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Founded in 2008, Phoenix Legal is a leading full service/multi-disciplinary Indian law firm offering transactional, regulatory, advisory, dispute…
Phoenix Legal | India | 19 Sep 2023
NFTs: modern day "tulip-mania" or genuine asset class?
From a banking and economic perspective, the role of non-fungible tokens (NFTs) can be considered an open-ended question. Specifically, the question is whether an NFT is genuinely an asset, or whether it is a modern-day regurgitation of the so-called "tulip-mania" occurrence of the 1600s. Despite this, it would be good to foster their development through appropriate regulation rather than......
Phoenix Legal | India | 22 Aug 2023
Default loss guarantees in digital lending revisited – RBI chooses regulation over unchecked growth
The Reserve Bank of India (RBI) recently issued a press release partially implementing the recommendations of the RBI's working group on digital lending. Among the proposals that remained under the RBI's consideration was the proposal on first loss default guarantees (FLDGs). While FLDGs are one of the cornerstones of the fintech ecosystem, some concerns were expressed. The RBI addressed......
Phoenix Legal | India | 23 Jun 2023
Shipping in India
Phoenix Legal | India | 13 Jun 2023
RBI's move to reform penal charges
In April 2023, the Reserve Bank of India released a draft circular concerning penal charges for loans for public comment. The circular reflects a general acknowledgement of the growing maturity of the financial sector where regulation and growth are in harmony with customer protection. The implementation of the draft circular would require regulated entities to be more dynamic and proactive......
Phoenix Legal | India | 30 May 2023
Automotive & Mobility in India
Phoenix Legal | India | 12 May 2023
Strengthening Rules Of Online Gaming
On 6 April, the Ministry of Electronics and Information Technology (Ministry), Government of India notified amendments to the Information Technology…
Phoenix Legal | India | 12 May 2023
Objections pertaining to the arbitration proceedings not raised at appropriate time cannot be a ground while challenging the award under Section 34
The Calcutta High Court (“Court”) in the recent judgment of West Bengal Housing Board v. M/s. Abhishek Construction, rejected the challenge to the…
Phoenix Legal | India | 9 May 2023
RBI releases new framework on green deposits
The Reserve Bank of India (RBI) recently released a new framework for acceptance of green deposits for RBI regulated entities (REs) to offer "green deposits" to finance green activities and projects. The framework intends to encourage REs to offer green deposits and to "protect interest of the depositors, aid customers to achieve their sustainability agenda, address greenwashing concerns and......
Phoenix Legal | India | 21 Apr 2023
Completion of CIRP of Corporate Debtor does not absolve Director’s liability in cases filed under Section 138 of Negotiable Instruments Act
The Supreme Court of India (“Supreme Court”) in the recent judgment of Ajay Kumar Radheyshyam Goenka v. Tourism Finance Corporation of India Ltd…
Phoenix Legal | India | 13 Apr 2023
Controversy Related to Taxability of Liquidated Damages Refuses to Perish
There are few controversies under the indirect taxes that refuse to settle down. One such issue is related to the taxability of ‘Liquidated Damages’…
