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The National e-Governance Services Limited (“NeSL”) is presently India’s sole registered IU. The IU and their database are being utilized only in a limited manner as below: A) By a circular dated 12 May, 2020, the Adjudicating Authority mandated compulsory inclusion of a Record of Default (“RoD”) issued by the IU for filings under Section 7 of the Code.
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RBI issues a new framework for fraud risk management incorporating the Supreme Court ruling and striking a balance between early fraud detection and principles of natural justice
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The Creditors with minor tweaks in their enforcement actions like ensuring fresh service of personal guarantee invocation, revisiting of existing guarantee agreements, engaging in periodical revival of guarantees when principal terms are materially altered etc. could witness substantial positive impact in legal proceedings
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Authored by: Gunita Pahwa, Joint Managing Partner & Shikhar Agarwal, Principal Associate, S&A Law Offices
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This article is co-authored by Shivam Mehta, Executive Partner and Tanya Garg, Senior Associate at Lakshmikumaran & Sridharan Attorneys
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In the 100 days’ agenda of Modi 3.0 regime, included also was an amendment in the IBC Code of 2016 to incorporate mechanisms for cross-border and group insolvencies. While discussing amendments, it would be the appropriate to undertake a mid-term review of implementation and introduce fixes for efficiency in implementation and reduce delays
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The PRAVAAH portal has established a direct channel between entities/individuals seeking various approvals under the Foreign Exchange Management Act, 1999 and the RBI
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Authors: Adarsh Somani, Partner & Manali Shenoy, Associate at Economic Laws Practice
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The amount of financial disincentive for Surveillance Related Lapses will be calculated based on the MII's total annual revenue from the preceding financial year and the frequency of such lapses during that year
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To bolster the effectiveness of competition regulations in the country, as part of the draft amendment, CCI has proposed crucial provisions pertaining to appointment of independent expert agencies to monitor implementation of its final orders under regulation 52A
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