Introduction

Edition 02/21-22

Week – April 12th to April 16th

Quote for the week:

“The winds of grace are always blowing, but you have to raise the sail.”  

 -Sri Ramakrishna Paramahamsa

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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.

In the wake of COVID-19, the various regulatory authorities have been granting many relaxations, exemptions and amendments to the various legislations by regulatory authorities to ease out the operations during this time of crisis.

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”) Securities and Exchange Board of India (“SEBI”), The Insolvency and Bankruptcy Board of India (“IBBI”) and International Financial Services Centres Authority (“IFSCA”) , and critical judgements and orders passed by the National Company Law Tribunal (“NCLT”), SEBI, Supreme Court and High Court.   

We have prepared a comprehensive summary for quick reference of the aforesaid updates and Judgements / orders issued during the week of April 12, 2021 to April 16, 2021.

Thank you,

Swift Team

Table of Contents               

REGULATORY UPDATES

MCA UPDATES

1. Central Government amends Section 4 of the Insolvency and Bankruptcy Code, 2016 relating to minimum amount of default for matters relating to pre-packaged insolvency resolution process of corporate debtor
2. Central government issues the Insolvency and Bankruptcy (Pre-packaged Insolvency Resolution Process) Rules, 2021

SEBI UPDATES

1. SEBI reviews and revises Reporting Formats for Mutual Funds vide Circular dated April 12, 2021
2. SEBI issues guidelines on warehousing norms for agricultural/agri-processed goods and non-agricultural goods (only base/industrial metals) underlying a commodity derivatives contract having physical delivery vide Circular dated April 16, 2021

IBBI UPDATES

1. IBBI amends issues The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 vide Gazette Notification dated April 13, 2021

IFSCA UPDATES

1. IFSCA issues International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 vide Gazette Notification dated April 12, 2021

JUDGEMENTS/ ORDERS

NCLT

1. NCLT disallowed the application filed under Section 10(3)(a) of the Insolvency and Bankruptcy code, 2016

SEBI

1. SEBI impose penalty on Yes Bank Limited for selling AT-1 Bonds to individual investors

HIGH COURT

1. Delhi High Court allowed the appeal filed by the National Highways Authority of India by setting aside the Order passed for seeking relief relating to stay on the ‘Notice of intention to issue termination notice’ (“NIT”)

SUPREME COURT

1. The Supreme Court allows the appeal filed by IFFCO Tokio General Insurance Company Limited, were a car accident took place driven under the influence of intoxicating liquior and setting aside the Order passed by the National Consumer Disputes Redressal Commission (‘NCDRC’)
2. The Supreme Court allowed the appeals filed under Corporate Insolvency Resolution Process (“CIRP”) thereby quashing and setting aside the impugned judgement and order of the Jharkhand High Court
3. Supreme Court allows the appeal filed by M/s Neeharika Infrastructure Private Limited, by setting aside the Order of the High Court which had directed that “no coercive measures to be adopted” against the petitioners (original accused) in respect of FIR registered at Worli Police Station, Mumbai, Maharashtra