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JC - News

News


Dues of a secured creditor supersedes dues of a state government department
Legal Updates - 29 Sep 2022
Brief Overview: The Bombay High Court (“the Court”) In the matter of Jalgaon Janta Sahakari Bank Ltd. V. Joint Commissioner of Sales Tax, dated 30th August 2022, held that "the dues of a secured creditor (subject of course to CERSAI registration) and subject to proceedings under the I&B code would rank superior to the dues of the relevant department of the state government". Technical Details: A batch of writ petitio...
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SEBI permits REITs and InvITs to issue listed commercial paper
Legal Updates - 28 Sep 2022
Brief Overview: Securities and Exchange Board of India (“SEBI”), vide its circular dated 22nd September 2022, has permitted REITs and InvITs to issue listed commercial paper in compliance with guidelines and conditions prescribed by the Reserve Bank of India (“RBI”) and SEBI under (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and the circulars thereunder.  REIT comprises a portf...
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Margining & Collateral Solution by CCIL for margining of derivatives- Consultation Paper issued
Legal Updates - 27 Sep 2022
Brief Overview: The Clearing Corporation of India Limited (“CCIL”) proposes to offer a centralised infrastructure for non-centrally cleared derivatives as regards exchange of both- variation margin and initial margin in India.  CCIL has issued a consultation paper in this regard (“Consultation Paper”) capturing the services like valuation, margin computation, collateral management etc. that it intends to o...
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Amendment in The Companies (Corporate Social Responsibility Policy) Rules, 2014
Legal Updates - 22 Sep 2022
Brief Overview: The Ministry of Corporate Affairs (“MCA”) vide notification G.S.R. 715(E) dated 20th September 2022 (“Notification”) amended the Companies (Corporate Social Responsibility) Rules, 2014. Technical Details: As per the Notification:●   A company having any amount in its unspent Corporate Social Responsibility (“CSR”) Account as per Section 135(6) shall constitute a CSR com...
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Launch of National Logistics Policy, 2022
Legal Updates - 22 Sep 2022
Brief Overview: The National Logistics Policy (“NLP”) 2022 was announced on 21st September 2022, which aims to achieve ‘quick last-mile delivery', end transport-related challenges. It has been launched for improving logistics efficiency and reducing logistics cost. The NLP has immense potential for development of infrastructure, expansion of business and to increase employment opportunities. The NLP’s target is ...
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Amendment in the definition of a small company
Legal Updates - 19 Sep 2022
Brief Overview:The Ministry of Corporate Affairs (“MCA”) vide notification G.S.R. 700(E) dated 15th September 2022 (“Notification”) amended the Companies (Specification of Definition Details) Rules, 2014, thereby amending the definition of a small company. Technical Details:As per the Notification, the limit of paid-up capital and turnover of a small company has been increased as follows –●   ...
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Asia Legal Business - Asia M&A Ranking 2022
Article - 16 Sep 2022
Published ASIAN LEGAL BUSINESS.Click here article inPublished website. ...
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NCLT cannot interfere with COC’s decision to replace IRP, except in case of illegality - NCLAT, Chennai
Legal Updates - 13 Sep 2022
Brief Overview In the matter of M/s IDBI Bank Limited v C. J. Davis, IRP of Tip Top Furniture Private Limited, the National Company Law Appellate Tribunal (“NCLAT”) has held that Section 22 of the Insolvency and Bankruptcy Code, 2016 (“IB Code”) empowers the Committee of Creditors (“COC”) to either continue the Interim Resolution Professional (“IRP”) as the Resolution Professional (&ldquo...
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Resolution plan which ignores the statutory demands payable to any statutory authority is bound to be rejected
Legal Updates - 12 Sep 2022
Brief Facts: The Supreme Court in State Tax Officer v Rainbow Papers Limited (Civil Appeal No. 1661 of 2020) set aside the Resolution Plan which waived off entire claim of the Gujarat Sales Tax Department (“Department”). The following are the crucial facts in brief: (a)   The Department had already initiated recovery proceedings against the Corporate Debtor prior to the commencement of CIRP. (b)   Th...
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Notification on Guidelines for Digital Lending
Legal Updates - 05 Sep 2022
In furtherance to para 7 of the RBI Press Release “Recommendations of the Working Group on Digital Lending - Implementation” dated 10th August 2022 (“RBI Press Release”), the RBI has published detailed guidelines (“Guidelines”) on digital lending on 2nd September 2022. Although the Guidelines apply to existing customers as well as new customers, Regulated Entities have been given time until ...
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Extension of Guidelines on Information and Cyber security to insurance intermediaries
Legal Updates - 05 Sep 2022
In furtherance to the guidelines dated 7th April 2017 (“Guidelines”), the Insurance Regulatory and Development Authority of India (“IRDAI”) issued a circular dated 2nd September 2022 (“Circular”)extending theapplicability of the Guidelines to insurance intermediaries as well, which originally only applied to insurers. (Link for IRDAI circular access- https://www.irdai.gov.in/admincms/cms/fr...
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Writ jurisdiction cannot be invoked to challenge notice under section 13(2) of the SARFAESI Act, 2002 - High Court of Gujarat
Legal Updates - 05 Sep 2022
The Hon’ble High Court of Gujarat (“High Court”) in the matter of Rajesh Sukumaran Nambiar v. The Central Bank of India through the Chief Manager (Gujarat High Court: Special Civil Application No. 11149 of 2021; dated 25.08.2022) declined to extend its writ jurisdiction to quash a notice under section 13(2) of the Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (...
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Section 14 of the SARFAESI Act does not contemplate or empower CMM/DM to conduct any inquiry/hearing or adjudicate any objections raised by a borrower or a third party.
Legal Updates - 01 Sep 2022
Dear All, The Hon’ble High Court of Bombay (“High Court”) in Phoenix ARC Private Limited & Anr. v. The State of Maharashtra & Ors. (Bombay High Court: Writ Petition No. 9749 of 2021; dated 3rd August 2022) has held that the jurisdiction of the Chief Metropolitan Magistrate / District Magistrate (“CMM/DM”) under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforce...
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Insolvency and Bankruptcy Code will prevail over Customs Act
Legal Updates - 30 Aug 2022
Brief Overview: In the matter of Sundaresh Bhatt, Liquidator of ABG Shipyard Vs. Central Board of Indirect Taxes and Customs (Order dated 26.08.2022, Civil Appeal No. 7667 of 2021), the Apex Court has held that the Insolvency and Bankruptcy Code, 2016 (IBC), would prevail over the Customs Act, 1962, and once moratorium is imposed under the provisions of IBC, the Authority under the Customs Act would have a limited jurisdiction to asse...
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Claims arising out of a license to use of IP rights fall within the definition of ‘Operational Debt’
Legal Updates - 23 Aug 2022
In the matter of Somesh Choudhary vs. Knight Riders Sports Private Limited & Anr. (Order dated 18th August, 2022, Company Appeal (AT) (Ins) No. 501 of 2021), the Hon’ble National Company Law Appellate Tribunal, Delhi (“NCLAT”) has held that, claims arising out of a grant of an exclusive right and the license to use of intellectual property rights, fall within the ambit of the definition of ‘Operational Debt&r...
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Central Government simplifies the existing framework for overseas investment
Legal Updates - 23 Aug 2022
Do you have a joint venture or a wholly owned subsidiary overseas? If so, changes in the existing norms pertaining to overseas direct investments may be applicable to you. Do read on further for more details! Brief Overview: The changes simplify the existing framework for overseas investment by persons resident in India to cover wider economic activity and significantly reduces the need for seeking specific approvals. This will reduce...
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IFSCA framework for ship leasing
Legal Updates - 18 Aug 2022
The International Financial Services Centres Authority (“IFSCA”) in order to facilitate the ship leasing business in the International Financial Services Centres in India has specified a framework for entities to get registered under International Financial Services Centres Authority (Finance Company) Regulations, 2021. The IFSCA has notified ‘ship lease’ as a financial product vide gazette notification dat...
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India@75: Evolution of Corporate Law and Jurisprudence
Article - 12 Aug 2022
Published by Law Street India ...
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Recommendations of the Working group on Digital Lending – Implementation
Legal Updates - 11 Aug 2022
To mitigate the eroding confidence of the members of public in the digital lending ecosystem, the Reserve Bank of India constituted a working group for digital lending. The working group after public consultation released a regulatory framework with focus on the digital lending ecosystem of the regulated entities and the lending service providers of RBI to extend various permissible credit facilitation services. A summary of digital len...
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SEBI tightens norms for due diligence by debenture trustee
Legal Updates - 08 Aug 2022
Norms for security creation and due diligence by debenture trustee’s for listed non-convertible debentures (“NCDs”) have been amended. Following are the key changes introduced: 1.   Change of Security post listing: (a)  A provision for the following has been introduced: (i)   creating security for unsecured NCDs; (ii)  changing security for a secured NCD; and (iii)&nbs...
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Consultation Paper on Green and Blue Bonds
Legal Updates - 08 Aug 2022
A consultation paper to enhance the existing framework for green bonds and introduce a framework for blue bonds as a mode of sustainable finance has been released. Following are the key proposals: 1)   GREEN BONDS (a)  In addition to the existing criteria for the issuance of the green bonds, it has been proposed to consider funds raised for (i) pollution prevention and control, and (ii) for circular economy ad...
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PDs at par with AD Banks-FX market making facilities
Legal Updates - 05 Aug 2022
It is proposed to enable Standalone Primary Dealers to, (a)      offer all foreign exchange market-making facilities as currently permitted to Category-I Authorised Dealers; and (b)      deal in offshore FCY Settled Overnight Indexed Swaps with non-residents and other market makers. This was announced vide the Statement on Developmental and Regulatory Policies issued today b...
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Framework for Social Stock Exchanges introduced
Legal Updates - 03 Aug 2022
A framework for the social stock exchange to provide social enterprises with an additional avenue to raise funds has been recently introduced. An overview of the framework is as follows: 1)       Social Stock Exchange: Social Stock Exchanges (“SSE”) shall be a separate segment of the existing stock exchanges permitted to register and/or list the securities issued by Not for Profit Organiz...
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Application u/s 7 of IBC would not be barred by limitation if the Corporate Debtor acknowledges the debt before expiry of the period of limitation
Legal Updates - 03 Aug 2022
In the matter of Asset Reconstruction Company (India) Limited vs. Tulip Star Hotels Limited & Ors. (Order dated 1st August, 2022, Civil Appeal Nos. 84-85 of 2020), the Hon’ble Supreme Court of India has held that an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, would not be barred by limitation, on the ground that it had been filed beyond a period of three years from the date of declaration...
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Platforms providing execution-only services to get regulated
Legal Updates - 01 Aug 2022
Platforms providing execution-only services (“EOP”) in direct plans of mutual funds are proposed to be regulated by the Securities and Exchange Board of India(“SEBI”) and a new framework for such platforms is proposed to be introduced. The following are some of the key proposals: 1)    Regulation of EOP’s EOPs are proposed to be regulated in the following manner and comments are invite...
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RBI discussion paper on Climate Risk and Sustainable Finance
Legal Updates - 29 Jul 2022
With a view to ascertain the risks and opportunities that may arise from climate change and environmental degradation in the financial market, the Reserve Bank of India (“RBI”)haspublished a discussion paper on climate risk and sustainable finance dated 27th July 2022 (“Discussion Paper”). Comments on the Discussion Paper are invited from regulated entities (“REs”) and other stakeholders by September ...
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Reverse Corporate Insolvency Resolution Process
Insights - 29 Jul 2022
Published by Taxsutra Taxsutra · Reverse Corporate Insolvency Resolution Process The Insolvency and Bankruptcy Code, 2016, introduced the Corporate Insolvency Resolution Process (CIRP) for the resolution of a Corporate Debtor. However, in a unique decision the NCLAT chose to deviate from the normal CIRP process in the interest of maximisation of assets of real estate companies and introduced “Rev...
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Courts can decide issues of jurisdiction & non-arbitrability while deciding an application under S.11 of the Arbitration Act
Legal Updates - 28 Jul 2022
The Hon’ble Supreme Court in Indian Oil Corporation Limited v. NCC Limited in Civil Appeal No. 341 of 2022 passed on 20th July 2022 has observed that though the Arbitral Tribunal may have jurisdiction and authority to decide the disputes including the question of (i) Jurisdiction; (ii) Non-arbitrability; and (iii) whether there has been ‘accord and satisfaction’ of the claims between the parties and/or whether a claim ...
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SEBI to regulate online bond trading platforms
Legal Updates - 25 Jul 2022
The Securities and Exchange Board of India (“SEBI”) has proposed to regulate activities undertaken by online bond trading platforms (“Bond Platforms”) that sells debt bonds to investors, primarily comprising retail and non-institutional buyers. SEBI has proposed and invited recommendations on the following: 1)   The Bond Platforms should register as stock-brokers (debt segment) with SEBI or be run by S...
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Shortlist announced - Women in Business Law APAC Awards 2022
Article - 21 Jul 2022
Published by EuromoneyClick here to view article in Published website.Smrithi Nair (Partner) have been shortlisted as a Finalist for the category of "Rising Star of the Year - APAC" in the 2022 edition of "Women in Business Law Awards 2022 - APAC" by Euromoney ...
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RBI notification on International Trade Settlement in Indian Rupees
Legal Updates - 14 Jul 2022
With a view to promote growth of global trade, the Reserve Bank of India (“RBI”)hasissued a notification on International Trade Settlement in Indian Rupees (“INR”) dated 11th July 2022 (“Notification”). Some of the key highlights of the Notification are as follows: 1)   Invoicing and exchange rate: All exports and imports under the arrangement may be denominated and invoiced in INR and the...
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Antwalk’s $7.5 Million Funding Round
Article - 11 Jul 2022
Published by Global Legal ChronicleClick here to view article in Published website. Antwalk’s $7.5 Million Funding Round View all posts by Maha Kanaan                                             &n...
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Liberalisation of Forex Flows
Legal Updates - 08 Jul 2022
In order to further diversify and expand the sources of forex funding so as to mitigate volatility and dampen global spillovers, RBI has taken certain measures as recorded in its recent press release. Key Measures- 1)       ECB (a)      The maximum cap on ECB borrowing has been temporarily increased to US$ 1.5 billion per financial year for an eligible borrower. (b)&nb...
