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The Mutual Assistance Arrangement for Court-ordered Interim Measures in Arbitration between Mainland

[Abhinav Srivastava is a graduate of National Law University, Delhi and is currently based out of New Delhi. He is interested in the areas of international finance law, mergers and acquisitions, and investment law.] The Supreme People’s Court of the People’s Republic of China and the Government of the Hong Kong Special Administrative Region came to terms on an mutual assistance arrangement pertaining to the enforcement of court-ordered interim measures that is being termed as a ‘landmark’ for arbitration in the region. Although Hong Kong is a part of the same sovereign country as Mainland China, it has been given the status of a Special Administrative Region endowed with its own legal system

Trade Union as an ‘Operational Creditor’: The Supreme Court’s Case for Purposive Interpretation

[Rongeet Poddar is a fourth-year student at WBNUJS Kolkata.] The Supreme Court of India in JK Jute Mill Mazdoor Morcha v. Juggilal Kamlapat Jute Mills Company Limited has recently allowed a trade union to file an application for initiating a corporate insolvency resolution process (CIRP) as an operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant trade union had issued a demand notice to the corporate debtor by virtue of Section 8 of the IBC for the payment of outstanding dues of approximately 3000 workers following which it filed an application under Section 9 of the IBC for default in payments of operational debts. However, the Allahabad Benc

Data Localisation: Whose Data is it Anyway?

[Lakshaya Grover and Mustafa Rajkotwala are students of NALSAR University of Law, Hyderabad, with keen interest in the area of data privacy law.] The rise of ‘data’ over the years as the prime resource of the internet era is as impressive as it is certain. It cannot be contested that access to data and data patterns is central to charting out the way human beings interact; the extent to which data can affect tangible phenomena can be estimated by looking at the infamous Cambridge Analytica debacle that exploited critical data breach to influence political outcomes. Data is as invaluable for the companies that rely upon the behavioural analysis of user spending patterns as it is critically pr

Update : NSE Barred from Accessing Securities Market

[The following update has been brought to you by our Editor, Subhra Tripathy, in light of the complexity of the matter.] The Securities and Exchange Board of India (SEBI), vide its order dated April 30, 2019, has directed the National Stock Exchange (NSE) to pay INR 624.89 crore (plus interest as applicable) for violation of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations 2012 (SECC Regulations). SEBI also barred the NSE from accessing the securities market for six months. The case pertains to complaints received by SEBI in 2015, in relation to NSE’s co-locations facilities. It was alleged in these complaints that due to the dissemination pr

Insolvency: Foreign Creditors, Foreign Debtors and Indian Guarantors

[Sachin Santuka is a third-year student at National Law University, Odisha.] It is commonplace for financing agreements to be structured in such a way that the parent company of a subsidiary stands as a guarantor to a loan obtained by the latter. Such parent company guarantees (PCGs) are extended to enhance the creditworthiness of subsidiary companies. They add an extra level of comfort in respect of the obligations that the subsidiary company has undertaken to perform. We often see Indian companies extending such guarantees to their overseas subsidiaries obtaining credit from foreign banks. Such guarantees must also necessarily comply with the provisions of the Foreign Exchange Management A

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