The latest amendments to IBC – from capping the fee to insolvency professional to streamlining CIRP is the need of the hour.
Edition 84 • September 2022
Adapting to Change
Insolvency and Bankruptcy Code is a dynamic legislation. The latest set of amendments are testimony to this.
Insights
The Art Law of India
Moral, economic and legal rights under the Copyrights Act 1957 ought to remain effective in light of art and NFTs.
Tête-à-tête
Unwanted pregnancies are not recognized as a valid reason for safe medical termination of pregnancies in India under MTP Act.
IBC Cases
A monthly update of the most significant cases on insolvency and bankruptcy and its resolution
What's Brewing
Competition Amendment Bill 2022
The Competition (Amendment) Bill 2022 has brought in amendments to make the competition law in India a tight law in line with global laws.
Circulars & Notifications
The latest set of circulars and notifications brought out by the MCA, FEMA, SEBI & RBI.
Circulars
4th August 2022
5th August 2022
Vacancy Circular for the post of Whole Time
Member (WTM), IBBI
10th August 2022
18th August 2022
Notifications
Nil
Circulars
1st August 2022
Master Circular - Credit facilities to Scheduled
Castes (SCs) & Scheduled Tribes (STs)
2nd August 2022
Master Circular on Credit Facilities to Minority
Communities
Notifications
1st August 2022
External Commercial Borrowings (ECB) Policy –
Liberalisation Measures
4th August 2022
Gold
Monetization Scheme (GMS), 2015
5th August 2022
Liquidity Adjustment Facility- Change in rates
5th August 2022
Standing Liquidity Facility for Primary Dealers
5th August 2022
Reserve Bank - Integrated Ombudsman Scheme, 2021
(RBIOS, 2021)
5th August 2022
Change in Bank Rate
8th August 2022
Authorised Dealer Category-I License eligibility
for Small Finance Banks
8th August 2022
Rupee Interest Rate Derivatives (Reserve Bank)
Directions – Review
11th August 2022
Bilateral Netting of Qualified Financial
Contracts - Amendments to Prudential Guidelines
12th August 2022
Outsourcing
of Financial Services - Responsibilities of regulated entities employing
Recovery Agents
22nd August 2022
Section 23 of the Banking Regulation Act, 1949 –
Branch Authorisation Policy – Left Wing Extremism affected districts – Revised
List
22nd August 2022
Foreign Exchange Management (Overseas
Investment) Regulations, 2022
22nd August 2022
Foreign Exchange Management (Overseas
Investment) Directions, 2022
Circulars
4th August 2022
Enhanced guidelines for debenture trustees and
listed issuer companies on security creation and initial due diligence
17th August 2022
Guidelines for overseas investment by
Alternative Investment Funds (AIFs) / Venture Capital Funds (VCFs)
18th August 2022
Block Mechanism in demat
account of clients undertaking sale transactions
19th August 2022
Participation as Financial Information Providers
in Account Aggregator framework
25th August 2022
Disclosure requirement for Asset Management
Companies (AMCs)
25th August 2022
Enhanced Disclosures by CRAs and Norms on Rating
Withdrawal
26th August 2022
Circular for Portfolio Managers
26th August 2022
Corrigendum to Master Circular for Depositories
dated February 05, 2021 on Opening of demat account
in case of HUF
26th August 2022
Amendments to guidelines for preferential issue
and institutional placement of units by a listed REIT
26th August 2022
Amendments to guidelines for preferential issue
and institutional placement of units by a listed InvIT
Notifications
Nil
Circulars
31st
August 2022
Revision of fees applicable for
Limited Insolvency Examination and Valuation Examinations
Notifications
Nil
Circulars
Nil
Notifications
1st August 2022
Notification
No. 87/2022 [F. No. 370142/36/2022-TPL] / GSR 610(E) : Income-tax (Twenty
Third Amendment) Rules, 2022
2nd August 2022
Notification No. 88/2022 [F. No.
300196/19/2017-ITA-I] / SO 3616(E)
3rd August 2022
Notification No. 89/2022 [F. No.
370142/26/2019-TPL-Part(1)] / SO 3652(E)
5th August 2022
Notification No. 90 /2022 [F. No.
370142/31/2022-TPL (Part-2)] / SO 3703
5th August 2022
Notification No. 91 /2022 [F. No. 370142/31/2022-TPL
(Part-2)] / SO 3704
5th August 2022
Notification No. 92 /2022 [F. No.
370142/31/2022-TPL (Part-2)] / SO 3705
5th August 2022
Notification No. 93 /2022 [F. No.
370142/31/2022-TPL (Part-2)] / SO 3707
10th August 2022
Notification No. 94/2022 [F. No.
370142/34/2022-TPL] / GSR 622(E) : Income-tax (24th Amendment) Rules, 2022
16th August 2022
Notification No. 95/2022 [F. No.
500/SWF4/S10(23FE)/FT&TR-II(Pt.4)] / SO 3828(E)
17th August 2022
Notification No. 96/2022 [F.No.
370142/34/2022-TPL] / GSR 632(E) : Income-tax (25th Amendment) Rules, 2022
17th August 2022
Notification No. 97/2022 [F. No.
500/PF2/S10(23FE)/FT&TR-II-Part(3)] / SO 3867(E)
17th August 2022
Notification No. 98/2022 [F. No.
370142/33/2022-TPL] GSR 634(E) : Income-tax (26th Amendment) Rules, 2022
17th August 2022
Notification No. 99/2022 [F. No.
