Articles and Updates

• Sawant Singh and Aditya Bhargava - 14-04-2016

While the Indian corporate bond market has become more active in the private placement segment in the past few years, the market’s overall development has been ad hoc. This situation seems set for a much needed change, with the Reserve Bank of India (RBI) under its current governor, Raghuram Rajan, actively promoting the migration of long-term infrastructure debt and structured debt from the loan markets to the bond market.

• Phoenix Legal - 02-02-2016

The vast number of legislation and judicial forums, as well as the complex interplay between various legislation, has made the recovery of debts an agonising affair for creditors. Increasing inefficiency coupled with the archaic laws which govern insolvency were key factors for the substantial overhaul of India's insolvency laws.

• Kersi Dastoor - 20-01-2016

A division bench of the Supreme Court has recently, in its decision in Chief Controlling Revenue Authority vs. Coastal Gujarat Power Ltd. & others held that a mortgage deed executed between borrower and a security trustee, who acts for the benefit of the lending banks in a consortium lending, would not be treated as a single document but as a document encompassing 'distinct matters' or 'distinct transactions' and would be liable for stamp duty as if distinct mortgages were recorded in favour of each lending bank.

• Phoenix Legal - 17-11-2015

In a recent ground-breaking decision in Sasan Power Limited vs. North American Coal Corporation India Private Limited1, a division bench of the Madhya Pradesh High Court has held that an arbitration agreement requiring two Indian parties to arbitrate disputes by way of a foreign seated arbitration and in accordance with the substantive laws of a country other than India is valid and legal.

• Phoenix Legal - 11-11-2015

In a recent decision in Kotak Mahindra Ltd. vs. Trupti Sanjay Mehta of Bombay1, a division bench of the Bombay High Court (V.M. Kanade & A.R. Joshi, JJ.) has held that loans granted by a Non-Banking Financial Company (NBFC) cannot be recovered by instituting proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), even if the loan is assigned by the NBFC to a bank or securitisation company.