Amendments to the Specific Relief Act Introduction It is common knowledge, that in the event of breach of terms of a contract, the aggrieved party may approach a judicial forum, seeking compensation from the party-in-breach. In this case, the compensation sought by the aggrieved party is known as “damages”. An aggrieved party may also seek …
Specific Performance & Substituted Performance of Contract Read More »
Introduction The Law of limitation is one which prevents disturbance or deprivation of what may have been acquired in equity and justice by long enjoyment or what may have been lost by party’s own inaction, negligence or laches1. As a concept, limitation is germane to actions for recovery of money and almost all jurisprudence, even …
Applicability of Limitation Act to IBC Proceedings: Supreme Court settles the dust Read More »
The transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates (“ARRs”) has seen various regulatory interventions and guidance. Regulators are aiming to absorb potential tremors in the financial market and its participants which may emanate from the discontinuance in publication of LIBOR. Treading on these footprints, on 8 December 2021, Shri Shaktikanta …
RBI Handholds LIBOR-Transition for Overseas Borrowing Read More »
Introduction In 2016, with the birth of the Insolvency and Bankruptcy Code, 2016 (“IBC”), for the first time in its history, the country witnessed a comprehensive legislation which provided for a consolidated insolvency regime, whether it be for companies, partnership firms or individuals. This article discusses the applicability of IBC to companies in which the …
The Indian Restructuring Growth Story According to the latest World Bank annual ratings, India is ranked 63 among 190 economies in the “ease of doing business”. In 2021, the Global Innovation Index ranked India 47th in “ease of resolving insolvency”, a position that has remained unchanged since 2020. The Government has been putting in efforts …
Impact on Secured Financial Lenders Introduction The Insolvency & Bankruptcy Code, 2016 (“IBC”) has been one of the most talked about debated, evolving legislations of recent times. It has brought with itself, a sea change in the manner that debt is resolved in India. From its very advent in late 2016, IBC has been embroiled …
The quandary of realizing “Statutory Lien” as a Security Interest under IBC Read More »
Introduction National Company Law Tribunal (“NCLT”) was introduced in the Companies Act, 1956 in the year 2002. However, despite that, the erstwhile Company Law Board continued to function and NCLTs remained only on the statute book. It was only in late 2016 when the Insolvency & Bankruptcy Code, 2016 (“IBC”) was notified, that the NCLTs …
Background Prior to 1 April 2020, dividend income of non-resident shareholders of an Indian company was exempt from tax in India. Indian companies paid dividend distribution tax (‘DDT’) on the declared dividend. However, from 1 April 2020 onwards, dividend income of shareholders of an Indian company is taxable in India in the hands of such …
Dividend income from India – Tax treaty issues for non-resident shareholders Read More »
Asia-Pacific, European Union, Global, India, United Kingdom, USA December 6 2021 India’s insurance sector has, over the years, slowly and steadily seen an ascending trend in respect of the growth of the insurance business by introduction of a multitude of new products and coverage extensions for existing products. Whilst the Indian population was conservative in …
Claims notifications and the continuous cover clause in an insurance policy Read More »
INTRODUCTION The key benchmark rate underlying various financial contracts worth more than USD 240 trillion, is scheduled to be discontinued from 31 December 2021 for certain currencies and tenors, while complete cessation is scheduled after 30 June 2023. The London Inter-Bank Offered Rate (“LIBOR”) dates to 1960s and has been published daily since 1986. It …
