property Rights (‘IPR’) exemption to abusive practices by dominant enterprises under…
[By Shreya Chandhok] The author is a student at National Law Institute University, Bhopal Introduction The Covid-19 pandemic has pushed the global economy into a slump, leading to a shrinking economy with weakened growth. The increased uncertainty caused by the disruption in demand and supply chains is discouraging transactions, leading to companies filing for bankruptcy worldwide. Even though the government and the competition authorities are working towards providing…
[By Anchit Jain and Lovish Jain] Anchit is a student at ICFAI University, Dehradun and Lovish is a CS (Executive) Candidate. Prelude In the present era of increasing disputes mainly in the corporate sector and inextricable compliance requirements, alternate dispute resolution through arbitration is the new preference of the parties to settle the same, but on the contrary various judgments and rulings in past on the matter of…
[By Anurag Shah and Vijay Nekkanti] The authors are students at Christ (Deemed to be University), School of Law Introduction The Ministry of Corporate Affairs (MCA), Government of India, has brought into effect the eagerly anticipated and much-required sub-sections (11) and (12) of Section 230 of the Companies Act, 2013.[i] These provisions pertain to the takeover of a company via squeezing out the minority shareholders under a scheme…
[By Poorna Poovamma K.M. and Abhishek Wadhawan] The authors are students at Gujarat National Law University, Gandhinagar Introduction: A Conceptual Understanding The President promulgated The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (“Ordinance”) on June 05, 2020. The Ordinance has suspended Sections 7, 9 and 10 of The Insolvency & Bankruptcy Code, 2016 ( “Code”) to prevent the corporate bodies facing financial distress from being dragged by the…
[By Naga Sai Srikar] The author is a student at Christ (Deemed to be University), School of Law Introduction The Unified Payments Interface (UPI) has been India’s greatest achievement in the digital payments sector so far. It is no secret that the demonetization of banknotes announced by the Union Government on 8th November, 2016 acted as a great catalyst in promoting digital payments across the country. While large…