The Insolvency and Bankruptcy Board of India (IBBI) had previously via the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2022 (Fifth Amendment) inserted Regulation 31A(1) which introduced a regulatory fee payable to IBBI.
On 17 July 2023, the Hon’ble Supreme Court delivered its judgement in Paschimanchal Vidyut Vitran Nigam Ltd. v. Rarman Ispat Private Limited & Ors., 2023 SCC OnLine SC 842 (Raman Ispat). The specific issue of whether Paschimanchal Vidyut Vitran Nigam Ltd. (Appellant) could enforce a security interest created over the assets of Raman Ispat Private Limited (Corporate Debtor) outside of the liquidation proceedings under the Insolvency and Bankruptcy Code, 2016 (Code) was settled in the negative.
The Securities and Exchange Board of India (SEBI) on 5 July 2023, has notified the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2023 (Second Amendment Regulations) which amends the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations) and is effective immediately.
The Securities and Exchange Board of India (SEBI) vide its circular bearing reference no. SEBI/HO/DDHS/DDHS_Div1/P/CIR/2023/64 dated 3 May 2023 (Circular) has introduced obtention of ‘Legal Entity Identifier’ code (LEI) for entities who have issued or propose to issue listed debt securities, in a phased manner and effective immediately.
The Reserve Bank of India (RBI), through its ‘Draft Circular for Comments on Fair Lending Practice – Penal Charges in Loan Account’ (Draft Circular), released on 12 April 2023, has sought suggestions from the stakeholders on the implementation of the proposed guidelines relating to lev
In a significant development, a three judge bench of the Supreme Court of India, by way of its order in Jalan Fritsch Consortium v Regional Provident Fund Commissioner and Another [Civil Appeal Number 407 of 2023], upheld the judgment of the National Company Law Appellate Tribunal (NCLAT) in the matter of Jet Aircraft Maintenance Engineers Welfare Association v Ashish Chhawchharia, Resolution Professional of Jet Airways (India) Limited and Others [Company Appeal (AT) (Insolvency) Number 752 of 2021], whereby Jalan Fritsch consortium (Succ
