Background
On 17th January, 2020, the Republic of India (India) made a remarkable move with the issuance of a Gazette notification which notified the inclusion of the United Arab Emirates (UAE) as a “reciprocating territory” for the enforcement of judgments (Reciprocating Territory Notification). This alert expands on the features of this new development and the potential benefit for individuals, companies (including financial institutions) in the UAE that have default debtors located in India or with assets in India.
Force Majeure in general parlance means any event or circumstance (or combination thereof) that wholly or partly prevents or causes unavoidable delay in the performance of contractual obligations or makes the perform
Changes to Hungarian bankruptcy law mean that priority will be given to creditors who pledge property as security or collateral. Minor changes to Hungarian corporate legislation require companies to list specific court registration information on their official correspondence and websites.
Introduction
The World Health Organisation (WHO) declared COVID-19 as a “pandemic” on March 11, 2020.
Threshold enhanced with force majeure awaited in Insolvency & Bankruptcy Code(IBC) due to COVID-19
In order to check the economical slowdown in the business, the Finance Minister on 24th March,2020 has announced various reliefs and relaxations in IBC due to the pandemic outburst of Covid-19 as below:
On March 24, 2020, the Finance Minister announced several relief measures across sectors, relating to Statutory and Regulatory compliance matters, in view of the COVID-19 outbreak in the country. The main relief measures have been detailed below, along with their implications for businesses.
THE ISSUE
In a recent judgment, i.e., on 17 January 2020, the Indian appellate insolvency tribunal, namely, the National Company Law Appellate Tribunal (NCLAT) held in M. Ravindranath Reddy v. G. Kishan, that the lease of immovable property cannot be considered as supply of goods or rendering any services and therefore the due amount cannot fall within the definition of operational debt under the Insolvency and Bankruptcy Code, 2016 (Code).
Revision of ECB framework: The Reserve Bank of India (RBI) on December 17, 2018 revised and consolidated the provisions related to borrowing and lending transactions into one single regulation i.e. the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 ("ECB Regulations").
Banning of Unregulated Deposits Schemes Ordinance, 2019 By Sudish Sharma and Vishakha Singh
Indian economy in the recent times has witnessed a plethora of fraudulent corporate malpractices. The issue of illegal deposit-taking activities has been a concerning one, causing various financial frauds in forms of 'ponzi' schemes, 'chit funds' scams etc. There has been
a dire need to counter such illicit practices, and to
initiate another deterrent action against the black
money generated out of such illicit-deposit taking