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Adani Power

L&L advises sellers of Odisha stake to Adani Power

L&L Partners advised AES India and AES OPGC Holding, both subsidiaries of New York-listed AES Corporation, when the two companies signed agreements for the US$135 million sale of their 49% stake in Odisha Power...
blue star

Blue Star issues maiden unsecured NCDs

Khaitan & Co acted as transaction counsel to air conditioning and refrigeration company Blue Star in relation to their maiden issuance of rated, listed, unsecured, redeemable, non-convertible debentures aggregating to US$46.9 million on a...
regulatory

Awkward regulatory tango over COVID-19 relief

By Sawant Singh and Aditya Bhargava, Phoenix Legal
The COVID-19 pandemic and its dampening effects on economies has compelled governments and regulators to introduce innovative measures, in particular to restore stakeholder confidence in financial markets. Among Indian regulators, the Reserve Bank of...
creditors

COVID-19, IBC suspension and operational creditors

By Shweta Bharti and Sukrit Kapoor,Hammurabi & Solomon
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (ordinance), provides that no application to start a corporate insolvency resolution process (CIRP) in respect of a corporate debtor may be made for any default arising...
moratorium

COVID-19 moratorium package: An RBI safe haven

By Nishtha Arora and Anjuli Hora, SNG & Partners
The relentless and rapid spread of COVID-19 during the last quarter has severely impacted economies the world over, including that of India. The Reserve Bank of India (RBI), has recognized the challenge faced by...
relief

Slowing the free fall

Taking stock of the relief measures deployed by regulators to soften the impact of the lockdown. Gautam Kagalwala reports With the COVID-19 outbreak, the government has been fighting on two fronts. It has introduced a...
cryptos

Supreme Court quashes RBI ban on cryptos

The Supreme Court in a recent judgment set aside the ban imposed by the Reserve Bank of India (RBI), through its circular dated 6 April 2018, which prohibited its regulated entities (i.e., financial institutions...
India

Indian Law Firm Awards 2020

And the winners are ... Rebecca Abraham reports Companies and law firms across India have been grappling with a global pandemic in what was already a challenging market, and are now facing an economic downturn....
payment

Online payment players are now under the RBI

By Juhi Mehta and Manali Kakatkar, Samvad Partners
After first raising its intention to bring payment aggregators (PA) and payment gateways (PG) under its regulatory purview in its discussion paper of September 2019, the Reserve Bank of India (RBI) on 17 March...
VC

Virtual currency trade sees challenges with FDI

By Arjun Rajgopal and Akshaya Iyer, L&L Partners
On 4 March 2020, the Supreme Court (court) quashed the Reserve Bank of India’s (RBI) circular of 6 April 2018 prohibiting entities regulated by the RBI from dealing in virtual currencies (VC) or providing...
banking

Cryptocurrencies avoid a KO and win on points

By Karthik Somasundram and Sneha Jaisingh, Bharucha & Partners
After five years of studying the global development of virtual currencies (VC), the Reserve Bank of India (RBI) in April 2018 issued a circular under the Banking Regulation Act, 1949 (BRA), the Reserve Bank...
corporate debtors

Net tightens for promoters of corporate debtors

By Manoj Kumar and Shweta Bharti, Hammurabi & Solomon
2020 has witnessed two legal developments that will impact the recovery strategies of operational creditors in India. The first development is the insertion of section 32A into the Insolvency and Bankruptcy Code, 2016 (code),...
M&A

What’s in store for M&As in a post COVID-19 economy

By Raghubir Menon and Aditya Parolia, Shardul Amarchand Mangaldas & Co
The economy has come to a halt in the current unprecedented situation. Apart from medical and essential service providers, labour and capital have been idle during the coronavirus-induced lockdown, and the world economy seems...
covid

RBI provides COVID-19 relief; others yet to catch up

By Sawant Singh and Aditya Bhargava, Phoenix Legal
A “black swan event” such as the current COVID-19 crisis is beyond the risk management capabilities of financial institutions as well as regulators such as central banks that oversee them. In such situations, it...
force majeure

COVID-19: Conundrum for borrowers and lenders

By Aniket Sawant and Shreenath Pandeya, SNG & Partners
The COVID-19 pandemic has caused significant disruption and slowed down the economy. In the finance sector the ability of borrowers to perform their obligations under financing agreements has been severely impacted. In light of...
yes bank

Yes Bank reconstruction scheme ready

The government has approved the reconstruction scheme for Yes Bank with many leading banks participating in the revival effort including the country’s top public sector bank, State Bank of India (SBI). As part of the...
demergers

A chaotic situation in cross-border demergers

By Nisha Mallik and Roshni Menon, Samvad Partners
In December 2019, the National Company Law Tribunal (NCLT) in the matter of Sun Pharmaceutical Industries held that the Companies Act, 2013 (act), read with the Foreign Exchange Management (Cross Border Merger) Regulations, 2018...
yes bank

A speedy resolution scheme for Yes Bank

By Sawant Singh and Aditya Bhargava, Phoenix Legal
Other than in the 2008 global financial crisis, bank insolvencies have been rare. The few instances where domestic banks have run into trouble have been dealt with swiftly and without any loss to depositors...
enforcement

Bias towards enforcement of foreign awards

By Karthik Somasundram and Shreya Gupta, Bharucha & Partners
Disputes arose between joint venture partners for the control of Ravin Cables Ltd. Prysmian, the Italian partner, invoked arbitration under the London Court of International Arbitration (LCIA) rules alleging material breaches by the Indian...
Legal and financial plans

Legal and financial plans beyond COVID-19

By Gautam Khurana, India Law Offices
COVID-19 has presented challenges that nobody could have envisaged three months ago. Each day existing as well as future challenges become larger. We need to fight the current difficulties and keep ourselves safe from...