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ALB India Top TMT FINTECH Lawyers 2022
Article - 07 Jul 2022
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Podcast
Insights - 23 Jun 2022
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Electricity dues pre-CIRP and during CIRP falls under the realm of section 53 of IBC and cannot be claimed from the Successful Auction Purchaser
Legal Updates - 22 Jun 2022
The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) in the matter of Eastern Power Distribution Company of Andhra Pradesh Limited Vs. Maithan Alloys Limited & Ors. Company Appeal (AT) Insolvency No. 961 of 2021, 26th May 2022 answered that wherein a corporate debtor is sold as a going concern as per Liquidation Process Regulations, 2016 under Insolvency and Bankruptcy Code (“IBC/Code”), the ...
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Sustainability-linked derivatives: will India be a world leader in the next stage of green finance?
Article - 22 Jun 2022
Published by International Bar AssociationClick here to view article in Published website ...
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Amendment to the Companies (Appointment and Qualification of Directors) Rules, 2014 and the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016
Legal Updates - 16 Jun 2022
The Ministry of Corporate Affairs (“MCA”) has recently notified the following amendments to the existing rules: (a)   Vide its notification dated 10th June 2022, MCA notified the Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022 (“Director Appointment Amendment Rules”) to further amend the Companies (Appointment and Qualification of Directors) Rules, 2014 which now al...
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Draft IM Norms released for derivatives in India!
Legal Updates - 16 Jun 2022
The Reserve Bank of India (“RBI”) has issued draft directions prescribing guidelines for exchange of initial margin for Non-Centrally Cleared OTC Derivatives for feedback. Last date for comments is 29th July 2022. RBI had issued Variation Margin norms earlier this month. https://rbidocs.rbi.org.in/rdocs/Content/PDFs/NCCD16062022A3A46AB3058142BCB6D957DD060573F2.PDF For any further information, please contact Ms. Smri...
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Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading Advertisements, 2022 (“Guidelines”)
Legal Updates - 14 Jun 2022
The Central Consumer Protection Authority (“CCPA”) under the Department of Consumer Affairs has notified the Guidelines to curb misleading advertisements and protect the consumers, who may be exploited or affected by such advertisements. The Guidelines seek to ensure that consumers are not being fooled with unsubstantiated claims, exaggerated promises, misinformation, and false claims. The Guidelines can be accessed at htt...
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Aviation Sector Update
Legal Updates - 03 Jun 2022
Juris Corp is delighted to share with you the Aviation Sector Update, which aims to capture some of the recent legal developments in this area. To read further click here - Aviation Sector Update We trust you will find this a useful read. As always, we welcome your comments and feedback. Should you have any questions / require clarifications, please feel free to reach out to us at contactus@jclex.com. ...
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VM Norms - A Snapshot!
Legal Updates - 02 Jun 2022
The Reserve Bank of India issued Variation Margin norms yesterday after a long wait. Please click the link below for the snapshot of the Norms. https://www.jclex.com/uploads/Note%20on%20VM%20Direction.pdf For any further information, please contact Ms. Smrithi Nair (smrithi.nair@jclex.com) or Ms. Aashka Shah (aashka.shah@jclex.com). ...
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Insurance product approvals made easy
Legal Updates - 02 Jun 2022
The Insurance Regulatory and Development Authority of India (“IRDAI”), vide its press release dated 1st June 2022, has extended the ‘Use and File’ procedure for all the health insurance products and almost all the general insurance products in line with the reform agenda taken up towards having a fully insured India. This is a stepping-stone towards improving the ease of doing business in the insurance sector by ...
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VM Norms released for derivatives in India!
Legal Updates - 01 Jun 2022
The Reserve Bank of India (“RBI”) has published the Variation Margin Directions 2022 for non-centrally cleared derivatives. The same will be effective from 1st December 2022. https://rbidocs.rbi.org.in/rdocs/notification/PDFs/93MDVARIATIONMARGIN29E1715A212F48B89160C223B91ABF74.PDF For any further information, please contact Ms. Smrithi Nair (smrithi.nair@jclex.com) or Ms. Aashka Shah (aashka.shah@jclex.com). ...
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Claim arising out of Recovery Certificate obtained under the RDB Act, is a ‘financial debt’
Legal Updates - 01 Jun 2022
The Supreme Court in Kotak Mahindra Bank Limited vs A. Balakrishnan & Anr. [Civil Appeal No. 689 of 2021], has held that, a claim, which has been duly adjudicated upon, and culminated into a final judgment, pursuant to which, a recovery certificate (“Recovery Certificate”) has been issued by the Debt Recovery Tribunal (DRT) under the Recovery of Debts and Bankruptcy Act, 1993 (“RDB Act”), shall fall within th...
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Sustainability linked derivatives as the next stage of green finance: Will India lead the world?
Article - 31 May 2022
Published by International Bar AssociationClick here to view article in Published website ...
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Parallel audit under RBI circular and the Insolvency and Bankruptcy Code – NCLT Kolkata
Legal Updates - 30 May 2022
The National Company Law Tribunal, Kolkata (“NCLT/Adjudicating Authority”) in the matter of Reserve Bank of India v SREI Infrastructure Finance Limited, CP (IB) No.295/KB/2021 has held the audit under the RBI circular and the audit under the IBC operate in different fields and are for different purposes. There is no conflict or repugnancy to attract the non-obstante clause in section 236 of the Insolvency and Bankruptcy Code...
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Shriram Transport Finance Company Limited’s Debt Funding Round
Article - 25 May 2022
Published by Global Legal ChronicleClick here to view article in Published website. Shriram Transport Finance Company Limited’s Debt Funding Round View all posts by Maha Kanaan                                         ...
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Ashv Finance’s Non-convertible Debentures Offering
Article - 17 May 2022
Published by Global Legal ChronicleClick here to view article in Published website. Ashv Finance’s Non-convertible Debentures Offering View all posts by Maha Kanaan                                           ...
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Quadrillion Finance’s Non-convertible Debentures Offering
Article - 17 May 2022
Published by Global Legal ChronicleClick here to view article in Published website. Quadrillion Finance’s Non-convertible Debentures Offering View all posts by Maha Kanaan                                          ...
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Arman Financial Services Limited’s Non-convertible Debentures Private Placement
Article - 13 May 2022
Published by Global Legal ChronicleClick here to view article in Published website. Arman Financial Services Limited’s Non-convertible Debentures Private Placement View all posts by Maha Kanaan                                      &...
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Contours of the Group of Companies Doctrine needs to be settled by a larger bench - Supreme Court of India
Legal Updates - 11 May 2022
The Hon’ble Supreme Court of India (“SC”), in the matter of Cox and Kings Limited V. SAP India Private Limited & Anr. Civil Appeal No. 80 of 2020 decided on 6th May 2022 took note of the inconsistencies in terms of the judicial pronouncements for the ‘Group of Companies Doctrine’ (“Doctrine”) and referred the said issue to a larger bench. This Doctrine has been invoked in arbitrations to ei...
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Analysis of the New Cybersecurity Directions
Legal Updates - 09 May 2022
The Indian Computer Emergency Response Team (“CERT-IN”) released a new set of Directions on 28th April 2022 (”Directions”) under Section 70B(6) of the Information Technology Act, 2000, relating to information security practices, procedure, prevention, response and reporting of cyber security incidents, a step towards safe & trusted internet ecosystem in India. We are delighted to share with you the analysis ...
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Government issues new cyber security guidelines
Legal Updates - 05 May 2022
With the view to augment and strengthen the cyber security in India, the Indian Computer Emergency Response Team (“CERT-In”), the functional organization of the Ministry of Electronics and Information Technology (“MeitY”), on 28th April 2022, issued “Directions” under Section 70B (6) of the Information Technology Act, 2000 relating to information security practices, procedure, prevention, response and...
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JM Financial Products Limited’s NCDs Offering
Article - 04 May 2022
Published by Global Legal ChronicleClick here to view article in Published website. JM Financial Products Limited’s NCDs OfferingView all posts by Maha Kanaan                                            &...
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Non-individual borrowers to obtain LEI Codes
Legal Updates - 29 Apr 2022
The Reserve Bank of India (“RBI”) has, vide a notification issued in April 2022, amended the existing guidelines on Legal Entity Identifier (“LEI”) as follows: 1)   The guidelines shall be extended to Primary (Urban) Co-operative Banks and Non-Banking Financial Companies. 2)  Further, non-individual borrowers, having aggregate exposure of INR 50,000,000/- or above from Scheduled Commercial Banks ...
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Lendingkart Finance’s Non-convertible Debentures Offering
Article - 29 Apr 2022
Published by Global Legal ChronicleClick here to view article in Published website. Lendingkart Finance’s Non-convertible Debentures OfferingView all posts by Maha Kanaan                                          &...
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SOP for filing cases arising from regulatory functions of MahaRERA
Legal Updates - 28 Apr 2022
The Maharashtra Real Estate Regulatory Authority (“MahaRERA”), vide its Order dated 25th April 2022 issued the Standard Operating Procedure (“SOP”) for filing cases arising from regulatory functions of MahaRERA. Regulatory matters that may take the form of adversarial litigation shall be filed along with an affidavit in the manner as detailed in the SOP. Order no 29.pdf (mahaonline.gov.in) For any further info...
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MAH Amnesty Scheme - Reduction in stamp duty penalties!
Legal Updates - 26 Apr 2022
The Government of Maharashtra, Revenue and Forests Department has published a recent order with respect to reduction in the penalty payable on the deficient portion of stamp duty on the instruments in Maharashtra (“Order”). The key highlights of the Order are: 1)       A waiver of 90% of the penalty during the period 1st April 2022 to 31st July 2022 and 50% waiver of the penalty during th...
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Birla Corporation Limiteds Debt Funding Round
Article - 20 Apr 2022
Published by Global Legal ChronicleClick here to view article in Published website. Birla Corporation Limited’s Debt Funding RoundView all posts by Maha Kanaan                                            ...
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Asia Super 50 Disputes Lawyers 2022
Article - 14 Apr 2022
Published by Asian Legal BusinessClick here to view article in Published website. ...
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SEBI’s adopts blockchain for monitoring charged assets!!!
Legal Updates - 06 Apr 2022
Every issuer, issuing listed non-convertible securities will now be required to procure a 12-digit unique alphanumeric identity code (“Unique ID”) for the assets that are being offered as security (i.e. the assets on which the charge is created) from the depository while making an application for obtaining the international securities identification number (“ISIN”). Salient features of adoption of Distributed Le...
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Union Budget 2022 - Improving access to Finance
Article - 04 Apr 2022
Published http://online.flipbuilder.com/Click here article in Published website ...
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SEBIs clarifications on new norms for RPTs comes into effect from April 1, 2022
Legal Updates - 31 Mar 2022
Based on the representations received from listed entities and industry bodies, SEBI has issued clarifications and guidance for smooth implementation of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) vide its Circular No. SEBI/HO/CFD/CMD1/CIR/P/2022/40 dated March 30, 2022, which is addressed to: (a) all entities that have listed their specified securities; ...
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Link Legal And Juris Corp Lead SarvaGram Debt Funding by Vivriti Asset Management
Article - 31 Mar 2022
Published by BW Legal WorldClick here to view article in Published website Link Legal And Juris Corp Lead SarvaGram Debt Funding by Vivriti Asset Management Vivriti Asset Management (part of Vivriti Group) is a debt fund manager to fixed-income funds that invest in enterprises, backed by fundamental research and sectoral view.     31 March, 2022 by BW Online Bureau     Link Legal...
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Stamp duty on arbitration agreement to be decided basis place of ‘execution’
Legal Updates - 23 Mar 2022
The Hon’ble High Court of Delhi (“HC”) in batch matters of Religare Finvest Limited Vs. Asian Satellite Broadcast Private Limited and Ors. Arb. A. (Comm.) 6/2021 vide order dated 10th January 2022 has held that for a document to be amenable to Maharashtra Stamp Act (“MSA”) it has to be executed within the territorial boundaries of the state of Maharashtra in terms of sections 2(d) and 2(i) of MSA. The brie...
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Roopjyot Engineering’s Appeal Proceedings Before NCLAT
Article - 07 Mar 2022
Published by Global Legal ChronicleClick here to view article in Published website. Roopjyot Engineering’s Appeal Proceedings Before NCLAT March 7, 2022 Maha Kanaan Tagged: Dhruv Malik Juris Corp Mannat Sabharwal Roopjyot Engineering Sharmistha Ghosh Shubhabrata Chakraborti Sumitava Basu Juris Corp represented and advised Roopjyot Engineering and other secured non-convertible debenture holders, in the proceeding...
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RBI Reforms the Framework on Loan Sales - Published with Legal 500
Article - 03 Mar 2022
Published by Legal 500Click here to view article in Published website. Continuous growth of a robust secondary market and creation of additional avenues for raising liquidity have been the key requirements of the Indian loan market. To achieve this, the Reserve Bank of India (“RBI”) has rolled out the Master Directions – RBI (Transfer of Loan Exposures) Directions, 2021[1] (“Master Directions”) on 24t...
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ALB INDIA RISING STARS 2022
Article - 24 Feb 2022
Published by Asian Legal BusinessClick here to view article in Published website. Shubhabrata Chakraborti (Partner) and Ankit Sinha (Partner) have been featured in the coveted Asian Legal Business India Rising Stars 2022 list as one of the ‘Most Accomplished Young Lawyers’ below the age of 40. ...
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Master Circular - Housing Finance
Legal Updates - 22 Feb 2022
RBI has issued an updated master circular consolidating the rules and regulations relating to housing finance. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12243&Mode=0 For any further information, please contact Mr. Ankit Sinha (ankit.sinha@jclex.com), Mr. Saurabh Sharma (saurabh.sharma@jclex.com), Ms. Rupul Jhanjee (rupul.jhanjee@jclex.com) or Ms. Teza Jose (teza.jose@jclex.com). ...
