In the landmark case of Essar Steel v Satish Kumar Gupta, it was given by the court that there is no residual equity jurisdiction in the Adjudicating Authority or the Appellate Tribunal to interfere in the merits of a business decision taken by the requisite majority of the Committee of Creditors, provided that it is…
The key regulator of banking in India is Reserve Bank of India (RBI) also known as apex bank of India. It was established under RBI Act 1934 an it came into functioning in 1935. RBI started operating as a private shareholder’s bank, soon it replaced the Imperial Bank of India and started issuing currency notes…
The Indian insolvency regime, governed by the Insolvency and Bankruptcy Code, 2016 [IBC] is a shift from a debtor centric regime to one that is creditor oriented. Under this regime, a person called the resolution professional [RP] is appointed by the Committee of Creditors [CoC], who takes control of the assets of a distressed company…
GOVT PLANS MORE CONSULTATIONS TO FINALIZE AMENDMENTS TO IBC The bill is additionally prone to address ideas made by a parliamentary standing board about working on the productivity and results of the insolvency goal process. The public authority is set to hold a second round of public interviews, beginning this week to finish corrections to…
Bankruptcy tourism is a phenomenon that involves MNCs moving to another favourable jurisdiction and filing bankruptcy there by proving the COMI. This also facilitates forum shopping. COMI was first used in the UNCITRAL Model Law on Cross Border Insolvency. When MNCs opt for forum shopping in a foreign country, there is great amount of economic…
Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 was promulgated on April 4, 2021. It amends the Insolvency and Bankruptcy Code, 2016. Insolvency is a situation where individuals or companies are unable to repay their outstanding debt. The bankruptcy code is a one-stop solution for resolving insolvencies, which previously was a long process that did…
Holder and Holder in due course are two terms associated with the possession of a negotiable instrument. They are different in many ways. Section 8 of The Negotiable Instruments Act,1881 provides the definition of a ‘Holder’. The “holder” of a promissory note, bill of exchange or cheque means any person entitled in his own name…
Banking sector is revolutionized by the rise of fintech forcing incumbents to innovate and rethink their business model. Similarly insurtech is the next big thing in the insurance sector. In a world where smartphone penetration is on the rise it can uberize insurance ensuring efficiency and profit. Insurtech firms seem to tackle issues which the…
A lien is the right of a creditor in possession of goods, securities or any other assets belonging to the debtor to retain them until the debt is repaid, provided that there is no contract express or implied, to the contrary. It is a right to retain possession of specific goods or securities or other…
Banking is defined as “Accepting of deposits of money from public for the purpose of Lending or Investment, repayable on demand or otherwise and withdraw able by cheque, draft, or otherwise”. In recent period there is many changes in banking sector, Recent trends has made whole process of banking in easy way. Recent Trends in Banking are…
