Intricacies Of Insolvency And Bankruptcy Code: The Need For Amendments

If one takes a more pragmatic and consicable perspective, one will agree that liquidation of a company is a path of last resort with significant socio-economic and socio-political impact, that should be avoided, at all costs. It has been nearly seven years now since Kingfisher Airlines went into liquidation, but several former employees still claim that they haven’t received their dues and so do some financial institutions.The objective behind the creation of the Insolvency and Bankruptcy Code...

Can “I.N.D.I.A.” Be Registered As Name Of Political Party/ Alliance?

While the formation of political alliance of opposition parties “I.N.D.I.A.” (Indian National Developmental Inclusive Alliance) has stirred politics and political landscape in India, it has also opened the pandora’s box and created a furore about the registrability or use of name of a political alliance as I.N.D.I.A[1]The whole cacophonous debate compels to ponder whether the 26 political parties while deliberating on the united strategy overlooked laws pertaining to improper use of certain...

Are The Exemptions Prescribed Under Copyright Law Really Being Enforced? Here's What You Need To Know!

It is time to play the musical instruments louder. Not for marriage or any event, but for the notification issued by the Department of Promotion of Industry and Internal Trade (DPIIT) in the Ministry of Commerce & Industry. DPIIT, on 24th July 2023, released a public notice in the context of several complaints received about the alleged collection of royalties by the Copyright Societies for playing musical works, sound recording etc. in marriage functions.The public notice cautions the...

Bar Of Input Tax Credit On Construction Activities – Does It Sustain Even When The Expenses Are Written Off Instead Of Being Capitalised In The Books Of Accounts?

While ITC is available to an assessee registered under GST law, in respect of goods and services used in the course of business or for furtherance of business, certain credits are blocked and are not eligible for availment. One such restriction is provided under Section 17(5)(c) and (d) of the Central Goods and Services Tax Act, 2017 (‘CGST Act’) in respect of goods and services procured for ‘construction of an immovable property’. The relevant extract of the provision reads as:“17(5)...

Enforcement Of Arbitral Awards In India: The Paradox

The Arbitration and Conciliation Act, 1996 (“the Arbitration Act”) is like that scripture that never stops giving. Every time you read it, you discover a new meaning, a new interpretation and a new paradox. Speaking of paradoxes, it is a fact that success of any dispute resolution system largely depends on the effectiveness of the enforcement mechanism provided in it. The Arbitration Act provides that an arbitral award will be enforced “in accordance with the provisions of the Code of Civil...

Guidelines On First Loss Default Guarantee: Brief Summary And Takeaways

Preface and regulatory developmentsWith increased penetration of internet and technological innovation, there has been a surge of FinTech players. Especially in digital lending space, there has been an increased reliance placed by the regulated entities (i.e., the banks and non-bank financial companies who are permitted to carry out lending business) (“RE”) upon third party lending service providers (“LSPs”). The LSPs (mostly unregulated) are essentially technology-centric entities which have...

CIRP: Preparation Of A Resolution Plan And Its Approval

The object of the Insolvency and Bankruptcy Code, 2016 (“the Code”) is to provide an institutional framework for resolving debt-ridden companies, partnerships and individuals through a time bound process.In the case of a company, an application can be filed by a creditor under Section 7 / 9 of the Code or by the company in distress, i.e., corporate debtor, under Section 10 of the Code before the National Company Law Tribunal (“NCLT”) for initiating the Corporate Insolvency Resolution Process...

Navigating Risks And Opportunities Of AI In Legal Practice

Deciding whether to leverage Artificial Intelligence for better legal outcomes may not be as long-standing a case as the petition involving Berhampore Bank’s liquidation. This petition took nearly seven decades to reach its logical conclusion. The use of AI, comparatively, may find acceptance faster in the legal industry although currently the practice of AI is a paradox of sorts. Artificial Intelligence (AI) has already emerged as a transformative force in several sectors such as...

Amit Meharia, Managing Partner, MCO Legals As External Expert Faculty In Petrolex 2023

MCO Legals, one of the leading law firms of India, was the designated Knowledge Partner of Petrolex 2023 organised by Indian Oil Corporation Limited on 19th & 20th June, 2023 at Ramada, Kochi and attended by Bharat Petroleum Corporation Limited & Hindustan Petroleum Corporation Limited. Petrolex 2023 was a 2-day conference event – a platform for the legal fraternity of the 3 Oil Marketing Companies to interact, share & strategize legal matters in oil and gas sectors &...

CIRP Of Real Estate Companies - Project Specific Resolution

In India, there was a need to enact a single statute encompassing provisions to resolve insolvency for companies, limited liability partnerships, partnership firms and individuals. In light of the same, the Insolvency & Bankruptcy Code, 2016 (“Code”) was passed and notified in the Gazette of India on 28 May 2016 thereby consolidating all of the insolvency laws pertaining to companies, limited liability partnerships, partnership firms and individuals. Under the Code, through a...

The Conundrum Relating To Levy Of Trade Remedial Duties

Trade Remedial Duties, usually in the form of Anti-dumping, Countervailing or Safeguard duty, are imposed by the Ministry of Finance, on the basis of the recommendation of the Designated Authority, DGTR, Ministry of Commerce. These duties are imposed to protect the Indian domestic industries from the ill-effect of imports. While Safeguard duty is a protectionist measure imposed to safeguard Indian industries from sudden surge in imports, Anti-dumping and Countervailing duty are punitive duties...

India Unleashing Reforms In Space Domain

India’s formal entry into space industry was largely in 1962 when Indian National Committee for Space Research (“INCOSPAR”) was established by Government of India (“GoI”) under the aegis of Dr. Vikram Ambalal Sarabhai. Later in 1969, to harness space technology, Indian Space Research Organisation (“ISRO”) was established. Upon its creation, ISRO subsumed the role and responsibilities of INCOSPAR. Thereafter, sometime in 1972 Department of Space was established and ISRO was brought under the said...