The Insolvency and Bankruptcy Board of India has recently come up with a proposal for the parties involved in an operational creditor insolvency application dispute to explore mediation under the provisions of the Mediation Act, 2023. This is aimed as a precursor to the filing of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The authors (Raghavan Ramabadran, Krithika Jaganathan and Shwetha Vasudevan) note that the proposal will reduce the burden on the Adjudicating Authority since the non-settlement report, in case of failure of mediation, would capture any admission or dispute of debts as claimed by the operational creditor. Discussing the pros and cons, the authors note that taking up voluntary mediation may be weighed on a case-to-case basis.
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- SEBI specifies Due Diligence Certificate format for unsecured debt securities
- Payments between member countries of the Asian Clearing Union – Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 amended
- Compliance deadline for private companies under Companies (Prospectus and Allotment of Securities) Rules, 2014 extended
- Industry standards on approval of related party transactions notified by SEBI
- Investment norms for All India Financial Institutions amended
- Prudential norms for Urban Co-operative Banks revised
- CCI Approval is mandatory before the CoC approves a resolution plan involving a combination – Supreme Court
- Mere constitution of a project management committee does not absolve the Corporate Debtor from its financial obligations – Section 7 Application is maintainable – NCLAT, New Delhi
- Arbitration – 30-day limitation period for filing objections under the Arbitration Act, 1940, begins from the date the party gains awareness of the award; Formal service of notice is not a statutory requirement for triggering limitation period – Supreme Court
- Arbitration – Limitation period for application to seek appointment of arbitrator begins only after a notice invoking arbitration is issued and opposite party has failed/refused to make an appointment as per agreed procedure – Andhra Pradesh High Court
- A single homebuyer cannot challenge the approval of a resolution plan when the majority has voted in its favor – NCLAT
- Flipkart zeroes-in on AI startups for its third accelerator program
- CCI invites comments on the determination of cost of production for regulations on predatory pricing
- PE Funds are likely to be under CCI lens for their minority investments too
- DPIIT partners with Korean Institute for enhanced cooperation in logistics
- SEBI proposes stricter compliance norms for listed entities’ corporate governance
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