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Important update on Corporate Social Responsibility (“CSR”), and introduction of Form CSR-2 by the MCA
Legal Updates - 17 Feb 2022
To bring transparency on Corporate Social Responsibility (“CSR”), the MCA vide its notification dated February 11, 2022 has notified Companies (Accounts) Amendment Rules, 2022 which have come into force from February 11, 2022. Every company under Section 135(1) would have to furnish a report on CSR in E-Form CSR-2 to the Registrar of Companies for the preceding financial year 2020-2021 and onwards as an addendum to Form AOC-...
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Juris Corp advised in relation to the issue of NCDs aggregating to INR 225 crores by Hella Infra Market Private Limited
Article - 17 Feb 2022
Published by BW Legal WorldClick here to view article in Published website The Juris Corp team comprised of Apurva Kanvinde (Partner) and Smit Parekh (Associate) 17 February, 2022 by BW Online Bureau   Juris Corp acted as the transaction legal counsel in relation to the issue of senior, secured, rated, unlisted, guaranteed redeemable non-convertible debentures aggregating to an amount of INR 100 crores with a ...
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Shriram Transport Finance Company Limited’s Non Convertible Debentures Offering
Article - 11 Feb 2022
Published by Global Legal ChronicleClick here to view article in Published website. Shriram Transport Finance Company Limited’s Non Convertible Debentures Offering     Juris Corp advised Shriram on the deal. Shriram Transport Finance Company Limited executed a INR 525 crores non-convertible debentures offering. Shriram Transport Finance Company (STFC) is India’s largest playe...
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New CDS Directions issued!
Legal Updates - 10 Feb 2022
Reserve Bank of India has issued the Master Direction on Credit Default Swaps (“CDS Directions”). The CDS Directions will govern the transactions undertaken in over-the-counter derivatives and recognised stock exchanges. The CDS Directions will be in effect from 9th May 2022 and will be in supersession of Guidelines on Credit Default Swaps (CDS) for Corporate Bonds issued in 2013. Early last year draft directions on the s...
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Offshore FCY Settled INR derivatives market - now accessible to Indian Banks
Legal Updates - 10 Feb 2022
Indian Banks are now permitted to undertake transactions in the offshore foreign currency settled Overnight Indexed Swap (FCS-OIS) market with non-residents and other market makers. Banks can enter into these transactions through their Indian branches, foreign branches or their IBU branches. Accordingly, the Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019 has been updated. https://www.rbi.org.in/Scripts/Notificat...
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Consolidated Guidelines for ARCs
Legal Updates - 10 Feb 2022
The RBI has issued the Master Circular - Asset Reconstruction Companies (ARCs) (“Master Circular”). The Master Circular consolidates all current instructions/guidelines pertaining to ARCs. 154MCASSETRECONSTRUCTIONE00512D59CB949929BAC4484415667C3.PDF (rbi.org.in) For any further information, please contact Mr. Ankit Sinha (ankit.sinha@jclex.com), Mr. Saurabh Sharma (saurabh.sharma@jclex.com), Ms. Rupul Jhanjee (rupul.jhanje...
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Singh partner joins Juris Corp
Press Release - 10 Feb 2022
 Published by India Business Law Journal Click here to access the Published article. Neeraj Dubey, formerly a partner at Singh & Associates, has joined Juris Corp as a partner at its Bengaluru office. With more than 17 years of experience, Dubey specialises in contract drafting, reviewing and negotiations, IT law, intellectual property rights, ethics and compliance, employment and labour, environment, healt...
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Superiority of Secured Creditor’s Rights vis-à-vis Revenue’s Right to Recover Tax Dues
Insights - 09 Feb 2022
Published by Taxsutra The Revenue and Secured Creditors have always been on loggerheads, which has led to numerous judgments being passed by the Courts endeavoring to address and clarify this debacle from time to time. Recently, in a matter before the Division Bench of Bombay HC wherein Revenue had attached one of the secured assets of the borrower prior to the initiation of action under SARFAESI Act, HC upheld the righ...
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Indian banks struggling to make gains from close-out netting law
Article - 08 Feb 2022
Published by Risk.netClick here to view article in Published website.Expert Comment by Jayesh H & Smrithi Nair Indian banks struggling to make gains from close-out netting law Lawyers say undocumented derivatives trades hinder the audit trail needed to secure capital benefitsBernadette Lee 08 Feb 2022 Banks in India are failing to set up the correct procedures to benefit from close-out netting of derivatives, say lawyers. ...
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Secured Overnight Financing Rate (“SOFR”) in Arrears or Term? - Published with Legal 500
Article - 07 Feb 2022
Published by Legal 500Click here to view article in Published website. Background SOFR is a risk-free reference rate (“RFR”) selected as the rate for usage in certain United States Dollar (“USD”) derivatives and other financial contracts, by the Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve Bank of New York (“NY Fed”) in the year 2017. It is the preferred al...
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Sectoral Impact Analysis : Union Budget 2022
Legal Updates - 04 Feb 2022
Pursuant to the 6 minute sectoral analysis snippet video, we are pleased to share the detailed “Sectoral Impact Analysis of the Union Budget 2022”. We have endeavoured to provide a simplified yet lucid version of the analysis. To read further click here - Sectoral Impact Analysis Union Budget 2022 We trust you will find this a useful read. As always, we welcome your comments and feedback. Further, for your ease of re...
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RP not authorised to compel financial institution to continue non-fund-based facility during CIRP - NCLAT
Legal Updates - 04 Feb 2022
Section 17 (1) (d) of the Insolvency and Bankruptcy Code, 2016 (“IB Code”) does not authorise Resolution Professional (“RP”) to compel the financial institution for maintaining the accounts of the corporate debtor (“CD”) to continue the non-fund based facility (“NFB facility”) comforted by Bank Guarantee. The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) made th...
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Approved Resolution Plan not a confidential document – NCLAT
Legal Updates - 03 Feb 2022
A Resolution Plan after its approval by the Adjudicating Authority is no longer a confidential document, so as to deny access to a claimant having a genuine claim or interest. The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) made this observation vide its order dated 20th January 2022 in the matter of Association of aggrieved Workmen of Jet Airways (India) Ltd. v. Jet Airways (India) Ltd. and Ors. while hear...
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Important update on e-filing for LLP on MCA Portal
Legal Updates - 02 Feb 2022
As part of Government of India’s Ease of Doing Business’ initiative, the Ministry of Corporate Affairs has recently notified that it is launching a new way of e-filing for LLP on the MCA portal. All LLP filings going forward will be web based. This application is proposed to be launched on March 6, 2022, at 12:00 AM. LLP e-filings on MCA portal will be disabled from February 25, 2022, 12:00 AM. Therefore, all stakeholders ar...
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Impact analysis on Banking & Finance and IB Code : Union Budget 2022
Legal Updates - 02 Feb 2022
We are pleased to share the “Impact analysis of the Budget 2022 in Banking & Finance and on the Insolvency & Bankruptcy Code” of the various measures as announced by the Finance Minister Ms. Nirmala Sitharaman yesterday, when unveiling the Union Budget 2022. We have endeavoured to provide a simplified yet lucid version of the analysis. To read further click on the link -  Union Budget 2022 - Impact on Bank...
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Sectoral analysis snippet in 6 minutes : Union Budget 2022
Legal Updates - 02 Feb 2022
The Union Budget 2022 as tabled on 1st February 2022, presented a host of measures for a number of sectors, aimed at boosting growth amid high and rising inflation. We are pleased to share a snippet on the “Impact of the Budget 2022 across sectors” in 6 efficient minutes. Click on the link to hear what the experts have to say – http://www.jclex.com/displayArticle.php?conid=172 Stay tuned for the detailed analysis of t...
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TO BE OR NOT TO BE: An Assessment of a Pathological Arbitration Clause - Published with Legal 500
Article - 02 Feb 2022
Published by Legal 500Click hereto view article in Published website. The Hon’ble High Court of Delhi, placing reliance on a catena of judgments, has reiterated that the main attribute of an arbitration agreement is consensus ad idem to refer the disputes to arbitration. In the matter of “Sapna Gupta v. Ajay Kumar Gupta & Ors[1].”, it has been held that in case the same is missing, it is not an arbitration agreeme...
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Juris Corp Budget 2022 Expert Comment
Insights - 02 Feb 2022
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Key Highlights: Union Budget 2022
Legal Updates - 01 Feb 2022
The Finance Minister Ms. Nirmala Sitharaman unveiled the Union Budget 2022 earlier today, one that is focussed mainly on the four pillars of a long-term development plan and laid down PM Gati Shakti, namely, inclusive development, productivity enhancement and investment, sunrise opportunities, energy transition and climate action, all-inclusive in the priority areas to boost the economy for the next 25 years. There were a host of measu...
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Experts react to Budget 2022-23 proposals !
Insights - 01 Feb 2022
Published by LawStreetIndia   ...
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New Directives on Securitisation of Standard Assets – Revamping the Securitisation Landscape? - Published with Legal 500
Article - 01 Feb 2022
Published by The Legal 500Click here to view article in Published website The Reserve Bank of India (“RBI”) on 24th September 2021, issued the Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021 (“Master Directions”). These Master Directions repeal the existing RBI guidelines on securitisation of standard assets. The Master Directions apply to the following entities: all Scheduled...
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Proceeds from avoidance transactions must enure to the benefit of company’s creditors: NCLAT
Article - 29 Jan 2022
The outcome of the avoidance transactions under Section 66 of the I&B Code, 2016 (“Code”) cannot be given to the successful resolution applicant (“SRA”) and it must go to the company's creditors as per the prevailing practice in other countries such as US, UK. In other words, there should not be any unjust enrichment at the cost of lakhs of creditors of the company whose money has been defrauded by the Corpor...
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Budget Special : Key Sectoral Expectations from Union Budget 2022
Insights - 28 Jan 2022
Published by LawStreetIndiaClick here to access the Published article.   ...
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Maha Stamp Act - Increase in Cap
Legal Updates - 24 Jan 2022
Maharashtra State Legislature has brought changes in Maharashtra Stamp Act, 1958 vide the following amendment Acts. Maharashtra Stamp (Amendment) Act, 2021Key change- Cap on stamp duty in respect of security documents has been increased from INR 10 Lakh to INR 20 Lakh. In case of security being in favour of consortium of banks the same has been set at INR 50 Lacs. Maharashtra Stamp (Second Amendment and Validation) Act, 2021Key chang...
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Claims of the IT Department for the period covered by the resolution plan would stand extinguished - High Court of Telangana
Legal Updates - 24 Jan 2022
The High Court of Telangana, Hyderabad (“HC”) in the matter of The Sirpur Paper Mills Limited & Another Vs. Union of India & Two Others W.P. No. 25827 of 2019 vide order dated 18th January 2022 held that once a resolution plan is approved by the adjudicating authority (“AA”), all claims or dues owed to the State/Central Government or any local authority including the tax authorities who were not part of t...
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Regulatory Requirements-Factors
Legal Updates - 19 Jan 2022
RBI has made regulations pertaining to registration requirements for the  companies intending to undertake factoring business. https://egazette.nic.in/WriteReadData/2022/232690.pdf For any further information, please contact Mr. Ankit Sinha (ankit.sinha@jclex.com), Mr. Saurabh Sharma (saurabh.sharma@jclex.com), Ms. Rupul Jhanjee (rupul.jhanjee@jclex.com) or Ms. Teza Jose (teza.jose@jclex.com). ...
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Registration by TReDS
Legal Updates - 19 Jan 2022
RBI has made regulations relating to manner and timeline with respect to filing of particulars of trade receivable financing transactions by the Trade Receivable Discounting System (TReDS) on behalf of Factors with the Central Registry. https://egazette.nic.in/WriteReadData/2022/232698.pdf For any further information, please contact Mr. Ankit Sinha (ankit.sinha@jclex.com), Mr. Saurabh Sharma (saurabh.sharma@jclex.com), Ms. Rupul ...
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Delay in Occupation Certificate may prove costly
Legal Updates - 13 Jan 2022
By a recent judgement, the Hon’ble Supreme Court of India (“SC”) has observed that the failure of a developer to obtain occupancy certificate is a deficiency in service under Consumer Protection Act, 1986. The SC observed that the flat purchasers are well within their rights as ‘consumers’ to pray for compensation as recompense for the consequent liability such as payment of higher taxes and water charges ...
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Juris Corp Advised In Relation To The Issue Of NCDs By Kinara Capital
Article - 12 Jan 2022
Published by BW Legal WorldClick here to view article in Published website The NCDs were secured by a first ranking exclusive hypothecation over the receivables of the Issuer meeting certain eligibility criteria as agreed between the parties. 12January, 2022by BW Online Bureau Print this articleFont size -16+ Juris Corp acted as the transaction counsel in relation to the issue of secured, unliste...
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Updated norms on Bank Finance to NBFCs
Legal Updates - 07 Jan 2022
RBI has issued an updated master circular on bank financing to Non-Banking Financial Companies (“NBFCs”) consolidating regulations regarding financing of NBFCs by banks. This master circular is replacing the master circular issued by the RBI in 2015 (“2015 Master Circular”) on the captioned. Some key changes are as follows: 1)   It has been clarified that Housing Finance Companies (“HFCs”)...
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SEBI approves sub-category of funds to invest in stressed assets
Legal Updates - 04 Jan 2022
A new category under Category I Alternative Investment Funds (“AIFs”) i.e. Special Situation Funds (“SSF”) is proposed to be introduced to permit such funds to invest in stressed assets. Following are some of the key features proposed to be introduced: (a)      Minimum Corpus of an SSF:  INR 100 crores; (b)      Minimum investment: INR 10 cro...
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Ongoing settlement cannot be a basis to reject petition under IBC - Supreme Court
Legal Updates - 20 Dec 2021
The Adjudicating Authority (“AA”) cannot simply dismiss a petition under section 7 of the Insolvency & Bankruptcy Code, 2016 (“IBC”),on the basis that the corporate debtor has initiated the process of settlement with the financial creditors, held by the Hon’ble Supreme Court of India, in the matter of E S Krishnamurthy & Ors. Vs. M/s Bharath Hi Tech Builders Pvt. Ltd. Civil Appeal No. 3325 of 2020 o...
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ISDA’s new protocol covering MIFOR is out!
