By Richa Saraf (richa@vinodkothari.com) Sections 45, 49, 66, 69 of the Insolvency and Bankruptcy Code, 2016 requires and empowers the Liquidator to apply to the Adjudicating Authority for appropriate orders in case of any vulnerable transactions that the Liquidator comes across during the process of liquidation. Such transactions may either be with respect to breach […]
By Rajeev Jhawar (rajeev@vinodkothari.com)(finserv@vinodkothari.com) The National Housing Bank (NHB) came out with a notification on 19th July, 2018[1], (‘Notification’) amending the Housing Finance Companies (National Housing Bank) Directions, 2010 with respect to change in control of housing finance companies. Scenario prior to the Notification The original provisions issued on 9th February, 2017[2], were influenced from […]
By Rajeev Jhawar (rajeev@vinodkothari.com) [Updated as on November 27, 2018] In a vibrant market, resides a healthy economy. On the Budget day, India sought to expand its bond market beyond the traditional ambit of sovereign debt. In pursuant to this, Securities and Exchange Board of India(SEBI) has initiated to diversify borrowings of Indian corporates by […]
By Shreya (legal@vinodkothari.com) Background: Negotiable Instruments are the principal instruments for fulfilling commercial obligations and they play a very significant role in the modern trade and business community. Law relating to negotiable instruments is provided in the Negotiable Instruments Act, 1881(“the Act”) as amended from time to time. Dishonour of cheque due to insufficiency of […]
Vinod Kothari and Sikha Bansal The authors can be reached at resolution@vinodkothari.com Why this Article? Section 53 of the Insolvency and Bankruptcy Code (IBC) puts unsecured financial creditors above the claims of the governments. These unsecured financial creditors may, actually, be even related parties, and therefore, the underlying financial transaction may be in the […]
By Rajeev Jhawar (rajeev@vinodkothari.com) The financial year 2017-18 witnessed one of the major reforms in the country, that is, the exordium of Goods and Services Tax (GST). GST replaced the erstwhile central excise duty, sales tax and service tax laws, thereby changing the indirect tax regime entirely. This had large scale implications as the country […]
Pammy Jaiswal Partner, Vinod Kothari and Company [corplaw@vinodkothari.com] Background Even though each time when law is amended, the stakeholders do expect the change will be a gap filing exercise or a step towards making it more liberal or strict, as the case may be. However, sometimes such amendment comes with a lacuna. Earlier under the […]