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Clasis Law | India | 27 Sep 2021

SPACs: implementation, legal challenges and covid-19

Special purpose acquisition companies (SPACs), also known as "blank-cheque companies", have gained popularity in India in recent years. Despite government support, the law is, in some ways, still hindering their development. Once the Securities and Exchange Board of India roll out laws to govern SPACs, amendments will be required in the Companies Act to create harmony in the regulatory framework.
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Phoenix Legal | India | 21 Sep 2021

Proposed scale-based governance frameworks for NBFCs

The dominance of non-banking financial companies (NBFCs) in the fintech space and the reliance that retail users place on payments systems that NBFCs manage and operate has led to increasing concern about the systemic risks they pose. The ongoing liquidity crisis and the covid-19 pandemic have brought into focus the need for an updated governance framework. The Reserve Bank of India saw a......
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Clasis Law | India | 21 Sep 2021

Bombay High Court rules – must copy of plaint be annexed to writ of summons?

In a recent judgment of the Bombay High Court, the judge aptly answered whether a copy of plaint is required to be annexed to the writ of summons in light of the rules framed by a chartered high court, even if they are oppugnant to the provisions under the Code of Civil Procedure 1908. The Court used case law to help it to reach its decision. In light of this judgment, Form 9 of the Original......
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Khaitan & Co | India | 16 Sep 2021

Challenge under section 16 of the Arbitration and Conciliation Act 1996 – interim order or interim award?

The question of whether the order of an arbitral tribunal adjudicating on a challenge under section 16 of the Arbitration and Conciliation Act 1996 is an interim order or an interim award has been the focus of much attention. It is a pertinent question since the answer could change the course of Indian arbitration proceedings. The differing approaches taken by the courts, the subsequent......
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K&S Partners | India | 15 Sep 2021

Untapped potential of CRISPR in India: IP perspective

Clustered regularly interspaced short palindromic repeats (CRISPR) is one of the most talked-about technologies of the decade, with applications in sectors including healthcare, agriculture and energy. However, developments around intellectual property on CRISPR are yet to gather momentum in India. CRISPR holds the potential to foster a stronger culture of research and innovation in India to......
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Shardul Amarchand Mangaldas & Co | India | 10 Sep 2021

Five-year journey of IBC

In 2015 the Bankruptcy Law Reform Committee proposed an overhaul and streamlining of insolvency law, which led to the enactment of the Insolvency and Bankruptcy Code 2016, with the twofold objective of time-bound insolvency resolution and value maximisation. However, the past five years have not been easy for stakeholders – huge haircuts for lenders and severely prolonged corporate insolvency......
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Clasis Law | India | 7 Sep 2021

Supreme Court holds that "financial debt" under IBC includes an interest-free loan

In a recent judgment, the Supreme Court clarified that a "financial debt" would include an interest-free loan advanced to finance the business operations of a corporate body. The Court held that having regards to the aims, objects and scheme of the Insolvency and Bankruptcy Code, there is no discernible reason why a term loan to meet the financial requirements of a corporate debtor for its......
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Khaitan & Co | India | 2 Sep 2021

Courts hearing challenges to arbitral awards have no power to modify such arbitral awards

The Arbitration and Conciliation Act 1996 is the substantial Indian legislation that regulates arbitration proceedings. Section 34 of the act deals with the court's power to set aside an arbitral award. It contemplates a restricted set of grounds for any court to interfere with an arbitral award pronounced by an arbitral tribunal. This article examines the case law relating to this provision.
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Clasis Law | India | 31 Aug 2021

Can courts adjourn proceedings if arbitral tribunals fail to address primary issues?

The Airports Authority of India approached the Delhi High Court to set aside an arbitral award passed in favour of Bentwood Seating Systems (BSS) Pvt Ltd under section 34 of the Arbitration and Conciliation Act 1996. BSS filed an application under section 34(4) of the act, seeking an adjournment of the petition so that the arbitral tribunal could resume proceedings and provide further reasons......
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AZB & Partners | India | 24 Aug 2021

Preparing India for cessation of Libor

Several market participants in India are dragging their feet during the transition process away from the London Interbank Offered Rate (Libor). In a recently published circular, the Reserve Bank of India issued much needed directions to banks and financial institutions. The circular could be the driving force that is needed to ensure that at least regulated entitles take the necessary actions......
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