Omission of Regulation 26(2): A double-edged sword
This piece takes a look at Regulation 26(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 hereinafter referred to as ‘the Regulations’. Pre-amendment, sub-regulation 2 of Regulation 26 read as follows:- “(2) Once a vote on a resolution is cast by a […]
Consumer Protection (E-Commerce Rules), 2020: An Overview
The Department of Consumer Affairs has recently notified[1] the Consumer Protection (E-Commerce Rules, 2020) hereinafter referred to as the ‘Rules of 2020’ which are made applicable to (i) an e-commerce entity operating in India and also (ii) an e-commerce entity which ‘systematically offers’ goods and services to consumers in India. […]
Resolution plan under IBC: An albatross around the resolution applicant’s neck
The Insolvency and Bankruptcy Code, 2016 (“the Code”) aims to resolve the woes of stressed businesses (“Corporate Debtors”) by putting them through a corporate insolvency resolution process (“CIRP”) and transferring them as ‘going concerns’ to persons/entities (“Resolution Applicants”) willing to take over their management and assets, and service their debts. The […]
Consumer Protection Act, 2019: ‘Change of forum’ and its effect on fresh and pending cases
Introduction The Consumer Protection Act, 2019 (“New Act”) received the President’s assent on August 9, 2019 and has replaced the Consumer Protection Act, 1986 (“Old Act”). Most of the important sections have been notified[1] with effect from July 20, 2020 marking the beginning of the New Act and making it […]
The Consumer Protection Act, 2019: Overview and Key Highlights
Introduction The Consumer Protection Act, 2019 (“New Act”) received the President’s assent on August 9, 2019 and has replaced the Consumer Protection Act, 1986 (“Old Act”). The Central Government appointed[1] July 20, 2020 as the date on which the following provisions of the New Act shall come into force. Section […]
COVID19: MCA Announces Relief Package For Indian Companies
Introduction COVID-19 has brought India to a standstill, with the Government of India announcing a country wide lockdown vide Order dated March 24, 2020 for 21 days which is likely to continue for the foreseeable future. COVID-19 and the national lockdown have made regulatory compliances difficult for companies, more so […]
SC upholds IBC but the battle between Financial and Operational Creditors rages on
All was well before the National Company Law Appellate Tribunal, New Delhi [NCLAT] pronounced its decision in Binani Industries[1], wherein it held that “the ‘I&B Code’ or the Regulations framed by the Insolvency and Bankruptcy Board of India do not prescribe differential treatment between the similarly situated ‘Operational Creditors’ or […]
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