Articles and Updates

• Phoenix Legal - 02-02-2017

With the fast paced release of notifications and rules one after the other in the last quarter of 2016, much of the Insolvency and Bankruptcy Code, 2016 (Code) has come into operation. Moving ahead, the Working Group 4 set up by the Ministry of Corporate Affairs to provide recommendations on regulation for Information Utilities (IUs) (Working Group for IUs), recently released its report on IUs, including the draft regulations thereon for public comments1.

• Phoenix Legal - 25-01-2017

Advancement towards implementation of code Resolution of corporate insolvency Comment

• Phoenix Legal - 28-11-2016

Following the establishment of the Insolvency and Bankruptcy Board of India, the government has taken two concrete steps to expedite the implementation of the Insolvency and Bankruptcy Code 2016 – in particular, the government has:

• Phoenix Legal - 16-11-2016

Enforcement of contracts through an effective and speedy dispute resolution mechanism plays a significant role in determining the ease of doing business in any country. The time, cost and quality of the judicial process are primary parameters for categorizing a dispute resolution mechanism as effective. As per the latest World Bank's report on 'Doing Business' across the world, India ranked at 130 out of the total 189 countries in the 'ease of doing business' category. India's poor ranking in the 'ease of doing business' category, could very well be attributed to an inefficient mechanism in 'enforcement of contracts' and 'resolving insolvency'.

• Phoenix Legal - 16-11-2016

Based on recommendations made by Law Commission of India, on 23 October 2015, the President of India promulgated the Arbitration and Conciliation (Amendment) Ordinance, 2015 (Arbitration Ordinance) which introduced some crucial amendments to the Arbitration and Conciliation Act, 1996 (Principal Act) with immediate effect. Subsequently, upon sanctions from both the houses of the Parliament, with President's assent, the Arbitration Ordinance was notified as the Arbitration and Conciliation (Amendment) Act, 2015 (Amendment Act) on 1 January 2016.