A world that drone rules 2021 make possible
The growing popularity of unmanned aerial vehicles warranted that the government of India bring in the Unmanned Aircraft System Rules, 2021 (“UAS Rules”). While these were brought in with huge expectations, they did not quite receive the excitement and traction as expected. Perhaps on account of the onerous compliance burdens and processes that were attached …
Customs Act 0 – Supreme Court upholds the overriding effect of IBC
IBC 1; Customs Act 0 Supreme Court upholds the overriding effect of IBC In a recent judgment in the case of ABG Shipyard1, the Supreme Court has decided an extremely relevant question of law concerning the liquidation process under the Insolvency & Bankruptcy Code, 2016 (“IBC”). The role of a Liquidator under IBC is in …
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Death by Legalese
A common experience by start-up founders is frustration at the overly complicated investment agreements steeped in legalese that require their consideration as a precondition to investment. Some spend innumerable hours in deciphering what is being asked and becoming comfortable that they are not signing their lives away while others simply do not bother and sign …
Pledge of shares – Interplay between the Indian Contract Act, 1872 and the Depositories Act, 1996
Premise The Indian Contract Act, 1872 (“Contract Act”) governs the law of pledges. Where the property being pledged is shares of a company, the Depositories Act, 1996 (“Depositories Act”) and the Securities and Exchange Board of India (Depositories and Participants) Regulations, 20181 (“DP Regulations”) may also apply. The Supreme Court of India was recently seized …
Related Party Financial Debt under IBC
Related Party Financial Debt under IBC Exclusion from the CoC and impact of assignment Background The regime under the Insolvency and Bankruptcy Code, 2016 (“IBC”), is largely creditor centric. In fact, extraordinary as it may sound, corporate insolvency resolution process (“CIRP”) under IBC is nothing short of a puppet show, with the Committee of Creditors …
Tokenisation Article
Tokenisation Compliances: Need of the hour Implementation of Tokenisation norms w.e.f. 01 October 2022 The rise in unauthorised access of data and data breaches at an alarming rate has caught the attention of organisations and authorities. This has led to data security becoming a board level discussion within organisations. However, the idea was not to …
Vidarbha Industries Power Ltd v. Axis Bank Ltd
A Twist in the Tale Has the Supreme Court diluted the Insolvency and Bankruptcy Code? Premise Since the advent of the Insolvency & Bankruptcy Code, 2016 (“IBC”), the insolvency law regime in India has been consolidated and uniformized. Courts have repeatedly held that the IBC is a code in itself and that one need not …