Law Firm Articles
COVID 19: Revised Default Trigger Under The Insolvency And Bankruptcy Code
Pursuant to a notification dated March 24, 2020 (the "Notification")[1], the Ministry of Corporate Affairs, the Government of India has increased the threshold for default by corporate debtors under Section 4 of the Insolvency & Bankruptcy Code, 2016, as amended (the "Code") from INR 100,000 to INR 10,000,000. In terms of the Notification, potential financial and operational creditors will not be able to initiate the corporate insolvency process under the Code on and after March 24, ...
Strict Interpretation Of Statutory Provisions Qua Quasi-Judicial Forums / Tribunals: The Power Of Tribunals To Condone Delay Beyond Statutory Limit
When it comes down to defining the power of tribunals/quasi-judicial forums, The Hon'ble Supreme Court of India has always held a strict view to maintain the fine line of distinction between them and judicial forums. While High Courts enjoy unrestrained power vide instruments like Section 482 and Article 226/227, similar position is not enjoyed by the tribunals. A mandatory provision relates to the matter of substance, disobedience of which would lead to the nullification of the legal...
Section 24(2) Of The LARR Act, 2013- Quietus On The Interpretation
It is known that with the coming into effect of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act,2013 ("LARR Act, 2013") on 01/01/2014, came a controversial provision, i.e., Section 24(2) of the LARR Act, 2013. As per the said provision, if the Award was passed 5 years prior to coming into effect of the New Act and either compensation was not paid or physical possession of the Land was not taken, then the acquisition would be deemed...
Section 32A Of Insolvency And Bankruptcy Code, 2016: A Sought After Reprieve For Potential Investors And Bidders
Insolvency and Bankruptcy Code, 2016 ("IBC") is a game-changer in facilitating the revival of failing companies and addressing the problem of non-performing assets. It is however relatively new legislation that is still evolving. As and when problems arise in the smooth functioning of the IBC, necessary steps are taken to resolve them, including amending the IBC as required to attain the spirit of the IBC. Recently, the Insolvency and Bankruptcy Code (Amendment) Bill, 2020...
Fantasy Sports And Online Casinos - Are They Legal In India ?
Gambling, in general, is a controversial topic in India, and so are online casinos. Even though gambling was present in Indian culture throughout history, it's often associated with crime and addiction. That's the reason why it's still frowned upon in many Indian states, but it doesn't make it less popular. Each of 29 states in India has its own laws regarding gambling and State Governments make all the decisions involved with gambling and taxes. When it comes to land-based casinos or ...
Online Dispute Resolution: Validity Of 'Service' Through Emails, Whatsapp And Messaging Applications
With the Supreme Court of India taking unprecedented measures by barring physical entry into the court premises, holding urgent hearings via video conferencing and sealing lawyers' chambers, the same is being followed by a number of High Courts including the Bombay High Court, Karnataka High Court and Gujarat High Court which are now allowing e-filings and hearings through video conferencing applications like Vidyo, Skype, Whatsapp etc. The last decade saw the shaping of the ambitious...
Possibility Of Mediation In Corporate Insolvency
The book "The Richest Man in Babylon", written by George S. Clason, is a classic in terms of personal finance and wealth management. It was written in the year 1926 and lists a few principles for accumulation and building of wealth and methods to navigate oneself in a financial crisis. It is more or less a "back to the basics" book on finance. The book at one-point talks about how one needs to deal with cases where their debts are more than their income and about how to deal with times...
COVID-19: Coping With The Pandemic And The Changing Regulatory Regime In India
The outbreak of the coronavirus disease 2019 (COVID-19) pandemic has caused widespread disruption of businesses and daily life. As governments across the world struggle to contain the pandemic, a number of measures are being implemented aimed at minimizing its spread. In India, such measures are increasingly taking the form of mandatory social distancing through the imposition of a series of restrictions. As the situation evolves, the requirement for further restrictions is being constantly...
Extradition In The Time Of Pandemic
As defined by The Hon'ble Supreme Court of India, 'Extradition is the delivery on the part of one State to another of those whom it is desired to deal with for crimes of which they have been accused or convicted and are justifiable in the Courts of the other State'[1]. An Extradition request for an accused can be initiated in the case of an under-investigation, under-trial and convicted criminals. In cases under investigation, abundant precautions have to be exercised by the law...
Interest Liability On Delayed Payment Of GST
Section 50 of the CGST Act provides for interest on delayed payment of Goods and Services Tax. Section 50(1) of the CGST reads as, "Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder but fails to pay the tax or any part thereof to the Government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent., as...
Slum Redevelopment- Brief Overview
India is on an accelerated path of urbanisation and several Indian cities face the challenge of housing their growing population, especially the urban poor. Much of the population is forced to live in slum settlements, especially in large cities like Mumbai.As per a 2011 study, 62% of Mumbai's population lives in slums. In fact, the largest slum in Asia, Dharavi is in Mumbai. Several massive slum clusters are also found in the suburbs. In order to combat this, the State of Maharashtra enacted...