Photo of Kriti Srivastava

Associate in the Dispute Resolution practice at the Mumbai office of Cyril Amarchand Mangaldas. Kriti specialises in civil and commercial disputes as well as white collar crime issues across forums in the country. She can be reached at kriti.srivastava@cyrilshroff.com

Liquidation Process

Introduction

The Insolvency and Bankruptcy Code, 2016 (“IBC”), an umbrella legislation, has successfully envisaged the process of speedy resolution or liquidation of a corporate entity and has proved to be a milestone in the Indian legal framework. By bringing IBC in force, the legislature has sought to maximise the value of the assets of the debtor, and to adopt a fair and transparent procedure for the disposition of the assets while balancing the interests of all stakeholders.Continue Reading Enforcement directorate under PMLA can no longer attach assets once liquidation process has been initiated under IBC

LEARNING TO SPRINT SUPREME COURT ISSUES DIRECTIONS TO REDUCE DELAY IN DISPOSING EXECUTION PROCEEDINGS

I. Introduction:

  1. In the past decade, the Indian judiciary has been globally recognized for its historic rulings. However, even such successes, more often than not, are tainted because of the time that goes by, in passing the final ruling in a case. Justice delayed is justice denied, as the adage goes. Delay is so integral to judicial proceedings in India that it not only effects litigants initiating legal proceedings, but also plagues the minds of decree holders who have painstakingly gone through the entire lifecycle of a litigation. Even armed with a decree, a litigant must once again fight an already conquered battle before the executing court.
    Continue Reading Learning to Sprint: Supreme Court Issues Directions to Reduce Delay in Disposing Execution Proceedings

EXPANDING THE NET - THE INCREASING SCOPE OF THE PREVENTION OF CORRUPTION ACT 1988

Introduction

The Prevention of Corruption Act, 1988 (“PC Act”), was promulgated to curb corruption in the country. In particular, the PC Act serves as a consolidated body of law to prevent corruption by public servants in India. Though the PC Act came into force in 1988, recent years have seen a marked judicial and legislative inclination towards expanding the scope of the PC Act and strengthening its provisions.

For instance, in CBI v. Ramesh Gelli[1] in 2016, the Supreme Court found that the Managing Director and Executive Director of a private bank, operating under a licence, issued by the Reserve Bank of India, would be considered as a ‘public servant’ and thus would be liable under the PC Act. Subsequently, in 2018, the PC Act was amended by the legislature, expanding the scope of offences regarding commercial organisations carrying on business in India.
Continue Reading Expanding the Net: The Increasing Scope of the Prevention of Corruption Act, 1988

UNITED ARAB EMIRATES - RECIPROCATING COUNTRY UNDER INDIAN LAWS

I. Introduction

India and the United Arab Emirates (“UAE”) have had strong diplomatic and trade relations since decades. At the 13th Session of the “India-UAE Joint Commission Meeting on Trade, Economic and Technical Cooperation” held on August 17, 2020, representatives from both India and UAE expressed optimism over the growing trade, economic and investment cooperation between the two countries. While both the countries are optimistic about growth in trade relations, the Indian Government in the beginning of 2020, took commendable steps to facilitate cross border trade by declaring UAE as a reciprocating territory for execution of foreign judgments in India under Section 44A of the Civil Procedure Code, 1908 (“CPC”). The same was done by way of an Extraordinary Gazette Notification No. 36 of 2020, issued by the Ministry of Law and Justice on January 17, 2020.
Continue Reading United Arab Emirates: Reciprocating Country under Indian Laws

Epidemic Diseases Act 1897

In times of  Covid-19 pandemic, which has halted not just commercial transactions but also lifestyles[1], the Indian Government took relevant  steps to avoid mass spread of the virus, read out the preamble of the Epidemic Diseases Act and got to work.

The colonial era act, all of 123 years old, has once again come to our rescue. The Epidemic Diseases Act of 1897 (the “Act”) was put in place due to the mass spread of the bubonic plague outbreak in Mumbai (then Bombay)[2]. The plague, said to have spread through rats,[3] killed hundreds of people per week in Mumbai.

Albeit the British colonial Government was said to have cleverly used the Act to imprison freedom fighters, the Indian Government is using the Act as a weapon to fight the novel virus and rightly so. While the Central Government’s powers are limited under the Act, it is the unity of various states in the country that has brought the Act in the forefront. Among other states, Karnataka[4], Maharashtra[5], Delhi[6] and Kerala[7] have issued advisories on management and brought into place ‘Covid-19 Regulations, 2020’ (“Regulations”). Vide these Regulations, states have exercised their powers under the Act to force employees of private establishments/ industries/factories/shops etc. to stay at home in the present times, to treat them as ‘on duty’; to stop all construction work immediately; to shut night clubs and weekly bazaars etc.
Continue Reading Epidemic Diseases Act 1897 – Dusting an Old Cloak