INSIGHTS

Introduction : Digital platforms in e-commerce, online gaming, travel booking, and fintech regularly hold money in a manner that is not truly on behalf of the customer. A wallet balance resulting from a cancelled order, a refund held as "store credit," a stake deposited for an online contest, or a balance prepaid into the account of a travel aggregator are each, in effect, a sum of money that has been paid by the customer, and retained by the entity in anticipation of its own

Introduction : Terms in law are not synonymous as even words that might have a similar meaning can be completely different in their impact and therefore, the consequences. One such set of words which are similar in everyday language yet completely different in the legal language are “insolvency”, “bankruptcy”, “liquidation” and “winding up”. A layman might use them synonymously but the issue arises when such usage also happens within the legal world where it has significant r

Introduction : Artificial intelligence in the legal field has aided in the exploration of legal research but this benefit comes at the cost of a dangerous form of vulnerability in the form of hallucinations. AI-generated responses often reflect reasonable citations, real-looking case names and sound legal reasoning, which gives researchers a sense of false confidence. The ultimate result of this confidence is compromise in the integrity of the judicial process by mitigating t

Introduction : A company incorporated and registered under the Companies Act, 2013, acquires the status of a separate legal entity. In the eyes of the law, it is an artificial person having a separate legal personality from its shareholders, meaning a company has the power to sue and be sued in its own name. When a company defaults, the members are not personally liable for the injury caused. However, in certain circumstances, the law holds its members personally liable, wher

In 2018, Byju Raveendran was the toast of India's start-up world as his eponymous edtech company, Byju's, was crowned a unicorn. ...

Cross-border insolvency is an important area of concern for the new world order where a multi-jurisdictional economic transaction by corporate entities is common place. Issues arising from such cross-border insolvency are very complex, requiring an effective and efficient legal mechanism in balancing the interests of all stakeholders, namely, debtors, creditors, and other parties. Though emerging in India, cross-border insolvency law is still in its development stage and rece

Introduction The entire body of law in India for resolving bankruptcy affecting all entities, whether corporate or individual, is the Insolvency and Bankruptcy Code, 2016 (Code/IBC). It responds to the growing demand for an all-encompassing law that would be efficient in resolving debtors' insolvency, optimizing the value of assets accessible for creditors, and facilitating the closure of unprofitable enterprises. Resolution is the Code's primary goal. The second goal is to m

Introduction This is one of the most important case studies for a law student. As, we all know what happened to Kingfisher Airlines and...

Introduction The jewellery retailer Gitanjali Gems, which is owned by the wanted man Mehul Choksi, notified the exchanges on Monday that...

INTRODUCTION India’s corporate environment was dramatically altered following the enactment of Insolvency and Bankruptcy Code (IBC) in 2016. This landmark legislation has ushered in a new era of responsibility, efficiency and transparency within the areas of corporate restructuring along with bankruptcy resolution. The IBC is a paradigm shift from the older fragmented and protracted legal structure because it embodies a comprehensive and time-bound response to financial distr

Recently the Supreme Court in the case of Tottempudi Salalith v State Bank of India & Ors. (Tottempudi Salaith) held that the doctrine of election cannot be applied to prevent a financial creditor to approach the National company law tribunal (NCLT) for initiating a Corporate Insolvency Resolution Process (CIRP) against the corporate debtor under Section 7 of the Insolvency and Bankruptcy code 2016 (IBC). In this post, the author elucidates the rationale employed by the cour

Introduction Established under the Companies Act of 2013, the National Company Law Tribunal is a quasi-judicial body that renders decisions on issues pertaining to Indian corporations. In accordance with the 2016 Insolvency and Bankruptcy Code, the National Company Law Tribunal is tasked with adjudicating matters corresponding to the insolvency resolution process, corporate reconstruction, and limited liability partnership cases. The National Company Law Tribunal (NCLT) plays

Introduction The Insolvency and Bankruptcy Code, 2016 (referred to as IBC or the Code) is India’s bankruptcy law, designed to consolidate the existing framework by creating a comprehensive statute for handling insolvency and bankruptcy cases. The introduction of IBC aimed to completely overhaul India’s financial distress resolution system, as the prevalence of Non-Performing Assets and debt defaults was on the rise, and earlier loan recovery mechanisms like Lok Adalats, Secur

Insolvency and Bankruptcy Code , 2016, as amended ("Code") regulations claim that countless cases of failing real estate businesses,...

Introduction The Supreme Court of India vide its order dated 28 th March, 2022 in Narinder Garg v. Kotak Mahindra Bank Ltd. (“ Narinder...

Introduction The status of homebuyers upon the anvil of “Insolvency and Bankruptcy Code, 2016” has been watched like a hawk for a while. Burying the lead, the Insolvency and Bankruptcy Code came into picture in 2016. It was put in place to combat a sharp increase in the NPAs. The goal of the code was to establish a timeline-bound mechanism for the settlement of insolvency, blow up the worth of debtor’s assets, and balance the interests of all stakeholders while fostering entr

INTRODUCTION : The lawmakers designed the Insolvency and Bankruptcy Code, 2016 ('IBC') to provide an adequate legal framework for timely...