Category: Corporate

Corporate

Relaxation Of Section 149 (3) of Companies Act 2013: Temporary relief during COVID-19?

COVID-19 crisis has had a detrimental impact on people in India and around the world. As on April 16, 2020, there are 10477 active COVID-19 cases and 414 deaths on account of the virus, in India [1]. While, we all fear the adverse consequences this malady can potentially have on our health, we mustn’t ignore the elephant in the room – the ECONOMY. As per … Continue reading Relaxation Of Section 149 (3) of Companies Act 2013: Temporary relief during COVID-19?

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Corporate, Insolvency

Debt Recovery Tribunals In An IBC-Era: A Progressive Redundancy

The early years of the 21st century witnessed a devastating need for a special tribunal to adjudicate the perpetual customer-debt crisis faced by banks and other financial institutions including the massive default of business loans taken by private sector companies. The functioning of Debt Recovery Tribunals achieved a perpendicular success; the efficient quasi-judicial settlement did not stray too much from litigation but the burden on … Continue reading Debt Recovery Tribunals In An IBC-Era: A Progressive Redundancy

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Corporate

Remedy for a Contract during COVID-19 : Force Majeure and Doctrine of Frustration – Brief

Apart from the devastating impact that COVID-19 continues to unleash on human beings and countries worldwide, its outreach has also reached commerce and business. COVID-19 has resulted in lockdowns or restricted movements in countries. Consequently, businesses have been impacted and so have operations and consequently contracts and obligations under contracts are being revisited to assess these impacts. The term that has assumed relevance in contractual … Continue reading Remedy for a Contract during COVID-19 : Force Majeure and Doctrine of Frustration – Brief

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Corporate

Impact of New Rules for Insolvency of Personal Guarantors under Insolvency and Bankruptcy Code, 2016

Ministry of Corporate Affairs vide its notification G.S.R. 854(E) dated 15th November, 2019 has recently issued  Insolvency rules viz. the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019   as well as Bankruptcy Rules viz. The Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (“Rules”) … Continue reading Impact of New Rules for Insolvency of Personal Guarantors under Insolvency and Bankruptcy Code, 2016

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Corporate, Financial

Insolvency and Bankruptcy Proceedings Vis-a-Vis Financial Service Providers

Introduction Excepting the spate of neoteric amendments to the Insolvency and Bankruptcy Code, 2016 (IBC), the central government on 15th November, 2019 notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules).[i] The Rules subject the Financial Service Providers (FSP) to the process of Corporate Insolvency Resolution (CIRP) under the IBC. Intrinsically, FSP includes … Continue reading Insolvency and Bankruptcy Proceedings Vis-a-Vis Financial Service Providers

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