As part of its comprehensive package for the Telecom Sector of the Country, the Government of India has announced 100 % Foreign Direct Investment (“FDI”) under the automatic route in the said sector. To date, investment was allowed in the Telecom Sector up to 49% via automatic route and any investment beyond 49% had to be routed through the government i.e., the approval of the Government was required to be obtained.
Supreme Court: Completion of CIRP within 330 days, Submitted Resolution Plan cannot be modified by the Resolution Applicant
The Hon’ble Supreme Court of India in the matter of Ebix Singapore Private Limited vs Committee of Creditors (“CoC”) of Educomp Solutions Limited held that the corporate insolvency resolution process (“CIRP”) has to be completed in a mandatory time-framed i.e. within a period of 330 days as provided under the Insolvency and Bankruptcy Code, 2016 (“IBC”).
Kimi’s expertise at KKI has been centred on complex estate planning, business succession planning, trust disputes representing both trustees and beneficiaries, including representation in Family Law disputes, probate applications and general estate administration. Read more…
The reality of the new Victorian rent relief scheme is that it will create more work for tenants and greater uncertainty for landlords.
What is clear is that the State Government rent relief scheme is more complicated than the previous Jobkeeper-based scheme. The scheme introduces stricter compliance for tenants with mandatory timelines that will raise the barrier for entry. For landlords, a range of new tests for eligibility and turnover complicate a landlord’s proper assessment of eligibility and what relief should be offered. Read more…
The Rajya Sabha on August 9, 2021, passed the Limited Liability Partnership (Amendment) Bill, 2021 (“Bill”). The Bill seeks to amend the Limited Liability Partnership Act, 2008 (“Act”) which regulates limited liability partnerships (“LLPs”). The Bill converts certain offences into civil defaults and changes the nature of punishment for these offences. The Bill, inter alia, coins the expression “small” LLP, provides for appointment of certain adjudicating officers, establishes special courts and intends to promote a start-up ecosystem.
On 2nd August 2021, the Ministry of Finance has endeavoured to provide clarifications with respect to series of questions that were put before them in a session of the Lok Sabha including but not limited to current and future status of cryptocurrency trading the regulatory regime and protection available for traders and investors involved therein.
The Victorian State Government will be introducing legislation today in relation to the new rent relief scheme for commercial tenants.
The scheme is expected to operate until January 2022.
Both landlords and eligible tenants should be negotiating now.
The Finance Minister Nirmala Sitharaman on 26th July 2021 introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 (“Bill”), which was endorsed by Lok Sabha on 28th July 2021. Interestingly, this Bill was passed without any discussions with members of the opposition party, since the opposition leaders were worked up in protesting against the Pegasus snooping issue and the 3 (three) new farm laws tabled before Lok Sabha in the monsoon session.
Prior to such introduction in the Lok Sabha, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance”) was promulgated by the President of India on 4th April 2021. This Ordinance was introduced in view of the financial impact of the Covid-19 pandemic and subsequent lockdown imposed globally, including India directly affecting micro, small and medium enterprises (MSME’s) and consequently exposed many of them under financial distress.
The Victorian Government has today announced a new rent relief scheme for small to medium sized businesses.
It will be available to tenants with a turnover of less than $50 million and who have suffered a decline in turnover of at least 30% due to Covid-19.
Under the new scheme, landlords will be required to provide proportionate rent relief to eligible tenants which is consistent with the tenant’s reduction in turnover. At least 50% of the rent relief offered must be by waiver and the remainder by way of deferral.
The new rent relief scheme will be applied from 28 July 2021 and is expected to operate until January 2022.
What does this mean for landlords and tenants? Read more…