Legal Updates - 17 Dec 2021
The International Swaps and Derivatives Association, Inc. (“ISDA”) has been at the forefront of benchmark reforms having published the fallbacks for certain key Inter-Bank Offered Rates by way of (a) the ISDA 2020 IBOR Fallbacks Protocol (incorporating fallbacks into legacy trades); and (b) Supplement number 70 to the ISDA 2006 Definitions (providing fallbacks for new transactions).  In furtherance to its efforts,...
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Svamaan Financial Services Private Limiteds Non-convertible Debentures Offering
Article - 15 Dec 2021
Published by Global Legal ChronicleClick here to view article in Published website.   December 15, 2021 Maha Kanaan Tagged: Apurva Kanvinde Jui Masurekar Juris Corp Smit Parekh Svamaan Financial Services Juris Corp advised Svamaan Financial Services Private Limited on the deal.Svamaan Financial Services Private Limited issued non-convertible debentures, aggregating to an amount of INR 33 crores (approx. $4.35 mil...
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Birla Corporation’s Non-convertible Debentures Offering
Article - 14 Dec 2021
Published by Global Legal ChronicleClick here to view article in Published website. Birla Corporation’s Non-convertible Debentures Offering   December 14, 2021 Maha Kanaan Tagged: Apurva Kanvinde Birla Corporation Jui Masurekar Juris Corp Smit ParekhJuris Corp advised Birla Corporation on the deal.Birla Corporation Limited issued secured, unlisted, rated, redeemable non-convertible debentures on a private...
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India - Extension Of Period To Hold EGMs And AGMs Through Video Conferencing Or Other Audio-Visual Means
Article - 14 Dec 2021
Published by Mondaq Click here to view article in Published website. 14 December 2021 by Neeraj Dubey , Apurva Kanvinde and Sumitava Basu Juris Corp   The Ministry of Corporate Affairs (“MCA”) had previously allowed companies to hold extra-ordinary general meetings (“EGMs”) and annual general meetings (“AGMs”) through video conferencing (“VC”) or other au...
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Kanakadurga Finance Limiteds Non Convertible Debunters Offering
Article - 13 Dec 2021
Published by Global Legal ChronicleClick here to view article in Published website. Kanakadurga Finance Limited’s Non Convertible Debunters Offering   December 13, 2021 Maha Kanaan Tagged: Apurva Kanvinde Jui Masurekar Juris Corp Kanakadurga Finance Limited megadeals Smit Parekh Juris Corp advised Kanakadurga Finance Limited on the deal.Kanakadurga Finance Limited executed the issuance of rated, listed, ...
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Adani Capital Private Limited’s Non-convertible Debentures Offering
Article - 13 Dec 2021
Published by Global Legal ChronicleClick here to view article in Published website. Adani Capital Private Limited’s Non-convertible Debentures Offering Juris Corp advised Adani Capital Private Limited on the deal. Adani Capital Private Limited issued rated, unlisted, unsecured subordinate debt eligible for Tier II capital, redeemable non-convertible debentures aggregating to an amount of INR 35 cro...
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Extension of period to hold EGMs and AGMs through Video Conferencing or Other Audio-Visual Means
Legal Updates - 10 Dec 2021
The Ministry of Corporate Affairs (“MCA”) had previously allowed companies to hold extra-ordinary general meetings (“EGMs”) and annual general meetings (“AGMs”) through video conferencing (“VC”) or other audio-visual means (“OAVMs”). The MCA has now, vide the circulars dated 8th December 2021 further extended the period for companies to hold their EGMs and AGMs that are due in...
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Changes in pricing of ECBs and TCs in light of the LIBOR transition
Legal Updates - 08 Dec 2021
The Reserve Bank of India (“RBI”) has, vide its notification titled ‘External Commercial Borrowings (ECB) and Trade Credits (TC) Policy – Changes due to LIBOR transition’ dated 8th December 2021, made the following changes to the all-in-cost (“AIC”) benchmark and ceiling for foreign currency denominated (“FCY”) external commercial borrowings (“ECBs”) and trade credits (&l...
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Infusion of capital and retention / repatriation / transfer of profits by Indian banks
Legal Updates - 08 Dec 2021
In order to provide greater operational flexibility, it has been decided that prior Reserve Bank of India approval for: (a) infusion of capital in their overseas branches and subsidiaries; and (b) retention of profits in, and transfer or repatriation of profits from these overseas centres, shall not be required by banks which meet the regulatory capital requirements (including capital buffers). Instead, the banks shall seek approval of...
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Neeraj Dubey joins Juris Corp as Partner from Singh & Associates
Press Release - 07 Dec 2021
Published by Bar and BenchClick here to access the Published article. Neeraj Dubey joins Juris Corp as Partner from Singh & Associates Dubey will be joining the firm's Bengaluru office. Neeraj Dubey - Juris Corp Bar & Bench Published on :  07 Dec, 2021, 3:43 pm Former Partner at Singh & Associates Neeraj Dubey has joined Juris Corp as a Partner in its Bengaluru office. Dubey is a 2004 graduate of Facul...
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Entire resolution process to be completed within 330 days: SC
Legal Updates - 06 Dec 2021
The entire resolution process has to be completed within the period stipulated under Section 12 of the I&B Code, 2016 (“Code”), being 330 days, and any deviation would defeat the object and purpose of providing such time limit. This has been held by the Hon’ble Supreme Court of India vide its judgment dated 1st December 2021 in the matter ofCoC of Amtek Auto Ltd. through Corporation Bank vs. Dinkar T. Venkatsubram...
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S. 8(2) IBC: Pre existing dispute has to be real and decipherable from reply issued to operational creditor
Legal Updates - 06 Dec 2021
The pre-existing dispute which may be ground to thwart an application under Section 9 of the I&B Code, 2016 (“Code”)has to be a real dispute, a conflict or controversy. Such conflict of claims or rights should be apparent from the reply to Demand Notice as contemplated by Section 8(2) of the Code. Essentially meaning that the Corporate Debtor is not to raise bogie of disputes but there has to be a real substantial disput...
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Bharti AXA Life Insurance Companys Pre IPO Investment in a SFB
Article - 02 Dec 2021
Published by Global Legal ChronicleClick here to view article in Published website. Bharti AXA Life Insurance Company’s Pre-IPO Investment in a SFB   Juris Corp advised Bharti AXA Life Insurance Company Limited in the deal. Bharti AXA Life Insurance Company Limited, a leading life insurance company on its pre-initial public offer investment investment in a small finance bank (SFB), regulated by the Reserve...
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Supersession of the Board of Directors and Appointment of Administrator – Reliance Capital Limited (“RCAP”)
Legal Updates - 29 Nov 2021
The Reserve Bank of India (“RBI”) has, in its capacity as the regulator of non-banking financial companies and under the powers conferred to it pursuant to Section 45-IE (1) of the Reserve Bank of India Act, 1934 (“RBI Act”), superseded the Board of Directors of RCAP (“Board”). The press release of even date from the RBI also stipulates the following: 1)   The step has been taken owing to ...
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Note of caution to the NCLT and NCLAT regarding interference with a party’s contractual right to terminate a contract
Legal Updates - 26 Nov 2021
The Hon’ble Supreme Court of India (“SC”) has held that National Company Law Tribunal (“NCLT”) cannot exercise its residuary jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to adjudicate upon the contractual dispute between the parties. The National Company Law Appellate Tribunal (“NCLAT”) had earlier upheld the order of the NCLT whic...
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Indias Securities and Exchange Board amends norms to boost IPO market
Article - 25 Nov 2021
Published by International Bar AssociationClick here to view article in Published website. Apurva KanvindeJuris Corp, Mumbai​​​​apurva.kanvinde@jclex.com Smit ParekhJuris Corp, Mumbai​​​​​​​smit.parekh@jclex.com After the Indian equity capital markets plunged in 2020 due to the pandemic, the year 2021 has seen an upward curve. The market regulator, the Securities and Exchange Board of India (SEBI), has made...
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Report on Digital Lending
Legal Updates - 23 Nov 2021
Reserve Bank of India (“RBI”) has issued its working group report on digital lending including lending through online platforms and mobile apps last week. The thrust of the report has been on enhancing customer protection and making the digital lending ecosystem safe and sound while encouraging innovation. Key Recommendations: (a)   Subjecting the Digital Lending Apps to a verification process by a nodal agency t...
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Clarifications regarding IRAC norms
Legal Updates - 17 Nov 2021
Reserve Bank of India has issued clarifications on prudential norms on income recognition, asset classification and provisioning pertaining to advances. Key clarifications: A. Specification of due date/repayment date: The loan agreements shall mention the exact due dates for repayment, break-up between principal and interest, examples of SMA/NPA classification, and the commencement of repayment date in case of moratorium (if any). In...
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Integrated Ombudsman Scheme, 2021 issued.
Legal Updates - 17 Nov 2021
The Reserve Bank of India has issued an Integrated Ombudsman Scheme (“Scheme”) vide notification dated 12th November 2021. The Scheme will come into force with immediate effect. The Scheme integrates the following: (i)        the Banking Ombudsman Scheme, 2006 as amended up to July 01, 2017; (ii)       the Ombudsman Scheme for Non-Banking Financial Companies...
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India: Suo Moto Extension Of Limitation Period In All Proceedings Ends On 02.10.2021 - Supreme Court
Article - 16 Nov 2021
Published by MondaqClick here to view article in Published website.   India: Suo Moto Extension Of Limitation Period In All Proceedings Ends On 02.10.2021 - Supreme Court 16 November 2021 by Shubhabrata Chakraborti and Dhruv Malik Juris Corp     The Supreme Court of India ("SC") vide its order dated 23.09.2021 has recalled the suo motu order of 27.04.2021, which had ex...
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NCLT cannot give time to Corporate Debtor to repay debt once its satisfied that default has occurred, and debt is due - NCLAT
Legal Updates - 15 Nov 2021
The National Company Law Appellate Tribunal, Chennai (“NCLAT”) set aside the decision of the National Company Law Tribunal, Bengaluru (“NCLT”) whereby the NCLT had held that the Respondent/Corporate Debtor had sufficient income and assets to repay its debt and therefore could not be termed as ‘Insolvent’. This was held in the matter of Drip Capital Inc. vs. Concord Creations (India) P. Ltd. (Company ...
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Raising new grounds to set aside Arbitral Award permissible in appeal filed under section 37 – Supreme Court
Legal Updates - 11 Nov 2021
The Hon’ble Supreme Court of India (“SC”) while deciding the appeal of State of Chhattisgarh & Anr. Vs. M/s Sal Udyog Private Limited [Civil Appeal No. 4353 of 2010] on 8th November 2021 held that a party is not barred from raising additional grounds for setting aside an arbitration award under section 37 of the Arbitration and Conciliation Act, 1996 (“A&C Act”), merely because the said ground was n...
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Conduct of guarantee business by banks - Updated instructions by the RBI!
Legal Updates - 11 Nov 2021
An important criterion for judging the soundness of a banking institution is the size and character, not only of its assets portfolio but also, of its contingent liability commitments such as guarantees, letters of credit, etc. As a part of its business, banks issue guarantees on behalf of their customers for various purposes. The guarantees executed by banks comprise both performance guarantees and financial guarantees. The guarantees ...
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Disgorgement Orders: Making Headway
Article - 07 Nov 2021
Published by lexology. Click here to access the Published article                                  Smriti Jha                                        Principal Associate, Juris Corp            Mannat Sabharwal...
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Asian Legal Business - India Top Disputes Lawyers 2021
Article - 28 Oct 2021
Published by Asian Legal BusinessClick here to view article in Published website. Dhruv Malik (Counsel) has been recognised amongst the top leading lawyers in the country’s litigation and arbitration landscape to be featured in the "India Top Disputes Lawyers 2021" list by the Asian Legal Business. ...
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Scale Based Regulation for NBFCs
Legal Updates - 25 Oct 2021
A revised regulatory framework (“Framework”) has been announced by RBI that shall be applicable to all non-banking financial companies (“NBFCs”). The key highlights of the Framework are as follows: 1)   The regulatory structure for NBFC’s has been categorised into four layers based on their size, activity, and perceived riskiness: NBFC - Base Layer (NBFC-BL), NBFC - Middle Layer (NBFC-ML) a...
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Half empty or half full?
Insights - 20 Oct 2021
Published by India  Business Law JournalClick here to view article in Published website. In an especially challenging year, India Business Law Journal’s annual market survey gauges the mood of the country’s lawyers and the health of the legal profession. Gautam Kagalwala reports As the effects of the first wave of the pandemic were beginning to subside, Indian law firms were making plans to return ...
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Shubhabrata Chakraborti - Recommended Lawyer in the Leaders League Ranking 2021
Press Release - 07 Oct 2021
We are delighted to share with you that Shubhabrata Chakraborti (Partner, Juris Corp) has been ranked as the "Recommended Lawyer" for Dispute Resolution - Commercial Litigation & Dispute Resolution - International Arbitration in the Leaders League Ranking 2021. ...
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2021 ISDA Definitions-effective 4th October 2021
Legal Updates - 06 Oct 2021
The International Swaps and Derivatives Association, Inc. (“ISDA”) has published its 2021 ISDA Interest Rate Derivatives Definitions, effective 4th October 2021 (“2021 Definitions”). It consolidates the 2006 ISDA Definitions and its supplements into a single digital booklet. The digital form will eliminate the need for any supplements, as was the case in 2006 Definitions. The 2006 Definitions going forward...
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New Master Circular - IRAC & Provisioning Norms
Legal Updates - 05 Oct 2021
The Reserve Bank of India (“RBI”) has issued a Master Circular on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances. The previous master circular on the captioned was issued by RBI on 1st July 2015. MCIRACP535F1B4DE5494B4F82F69AB36B11538E.PDF (rbi.org.in) For any further information, please contact Mr. Ankit Sinha (ankit.sinha@jclex.com) or Mr. Saurabh Sharma (saurabh.sha...
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Clarification on issuance of perpetual debt instruments (“PDIs”) overseas
Legal Updates - 05 Oct 2021
The Reserve Bank of India (“RBI”) has clarified the amount of capital fund that can be raised overseas through issuance of PDI in Additional Tier 1 capital. In this regard it has stipulated that: 1)       not more than 49% of the eligible amount can be issued in foreign currency and/or in rupee denominated bonds overseas; and 2)       the term ‘eli...
