This Article traces implementation of IBC and progress achieved over the past one year and the challenges faced by each of the of the Pillars during their one year of journey. For the sake of convenience and better understanding, the article is divided into four parts. Part-I Captures Criticality of IBC as a piece of legislation and challenges & achievements of IBBI. Part-II – Traces Formation of NCLTs and evolution of insolvency jurisprudence, Part-III– Deals with the role of two other critical pillars under IBC- Information Utilities and Committee of Creditors and issues faced by Banks; and finally Part-IV– While dealing dimension of role of the Resolution Professionals, try to present a balance sheet of the issues resolved /unresolved/evolving. PART-I – CRITICALITY OF IBC AS A LEGISLATION – CHALLENGES & ACHIEVEMENTS OF IBBI “The government’s efforts to make business and commerce easy have been widely acknowledged. The next frontier … [Read more...] about Evolution Of Law Of Corporate Insolvency “A Balance Sheet Of Working Of IBC 2016” [Part-I]
Steel i bar
A death sentence may be the final act of a murder trial, but for the U.S. Supreme Court, it often seems like just the beginning. The justices sometimes review a death sentencing hearing decades after it took place.They also may review and rule more than once on the same legal issue in a state’s sentencing law. On occasion, they do so in the very same case.In this term of the court, the justices can check off “all of the above.”This month, the court will hear four death penalty cases, all involving sentencing hearings that took place more than 15 years ago. Three come from Texas and arise from defense complaints that the state’s law before 1991 did not allow the jury to weigh mitigating evidence.A fourth comes from Arizona, where prosecutors are complaining that the the San Francisco-based 9th U.S. Circuit Court of Appeals has been far too willing to overturn death sentences. In Schriro v. Landrigan, No. 05-1575, for which arguments took place Jan. 9, the appeals … [Read more...] about Death Be Not So Complicated
In Three D, LLC d/b/a Triple Play Sports Bar and Grille, 361 NLRB No. 31. (August 22, 2014), the National Labor Relations Board ruled that an employee “liking” a status on Facebook is engaging in protected concerted activities under the NLRA. Employees were unlawfully terminated for ranting about the employer’s tax-withholding error, which resulted in the employees owing an unexpected sum of money to the state tax authorities.Getting to First: Facebook “Like” as Protected Concerted ActivityIn a heated discussion on Facebook, an employee “liked” another employee’s post, which included: “They [the employer] can’t even do the tax paperwork correctly!!!! Now I OWE money… Wtf!!!!” While the NLRB determined that the “like” constituted concerted conduct with the original poster, the Board also held that the “like” expressed agreement only with that particular post. If … [Read more...] about Reading the NLRB Signs at the Triple Play Sports Bar
Antidumping (AD) petitions were filed with the U.S. Department of Commerce (DOC) and U.S. International Trade Commission (ITC) on March 28, 2017, regarding carbon and alloy steel wire rod from Belarus, Italy, Korea, Russia, South Africa, Spain, Turkey, Ukraine, United Arab Emirates, and the United Kingdom. In addition, countervailing duty (CVD) petitions were filed on carbon and alloy steel wire rod from Italy and Turkey. The petitioners are Gerdau Ameristeel US Inc., Nucor Corporation, Keystone Consolidated Industries, and Charter Steel.The U.S. AD law imposes special tariffs to counteract imports that are sold in the United States at less than “normal value.” The U.S. CVD law imposes special tariffs to counteract imports sold in the United States that benefit from unfair foreign government subsidies. For AD and CVD duties to be imposed, the U.S. government must determine not only that dumping and subsidization is occurring, but also that there is “material … [Read more...] about New Antidumping and Countervailing Duty Petitions on Carbon and Alloy Steel Wire Rod from 10 Countries
Stories of President Bill Clinton‘s alleged extra-marital sexual encounters have been rampant since his first term as Commander-in-Chief. Some were claims allegations of consensual affairs (Monica Lewinsky, Gennifer Flowers, Dollie Kyle Browning, Elizabeth Ward Gracen). Some were confirmed or partially confirmed by Clinton himself (Lewinsky, Flowers). But those stories seem innocent compared to allegations that some made against the former President. Three women in particular drew national attention when they accused of Clinton of aggressively pursuing or forcing sexual activity without consent. Here, we’ll take a look at the strengths and weaknesses of their cases. 1. Paula JonesPaula Jones brought a sexual harassment case against Clinton on May 6, 1994 with a detailed allegation involving an encounter at the Excelsior Hotel in Little Rock, Arkansas on May 8, 1991. She filed the lawsuit days before the three-year statute of limitations would have … [Read more...] about We Evaluate the Strength of Sexual Misconduct Allegations Against Bill Clinton
