Entries by Staff Publication

First Information Utility set up under IBC

National E-Governance Services Ltd. receives final nod from IBBI Vallari Dubey resolution@vinodkothari.com   The Insolvency and Bankruptcy Board of India (“IBBI”) has granted the final approval to National e-Governance Services Ltd. (NeSL), allowing it to become the first information utility (“IU”) under the Insolvency and Bankruptcy Code, 2016 (“the Code”). Earlier in June, 2017, IBBI […]

APPLICATION UNDER SARFAESI- A Liberal Approach by the Supreme Court

By Richa Saraf, (legal@vinodkothari.com)   In the case of M.D. Frozen Foods Exports Pvt. Ltd. v. Hero Fincorp Ltd.[1], the Hon’ble Supreme Court held that there was no illegality in an Non-Banking Financial Company (NBFC) invoking SARFAESI Act for recovery of loan arrears with respect to an account classified as Non-Performing Asset (NPA) before the NBFC […]

DECIPHERING “DISPUTE” IN INSOLVENCY AND BANKRUPTCY CODE

By Richa Saraf, (legal@vinodkothari.com) -Mobilox Innovations Pvt. Ltd. v. Kirusa Software Pvt. Ltd.[1] The Supreme Court of India has provided a much required clarity on the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) vis-à-vis the existence of dispute. In this article, we broadly discuss the various issues that were dealt with in the judgment. […]

SEBI’s Yet Another Move to Ensure Minimum Public Shareholding

By Parul Bansal, (corplaw@vinodkothari.com) Background With the development of the economic conditions of the country, various investors including the retail investors are stepping into the securities market with the intention to earn higher return on their investments which has lead to large portion of their income being invested in shares, bonds or securities of listed […]

Plight of a Power of Attorney Holder Vis-À-Vis Insolvency Proceedings

By Richa Saraf, (legal@vinodkothari.com) –Palogix Infrastructure Pvt. Ltd. v. ICICI Bank Ltd.[1] The Hon’ble National Company Law Appellate Tribunal (NCLAT) has held that ‘Power of Attorney’ holders are not authorized to present Insolvency Application under Section 7, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 (IBC). It is only authorized representatives, duly authorized […]

New rules of corporate control: Limit on layers of subsidiaries

By CS Vinita Nair, (corplaw@vinodkothari.com) MCA has issued a notification notifying the Companies (Restriction on Number of Layers) Rules, 2017[1], imposing a limit of two layers of subsidiaries which shall be effective from September 20, 2017[2]. Earlier, MCA vide public notice dated 1 June 28, 2017[3] had conveyed its intent of issuing a notification proposing […]