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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 Insolvency and Bankruptcy Code, 2016 was formed with the intent of consolidating and amending…
Introduction In a landmark regulatory move, the Securities and Exchange Board of India (SEBI) has…
The advent of cryptocurrency has ignited widespread debate across economic, ethical, and religious spheres, with…
Abstract: This article examines the rapid rise of cryptocurrency in India, where over 115 million…
Introduction The Insolvency and Bankruptcy Code (IBC), enacted in 2016, represents one of India’s most…
Introduction The term “corporate governance” describes an organization’s commitment to conducting business in a morally,…
Introduction The Foreign Exchange Management Act (FEMA), 1999 is a pivotal legislation in India’s economic…
Bench and Court Bench: Justice L. Nageswara Rao and Justice B.R. Gavai Court: Supreme Court…
Abstract During the previous two decades, cross-border mergers and acquisitions (M&As) have dramatically raised. It…
Abstract Loan fraud poses a serious and growing threat to India’s financial system. This article…
Recent years have witnessed dramatic disruption in the Indian telecom industry that has culminated in…
The Debt Recovery Tribunals (DRTs) represent a milestone in India’s financial and legal structure, established…
The Securities and Exchange Board of India (SEBI) is a regulatory body which oversees the…
It is a set principle that Securities Exchange Board of India is an adjudicatory body…
Legal Liability of Banks in Forged Cheque Cases The banking sector plays a pivotal role…
SEBI and Securities Market Regulation The Securities Exchange Board of India (SEBI) is the central…
The Negotiable Instruments Act, 1881 (NI Act), particularly Section 138, aims to ensure the reliability…
SEBI ICDR Regulations, 2018 The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, commonly…
“Gold gets dug out of the ground in Africa or some place. Then we melt…
The Negotiable Instrument Act, enacted in 1881, establishes a legal framework and regulates the operation…
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India’s Oldest Independent Digital Legal Knowledge Platform
ISBN: 978-81-928510-0-6
India’s Oldest Independent Digital Legal Knowledge Platform
ISBN: 978-81-928510-0-6