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Supersession of the Board of Directors and Appointment of Administrator – Srei Infrastructure Finance Limited (“SIFL”) and Srei Equipment Finance Limited (“SEFL”)
Legal Updates - 04 Oct 2021
The Reserve Bank of India (“RBI”) has, in its capacity as the regulator of non-banking financial companies and under the powers conferred to it pursuant to Section 45-IE (1) of the Reserve Bank of India Act, 1934 (“RBI Act”), superseded the Board of Directors of SIFL and SEFL. The press release of even date from the RBI also stipulates the following: 1)   The step has been taken owing to governan...
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Suo Moto extension of limitation period in all proceedings ends on 02.10.2021 - Supreme Court
Legal Updates - 30 Sep 2021
he Supreme Court of India (“SC”) vide its order dated 23.09.2021 has recalled the suo motu order of 27.04.2021, which had extended the limitation period for filing of petitions/ applications/ suits/ appeals/ all other proceedings, in view of the second wave of COVID -19 pandemic. The SC after taking suo moto cognizance on 27.03.2020 had directed extension of the limitation period in all proceedings w.e.f. 15.03.2020, which ...
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Financial Conduct Authority (the “FCA”) makes further arrangements for the orderly wind-down of certain GBP and Japanese Yen LIBOR settings
Legal Updates - 30 Sep 2021
The FCA published a press release on 29th September 2021 in relation to further arrangements for the orderly wind-down of certain GBP and Japanese Yen LIBOR settings. The LIBOR benchmark administrator shall continue to publish 1, 3 and 6-month Sterling and Japanese Yen LIBOR settings (“LIBOR Settings”) under a synthetic methodology, based on term risk-free rates, for the duration of 2022. This has been done to avoid disrupt...
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SEBI Blockchain Circular: A Watershed Moment For Legal Technology In India
Article - 29 Sep 2021
Published by BW Legal WorldClick here to view article in Published website Arunabh Choudhary Partner, Juris Corp SEBI Blockchain Circular: A Watershed Moment For Legal Technology In India After the DLT Circular, it can be safely said that SEBI is the first Indian regulator to explore and utilise legal technology.29 September, 2021 by Arunabh Choudhary , Tanvi Muraleedharan    &n...
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Use of alternative reference rates (“ARRs”) in place of LIBOR for interest payable in respect of export / import transactions
Legal Updates - 29 Sep 2021
In light of the impending cessation of LIBOR as a benchmark rate, the Reserve Bank of India has permitted authorised dealer category - I banks to use any widely accepted ARR in relation to the underlying currency for export / import transactions. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12168&Mode=0 For any further information, please contact Mr. Jayesh H (jayesh.h@jclex.com), Mr. Ankit Sinha (ankit.sinha@jclex.com)...
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SEBI Framework for Accredited Investors & the Way Forward
Article - 28 Sep 2021
Published by LawStreetindiaClick here to view article in Published website.    Apurva Kanvinde (Partner, Juris Corp)         Rahul Apte (Associate)                       The term Accredited Investors is said to be derived from the French word “accréditer” which means “to give accreditation t...
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Amount refunded on reversal of Performance Guarantee invocation is not an asset of Corporate Debtor: NCLAT
Legal Updates - 27 Sep 2021
The money appropriated by the bank from reversal of invocation of a Performance Bank Guarantee, specifically when the margin money was also not deposited by the Corporate Debtor, cannot be said to be an asset of the Corporate Debtor under the I&B Code, 2016 (“Code”). Thus, no violation of Section 14 of the Code can be said to have occurred. This has been held by the National Company Law Appellate Tribunal, New Delhi Ben...
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RBI finally releases the final directions on Securitisation of Standard Assets and Transfer of Loan Exposures
Legal Updates - 24 Sep 2021
On 8th June 2020, the Reserve Bank of India (“RBI”) had released Draft Frameworks for Sale of Loan Exposures and Securitisation of Standard Assets. Basis the comments received from various stakeholders, the RBI has now, vide notification dated 24th September 2021 introduced: (a) Master Direction – Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021; and (b) Master Direction – Reserve Bank ...
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No provision for grant of ‘Success Fee’ to the RP under the provisions of IBC and the CIRP Regulations - NCLAT
Legal Updates - 23 Sep 2021
The National Company Law Appellate Tribunal (“NCLAT”) while upholding the decision of National Company Law Tribunal, Mumbai (“NCLT”), held that there is no express provision for grant of ‘Success fee’ to the Resolution Professional (“RP”) under the provisions of Insolvency and Bankruptcy Cody, 2016 (“Code”) and IBBI (Insolvency Resolution Process for Corporate Persons) Regulati...
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Retroactive application: Section 12 of the Real Estate (Regulation and Development) Act 2016
Legal Updates - 20 Sep 2021
Section 12 of the Real Estate (Regulation and Development) Act, 2016 (“RERA”) provides that if any person making an advance or deposit on the basis of the information contained in the notice, advertisement or prospectus or on the basis of any model apartment etc, sustains any loss or damage by reason of any incorrect false statement included therein, he shall be entitled to compensation from the promoter or if such person in...
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Delay beyond 15 days in filing an appeal before NCLAT uncondonable
Legal Updates - 17 Sep 2021
The Supreme Court in National Spot Exchange Limited vs Mr. Anil Kohli, Resolution Professional of Dunar Foods Limited [Civil Appeal No. 6187 of 2019] has held that the National Company Law Appellate Tribunal (NCLAT) has no powers to condone a delay beyond 15 days in an appeal filed against a decision of the National Company Law Tribunal (NCLT) under section 61(2) of the Insolvency and Bankruptcy Code, 2016 (IBC). Section 61(2) of ...
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Personal Property of Guarantors cannot be transferred during CIRP of Corporate Debtor without initiating separate proceedings - NCLAT
Legal Updates - 16 Sep 2021
The Hon’ble NCLAT has held that CIRP against the Corporate Debtor cannot include Resolution Process against Personal Guarantors, even though the properties were mortgaged with the Financial Creditors. This has been ruled in the matter of “Mr. Nitin Chandrakant Naik & Anr. Vs. Sanidhya Industries LLP & Ors.’ vide judgement dated 26th August 2021 Earlier, the Adjudicating Authority, National Company Law Tribunal...
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NCLT cannot permit withdrawals/modifications of submitted resolution plan – Supreme Court
Legal Updates - 16 Sep 2021
The Supreme Court of India (“SC”) has held that, in absence of an explicit provision, the National Company Law Tribunal (“NCLT”) cannot permit any amendment, modification or withdrawal of Resolution Plan once approved by Committee of Creditors (“CoC”). This has been held by the Supreme Court vide its judgment dated 13.09.2021 in the matter of Ebix Singapore Private Limited vs. Committee of Creditors ...
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Directions for market-makers issued!
Legal Updates - 16 Sep 2021
The Reserve Bank of India has released the Master Directions on ‘market-makers’ in OTC Derivatives 2021 which repeal the Comprehensive Guidelines on Derivatives dated 20th April, 2007 and modifications thereto dated 2nd August, 2011; 2nd November, 2011 and 6th April, 2018. The directions are slated to be effective 3rd January, 2022. Late last year RBI had issued draft directions on the same. https://rbi.org.in/Scripts/Not...
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Some respite under LEF:- CRM for offsetting gross exposure of foreign bank branches in India to Head Office
Legal Updates - 13 Sep 2021
The Indian branches of foreign banks can now reckon cash/unencumbered securities from the Head Office (HO) or remittable reserved surplus in Indian books, held with the Reserve Bank of India (RBI) as the credit risk mitigation (CRM) under Large Exposure Framework.  Such CRM technique can be used for offsetting gross exposure of non-centrally cleared derivative transactions of foreign bank branches in India to their HO. As advised...
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Modified MIFOR added to 2006 ISDA Definitions
Legal Updates - 09 Sep 2021
The International Swaps and Derivatives Association Inc. (“ISDA”) released a supplement (Supplement number 85) to its 2006 ISDA Definitions, introducing Modified Mumbai Interbank Forward Outright Rate (“MIFOR”), provided by Financial Benchmarks India Pvt Ltd, as a rate option (“Supplement”). Modified MIFOR is the identified replacement for MIFOR. The Reserve Bank of India (“RBI”) had...
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Liquidator can seek closure of the Liquidation Process to sell CD as a going concern – NCLAT
Legal Updates - 01 Sep 2021
The Hon’ble NCLAT has dealt with the issue whether the Liquidator is authorized to seek for the closure of the Liquidation Process and sell the ‘Corporate Debtor’ as a going concern pursuant to Regulation 32 of IBBI (Liquidation Process) Regulations, 2016 (“Regulation”). It has been held by the Hon’ble NCLAT vide judgement dated 24th August 2021, in the matter of “M/s Mohan Gems & Jewels Pr...
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Deciphering The New TDS Norms : Impact On M&A Transactions
Article - 27 Aug 2021
Published BW legal world.Click here article inPublished website. One of the factors to be considered in case of any transaction involving the purchase and sale of shares and securities is the impact of tax laws on such transactions. This article provides insights on the impact of the new tax regime on M&A transactions from a buyer’s and seller’s lens. 27August, 2021by Arunabh Choudhary , Darshi Sha...
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Criteria for HFC - SARFAESI Act
Legal Updates - 26 Aug 2021
The criteria for recommendation and notification of Housing Finance Companies (“HFC”) as ‘Financial Institution’ under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”) has been withdrawn. The said criteria were included under the Master Directions - Non-Banking Finance Company - Housing Finance Company (Reserve Bank) Directions, ...
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NCLAT_Ms. Mohan Gems Jewels Private Limited vs Vijay Verma Ors
Insights - 24 Aug 2021
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Acceptability of e-Execution – A long way ahead
Article - 19 Aug 2021
Published by The Legal 500 Click here to view article in Published website. Acceptability of e-Execution – A long way ahead August 19, 2021 > India > TMT (Technology, Media & Telecoms) Juris Corp | View firm profile Technology has been an enabling factor in resuming businesses and closing transactions during the pandemic era while parties involved in such transactions are sitting miles apart from each other. In order...
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Legal Opinions on the Blockchain
Legal Updates - 18 Aug 2021
Honoured to have our legal innovation project, a collaboration among D2 Legal Technology, Standard Chartered bank, Indian law firm Juris Corp, blockchain company SETL and 3 Hare Court Chambers, spotlighted by the Financial Times (article link) for its high potential and viability. Management of close-out netting and collateral enforceability legal opinions for regulatory capital has always been problematic.  The reality is that ...
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IPO & FPO lock-in requirements relaxed!
Legal Updates - 18 Aug 2021
The lock in requirements in an initial public offer (“IPO”) and further public offer (“FPO”) for promoters and persons other than promoters have been relaxed. Following are the key amendments introduced: 1.    ‘Promoter group’ definition narrowed A body corporate shall no more be treated as part of the promoter group of an issuer merely because a group of individuals/compan...
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Non-Convertible Securities Regime: Revamped!
Legal Updates - 11 Aug 2021
Consolidated regulations titled the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“NCS Regulations”) have been introduced, which are an amalgamation of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“ILDS Regulations”) and the SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013. The NCS Regulations have been introduced pursuant...
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Decree for money or recovery certificate gives rise to a fresh cause of action under IBC: Supreme Court
Legal Updates - 11 Aug 2021
Once the claim of a financial creditor fructifies into a judgment and/or a decree OR a recovery certificate is issued authorizing the creditor to realize its decretal dues, a fresh cause of action arise for such financial creditor under Section 7 of the I&B Code, 2016 (“Code”) to recover the unpaid amount due under the judgment/decree or specified under the recovery certificate. However, this right has to be exercised wi...
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Liberalisation of Overseas Investments
Legal Updates - 10 Aug 2021
The Reserve Bank of India (“RBI”) has, with a view to further liberalize overseas investments, placed on its website, vide a notification dated 9th August 2021, two draft documents for comments / feedback. They are as follows: 1)   Foreign Exchange Management (Non-debt Instruments - Overseas Investment) Rules, 2021; and 2)   Foreign Exchange Management (Overseas Investment) Regulations, 2021. ...
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Urging new grounds for the first time in SLP, specially one concerning jurisdiction, not a bar – Supreme Court
Legal Updates - 10 Aug 2021
This was held by the Supreme Court (“Court”) in its judgment dated 5th August 2021 in the matter of Shri Saurav Jain & Anr. V. M/s. A. B. P. Design & Anr [Civil Appeal 4448 of 2021]. The Court in view of its plenary jurisdiction under Article 136 of the Constitution read with its powers under Article 142, observed that new grounds in the SLP can be raised for the first time, with the leave of the Court, if it ...
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(Amended) Emergency arbitral awards considered orders under Section 17(1), enforceable under Section 17(2) of Arbitration Act
Legal Updates - 10 Aug 2021
Emergency arbitral awards are orders under Section 17(1) of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”) which can be enforced under Section 17(2) of the Arbitration Act. This was held by the Supreme Court (“Court”) in its judgment dated 6th August 2021 in matter of Amazon.com NV Investment Holdings LLC v. Future Retail Ltd. & Ors. The Court in the matter observed that full party auto...
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Relaxations for offering Foreign Securities in IFSC
Legal Updates - 09 Aug 2021
The Ministry of Corporate Affairs (“MCA”) vide its notification dated 5th August 2021 has amended the Companies Act, 2013 along with Companies (Registration of Foreign Companies Rules), 2014 and the Companies (Specification of Definition Details) Rules, 2014 (“Amendments”) to relax provisions relating to prospectus offering securities of [Foreign companies as well as companies incorporated or to be incorpora...
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RBI permits export credit at Alternative Reference Rate
Legal Updates - 07 Aug 2021
The Reserve Bank of India vide its notification dated 6th August 2021 has allowed all scheduled commercial banks to extend export credit by adopting any other widely accepted alternative reference rate in the currency concerned. This has been introduced in light of the impending transition from LIBOR to any other alternative reference rate. ECFCBR6E9AA4F74B1C407BA3E35D09043F0B1D.PDF (rbi.org.in) For any further information, please co...