The judgment of Hon’ble National Company Law Appellate Tribunal (NCLAT), dated 29 August 2017, in M/s Annapurna Infrastructure Pvt. Ltd. & Anr. v. M/s. SORIL Infra Resources Ltd., has thrown up some intriguing questions on the interplay between the Insolvency and Bankruptcy Code, 2016 (IBC) and the Arbitration and Conciliation Act, 1996 (A&C Act).Under IBC, an operational creditor can initiate the corporate insolvency resolution process (CIRP) of a corporate debtor under Section 9 for non-payment of an ‘operational debt’. However, the operational creditor must first issue a demand notice or invoice on the corporate debtor under Section 8(1) of IBC (Demand Notice) and the CIRP application of the operational creditor can be defeated if the corporate debtor has brought to the notice of the operational creditor, “existence of a dispute” between the parties and “record of suit or arbitration proceeding pending before receipt of the demand … [Read more...] about Arbitral Awards And “Existence Of Dispute” Under IBC – NCLAT Ruling In Annapurna v Soril
Viral video this weekend shows a 14-year-old girl falling 30 feet off an amusement park ride in upstate New York.Witnesses are heard screaming “her neck is stuck” and “they’ll catch you, honey” moments before she fell into the arms of visitors and security personnel. Local news reports indicate a man who tried to catch the girl was injured. Some local news reports say the girl who fell was “seriously injured,” while others say she was not.The fall occurred Saturday night at Six Flags Great Escape near Lake George Village. The amusement park traces its roots back to the 1950s.I grew up not terribly far from this amusement park and have been on the ride in question many times. It’s called the “sky ride,” and it’s among the park’s longtime attractions. (Wikipedia claims it dates to 1994, but that number seems way off to me; it might have been redesigned or rebuilt that year, though.) It’s basically a slow-speed … [Read more...] about Viral Video Shows Girl Falling From Ride, Does She Have Legal Case?
Over the years, the aam aadmi of the country has been drenched into a series of crisis arising either due to nature’s fury or the greed of few fellow human beings and is often found at the receiving end without the possibility of recovery of lost ground. Disaster Management groups have been brought into existence by the State to tackle natural calamities. However, disasters which are man-made belong to the classes of their own. Investment companies had mushroomed in the last century comprising of people, having no scruples and sense of morality. They cashed on the opportunity to enrich themselves by luring the aam aadmi with a triumvir, i.e. wealth. These companies floated tempting advertisements to lure the aam aadmi to invest in such schemes with the promise of hefty returns. The credulous aam aadmi relied on such schemes without analyzing the risk factors attached to such schemes and the need to take informed decision on such ponzi schemes. Forget the minimal returns, the aam … [Read more...] about Are Fraudulent Collective Investment Schemes taking SEBI for a ride?
In a major relief for former Tata Steel Joint managing director and Tata Sons director JJ Irani, the Supreme Court on Friday quashed criminal proceedings in a 25-year-old fire case in Jamshedpur where 60 persons were killed and 113 injured. The Apex Court in the case J.J. Irani v. State of Jharkhand held that complaint is being barred by limitation as it was filed three months after the offence came to the knowledge of the Inspector.It passed the order on a petition filed by MrIrani challenging the judgment and order of the high court dated June 15, 2007 allowing the criminal revision filed by the state, and reversing the order dated June 29, 1990 of the magistrate.The apex court bench comprising Justices S J Mukhopadhaya and S ABobde set aside the high court order, allowing initiation of criminal proceedings before the chief judicial magistrate in Jamshedpur.Writing the Judgment on behalf of the bench, Justice SA Bobde held that, Section 106 of the act says that no court shall … [Read more...] about Supreme Court quashes complaint about Tata Steel ex-MD [Read the Judgment]
In a recent National Company Law Appellate Tribunal (NCLAT) ruling of Neelkanth Township and Construction Pvt. Ltd. v. Urban Infrastructure Trustees Ltd. (11.08.2017), several issues with regard to the Insolvency and Bankruptcy Code, 2016 (IBC) were discussed. One of the issues for consideration before the NCLAT was whether the application under Section 7 of the IBC is time barred, as the debt claim related to the years 2011, 2012 and 2013 and it was held that the Limitation Act, 1963 (Limitation Act) does not apply to IBC. Below we discuss the ruling along with its analysis: Brief Facts of the Case :In the present case, an appeal was preferred by the Corporate Debtor (Appellant) against order dated April 21, 2017 passed by the Learned Adjucating Authority (NCLT), Mumbai Bench, wherein the Learned Adjucating Authority entertained the application preferred by the Financial Creditor (Respondent) under Section 7 of IBC and ordered moratorium, with further order to … [Read more...] about Inapplicability Of Limitation Act To Insolvency And Bankruptcy Code?