– Sikha Bansal and Priya Udita (finserv@vinodkothari.com) Relief has come to the builders of stalled housing project and distressed homebuyers in in the form of establishment of a ‘Special Window‘ fund by the Government to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector. […]
-Priya Udita (resolution@vinodkothari.com) The Supreme Court (SC) in the case of Jaiprakash Associate Ltd. & Anr. v. IDBI Bank Ltd. & Anr. dealt with 2 issues. Firstly, whether the National Company Law Tribunal (NCLT) or National Company Law Appellate Tribunal (NCLAT) can exclude any period from the statutory period in exercise of inherent powers sans […]
-By Anita Baid anita@vinodkothari.com, finserv@vinodkothari.com Regulators and stakeholders have been seeking a review of Core Investment Companies (CIC) guidelines ever since defaults by Infrastructure Leasing and Financial Services Ltd (IL&FS), a large systemically important CIC. In August 2019, there were 63 CICs registered with the Reserve Bank of India (RBI). As on 31 March, 2019, […]
-Megha Mittal (resolution@vinodkothari.com) The Insolvency and Bankruptcy Board of India (“IBBI”/ “Board”) has invited comments on its Discussion Paper on Corporate Liquidation Process[1], dated 03.11.2019 (“Discussion Paper”), which essentially deals with two issues which have been the focal point of contrasting opinions as well as judicial interpretation at various instances, i.e. (a) Relinquishment of Security […]
Applicability Non-deposit taking NBFCs with asset size of Rs.100 crore and above Systemically important Core Investment Companies Deposit taking NBFCs irrespective of their asset size All other NBFCs are also encouraged to adopt these guidelines on liquidity risk management on voluntary basis Exclusion: Type 1 NBFC-NDs- NBFC-ND not accepting public funds/ not intending to accept […]
-Sikha Bansal (resolution@vinodkothari.com) Note: This article is in continuation of/an addition to our earlier article wherein the author discussed various aspects pertaining to schemes of arrangement in liquidation under section 230 of the Companies Act, 2013 read with various provisions of the Insolvency and Bankruptcy Code, 2016. The author has described various factors and principles […]
– Richa Saraf (legal@vinodkothari.com) The Department of Economic Affairs has recently shared the report of the Steering Committee[1] which discusses the various issues faced by fintech companies. This write up tries to focus on the issues in relation to online lending, and the recommendations given by the Steering Committee on the same. Verifying the Authenticity […]