Entries by Staff Publication

Restriction on Sharing of Information

(Personal, Sensitive and Biometric Information) Legal Division (legal@vinodkothari.com) Introduction: Information surround us and is generally captured in virtually everything we do. While some of the information are shared voluntarily; some are disseminated without an express consent, i.e. every time we do a google search, while we try to book a flight, or even when we […]

Personal Guarantors under IBC

-Megha Mittal (resolution@vinodkothari.com) The Ministry of Corporate Affairs, vide notification dated 15.11.2019, has notified sections 94-187 , read with section 60 of the Insolvency and Bankruptcy Code, 2016, dealing with insolvency resolution and bankruptcy process for non-corporate insolvency, insofar as they relate to personal guarantors to corporate debtors.  Further, the rules & regulations w.r.t. insolvency process of […]

MCA revisits the existing cap of materiality of related party transactions u/s 188

Munmi Phukon | Vinod Kothari & Company corplaw@vinodkothari.com   Ministry of Corporate Affairs (MCA) has recently come out with a Notification dated 18th November, 2019 amending the Companies (Meetings and Powers of Board) Rules, 2014. The same will be effective from the date of publication in the Official Gazette. This amendment, has the impact of […]

Sectoral regulators empowered to petition insolvency of financial services providers: Central Govt notifies insolvency rules

–Vinod Kothari (resolution@vinodkothari.com)  The Central Govt on 15th November notified rules of procedure for insolvency proceedings for financial services providers, thereby indicating that the resolution and liquidation process for financial services entities has been taken out from the proposed enactment dealing with distress of financial entities. Notably, the actions in case of distress of financial […]

Financial Service Provider under the clutch of IBC? Nature of the “debt” vs. Nature of the “debtor”

-Megha Mittal (resolution@vinodkothari.com) In a first of its kind, the Hon’ble National Company Law Tribunal, Principal Bench at New Delhi (“NCLT”) vide its order dated 04.11.2019[1] in the matter of Apeejay Trust v. Aviva Life Insurance Co. India Ltd., has initiated corporate insolvency resolution process against the Corporate Debtor, despite it being a financial service […]