Liability of senior management and directors has assumed the centre stage of discussion in India against the backdrop of new laws expanding the scope of director’s liability, headline grabbing boardroom battles and unpleasant run-ins of global giants with regulators. The legislative changes have brought into focus the corporate governance practices in India, with an added …
Accountability of Personal Guarantors under the Insolvency & Bankruptcy Code, 2016: Supreme Court of India lays controversy to rest Introduction In December 2019, certain provisions of the Insolvency and Bankruptcy Code, 2016 (the “Code”) came into force by a notification dated November 15, 2019 (the “Notification”). This set into motion, certain provisions for initiating insolvency …
An analysis of the civil contempt jurisdiction of Indian Civil Courts I. Introduction In India, as also across the globe, courts of law demand strict adherence to their directions. This becomes necessary, to maintain the dignity of the Courts and uphold the majesty of law. However, the ground reality remains, that parties do not always …
While tabling the Union Budget 2022-23, the Union Finance Minister Nirmala Sitharaman said that the budget will be guided by the PM Gati Shakti Master Plan (“Gati Shakti Plan”). The Gati Shakti Plan is an infrastructure initiative driven by seven engines which includes roads, railways, airports, ports, mass transport, waterways, and logistics infrastructure. It aims …
Promoting Ease of Doing Business with National Single Window System Read More »
Insurance is a contract, by which one obtains financial protection, by payment of a fixed amount called a ‘premium’, in exchange for payment of a certain fixed amount (which is a multiple of the premium) known as the ‘sum assured’ under the policy, upon the happening of a certain event. Insurance, like every other contract …
Background Arbitration is an alternative dispute resolution mechanism, wherein parties agree to submit their dispute to one or more arbitrators, without resorting to the more conventional way of litigation- through Courts or Tribunals. As striking feature, Arbitration gives freedom to the parties to choose the person(s) or arbitrator(s) to resolve their disputes arising under the …
The Launch Indian policymakers have wrestled for more than a few decades to solve the twin balance sheet problem of overleveraged companies and bad-loan-encumbered banks. Indecisiveness, delays in resolution of bad loans and reaching consensus have resulted in unprecedented challenges. Consequently, banks evergreen non-performing assets (“NPAs”) while credit and investment functions take a back seat. …
Resolving the NPA Conundrum: Bad Bank to the Rescue Read More »
The much-awaited Union budget (“Budget”) for the financial year 2022-2023 was presented in the Parliament on 1 February 2022 by the Hon’ble Finance Minister. The following are 10 key takeaways and highlights from the budget announcements from a direct tax perspective. 1. Tax rates– The Budget does not provide for any changes in the income …
Top-10 key Direct Tax takeaways from Budget 2022 Read More »
Background Dispute Resolution, whether before Civil Courts, Tribunals, or through arbitration, as a process is often daunting and long drawn. The conclusion of any dispute resolution mechanism is with the passing of a final decision, which in the case of an arbitration is an “Arbitral Award”. Often, the party against whom an Arbitral Award is …
Stamp Duty On Enforcement Of Arbitral Awards In India Read More »
The Insurance Regulatory and Development Authority of India (“IRDAI”) recently issued the IRDAI (Surety Insurance Contracts) Guidelines, 2022 (“Guidelines”) to regulate the business of surety insurance (“Business”) in view of the unique risks and features of surety insurance. The Guidelines shall be enforced from 1 April 2022. Surety insurance contract (“Contract”) is a contract of …
IRDAI (Surety Insurance Contracts) Guidelines, 2022 Read More »