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Independent Directors and Related Party Transactions: What’s new?
Legal Updates - 06 Aug 2021
Provisions related to related party transactions and independent directors have been amended by the Securities and Exchange Board of India (“SEBI”) by way of an amendment to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”). An overview of the key amendments are as follows: 1.    Related Party Transactions: Previously, the whole of audit commit...
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Accredited Investors – SEBI introduces a new investor class!
Legal Updates - 05 Aug 2021
The Securities and Exchange Board of India (“SEBI”) has made amendments to certain regulations to recognise a new class of investors into the securities market called ‘accredited investors’. These are well informed or well advised investors whose financial capacity gives them an ability to absorb loss and thus relatively higher risk products may also be suitable for such investors. Accredited investors have been ...
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Section 28 of the Contract Act does not provide for a minimum claim period under a Bank Guarantee - Delhi HC
Legal Updates - 05 Aug 2021
Exception 3 to Section 28 of the Contract Act, 1872 (“Section 28”) does not deal with the claim period. It deals with right of the creditor to enforce his rights under the bank guarantee in case of refusal by the guarantor to pay before an appropriate court or tribunal. This was held by the Delhi High Court in its judgment dated 28th July 2021 in matter of Larsen & Toubro Ltd. & Anr. v. Punjab National Bank & Or...
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No provisions in IBC conferring power of review on the NCLAT
Legal Updates - 05 Aug 2021
An application seeking clarification of judgment filed under Rule 31 read with Rule 11 of the NCLAT Rules, 2016 under the pretence of review/rehear is not maintainable. It is because Rule 31 of the NCLAT Rules, 2016 is not applicable when the judgment has already been delivered and the matter has been disposed off. This has been ruled by the NCLAT, New Delhi Bench vide its decision dated 28th July 2021 in the matter of Vistra ITCL (Ind...
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No CIRP can be triggered against ‘societies’ under IBC: NCLAT
Legal Updates - 05 Aug 2021
A bare reading of Section 2 read with Section 3(7) of the I&B Code, 2016 (“Code”) infers that the ‘societies’ cannot be said to be ‘corporate persons’ to whom the provisions of the Code applies. Even if a ‘society’ is accepted to be deemed body corporate, then also it cannot be said that it is company incorporated under the special Act/company law or that the incorporation is with limi...
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Banks to implement current account notification in a non-disruptive manner - RBI provides relief to borrowers!
Legal Updates - 05 Aug 2021
The Reserve Bank of India (“RBI”) has, vide its notification dated 4th August 2021 titled ‘Guidelines for Implementation of the circular on Opening of Current Accounts by Banks’ (“Latest Notification”), issued guidelines to banks for the implementation of its circulars dated 6th August 2020, 2nd November 2020, and 14th December 2020 in relation to opening and operating of current accounts by borr...
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Letter of Intent is not a binding contract unless such intention is evident from its terms - Supreme Court
Legal Updates - 03 Aug 2021
A letter of intent (“LoI”) merely indicates intent to enter into a contract and does not give rise to any binding relationship between the parties. An LoI can be construed as a binding contract only if clear and unambiguous intention of the parties to that effect is evident from its terms. This was held by the Supreme Court in its judgment dated 23rd July 2021 in matter of M/s. South Eastern Coalfields ltd. & Ors. v. M/...
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SEBI Consultation Paper on Capital Market to Boost Public Issues
Article - 02 Aug 2021
Published by Outlook MoneyClick here to view article in Published website.The proposals introduced are expected to boost the equity capital markets and align India with global standards   Ever since the pandemic has hit the country and our economy, the capital market’s watchdog Securities and Exchange Board of India (Sebi) has been providing various relaxations and amendments to help the market participants function a...
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Factoring Regulation (Amendment) Bill, 2021 gets parliamentary nod!
Legal Updates - 31 Jul 2021
Based on the recommendations of the Standing Committee on Finance, the Parliament of India has passed the Factoring Regulation (Amendment) Bill, 2021 (“Amendment”) which amends the Factoring Regulation Act, 2011 (“Act”). The Amendment aims to resolve liquidity issues faced by micro, small and medium industries by, inter alia permitting all non-banking financial companies to engage in the business of factoring. ...
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Lenders of interest free loans also financial creditors under IBC-Supreme Court
Legal Updates - 31 Jul 2021
The definition of ‘financial debt’ in Section 5(8) of Insolvency and Bankruptcy Code, 2016 (“IBC”) to be construed to include interest free loans advanced to finance the business operations of a corporate body. This was held by the Supreme Court in its judgment dated 26th July 2021 in matter of M/s. Orator Marketing Pvt. Ltd. v. M/s. Samtex Desinz Pvt. Ltd. The Court in the matter referred to section 5(8) of th...
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Arbitrator cannot travel beyond the contract, if he has, he would be acting without jurisdiction
Legal Updates - 31 Jul 2021
The Supreme Court (“Court”) in PSA SICAL Terminals Pvt. Ltd vs The Board of Trustees of V.O. Chidambranar Port Trust Tuticorin & Ors. [Civil Appeal nos. 3699-3700 of 2018] whiledismissing the Appeal and upholding setting aside of the Arbitral Award for being patently illegal, observed that the jurisdiction of the Arbitrator being confined to the four corners of the agreement, can only pass such an order which may be the ...
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Amendment to DICGC Act
Legal Updates - 29 Jul 2021
We have gathered from news reports that The Union Cabinet has approved amendment to the Deposit Insurance and Credit Guarantee Corporation Act, 1961. This amendment will provide account holders access to up to INR 5,00,000 funds within 90 days of a bank coming under moratorium. This increase of the insurance amount from INR 1,00,000 is going to cover 98.3% of all deposit accounts and 50.9% of deposits value. This would mean that FRDI i...
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Earnest Money Deposit Requirement : a Saviour of CIRP
Article - 27 Jul 2021
Published by BW Legal WorldClick here to view article in Published website. Shubhabrata Chakraborti Partner, Juris Corp Earnest Money Deposit Requirement: A Savior Of CIRP One of the crucial pre-requisites set out in the RFRP for the resolution applicant(s) is the earnest money deposit (“EMD”). An EMD is akin to a bank guarantee that the contract will be fulfilled. This article endeavors to touch...
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Loans and Advances – Regulatory Restrictions
Legal Updates - 23 Jul 2021
The Reserve Bank of India has, vide its notification titled ‘Loans and Advances – Regulatory Restrictions’ dated 23rd July 2021 (the “Notification”) amended certain paragraphs under the section on ‘Regulatory Restrictions’ in the Master Circular - Loans and Advances - Statutory and Other Restrictions dated 1st July 2015. The key amendments under the Notification are as follows: 1) The threshol...
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Relaxations in respect of monitoring and disclosure requirements of Debenture Trustees in light of COVID-19
Legal Updates - 22 Jul 2021
The regulatory timelines for monitoring and disclosures by debenture trustees for the quarter/ half year/ year ending 31st March 2021 have been extended, in light of difficulties faced due to COVID-19. An overview of the relaxations is as follows: 1)   Submission of reports/certificates to the stock exchanges: (a)  Timeline in respect of following extended from 15th July 2021 to 31st August 2021: (i) &nb...
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RERA Dossier (Part-2) published by the Indian Construction Journal
Article - 09 Jul 2021
Published by Indian Construction JournalClick here to view article in Published website. ...
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End of LIBOR – A Step Closer!
Legal Updates - 08 Jul 2021
The Reserve Bank of India (“RBI”) has encouraged banks and financial institutions to use any widely accepted Alternative Reference Rate for entering into new financial contracts on or before 31st December 2021. The RBI has also emphasized the need to adopt robust fallback clauses suggested by various domestic and international associations. This would be relevant in the context of legacy contracts. In addition to the above,...
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Framework for issue of Non Convertible Securities consolidated
Legal Updates - 01 Jul 2021
The Securities and Exchange Board of India (“SEBI”) has approved proposals for promulgation of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“NCS Regulations”). An overview of the proposed NCS Regulations is as follows: (a)  The NCS Regulations will consolidate and merge the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemab...
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Asian Legal Business - India Top TMT / FinTech Lawyers 2021
Press Release - 29 Jun 2021
Published by Asian Legal BusinessClick here to access the Published article. ...
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Considerations to be accounted for by law firms when positioning the firm
Insights - 28 Jun 2021
Published by Legal Business OnlineClick here to view article in Published website.   Making a favourable first impression is important for businesses, and law firms are no exception. Developing good branding is an important way to communicate identity and positioning to clients, but lawyers say that getting it right requires careful consideration. WHAT CONSIDERATIONS SHOULD YOU TAKE INTO ACCOUNT WHEN BRANDING YO...
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Debt recovery under SARFAESI Act extended to Housing Finance Companies
Legal Updates - 23 Jun 2021
Housing Finance Companies (“HFCs”) which meet the following requirements are now recognized as ‘financial institutions’ under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (as amended) (“SARFAESI Act”): (a) registered under sub section (5) of Section 29 of the National Housing Bank Act, 1987; and (b) having assets worth INR 1 billion.  ...
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Asian Legal Business - June 2021 issue
Insights - 18 Jun 2021
Published by Legal Business online Click here to view article in Published website. ...
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Board Meetings through audio-visual means enhanced
Legal Updates - 17 Jun 2021
The Ministry of Corporate Affairs (“MCA”) vide notification dated 15th June 2021 has notified the Companies (Meetings of Board and its Powers) Amendment Rules, 2021 (“Amendment”) which has omitted Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 (“Meeting Rules”). Rule 4 of the Meeting Rules provided list of matters (“Matters”) which required compulsory physical pres...
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Lack of consideration of priority and value of security interest not a ground to challenge Resolution Plan - Supreme Court
Legal Updates - 15 Jun 2021
A resolution plan cannot be challenged by dissenting secured creditor as being unviable & unfeasible, on account of the priority and value of its security interest not being considered in the distribution of proceeds. This was held by the Supreme Court in its judgment dated 13th May 2021 in matter of India Resurgence ARC Pvt Ltd VS Amit Metaliks Ltd. & Anr. The Court in the matter observed that it was not intent of the le...
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CCI order on WhatsApp policy: Is CCI filling up the vacuum of the Data Protection Regulator? - Published with Legal 500
Article - 15 Jun 2021
Published by Legal 500Click here to view article in Published website. In a recent order dated 24th March 2021, the Competition Commission of India (“CCI”) has taken suo-motu cognizance of the updated privacy policy and terms of services of WhatsApp which were rolled out by WhatsApp on 4th January 2021 (“Updated Policy”).[1] It directed the Director General to investigate the anti-competitive is...
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Commencement Certificate - Format for Declaration
Insights - 11 Jun 2021
The Maharashtra Real Estate Regulatory Authority (“MahaRERA”) has, vide its circular dated 7th June 2021 (“said Circular”), provided Standardized format for declaration about Commencement Certificate. The said Circular provides for a format of declaration that will have to be uploaded alongside Commencement Certificate at the time of registration of the project. Since the Commencement Certificate of a project is...
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Centralized Database for Debt Securities
Insights - 09 Jun 2021
The disclosure requirements for the issuers of debt securities at the time of allotting of ISIN have been enhanced. The key additions to the existing disclosure requirements include disclosures in relation to Legal Entity Identifier, details of the group companies, type of instruments, addition of scheme of arrangement as a mode of issue and credit enhancement details. Issuers are also required to provide certain details to the stock e...
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Decision for liquidation of CD made by COC consisting of related parties is unsustainable - NCLAT
Insights - 08 Jun 2021
An order for liquidation of corporate debtor, passed on the basis of the sole decision of financial creditors was held to be fatal for the existence of the corporate debtor and was unsustainable. It was found that the decision for liquidation was made by the Committee of Creditors (“CoC”), which comprised of creditors that were in fact related parties and had entered the COC through acts of commercial contrivance. The ...
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Claims under High Sea Sales Agreements are not Financial Debts
Insights - 02 Jun 2021
  Claims under a High Sea Sales Agreement (“HSSA”) cannot be Financial Debts, having arisen from commercial sale and purchase transactions. This was held by the Hon’ble NCLT, Chennai Bench (“NCLT”) vide its order dated 27th April 2021 in the matter of Shakti International Pvt. Ltd. v. Pandi Oil Pvt. Ltd. The NCLT observed that the HSSA was a commercial agreement for purchase of goods ...
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The Risks Of Buying A Fiftieth Of An Office Or A Tenth Of A Vacation Home
Article - 02 Jun 2021
Published by Bloomberg quintClick hereto view article in Published website. ...
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The International Compendium of Construction Contracts - A country by chapter review
Insights - 29 May 2021
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The International Compendium of Construction Contracts - A country by chapter review
Insights - 26 May 2021
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Juris Corp announces promotions
Press Release - 24 May 2021
Juris Corp Announces Promotions Juris Corp is delighted to announce the promotion of a total of 9 fee earners, across Bengaluru, New Delhi and Mumbai offices. The Firm promoted three of its principal associates to Partner positions. Ankit Sinha and Saurabh Sharma who began their career at the Firm, specialize in the banking and finance practice working out of the New Delhi and Mumbai offices respectively. Apurva Kanvinde who joined th...
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India – Revised ISDA Close-out Netting Opinion Last month
Insights - 22 May 2021
Published by D2 Legal TechnologyClick here to view article in Published website.   ISDA released the latest close-out netting legal opinion for India from its local counsel Juris Corp. Historically, the basis for close-out netting in India has been centred on mutual dealings and set-off, which was overlayed with a complex set of statutory winding-up provisions. This analysis was the foundation of previous Indian ISDA close-out ne...
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RERA Cases Dossier by Juris Corp - January to March, 2021 - Quarterly Update in the LSI Quarterly Special
Article - 21 May 2021
Published by lawstreetindia.com Click here to view article in Published website.   The introduction of the Real Estate (Regulation and Development) Act, 2016 (‘RERA’/‘Act’) was one of the most significant steps towards regulating the otherwise unregulated real estate sector. With the introduction of the Act, the real estate sector also witnessed the establishment of real estate regulatory authoriti...
