LEGAL TRAIN

Relief to Corporate Debtors against initiation of corporate insolvency resolution proceedings (“CIRP”) under Insolvency & Bankruptcy Code owing to Coronavirus Crises   The most awaited Insolvency & Bankruptcy Code (Amendment) Ordinance, 2020 [1]  was passed by Ministry of Law & Justice on 5 th  June 2020. It has inserted a new Section 10 A [2]  and sub-section (3) to section 66 [3]  to the code.    Under the amendment, a relief has been accorded to corporate debtors for any debts arising subsequent to March 25 th , 2020. No corporate insolvency resolution proceedings (“CIRP”) can be initiated for any default of debt arising since this date till at least for a period of six months or any period not exceeding one year, as may be notified. The defaults arisen subsequent to the imposition of national lockdown till such date as may be notified are exempted from initiation of CIRP. Therefore, for defaults within such period, section. 7, 9 and 10 ...

International Trade in 2020 -Guest post by Ecofin Imagine a situation where we know about i-phone, but we cannot buy it nor we can import it. Imagine a situation where production of rice in our country is in excess but 30% of the total production just going into waste!!!! And the same output we cannot even export it. I will name this situation “a world without International Trade”. Imagine 2020 without International Trade!! Oh! We are already here, thanks to Covid-19.  What is International Trade? In simple words, International Trade is exchange of goods and services as well as resources between countries. International Trade has more complexity compared to Internal Trade, as the former involves exchange of currencies, diversification in customer segment, differences in legal system, restrictions in the form of taxes, regulations, trade barriers, restraint to movements of specified goods and services and issues related to shipping and documentations. International Trade has its own...

Broadening the scope of CSR - Inclusion of 'PM Cares Fund' as CSR activity The fundamental concept behind ‘Corporate Social Responsibility’ (hereinafter referred to as “CSR”) is to make contribution towards growth and development of the society. Because as the society prospers, so will the opportunities for businesses.   Corporates are known to utilise resources and skills of the society in order to generate upscale profits. Thus, it becomes responsibility of these corporates to compensate in lieu of resources they are consuming for enriching their wealth. The time to return back to the roots.   Thus, those companies were mandatorily required to make a contribution of 2% of average net profit of preceding three years towards CSR activities whose, in any financial year [1] , Net worth equals or greater than INR 500 Crore or more; or  Turnover equals or greater than INR 1000 Crores or more; or Net profit equals or greater than INR 5 Crore;     ...