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Banking & Finance laws
The Negotiable Instruments Act, 1881 (Section 138): Legal Overview The Negotiable Instruments Act, 1881 (NI Act), particularly Section 138, addresses the criminal offence of…
This article critically examines Section 10A of the Insolvency and Bankruptcy Code, 2016 (IBC), which was introduced as a pandemic-era measure to temporarily suspend the initiation of Corporate Insolvency Resolution Process (CIRP) under Sections 7, 9 and 10. While Parliament’s intention was to provide relief to businesses facing financial hardship during COVID-19, the broad wording of the provision, particularly the phrase “shall ever be filed”, resulted in a permanent and retrospective prohibition on creditors applications for default that occurred during the specified stay period. The article argues that such a blanket prohibition, without any leeway for judicial discretion or revival of claims, creates procedural and constitutional anomalies. It disproportionately restricts the rights of creditors, undermines the legislative balance envisaged by Sections 7 and 9 and violates Articles 14 and 21 of the Constitution by encouraging arbitrariness and denying access to justice. Through a doctrinal and jurisprudential analysis of the main decisions of the Hon’ble Supreme Court, the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT), this artilce highlights the inconsistencies of interpretation and practical challenges in determining the date of default and the applicability of Section 10A. In addition, it draws on comparative perspectives from jurisdictions such as the United Kingdom, the United States and Singapore, which have implemented more balanced insolvency responses to the pandemic. In conclusion, the article proposes legislative reform, including the insertion of a revitalization mechanism or sunset clause, and recommends a judicial review of the constitutional validity of section 10A in order to restore fairness and consistency in the insolvency framework.
The Reserve Bank of India Act, 1934 is the main…
Introduction to TDS Return Filing Tax Deducted at Source (TDS) is one of the most…
Introduction To Law And Policy Of Export-Import Trade In India India’s trade policy framework aims…
Introduction Unsecured loans include personal loans, credit card loans, education loans, business loans and so…
Introduction In a landmark judgment issued on October 31 2025, the Madras HC declared that…
Starting Your Own Venture In India Starting your own venture in India is a very…
In the dynamic digital landscape of India, startups feed on the data of their customers,…
Combating Economic Crime in India: PMLA, FEMA & The Black Money Act Subtitle: Legal frameworks,…
This research paper critically examines the banker–customer relationship in India, focusing on its legal foundation as a debtor–creditor relationship and its evolution amid technological and regulatory change. It explores how traditional doctrines under the Indian Contract Act, 1872 and Banking Regulation Act, 1949 interact with modern issues such as digital banking, data protection, fiduciary duties, and consumer rights. Through doctrinal and analytical study, it identifies challenges like unequal bargaining power, confidentiality concerns, and digital fraud, and proposes reforms to promote fairness, transparency, and accountability in the banking sector.
Introduction In the complex landscape of financial transactions and banking law, the concept of monetary…
Introduction The legal framework surrounding dishonored cheques in India has been a crucial aspect of…
Introduction The issue of dishonored cheques has long been a significant concern in India’s commercial…
A Limited Liability Partnership (LLP) is a popular business structure in India, offering limited liability protection and flexible management. However, LLPs must follow annual and event-based compliance requirements to avoid penalties. This guide explains everything you need to know about LLP compliance in India, including key filings, deadlines, penalties, and benefits of staying compliant.
Indian Banks Wrote Off Rs. 16.35 Lakh Crore in Bad Loans Over a Decade The…
Agricultural Land Exemption — Section 31(i) SARFAESI Act From the plain reading of Section 31(i)…
Post-Auction Settlements by Banks — Questions and Case Law It is very common knowledge that…
SEBI the security and exchange board of india is the statutory regulatory body for Indian security market established to protect invested promoter to developer of fair trading practice and regulate entity like stock exchange broker and mutual funds
The situation of Cross-Border Insolvency arisen when debtors and creditors are spread across the various jurisdiction, creating challenges for effective insolvency dispute resolution. For cross-border insolvency, India has Insolvency and Bankruptcy Code, 2016 (IBC) which provides a consolidated domestic framework, it has only two provisions under Section 234 and Section 235.
The UNCITRAL Model Law on Cross-Border Insolvency, adopted on 30th May, 1997 offers key element such as access, recognition, relief, cooperation. Other jurisdictions including the U.S., U.K., Singapore, and South Korea have adopted it to harmonize insolvency proceedings and protect stakeholders across borders.
In India, judicial precedents such as Jet Airways v. SBI (2019), Ruchi Soya v. Union of India (2021), and SBI v. Kingfisher Airlines (2017) have underscored the need of stringent laws for cross-border cooperation. Responding to this, the Insolvency Law Committee (ILC) in 2018 recommended the adoption of the Model Law through a proposed Draft Part Z in the IBC, extending its application to corporate debtors (including foreign entities) while refining Sections 234–235.
Cross-Border Insolvency has become one of the key challenges across the jurisdiction. Currently, India’s cross-border insolvency framework for resolving Insolvency are not strictly implemented. India should participate in the UNCITRAL working groups to deal with the cross-border insolvency issues. This will help the India to participate in international practice and build global standards for cross-border insolvency cooperation.
Introduction A new layer has been added to the commercial and corporate world with the…
Introduction Banking has always been a reflection of society’s needs and technological growth. From the…
Introduction In India’s business world, checks are very important. They make it easy to pay…
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ISBN: 978-81-928510-0-6
India’s Oldest Independent Digital Legal Knowledge Platform
ISBN: 978-81-928510-0-6