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Examining Section 11 of the Insolvency and Bankruptcy Code 2016

[Lakshya Gupta is a student at Jindal Global Law School.] With the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016, the government has tried to streamline the insolvency and bankruptcy laws across the nation. Chapter II of the Code gives the procedure for initiating a corporate insolvency resolution process (CIRP). Section 6 gives the class of persons eligible to initiate a CIRP against a corporate debtor (CD). This includes a financial creditor (FC), an operational creditor (OC) or the CD itself. Section 11 further elaborates who cannot initiate a CIRP. However, the section purports to serve no other purpose than to create confusion when read along with the rest of the Code. T

Kotak Committee Report: India’s Recognition of Its Unique Corporate Governance Problem

[Rongeet Poddar is a fourth-year student at WBNUJS, Kolkata.] The corporate governance regime of a country has to specifically consider the nature of company ownership to incorporate regulation norms to augment the efficiency of the system and reduce agency conflicts. The foremost agency conflict in corporate governance is the Type I agency conflict between directors as managers of the company (agent) and the shareholders (principal). This agency conflict is vertical in nature where the shareholders have to undertake significant costs in the form of incentives and monitoring systems to ensure that the interests of the managers of the company align with theirs. It occupies a position of great

Companies (Significant Beneficial Ownership) Rules, 2018: Too Stringent and Harsh?

[This post has been contributed by Stephanie Nazareth, a fifth-year student at ILS Law College.] A detailed post on registration of beneficial ownership by foreign companies could be found here. However, the aim of this article is to analyse the threshold requirement under the recently notified Companies (Significant Beneficial Ownership) Rules, 2018 (SBO Rules). Is it too harsh? It is too wide? Is it in line with the international practice? The article will discuss the background of the SBO Rules along with a short comparative analysis of the threshold requirement in other jurisdictions and the concluding opinion of the author. Background Sections 89 and 90 of the Companies Act, 2013 deal

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