370142/9/2022-TPL Part (2)] / SO 3878(E)
18th August 2022
Notification
No. 100/2022 [F. No. 370142/35/2022-TPL] / GSR 636(E) : Income-tax (27thAmendment)
Rules, 2022
22nd August 2022
Notification No. 101/2022 [F.No.
370142/37/2022-TPL] / GSR 647(E) : Income-tax (Twenty Eighth Amendment) Rules,
2022
22nd August 2022
Notification No. 102/2022 [F. No.
285/13/2022-IT(Inv.V)/CBDT] / SO 3930(E)
24th August 2022
Notification No. 103/2022 [F. No.
300196/18/2017-ITA-I (PT.-1)] / SO 4001(E)
Circulars
Nil
Notifications
Nil
Circulars
Nil
Notifications
A. Tariff
31st
August 2022
46/2022 Seeks to amend notification Nos. 48/2021 and 49/2021 - Customs, both
dated 13.10.2021, in order to extend the existing concessional import duties on
specified edible oils up to and inclusive of the 31st March, 2023.
31st August 2022
45/2022 - Seeks to further amend notification no.
130/2010-Customs dated 23rd December 2010.
B. Non-Tariff
4th August 2022
66/2022 Customs (NT) - Exchange rate
Notification No.66/2022-Cus (NT) dated 04.08.2022-reg.
8th August 2022
67/2022 Customs (NT) - Passenger Name Record
Information Regulations, 2022.
12th August 2022
68/2022 Customs (NT) - Fixation of Tariff Value
of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
18th August 2022
70/2022 Customs (NT) - Exchange rate
Notification No. 70/2022-Cus (NT) dated 18.08.2022-reg.
22nd August 2022
69/2022 Customs (NT) - Seeks to amend
Customs (Compounding of Offences) Rules 2005
31st August 2022
72/2022 - Fixation of Tariff Value of Edible
Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.
C. Anti -
Dumping Duty
3rd
August 2022
24/2022 Customs (ADD) seeks to impose anti-dumping duty on Opal Glassware from
UAE & China PR for a period of 5 years
18th August 2022
25/2022 Customs (ADD) Seeks to impose provisional anti-dumping duty on imports
of Ursodeoxycholic Acid (UDCA) originating in or
exported from China PR and Korea RP for a period of six months
31st August 2022
Seeks to extend the levy of ADD on Jute Products originating in or exported
from Nepal and Bangladesh
The Verdict
IBC: Dues of a secured creditor rank higher than dues of government on sale of asset
A full bench of the Bombay HC laid down thread bare issues of law relating to ‘priority’ of claim by a secured creditor over state government dues in the event of sale of a secured asset.
Apex Rulings
Supreme Court judgments that have profound bearing on the society.
Go Figure
Tracing the trend of Foreign Direct Investments (FDIs) as per World Investment Report
Foreign direct investment or ‘FDI’ means the inflow / outflow of funds into or from a country to another country with the objective of establishing an interest in that country though investment(s).
Lawtitude
Understanding the Law of Defamation Around the World
Libel and slander different forms of the same wrong – defamation. This has increased manifold the world over with the advent of social media.
Legal-ease
Legal words that are not as difficult as they sound. Learn their meaning. Use them right!
Moratorium
Refers to an authorized period of delay in the performance of an obligation.
Nuncupative
Something stated by spoken word.
Optionee
Refers to the one who is granted or buys an option.
Privity
The direct connection or relationship between parties to a contract or transaction.
Infographic
Break the records with no dopes
The National Anti-Doping Act 2022 was enacted to weed out usage of banned and performance enhancing drugs in any sport and maintain highest standard of ethics and integrity.
Lawlipop
Important legal and other news having a bearing on society depicted in a fun quirky way!
Matter of Pride
Steady increase in transgender directors of companies
Cut to size
Shade trees constitute “Agricultural Produce”, No Sales Tax Applicable: Madras HC
(P)Review
Your regular dose of a movie, TV show and a book all based on law to keep you entertained and thinking at the same time!
Movie
Yara (2021)
Streaming on Netflix, this movie is an Italian film. It contains fictionalized depiction based of a true story. Yara, a 13-year-old girl returning from her gym class goes missing. The disappearance becomes sensational with the media covering it widely. Three months later, her body is found. Prosecutor Letizia Ruggeri (Isabella Ragonese) takes this case upon her and begins an extra ordinary criminal investigation in to bring the perpetrators to book. Netflix has rated it as best “non-English” movie.
Book/Novel
With Prejudice by Robin Peguero (2022)
The debut novel by Harvard educated lawyer cum passionate writer, Robin Peguero, the plot revolves around the murder of a woman. The person in whose company she was last seen is accused of murdering her. When the trial begins, everything (except the facts and truth) and are on full display – from each of the jury brining their own experience and bias to the prosecuting and defending lawyers pursuing the case to meet their own end. As it is, the criminal justice system is complicated. Read on to find out the case and its verdict.
TV Series
Doctor Lawyer (2022)
Streaming on Disney+ Hotstar, this South Korean drama traces the life of doctor turned lawyer Han Yi Han through 16 episodes. Han is the youngest and most brilliant surgeon having niche medical specialization. Things go south when Han is held responsible for the unexpected death of a patient (through a rigged operation). His medical license is revoked. It is then that he decides to switch professions and become a lawyer and specializes in medical litigation while uncovering the truth of the death of his patient. In this process, he must associate with another lawyer who loses a loved one due to the operation that Han performed.
The vacation we often need is freedom from our own mind - Jack Adam Weber
Readers' Corner
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