Corporate Law

In 2016, the Insolvency and Bankruptcy Code (“IBC”) was enacted with the objective to bring the insolvency law in India under a single unified umbrella and to ensure speedy resolution of an entity (“Corporate Debtor”) which has defaulted in payment to its creditors (including the statutory authorities). ......

While determining whether a contract created an interest in the premises or in the business, the Supreme Court recently reiterated the parol evidence rule in the case of Mangala Waman Karandikar vs. Prakash Damodar Ranade. ......

Section 126 of the Indian Contract Act, 1872 , states that guarantee means a contract to perform the promise or discharge the liability of a third person, in case of their default. Bank Guarantee is therefore a guarantee provide by a lending institution, wherein the debt by a debtor is covered by a Bank. ......

The Ministry of Consumer Affairs (MCA) on June 21, 2021, suggested amendments to the Consumer Protection (E-commerce) Rules, 2020 (“E-Commerce Rules”), with the aim of tightening the functioning of large online marketplaces. ......

On 25th November, 2015, Oravel Stays Private Limited (Oyo) entered into a term sheet with Zostel Hospitality Private Limited (Zostel), for acquiring its assets including property data, customer data, intellectual property rights, software etc. The term sheet explicitly stated in its preamble that it will not be binding. ......

Gambling in India faces a peculiar predicament. It's our worst kept secret. The blanket ban in India of any activity that constitutes 'gambling' has existed since the British-Era, and ironically, has not undergone significant modification since that century. ......

On May 21, 2021, the Apex Court of India, in the case of Lalit Kumar Jain vs. Union of India & Ors. , upheld the validity of the Centre's notification dated November 15, 2019, allowing banks to proceed against personal guarantors for recovery of loans given to a company under the Insolvency and Bankruptcy Code, 2016 (IBC) (“Notification”). ......

The Supreme Court has recently, in the case of The Chief Election Commissioner of India Vs. M.R Vijaybhaskar & Ors. ("Judgment"), reiterated the inalienable right of the media to report oral remarks of judges during the course of any hearing. A bench, led by Justice DY Chandrachud, comprehensively tackled this precarious question which had found its way to the Apex Court. ......

On April 4th, 2021, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance”) that introduces the Pre-packaged Insolvency Resolution Process (“PPIRP”) for micro, small and medium entities (“MSMEs”). The Ordinance comes into effect from April 4th, 2021. ......