On November 4, 2019 at the ASEAN summit held at Bangkok, India opted out of the negotiations for signing the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement in the Asia-Pacific region with 15 other potential participants previously projected to account for over 30% of the global GDP. Earlier in the year, India’s […]
Competition Commission of India increases the filing fee for merger notifications. The Competition Commission of India (CCI) vide notification dated 30 October 2019 has amended the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations). By way of the amendment, the CCI has revised the […]
The Hon’ble Supreme Court of India passed a judgment on 15.10.2019 in an appeal filed by the Union of India against an interim order dated 16.05.2019 passed by the Division Bench of the Delhi High Court in a writ petition filed by Mr. Gautam Khaitan restraining the Union of India from taking any action against […]
The National Company Law Appellate Tribunal (“NCLAT”) in Mr. Hemang Phophalia v. The Greater Bombay Co-operative Bank Limited and Another (decided on September 05, 2019) has held that a creditor can file an application requiring the restoration of the name of a dissolved/struck-off company in the register of companies for initiating a Corporate Insolvency Resolution […]
The Supreme Court in M/s. Canara Nidhi Limited v. M. Shashikala and Others (decided on September 23, 2019) held that in proceedings under Section 34 of the Arbitration and Conciliation Act, 1996 (“Act”), additional evidence can be permitted to be adduced only in exceptional circumstances. FACTS M/s. Canara Nidhi Limited (“Appellant”) is a financial institution […]
The National Company Law Appellate Tribunal (“NCLAT”) has, in the case of Hero Fincorp Limited v. Rave Scans Private Limited and Others (dated September 17, 2019) held that dissenting financial creditors cannot be discriminated against in a resolution plan. FACTS Corporate Insolvency Resolution Process (“CIRP”) was initiated against Rave Scans Private Limited (“Rave Scans”) on […]
