Asia Pacific

Decks cleared for creditors to recover remaining debt from personal guarantors despite the conclusion of the Corporate Insolvency Resolution Process (CIRP)

In a landmark judgement passed by the Hon’ble Supreme Court on 21.05.2021 in a transfer case bearing no. 245 of 2020 titled Lalit Kumar Jain vs Union of India & Ors., the Hon’ble Supreme Court upheld the notification dated 15.11.2019 issued by Central Government vide which few provisions of the Insolvency & Bankruptcy Code, 2016 with respect to the personal guarantors of the Corporate Debtors had come into force.

The effect of upholding the said notification is that Banks / Financial Institutions can recover their outstanding dues independently from the personal guarantors even after the conclusion of the Corporate Insolvency Resolution Process.

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Llinks Client Alert – Commercial IP(March-April 2021)

Llinks would like to share our views on the most recent hot topics and legal updates on the Commercial IP with ” Llinks Client Alert – Commercial IP(March-April 2021)“.

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Impact of 2nd Draft of PI Law and Data Law on Multinational Financial Institutions

In April 2021, the Standing Committee of the National People’s Congress announced the release of the 2nd draft of the Personal Information Protection Law (the “PI Law”) and the 2nd draft of the Data Security Law (the “Data Law”) for public consultations. The release of the two drafts indicates a further step toward the establishment of a comprehensive data protection system in China and will have significant impact on multinational financial institutions. Read more…

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New Traffic Rules of the “E-Commerce Express Lane”- A Briefing of the Online Transaction Supervision and Administration Measures

In recent years, with the development of e-commerce and online payment, online shopping has become an indispensable part of people’s lives. The pandemic further boosts the development of e-commerce, and the booming of phenomenal business models such as livestreaming marketing gets into full swing. Lagging in legal systems has caused dilemmas in law enforcement, such as: how to determine new types of participants such as online streamers, how to allocate legal responsibilities of online platforms, how to exercise accommodative and prudential regulation, and how to protect consumer rights. Read more…

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Applicability of GST on Brand Name

In the Matter of: Sarvasiddhi Agrotech Pvt. Ltd. [WP(C) No. 279/2021]

Forum: High Court of Tripura

Order Delivered on: April 20, 2021

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The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021: Impact on Digital Media

Introduction of the Information Technology Rules:

After years of discussions and debates, the Ministry of Electronics and Information Technology, Government of India has notified new rules under the Information Technology Act, 2000 (“IT Act”) for monitoring social media digital media platforms. The new rules, viz. Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“Intermediary Guidelines”) inter alia aims to serve a dual-purpose: (1) increasing the accountability of the social media platforms (such as Facebook, Instagram, Twitter etc.) to prevent their misuse and abuse; and (2) empowering the users of social media by establishing a three-tier redressal mechanism for efficient grievance resolution. The Intermediary Guidelines have been framed in exercise of powers under section 87(2) of the IT Act and supersede the previous Information Technology (Intermediary Guidelines) Rules, 2011.

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Llinks Client Alert – Cybersecurity, Data & Privacy(April 2021)

I. Legislation

On March 12th, to further implement the requirement under the PRC Cyber Security Law that network operators comply with the principles of “legitimacy, justifiability and necessity” when collecting and using personal information”, as well as “network operators not collect personal information which are not relevant to the services which they provide” etc., Cyberspace Administration of China, Ministry of INformation and Industry, Public Security Bureau and State Administration for Market Regulation collectively issued the Rules for the Scope of Necessary Personal Information for the Common Category of Mobile Internet Applications (the “Rules for Necessary Personal Information“), prohibiting mobile internet application operators from refusing users to use APP’s fundamental functions only if the users decline to grant consent to the collection of unnecessary personal information. Read more…

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Expansion of Indirect Tax Practice of the Firm

LexCounsel is pleased to share that Mr. Ankit Kanodia would be leading the Indirect Tax Practice of the Firm. Ankit is a LLB and LLM degree holder from Vidyasagar University with distinction and is practicing in the Indirect Taxation domain for a decade. Ankit is also a qualified Chartered Accountant and a rank holder Company Secretary.

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PRE-PACKAGED INSOLVENCY – INDIA

The Government on April 4, 2021 notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“IBC Ordinance, 2021”) amending the Insolvency and Bankruptcy Code, 2016 (“IBC”) to introduce pre-packaged insolvency resolution process (“Pre-Packaged Insolvency”) for Micro, Small and Medium Enterprises (“MSMEs”). The Government has also introduced the Insolvency and Bankruptcy (Prepackaged Insolvency Resolution Process) Rules, 2021 (“Pre-Packaged Insolvency Rules, 2021”) with effect from April 9, 2021.

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Winding-up Chapter-21 Foreign Listcos in Hong Kong

Recently we have succeeded in applying for a winding-up order on behalf of our client against the National Investments Fund Limited (stock code 1227)(“NIF”), which is a typical chapter-21 listco and incorporated overseas and had been favoured by oversea investors for their subscription of recognised permissible asset for immigration purposes. Similar to other chapter-21 listings, NIF started with no track record, an all-cash balance sheet, an appointed investment manager and a custodian. Before the Capital Investment Entrant Scheme came to an end in 2015, NIF issued promissory notes in the aggregate amount of HK$ 110 million, all of which were in default upon the maturity dates.  Read more…

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