Banking and Finance

The Insolvency and Bankruptcy Board of India (IBBI) in exercise of the powers conferred inter-alia under section 196(1)(t) read with section 240 of the Insolvency and Bankruptcy Code, 2016 (the IBC or Code) has notified the (i) IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations 2022 (Third Amendment Regulations); (ii) IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations 2022 (Fourt

The Department of Telecommunications (DoT) has on 21 September 2022 released the Indian Telecommunication Bill, 2022 (Bill) which consolidates and amends the Indian Telegraph Act 1885, Indian Wireless Telegraphy Act 1933, and The Telegraph Wires, (Unlawful Protection) Act 1950.

The Insolvency and Bankruptcy Board of India (IBBI) on 16 September 2022 promulgated the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations).

The Insolvency and Bankruptcy Board of India (IBBI) on 13 September published the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022 (CIRP Amendment Regulations) amending the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), and Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022 (IP Amendment Regulation) amending the Insolven

The Reserve Bank of India (RBI) has in an attempt to mitigate volatility and dampen global spillover, undertaken measures to enhance forex inflows while ensuring overall macroeconomic and financial stability.

Previously, the Securities and Exchange Board of India (SEBI) vide Circular No. SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/218 dated 03 November 2020 (November 3 Circular), had prescribed the manner in which debenture trustees (Trustee) shall carry out due diligence for creation of security at the time of issuance of non-convertible debt securities (NCS). 

In a recent order passed by the National Company Law Appellate Tribunal, Principal Bench (NCLAT), dismissing two appeals in Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India, Company Appeal (AT)(Insolvency) No. 807 of 2021 and Sudip Dutta @ Sudip Bijoy Dutta v. State Bank of India & Anr., Company Appeal (AT)(Insolvency) No.

Issuance of listed debt securities in India is currently by way of: (a) public issuance through the Stock Exchanges and Depositories; and (b) private placements to an identified set of mostly institutional investors. Over the last 3 financial years, the Securities Exchange Board of India (SEBI) has observed that the volume of private placements has far exceeded that of public issuances. It has also noted that, within private placements, the investor class has largely been restricted to institutional investors.

In the backdrop of the Indian Rupee (INR) continuously depreciating against the US dollar (USD), the Reserve Bank of India (RBI) on 6 July 2022, issued a press release on ‘Liberalisation of Forex Flows (Revised)’ (Press Release) and announced the following measures, inter alia, to augment the foreign exchange flows in India and to expand and diversify the source of forex funding