Abandonment of Projects – Promoters’ Responsibility or Not?
Typically, one of the key elements of a project financing structure is a special purpose project company (“Project Company” or “SPV”) with no business antecedents, which is set up with the sole aim of developing and implementing the project being housed in it. This structure for project finance is not new, and is designed to […]
A Guide to Share Purchase Agreements
Share Purchase Agreement is an agreement entered into between the buyer and seller(s) of shares of a target company. Usually Share Purchase Agreements entail that the buyer would be taking over whole or significantly whole of the undertaking of the company. In such a scenario, the buyer would not only be taking over the assets […]
A Different Prism for Trust and Retention Account Agreements to be Looked Through: Equity Contributions in Project Finance
IntroductionIn the first part of our three-part series of articles on different aspects of the trust andretention account agreements, we limited our analysis to the treatment/priority accorded toGovernment and Statutory Dues vis-à-vis the rights of the creditors. Continuing therefrom, inthis second part, we have examined statutory and regulatory framework governing equitycontributions in the context of […]
A Blend between Ethics and Growth
With the world facing an ever-increasing environmental and social challenges, the thought process of investors has been showing a radical change – from being focussed on profits out of their prospective investments, to being more interested in where the profits are coming from. Companies are expected to “do the right thing” and contribute positively to […]
Skin to Skin Touch not Essential for Offence of Sexual Assault Under POCSO Act – Supreme Court
The Supreme Court, in its landmark decision in Attorney General for India and Ors. v. Satish and Ors.,[1] has once again swung the pendulum in favour of protection of most vulnerable section of the society, when it held that progressive and beneficial statutes such as the Protection of Children from Sexual Offences Act, 2012 (POCSO […]
Suit in Relation to Immovable Property Used for Trade and Commerce Falls in the Category of “Commercial Suit”
The issue whether a civil suit filed for recovery of possession, arrears of rent and mesne profit for a rented commercial premises would be a commercial suit within the provisions of Section 2 (1) (c) (vii) of the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 (Act, for short) came […]
A Different Prism for Trust and Retention Account Agreements to be Looked Through: Equity Contributions in Project Finance
Introduction In the first part of our three-part series of articles on different aspects of the trust and retention account agreements, we limited our analysis to the treatment/priority accorded to Government and Statutory Dues vis-à-vis the rights of the creditors. Continuing therefrom, in this second part, we have examined statutory and regulatory framework governing equity […]
A Blend between Ethics and Growth
With the world facing an ever-increasing environmental and social challenges, the thought process of investors has been showing a radical change – from being focussed on profits out of their prospective investments, to being more interested in where the profits are coming from. Companies are expected to “do the right thing” and contribute positively to […]
Insolvency And Bankruptcy Board Of India (Insolvency Resolution Process For Corporate Persons) (Second Amendment) Regulations, 2023
On September 18, 2023, the Insolvency and Bankruptcy Board of India (“IBBI”) notified a second amendment to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The key amendments are as follows: “2D. Details of debt, default and limitation in respect of applications under section 7 or section 9. While filing an application under […]
Government Seeks Public Comments On Key Changes Proposed To The Insolvency & Bankruptcy Code 2016
On January 18, 2023, Ministry of Corporate Affairs issued a notice inviting comments from public on changes being considered to the Insolvency and Bankruptcy Code, 2016 (“IBC” or “Code”) aiming to enhance the efficiency of the bankruptcy process and expanding the scope of the framework. Background Prior to the commencement of the Code, the legislative […]