Introduction

Edition 24th 22-23

Week – September 12th to September 16th

Quote for the week:

“A satisfied customer is the best business strategy of all”

– Michael LeBoeuf.

We welcome you to our weekly newsletter!

The ‘Swift e-Bulletin’ - weekly newsletter, covers all regulatory updates and critical judgements passed during the week. We hope that you liked our previous editions and found it to be of great value in its content. We want this newsletter to be valuable for you so, please share your feedback and suggestions to help us improve.

Further, various regulatory authorities have been proactive in bringing significant regulatory changes in recent challenging times. This week’s newsletter covers various Circulars/notifications issued by certain regulatory authorities such as the Ministry of Corporate Affairs (“MCA”), Reserve Bank of India (“RBI”), International Financial Services Centres Authority (“IFSCA”), Insolvency and Bankruptcy Board of India (“IBBI”) and orders passed by Supreme Court.

The Regulatory authorities provided various updates/relaxations, some of which being:

1. MCA vide notification dated September 15, 2022 amended Companies (Specification of Definition Details) Rules, 2014.
2. RBI vide notification dated September 15, 2022 issued the Rupee-Drawing Arrangement to enable the Bharat Bill Payment System (BBPS) to process the Cross Border inbound Bill Payments.

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of September 12 to September 16, 2022.

Thank you,

Swift team

Table of Contents

REGULATORY UPDATES

MCA

1. MCA vide notification dated September 15, 2022 amended Companies (Specification of Definition Details) Rules, 2014

RBI

1. RBI vide notification dated September 15, 2022 issued the Rupee-Drawing Arrangement to enable the Bharat Bill Payment System (BBPS) to process the Cross Border inbound Bill Payments
2. RBI vide notification dated August 16, 2022 issued the master directions on interest rates on deposits

IFSCA

1. IFSCA Vide Circular dated September 12, 2022 issued Guidelines for implementation of the IFSCA (FinTech Incentive) Scheme, 2022

IBBI

1. IBBI vide notification dated September 13, 2022 issued Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022
2. IBBI vide notification dated September 13, 2022 issued Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022
3. IBBI vide Circular dated September 13, 2022 expressed their concern and requested Insolvency Professionals (“IPs)” to share Details of matters pending with Supreme Court of India and various High Courts
4. IBBI Vide notification dated September16, 2022 issued Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2022
5. IBBI Vide notification dated September 16, 2022 issued “Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022” and “Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022”

JUDGEMENTS AND ORDERS

SUPREME COURT

1. In the matter of K. Paramasivam Vs. The Karur Vysya Bank Ltd. & Anr. [Civil Appeal No. 9286 of 2019] Hon’ble Supreme Court vide its order dated September 06, 2022, held that the liability of the guarantor is co-extensive with that of the principal borrower