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Lok Sabha Passes the Competition Amendment Bill, 2022

Lok Sabha , the Lower House of the Indian Parliament on 29.03.2023 passed the much awaited Competition Amendment Bill, 2002 (“the Bill”). The Bill was introduced in the Lok Sabha on 05.08.2022 and was referred to Standing Committee on Finance for examination and report thereon on 17.8.2022. The Standing Committee on Finance (under the chairmanship of Shri Jayant Sinha) […]

NCLAT: The nature and character of financial debt does not change upon breach of consent terms

The National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) has in its judgement dated February 1, 2023 (“Judgement”), in the matter of Priyal Kantilal Patel v. IREP Credit Capital Private Limited and Another [Company Appeal (AT) (Insolvency) No. 1423 of 2022], held that the nature of financial debt would not change on account […]

NCLAT: Majority shareholders of a company have the locus to challenge an admission of CIRP against the corporate debtor where the admission took place on account of collusion amongst the creditors

The National Company Law Appellate Tribunal (“NCLAT”), in the case of Ashish Gupta v. Delagua Health India Private Limited and Others [Company Appeal (AT) (Ins.) No. 17 of 2022], has held that majority shareholders of a company have the locus to challenge an admission of corporate insolvency resolution process (“CIRP”) against the corporate debtor where […]

Delhi High Court: Arbitrator has no jurisdiction to set aside sale notice issued by secured creditor under Section 13(4) of the SARFAESI Act

The High Court of Delhi (“High Court”) has, by a common judgement dated February 21, 2023, in a batch of appeals namely, Arb. Appeal (Comm.) No. 36 of 2022, Arb. Appeal (Comm.) No. 37 of 2022 and Arb. Appeal (Comm.) No. 38 of 2022 (“Arbitration Appeals”) arising under Section 37(2)(b) (Appealable orders) of the Arbitration […]

The Rise of ESG Investing in India: What it Means for Corporations

Environmental, social, and governance (“ESG”) investing is rapidly gaining popularity in India, as investors are becoming more conscious of the impact their investments can have on the environment, society, and other stakeholders of companies. ESG investing focuses on companies that have strong ESG practices. Such companies are considered to be more sustainable and are likely to […]

NCLAT: The obligation of the adjudicating authority to direct for liquidation shall rise only when decision of the Committee of Creditors is in accordance with the Insolvency and Bankruptcy Code, 2016

The National Company Law Appellate Tribunal (“NCLAT”), in the case of Hero Fincorp Limited v. M/s. Hema Automotive Private Limited [Company Appeal (AT) (Insolvency) No. 1540 of 2022], held that the obligation of the adjudicating authority to direct for liquidation shall arise only when decision of the Committee of Creditors (“CoC”) is in accordance with […]