Entries by Staff Publication

Contents of Resolution Plan redrawn, duties of RP redefined

IBBI notifies 3rd amendment to CIRP and Fast Track Regulations   08.11.2017 Vallari Dubey resolution@vinodkothari.com Introduction Resolution plans pursuant to Section 30 and Section 31 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) will hereon be required to contain details of the Resolution Applicant along with the Connected Persons. A time bound corporate insolvency […]

IMPLEMENTATION OF IFRS-16 IN VARIOUS COUNTRIES

By Aakanksha Banthia, (finserv@vinodkothari.com) Introduction The International Accounting Standards Board (IASB) issued International Financial Reporting Standard 16 (IFRS 16) on ‘Leases’ in January 2016 replacing the previous accounting standard on leases, IAS 17 Leases, and related Interpretations. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties […]

LEI becomes mandatory for Large Corporate Borrowers

By Mayank Agarwal (finserv@vinodkothari.com) Overview The global financial crisis of 2007-08 underlined the importance of maintaining a common global database that facilitates identification of parties to a financial transaction. Ambiguity of the dealing parties and a shortage of information led to a breakdown in the financial ecospace, contributing to the downfall of established stalwarts such […]

Mandatory linking of Aadhaar and PAN under PMLA

By Anita Baid, (finserv@vinodkothari.com) PML Second Amendment Rules The Ministry of Finance on 1st June, 2017 vide notification No. G.S.R. 538(E) issued the [1]Prevention of Money-Laundering (Maintenance of Records) Second Amendment Rules, 2017 (hereinafter referred to as “Second Amendment Rules”) mandating all account holders of the reporting entities i.e., banks and financial institutions to link […]

Section 14 (1) v. Section 60(2) of the Code: Creditors cannot take action against personal guarantors while on-going CIRP of a Corporate Debtor

By Shreya Routh & Vallari Dubey, (resolution@vinodkothari.com) Brief facts of the case Petitioners had filed a writ petition with the Allahabad High Court, challenging the order[1] passed by the Debt Recovery Tribunal (“DRT”). Petitioners are the guarantors of M/s LML Limited, Kanpur (hereinafter referred as the “Company”). The State Bank of India filed an application […]

Regulations on Prepaid Payment Instruments -Comparing the Master Circular and Master Directions

By Anita Baid, (finserv@vinodkothari.com) With an enlarged view of the Government to make India go cashless and straddle towards the concept of digitalisation, many companies, specifically NBFCs are seeking approval from the Reserve Bank of India (RBI) to set up business in Prepaid Payment Instruments (PPI). Before getting into the present regulatory framework of such […]

Major rejig in the GST law with respect to car leasing/ renting business

GST Division, (gst@vinodkothari.com)   Introduction Vehicle leasing business in India has been gaining popularity ever since its inception in the year 2005. In the past few years, the industry has picked up pace and become the preferred mode of procuring a vehicle given its temporary and simplistic structure. The vehicle leasing market in India is […]