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Showing posts from December, 2017

Insolvency Proceedings and Time Barred Debt

InNeelkanth Township & Construction Private Limited v. Urban Infrastructure Trustees Limited [2017] 140 CLA, an appeal was filed by a corporate debtor (Neelkanth Township & Construction Pvt. Ltd.) against the order of the National Company Law Tribunal (“NCLT”) allowing commencement of insolvency proceedings on the action of the financial creditor (Urban Infrastructure Trustees Ltd.). in National Company Law Appellate Tribunal (“NCLAT”). The financial creditor had subscribed to optionally convertible debentures (“OCDs”) issued by the corporate debtor. OCDs carried nil or 1% p.a. interest rate and matured in years 2011, 2012 and 2013. Ă˜One of the issues for consideration before the NCLAT was whether the application under Section 7 of the Insolvency & Bankruptcy Code (“Code”) is time barred, as the debt claim related to the years 2011, 2012 and 2013. Section 3 of the Limitation Act, 1963 governs the time period within which unless a ‘civil suit’ must be filed in respect of reco…

Doing Business of Cyrptocurrency w.r.t. Indian Legal Perspective

Cryptocurrency has been called as the greatest technological breakthroughs since the Internet.  However, a parallel warning from the Reserve Bank of India as a caution against bitcoin and other cryptocurrency, with no guidelines or order to prohibit cryptocurrency may puzzled you to ponder over –Is it legal to do business of cryptocurrency in India?  There may be several questions which you may encounter w.r.t. applicable laws of India, as there are no specific guidelines issued by any Government Authority including Reserve Bank of India or Ministry of Finance. The main stream adoption of cryptocurrency is becoming a reality despite sceptics who compare the boom to the 1636 tulip mania. The issue is not whether cryptocurrency will survive, but rather how it will evolve. The article aims to clarify certain major aspects which may be encountered for- “Doing Business of Cryptocurrency w.r.t. Indian Legal Perspective” under the evolving legal structure. There are growing number of business …