INFORM: Infrastructure, Projects & Finance – March 2024

The highlights of the current issue are:

Notifications/circulars:

• Changes in Liquidation Process to Benefit Creditors
• IBBI Regulations on Bankruptcy Process for Personal Guarantors to Corporate Debtors Amended
• IBBI Amendment on Voluntary Liquidation Process
• IBBI Regulations Amended to Streamline Corporate Insolvency Resolution Process
• Indian Bank Branches in Gift-IFSC Permitted to Engage in Trading on India International Bullion Exchange (IIBX)
• Ceiling on Remuneration of Non-Executive Director Revised to 30 Lakhs
• RBI Streamlines the Procedure for Banks and NBFCs to File Supervisory Returns
• RBI Issues Draft Disclosure Framework on Climate-Related Financial Risks, 2024
• Deemed Approval Provision Added to Revamped DPRs for Road Construction

Case laws:

• Forfeiture of Earnest Money Deposit by Bank is Not Limited to Extent of Damage Suffered
• Mere Denial of Transaction Will Not Annul the Lawful Discharge of Payment Through Cheque
• Lookout Circular to be Issued Only in Exceptional Circumstances
• Assessing Officer Must be Part of Inspection Team in Electricity Theft Cases

Quick Reads:

• VISA and Mastercard to Suspend Card-based Commercial Payments on Communication from RBI
• Paytm Payments Bank Replaced as Acquirer Bank at 247 Toll Plazas
• Finance Ministry Considers Changes to SARFESI Act and DRT to Expedite Debt Recovery
• Voluntary Mediation Proposed to be Included Under Insolvency Law by Expert Panel
• Charge on Assets by Secured Creditors to Take Precedence Over Tax Authorities