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JurisCorp promotes 3 more to partner, 6 counsel, associates
Press Release - 21 May 2021
Published by Legal India, Click here to access the Published article.       24 Three new partners at Juris Corp (Sinha, Kanvinde, Sharma, l. to r.) Juris Corp has promoted three to partner, and two each to counsel, principal associate and senior associate respectively. The new partners are: Ankit Sinha, banking and finance, New Delhi (who had begun his career at Juris Corp) Apurva Kanvinde, secu...
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Indian FinTech Sector - Regulatory Updates and Foresights
Article - 14 May 2021
 Published by BW Legal World  Click here to view article in Published website. The financial technology (“FinTech”) sector has played a pivotal role in shaping the financial services industry in the last decade. FinTech has been developing at an unprecedented rate and it has been predicted that the Indian FinTech market will reach approx. USD 6,000 billion mark by 2025. Mr. Arunabh Choudhary (Partner, Juris Corp);...
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RERA Dossier (Part-1) published by the Indian Construction Journal
Article - 28 Apr 2021
Published by Indian Construction Journal Click here to view article in Published website. ...
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ISDA poised to issue India netting opinion
Article - 27 Apr 2021
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Pandemic-Scarred Tenants Leave Nothing To Chance As Leases Come Up For Renewal
Article - 17 Mar 2021
Published by BloombergQuint Click here to access the Published article. ...
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India to Regulate Social Media Platforms & Others
Article - 04 Mar 2021
Published by BW Legal World Click here to view article in Published website.   by Arunabh Choudhary , Aditi Joshi Arpita Nandi India joins nations across the world looking to regulate social media platforms and others. The Guidelines are going to bring change to the mushrooming social media platforms in India. These Guidelines may be seen as an offshoot of the recent internal issues faced by India, however, they h...
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Through CCI’s Lens - Google and the Video Conferencing Platform Market
Article - 01 Mar 2021
Published by lawstreetindia Click here to view article in Published website. Arunabh Choudhary (Partner, Juris Corp) Dhruv Malik (Principal Associate) The outbreak of COVID-19 pandemic has forced great minds to innovate and disrupt the established and settled order. Case in point, is the market of providing specialized video conferencing services. The idea of convening physical meetings with a certain number of...
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Corporate Bond Market Turning Attractive?
Article - 22 Feb 2021
 Published by LawStreetIndia Click here to view article in Published website.  Apurva Kanvinde (Principal Associate, Juris Corp)    Jui Masurekar (Associate) Over the last few years, the Indian debt markets have witnessed significant defaults by debt issuers. These defaults have thrown light on the various difficulties faced by debenture trustees in expeditious enforcement of collateral. These issues have...
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Reserve Bank of India: Riding the Technological Wave
Article - 16 Feb 2021
 Published by BW Legal World Click here to view article in Published website. Nand Gopal Anand Partner, Juris Corp Reserve Bank of India: Riding the Technological Wave During recent years, global economies have witnessed a surge in technological advancements and development. Governments and central banks in such economies are promoting development of new technologies and financial products by undertaking various measures, ...
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Moving Towards A ‘Cash-Lite’ Society! - Advancement of Payment Infrastructure Facilities
Article - 03 Feb 2021
Published by lexology. Click here to access the Published article BACKGROUND Expansion of digital payment infrastructure in non-metro cities, including the likes of north-eastern states in India has been a challenge. This is primarily on account of the costs entailed in setting-up of such infrastructure, ensuring ongoing compliance requirements in terms of maintaining and ensuring the payment facilities remain optimum in output. There...
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Experts react to Budget 2021-22 proposals !
Press Release - 01 Feb 2021
Published by LawStreetIndia,Taxsutra portalClick here to access the Published article. ...
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Multiplicity in arbitration: perils and adversities
Article - 19 Jan 2021
Published by International Bar AssociationClick here to access the Published article. Jayesh H Juris Corp, Mumbai jayesh.h@jclex.com Chaitra Srinivas Juris Corp, Mumbai chaitra.srinivas@jclex.com Mannat Sabharwal Juris Corp, Mumbai mannat.sabharwal@jclex.com Alternative Dispute Resolution (ADR) mechanisms, consisting of arbitration, conciliation, mediation, negotiation and Lok Adalat, was introduced inter alia, not only to reduce t...
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Joinder of parties in arbitration proceedings
Article - 19 Jan 2021
Published by International Bar AssociationClick here to access the Published article. Jayesh H Juris Corp, Mumbai jayesh.h@jclex.com Chaitra Srinivas Juris Corp, Mumbai chaitra.srinivas@jclex.com Mannat Sabharwal Juris Corp, Mumbai mannat.sabharwal@jclex.com Arbitration is all about contract and is required to be conducted within the four corners of an arbitration agreement. A persistent problem faced by construction litigators is c...
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Joinder of arbitrations
Article - 19 Jan 2021
Published by International Bar AssociationClick here to access the Published article. Jayesh H Juris Corp, Mumbai jayesh.h@jclex.com Chaitra Srinivas Juris Corp, Mumbai chaitra.srinivas@jclex.com Mannat Sabharwal Juris Corp, Mumbai mannat.sabharwal@jclex.com Background In today’s commercial world, contractual arrangements are rarely straightforward. In engineering, procurement, and construction (EPC) contracts it is customary...
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Developers Await Clarity After Maharashtra Slashes Real Estate Fee By Half
Article - 11 Jan 2021
Published by BloombergQuint Click here to access the Published article. ...
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Juris Corp promotes KM-BD director Darshi Shah to partner with strategic remit
Press Release - 08 Jan 2021
 Published by Legally India Click here to access the Published article. Darshi Shah promoted to partner focusing on client relationships, knowledge Juris Corp has promoted director Darshi Shah to “strategic business planning and legal knowledge management” partner. Shah is a qualified lawyer who specialises in transfer pricing advisory issues, but in her role she would “focus on the firm’s growth...
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Juris Corp elevates Ms. Darshi Shah to Partner, Strategic Business Planning and Legal Knowledge
Press Release - 08 Jan 2021
Published by LawStreetIndia,Click here to access the Published article. ...
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Juris Corp elevates Ms. Darshi Shah to Partner, Strategic Business Planning and Legal Knowledge Management
Press Release - 08 Jan 2021
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Transitioning from LIBOR – the road ahead for the Indian banking sector
Article - 17 Dec 2020
      Published by International Bar Association       Click here to view article in Published website.      Nand Gopal Anand   Juris Corp, New Dehli nandgopal.anand@jclex.com Ankit Sinha Juris Corp, New Dehli ankit.sinha@jclex.com Harshit Dusad Juris Corp, New Dehli harshit.dusad@jclex.com Garima Parakh Juris Corp, Mumbai garima.pa...
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Covid - Corporate Debtor - Central Bank
Article - 12 Dec 2020
     Published http://online.flipbuilder.com/      Click here article in Published website. ...
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Telemedicine in India!" published in the December 2020 Issue of LawZ Magazine
Article - 03 Dec 2020
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Lexology GTDT - Class Actions 2021 - India
Article - 01 Dec 2020
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Regulating data collection!
Article - 27 Nov 2020
R Health Data Management Policy– Regulating data collection! By InnoHEALTH magazine digital teamNovember 27, 2020No Comments           Under NDHM, a health ID will be given to every citizen, which will contain details of every test, disease, the doctors consulted, the medicines taken and the diagnosis   So far,...
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Health Data Management Policy– Regulating data collection!
Article - 27 Nov 2020
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Arbitration – not so disengaged from court proceedings and other hardships!
Article - 25 Nov 2020
Wednesday 25 November 2020 Shubhabrata Chakraborti Equity Partner, Juris Corp, Mumbai shubhabrata.chakraborti@jclex.com Dhruv Malik Principal Associate, Juris Corp,New Delhi dhruv.malik@jclex.com Chaitra Srinivas Senior Associate, Juris Corp, Bengaluru chaitra.srinivas@jclex.com Introduction Arbitration as a dispute resolution mechanism has come a long way in India. As an alternative dispute resolution (ADR) mechanism, arbitr...
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Pro-enforcement regime for foreign arbitral awards: Is India really headed towards it?
Article - 25 Nov 2020
Wednesday 25 November 2020 Dhruv Malik Principal Associate, Juris Corp, Delhi dhruv.malik@jclex.com Mannat Sabharwal Associate, Juris Corp, Delhi mannat.sabharwal@jclex.com International commercial arbitration is typically chosen as the viable method for resolving disputes between parties engaging in international transactions. The most valuable characteristic of international arbitration is the ‘enforceability of award&r...
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Juris Corp do increments and bonus
Press Release - 12 Nov 2020
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Juris Corp announces pay increments and pays bonus
Press Release - 11 Nov 2020
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Press Release - 10 Nov 2020
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Trade Finance in India-Recent Trends
Article - 04 Nov 2020
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Lack of demand no excuse for delay: MahaRERA
Article - 26 Oct 2020
BySatish NandgaonkarSatish Nandgaonkar / Updated: Oct 26, 2020, 06:00 IST   An artist’s impression of the Narang Urbane Housing Forum project in Valve Orders refunds for homebuyers, gives compensation for mental harassment after developer blames delays on lack of demand due to quakes. In a relief to five home buyers, Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled that lack of demand d...
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Juris Corp acts for Mount Judi Ventures on debut investment of $1.5m in medtech startup InnAccel
Article - 23 Oct 2020
  Mount Judi Ventures has struck its debut bet by investing in medtech company InnAccel Technologies Pvt Ltd, a top executive of the venture capital firm told VCCircle. — VCCircle Juris Corp advised Mount Judi Ventures led by a team of equity partner Arunabh Choudhary, and senior associate Aditi Joshi. 2020-10-14 Deal value: $1.5m (INR 11 crores) This deal report is based on a firm's press release ...
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How investors, authorities can check greenwashing and boost green financing
Article - 09 Oct 2020
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How Homebuyer Rights Changed After RERA Verdicts
Article - 09 Oct 2020
      Published BloombergQuint       Click here article inPublished website. ...
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Deep Dive into Delhi HC Ruling on Sanctity of RBI’s Approval
Article - 08 Oct 2020
Article Published law Street India Link Pratish Kumar (Partner, Juris Corp)  Ankit Sinha (Principal Associate Sonali Singh (Associate) The Reserve Bank of India (“RBI”) plays a pivotal role in management of foreign exchange in India. The RBI is empowered, under the extant Indian foreign exchange laws, inter alia to provide general or specific approvals in relation to a wide array of foreign excha...
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Third-party funding: a saviour to the distressed claimant who needs to litigate but is strapped for cash
Article - 06 Oct 2020
Published by International Bar AssociationClick here to access the Published article. Jayesh HJuris Corp, Mumbaijayesh.h@jclex.com Chaitra SrinivasJuris Corp, Mumbaichaitra.srinivas@jclex.com Madhura KulkarniJuris Corp, Mumbaimadhura.kulkarni@jclex.com The financial crisis caused by the Covid-19 pandemic has led to several unconventional innovations in business operations such as working from home. The crisis has mea...
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Enforcement of Indian bank guarantees: a dichotomy in law
Article - 06 Oct 2020
Pratish Kumar Juris Corp, Mumbai pratish.kumar@jclex.com Ankit Sinha Juris Corp, Mumbai ankit.sinha@jclex.com Garima Parakh Juris Corp, Mumbai garima.parakh@jclex.com Legal background Section 28 of the Indian Contract Act 1872 (the 'Contract Act') seeks to render void agreements, including those absolutely restricting the parties from enforcing their rights under any contract by way of legal proceedings, or restricting the t...
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JurisCorp acts for Mount Judi Ventures on debut investment of $1.5m in medtech startup InnAccel
Article - 06 Oct 2020
Tuesday 6 October 2020 Back to Asia Pacific Regional Forum publications Nand Gopal Anand Juris Corp nandgopal.anand@jclex.com Harshit Dusad Juris Corp harshit.dusad@jclex.com Vrindesh Patel Juris Corp vrindesh.patel@jclex.com Introduction The history of cryptocurrency can be traced back to the 2008 Global Financial Crisis, when financial markets were in deep stress and people were losing faith in them. During that time, Satoshi Na...
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Regulating cryptocurrency in India
Article - 06 Oct 2020
Nand Gopal Anand Juris Corp nandgopal.anand@jclex.com Harshit Dusad Juris Corp harshit.dusad@jclex.com Vrindesh Patel Juris Corp vrindesh.patel@jclex.com Introduction The history of cryptocurrency can be traced back to the 2008 Global Financial Crisis, when financial markets were in deep stress and people were losing faith in them. During that time, Satoshi Nakamoto, the father of the bitcoin, paved way for the first ever...
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Impact of Covid-19 on leasing in India
Article - 01 Oct 2020
Avikshit MoralJuris Corp, Mumbaiavikshit.moral@jclex.com Prasham Shah Juris Corp, Mumbai prasham.shah@jclex.com Introduction Covid-19 has changed the dynamics of the world in many ways. It has grossly affected households, businesses and workers from all classes of society, all over the world. As a result, many tenants are facing a cash crunch and are unable to fulfil their rental obligations. On the other side, either due to ...
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RERA Dossier (2019-2020)
Legal Updates - 18 Sep 2020
The real estate sector witnessed the beginning of a new era with the introduction of the Real Estate (Regulation and Development) Act, 2016 (“Act”). Pursuant to the notification of the Act, the real estate sector eagerly awaited to see how various provisions of the Act are interpreted by different real estate regulatory authorities. Three years have passed since the Act was notified. Over a period of time, there have been nu...
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How Reliance Retail-Future Group deal can overcome competition concerns
Article - 16 Sep 2020
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Fair Practices Code for Digital Lending Platforms: An Analysis
Article - 15 Sep 2020
Fair Practices Code for Digital Lending Platforms: An Analysis September 15,2020 Rate this story:   Arunabh Choudhary (Partner, Juris Corp)           Aditi Joshi (Senior Associate)Increasing use of technology in the financial sector to offer hassle-free services such as lending, account opening, credit analysis etc., has encouraged entities like banks and Nonbank...
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Enforcements add a new dimension to M&A
Article - 01 Sep 2020
Enforcements add a new dimension to M&A Avikshit Moral and Sumitava Basu at Juris Corp write that acquisitions through enforcement of pledged shares have become a feasible route, with courts playing a supportive role The realm of mergers and acquisitions (M&A) in India has been everchanging. The nation has come a long way from being a protectionist regime where it was impossible to do a hostile takeover, and various enforcem...
