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NCLAT: Debt arising out of advance payment for supply of goods or services is an operational debt in terms of Section 5(21) of IBC

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”), in its judgement dated May 6, 2024, in the matter of Sanam Fashion and Design Exchange Limited v. Ktex Nonwovens Private Limited [Company Appeal (AT) (Ins.) No. 1234 of 2023], has held that a debt arising out of an advance paid towards the supply of goods […]

Supreme Court: Exclusion clauses in insurance contract should be interpreted strictly as they may absolve all the liabilities of the insurer

In the matter of United India Insurance Company Limited v. M/s. Hyundai Engineering and Construction Company Limited and Others [Civil Appeal No. 1496 of 2023], decided on May 16, 2024, the Division Bench of the Supreme Court reiterated that the insurer has the burden of proving applicability of exclusionary clauses in insurance contracts and such […]

Customs and GST Alert – Vol. 1 – Issue 6 – July 2024

We are pleased to share our bi-monthly newsletter on the latest GST and Customs Developments. The newsletter covers recent judgments and regulatory updates in the GST and Customs space in India. We trust that you will find the same useful. Looking forward to receiving your valuable feedback. For any clarification, please write to: Mr. Shammi […]

Legalaxy | Monthly Newsletter Series – Vol XIV – July, 2024

In the July edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, labour and employment, telecommunications and insurance. Below are the key highlights of the newsletter: SEBI UPDATES SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2024 – Notified SEBI permits 100% participation by NRIs, OCIs […]

SEBI Introduces Criteria and Governance of Migrated Venture Capital Funds

Securities Exchange Board of India (“SEBI”), vide its notification dated July 11, 2024, has notified the SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2024 (“Migrated VC Fund Amendment Regulations”) and thereby amended the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). The Migrated VC Fund Amendment Regulations introduced Chapter III-D specifically to govern “migrated venture […]

Filing Requirements for Schemes of AIFs Availing Dissolution Period/Additional Liquidation Period & Conditions for In-Specie Distribution of Assets AIFs

Securities Exchange Board of India (“SEBI”), vide its circular dated July 9, 2024, has laid down framework for the filing requirements by scheme of Alternative Investment Funds (“AIFs”) opting for dissolution period or additional liquidation period as well as conditions for ‘In-Specie Distribution of Assets of AIFs’. Filing requirements for schemes of AIFs entering into […]