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Legalaxy – Monthly Newsletter Series – Vol VII – December, 2023

We are pleased to share with you the link to our newsletter “Legalaxy” for December 2023, providing updates on the recent and relevant legal developments in India. Below are the key highlights of the newsletter: SEBI streamlines procedure for dealing with unclaimed funds SEBI carried out regulatory changes towards fraction investing for SM REITs and […]

SEBI Carried Out Regulatory Changes Towards Fractional Investing for SM REITs and Index Providers, Fresh Investment by AIFs in Dematerialised Form

Securities and Exchange Board of India (“SEBI”), in its board meeting held on November 25, 2023, approved the following decisions: Amendments to SEBI (Real Estate Investment Trusts) Regulations, 2014, so as to create a regulatory framework for facilitating Small and Medium Real Estate Investment Trusts (“SM REITs”). SM REITs with an asset value of at […]

Gujarat HC: Purchaser of an asset in a liquidation process is not liable for payment of government dues which were not substantiated adequately during the CIRP and not lodged with the liquidator

The Gujarat High Court (“Gujarat HC”) has, by its judgment pronounced on September 22, 2023, in the matter of KRBL Limited v. State of Gujarat [C/SCA/19804/2022], held that the purchaser of an asset in a liquidation process of a corporate debtor is not responsible for payment of any government dues, if the claim was not […]

NCLAT: No bar on the initiation of CIRP, if default is committed prior to Section 10A Period and continues during the Section 10A Period.

National Company Law Appellate Tribunal, New Delhi (“NCLAT”) in the case of Beetel Teletech Limited v. Arcelia IT Services Private Limited [Company Appeal (AT)(Insolvency) No. 1459 of 2022], vide its order dated September 11, 2023, held that there is no bar on the initiation of Corporate Insolvency Resolution Process (“CIRP”) if a default is committed […]

Delhi HC: Transfer of liabilities from a previous loan agreement makes the arbitration clauses in subsequent agreements, binding

The Division Bench of High Court of Delhi (“Delhi HC”), vide its judgment pronounced on September 13, 2023, in the matter of DD Global Capital Private Limited and Others v. S.E. Investments Limited [FAO (OS) (COMM) 33/2018 and CM APPL. 7434/2018], has dismissed an appeal assailing the impugned judgment dated September 20, 2017 passed by […]

Delhi HC: Claims settled under a resolution plan become non-arbitrable and a reference of those claims would amount to reopening of the resolution plan

The Delhi High Court (“Delhi HC”) has, in its judgement dated October 10, 2023, in the matter of Indian Oil Corporation Limited v. Arcelor Mittal Nippon Steel India Limited [ARB.P. 102/2022], held that claims that have already been settled under a resolution plan would become non-arbitrable once the resolution plan is approved by the committee […]