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How Reliance Retail-Future Group deal can overcome competition concerns
Article - 01 Sep 2020
The coronavirus pandemic has wreaked havoc in all our lives and businesses. Some businesses have managed to sail through the storm and take advantage of the limited opportunities presented in these unprecedented times. This is resulting in a greater number of takeovers by stronger firms of businesses which can be labelled as failing. Recently, Reliance Retail Ventures Ltd agreed to acquire the retail, wholesale, logistics and warehou...
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Juris Corp promotes five young players
Press Release - 25 Aug 2020
  Juris Corp has promoted three fee earners to principal associate and two others to senior associate across its offices in Bengaluru, New Delhi and Mumbai. “The elevation of these young professionals is a moment of pride,” said Juris Corp co-founder and senior partner, Jayesh H. “It symbolizes growth of talent in accordance with competence and commitment.” The firm said the promotions were on the ...
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An Overview of the New Consumer Protection Regime in India
Article - 20 Aug 2020
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Always Connected – Telemedicine in India!
Article - 17 Aug 2020
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Consumer Protection Act, 2019 – A New Challenge to Indian Businesses?
Article - 17 Aug 2020
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SEBI Steers Distressed Bond Market Through COVID-19 Crisis
Article - 07 Aug 2020
  Apurva Kanvinde (Principal Associate, Juris Corp) Arjun Nair (Trainee Associate) The outbreak of the corona virus (“COVID-19”) has created an unprecedented impact on the economy, causing the financial markets to suffer significant losses in a very short period of time. The COVID-19 crisis is an extraordinary supply and demand shock with far reaching and uncertain ramifications. While developed econo...
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A clean slate: good times for bad banks
Article - 31 Jul 2020
  Friday 31 July 2020 Pratish Kumar Juris Corp, Mumbai pratish.kumar@jclex.com Ankit Sinha Juris Corp, Mumbai ankit.sinha@jclex.com Garima Parakh Juris Corp, Mumbai garima.parakh@jclex.com The development of complex financial structures has led to an increased appetite for risk taking, subjecting balance sheets to diverse exposures. While the inevitable spin of the economic wheel does periodically produce a recessi...
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Relaxation of Takeover Norms for Stressed Companies
Article - 24 Jul 2020
Relaxation of Takeover Norms for Stressed Companies : A Move in the Right Direction July 21,2020   Apurva Kanvinde (Principal Associate, Juris Corp) Sumitava Basu (Principal Associate) WHY: Restructuring of listed companies often got stuck as the Securities and Exchange Board of India (“SEBI”) norms were inflexible on exempting key compliances. The key hurdle used to be having to make an open off...
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Applicability of Promissory Estoppel to Governmental Action
Article - 13 Jul 2020
Applicability of Promissory Estoppel to Governmental Action – A Tale of Broken Promises? July 13,2020   Shubhabrata Chakraborti (Partner, Juris Corp)            Madhura Kulkarni (Associate) “A promise made must be a promise kept.” - Aristotle Aristotle’s position on promises relied on the ideal, that promisors would choose to act i...
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Amended Margin Norms: Effective in Curbing Breach of Trust?
Article - 13 Jul 2020
Amended Margin Norms: Effective in Curbing Breach of Trust? July 13,2020   Apurva Kanvinde (Principal Associate, Juris Corp)   Smit Parekh (Trainee Associate) The increasing competition in the broking business has led brokerages to come up with novel ideas to expand their business. One such market practise is providing margin trading facility (“MTF”). Under MTF, brokerages offer to their ...
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Juris Corp announces promotions yet again..!!
Press Release - 13 Jul 2020
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Juris Corp announces promotions yet again..!!
Press Release - 13 Jul 2020
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COVID-19, Lockdown and Courts - Story So Far
Article - 08 Jul 2020
COVID-19, Lockdown and Courts - Story So Far July 08,2020   Shubhabrata Chakraborti (Partner, Juris Corp)    Ashish Mukhi (Principal Associate)     Madhurima Sarangi (Associate) Introduction Coronavirus (“Covid-19”) has rapidly become a global crisis and impacting life of people, businesses and markets and has led to nationwide lockdown in many countries. On 24th Marc...
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Thomson Reuters - India Q&A Global Guide Chapter - “Private equity in India: market and regulatory overview
Article - 01 Jul 2020
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SEBI’s COVID-19 relief measures
Article - 30 Jun 2020
SEBI’s COVID-19 relief measures – Can they protect the capital markets? Apurva Kanvinde (Principal Associate, Juris Corp)     Jui Masurekar (Associate) The outbreak of the pandemic of COVID-19 has radically altered the economic landscape and increased volatility in the global capital markets.   While it is an inescapable conclusion that the after-effects of such a pandemic will continue ...
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Dealing with COVID - 19: Invocation of Force Majeure
Article - 24 Jun 2020
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Managing Disputes When Anticipating / Dealing with Force Majeure Event
Article - 24 Jun 2020
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Understanding ‘force majeure’ and its application in India in the times of the COVID-19 outbreak
Article - 24 Jun 2020
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To Pay or not to Pay?
Article - 24 Jun 2020
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India’s Mall Owners Are Trying To Fend Off Hard-Bargaining Retailers
Article - 15 Jun 2020
Avikshit Moral has shared his views in an article by BloombergQuint on “India’s Mall Owners Are Trying To Fend Off Hard-Bargaining Retailers”. The same has been attached. ...
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Opportunistic takeovers: revisions to India’s FDI policy - CWG
Article - 03 Jun 2020
03-June-2020 Avikshit Moral Juris Corp, Mumbai avikshit.moral@jclex.com Aditi Joshi Juris Corp, Bengaluru aditi.joshi@jclex.com Introduction The outbreak of the Covid-19 pandemic has affected businesses and economies the world over. This has adversely effected the valuation of companies resulting in opportunistic takeovers/acquisitions. With a view to the monitoring of such acquisitions, the Government of India ('government')...
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Refinancing Amid COVID-19 Crisis – A Silver Lining!
Article - 03 Jun 2020
Refinancing Amid COVID-19 Crisis – A Silver Lining!   Nand Gopal Anand (Partner, Juris Corp)          Harshit Dusad (Associate)             Vrindesh Patel (Associate) 1) COVID-19 Crisis – Taking the Global Economy for a Toss Today, with the world tackling the ‘COVID-19’ crisis, most...
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JurisCorp increases internship intake up to 50% by going virtual
Press Release - 03 Jun 2020
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FAQs on Trade Receivables Discounting System for MSMEs
Article - 02 Jun 2020
June 02,2020   Pratish Kumar (Partner, Juris Corp)           Karan Abichandani (Associate) In response to the problems faced by Micro, Small and Medium Enterprises sellers (“MSME”) to obtain adequate finance, the Reserve Bank of India (“RBI”) had introduced the concept of TReDS in India in 2014. TReDS provide MSMEs a secure electronic platform ...
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India’s journey towards being a pro-enforcement regime for foreign arbitral awards
Article - 24 May 2020
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Securitisation Transactions in India – Legal Validity
Article - 18 May 2020
Securitisation Transactions in India – Legal Validity May 18,2020     Pratish Kumar (Partner, Juris Corp) Ankit Sinha (Principal Associate) Garima Parakh (Associate) 1)        Background Securitisation was introduced in India as part of the wave of financial reforms in 1999 to expand the funding capacity of banks and non-banking financial compan...
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Deciphering Apex Court’s Ruling on Execution of Foreign Decrees
Article - 18 May 2020
Deciphering Apex Court’s Ruling on Execution of Foreign Decrees May 20,2020     Shubhabrata Chakraborti (Partner, Juris Corp) Chaitra Srinivas (Associate) The general assumption that a foreign decree from  a reciprocal territory (“foreign decree”) would be executed in India like a decree passed by an Indian District Court has now been fine-tuned and clarified by the Supreme Court of In...
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EXPORT ADVANCES: A QUICK GUIDE
Insights - 08 May 2020
EXPORT ADVANCES: A QUICK GUIDE BackgroundAn Indian exporter (“Exporter”) is permitted to receive export advances against export of goods from India to an overseas buyer. Such export advance arrangements enable Exporters to reduce interest cost, widen fund raising options and elongate the debt maturity profile of the Exporter.This note briefly deals with the various schemes under which such export advances may be received by...
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Failing Firms under Competition Law and Hassle around Statutory Approvals in COVID Times
Article - 08 May 2020
‘Failing Firms’ under Competition Law and Hassle around Statutory Approvals in COVID Times May 08,2020     Arunabh Choudhary (Partner, Juris Corp)      Dhruv Mallik (Principal Associate)                        Chaitra Srinivas (Associate) “U...
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FX Hedging: Uniform Directions for Residents & Non Residents
Article - 22 Apr 2020
Read this if you are concerned in any manner with foreign exchange hedging with Residents and Non-Residents……...The Reserve Bank of India (“RBI”) has issued directions that merge the hedging facilities with respect to foreign exchange risks, for residents and non-residents (“Directions”).1) What’s new under the Directions?a) Introduction of Anticipated Exposure:(i) Transactions can now be unde...
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Juris Corp Enlarges Ownership - Inducts 5 Partners into Equity
Press Release - 10 Apr 2020
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Juris Corp founders give equity ownership to 5, hope to become minority • Firm strong enough to ‘absorb’ a crash
Press Release - 10 Apr 2020
Juris Corp has converted to an equity partnership model beyond just the founders, converting its five salaried partners to equity partners to the firm. The new equity partners are Arunabh Choudhary, Avikshit Moral, Nand Gopal Anand, Pratish Kumar and Shubhabrata Chakraborti (see more details on new partners below). “We’ve been working on this for some time and we’ve worked out a particular process,” commented c...
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Juris Corp founders give equity ownership to 5
Press Release - 10 Apr 2020
Juris Corp founders give equity ownership to 5, hope to become minority • Firm strong enough to ‘absorb’ a crash Firm in strong financial position to weather possible future storms: H Jayesh   Exclusive By Legally India Friday, 10 April 2020 20:00 Law firms An estimated 5 minute read...     New JC equity partners: Choudhary, Moral, Anand, Kumar, Chakraborti Juris Corp has convert...
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Big Law Firms pay bonuses amidst struggles in other sectors
Press Release - 03 Apr 2020
Work From Home Law Firm MUMBAI : Law firms have emerged as the outliers as India Inc and the top four audit firms are grappling with issues of appraisals cycles and paying out bonuses. All the top law firms—Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, Khaitan and Co, Luthra and Luthra Partners, and Juris Corp—are proactively giving out bonuses to their associates and partners. This is partially...
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Legally India - Juris Corp pays support staff early
Press Release - 26 Mar 2020
CAM, Luthra, SAM pay out bonuses early due to corona • JC pays support staff early [UPDATE-3 • +Bonus: Adorable corona-elephant PSA]     By Legally India Wednesday, 25 March 2020 16:29 Law firms     Early bonus at CAM Cyril Amarchand Mangaldas has paid out bonuses to fee-earners yesterday, this year around a week earlier than usual, due to the national COVID-19 lockdown. Update 26 Ma...
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Legally India - Juris Corp goes on work from home mode
Press Release - 16 Mar 2020
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Commodity Hedging - The Next Version!
Article - 30 Mar 2018
The Reserve Bank of India (“RBI”) on 12th March 2018, issued the Hedging of Commodity Price Risk and Freight Risk in Overseas Market (Reserve Bank) Directions, 2018 (“Commodity Hedging Directions”). These Commodity Hedging Directions revamp considerable portion of the present laws in relation to commodity derivative transactions being undertaken on a cross border basis. This also withdraws previous circulars issu...
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Simplified norms to attract FDI – Bloomberg TV India
Article - 21 Jan 2016
The Union Cabinet on 16th July 2015 gave its nod to review the existing FDI policy. The move is aimed at simplification of FDI policy with a view to attracting foreign investments in order to improve ease of doing business in India. To comprehend the impact of this, Bloomberg’s Priyal Guliani Bhattacharya talks to Senior Partner of Juris Corp, Mr. H. Jayesh to bring you an overview of the impending changes. If you missed watching...
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Sebi levies stringent penalty: Developers feel the heat
Insights - 10 Nov 2015
The real estate sector has being growing rapidly in the country, enticing many to participate in the exuberance of its growth. The growing appetite for risk coupled with innovative methods of investment has encouraged many to participate in it. Developers have been floating attractive schemes in the market which are not only a drift from the conventional methods of investment in real estate, but also seem to be within the reach of the c...
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Nestle's Bombay High Court verdict - H. Jayesh in discussion on ET NOW
Article - 15 Aug 2015
Mr. H. Jayesh, Founder Partner of Juris Corp was on ‘Amicus Curiae’ moderated by ET Now TV Editor, Ashwin Mohan. They discussed the implications and lessons from the landmark Nestle verdict of the Bombay High Court. This will be valuable for corporates, regulators and government alike. The Show ‘Amicus Curiae’ aired on:      a) on Saturday – 15th August 2015 at 08:00 AM   &nbs...
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Special Provisions For Start-ups
Article - 24 Jun 2015
Senior Partner, H. Jayesh has been interviewed by Bloomberg TV India, to know his views on “Special Provisions For Start-ups” after SEBI Board meet. The interview was telecasted on 23rd June 2015. In his Interview, H. Jayesh gives his perspective on: Minimal disclosures for start-ups Classes of companies to which the minimal disclosures will be made applicable to Promoter category To find out more, you can access his interview...
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Appointment of judges in Madras, Allahabad High Courts
Legal Updates - 01 Oct 2013
President Pranab Mukherjee appointed several judges in the Allahabad High Court and Madras High Court.According to a statement, Justices T Mathivanan, Ardhanariswamy Arumughaswamy, K B K Vasuki, Kandasami Ravichandra Baabu, P Devadass and R Karuppiah were appointed as Additional Judges of the Madras High Court. Mr Mukherjee also appointed Justices Het Singh Yadav and Anil Kumar Sharma as Additional Judges of the High Court of Judicature at Allaha...
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