Insolvency Law Reforms Committee Publishes Report
The Insolvency Law Reforms Committee (“Committee”) comprising of eminent legal personalities and industry stakeholders released a report, recommending amendments to the Insolvency and Bankruptcy Code, 2016 (“IBC”). In light of learnings from the practical implications of IBC, the Committee chalked out a slate of recommendations in its report, impacting a wide range of stakeholders in the insolvency process such as home owners, guarantors, non-guarantee security holders and MSMEs among others. The report also recommended several procedural corrections in the IBC including extension of the 180 day timeline of resolution, reducing the threshold of approval of the resolution plan and increasing the threshold of initiating corporate insolvency resolution process.
Kerala HC on Law Regarding Medical Practioners
The Kerala High Court in its judgment dated March 23, 2018 in KP Usman v Health Department of Kerala & Ors., has called the legislature to action for the establishment of a unified legislation on medical practitioners. The 2 judge bench of K. Vinod Chandran and Ashok Menon lamented the absence of a unified legislation and held that the practice of medicine, left unregulated, has allowed unqualified practitioners to profess medicine.
Paypal to Digitize FIRC Compliance
The global online payment giant Paypal has introduced online compliance of RBI mandated Foreign Inward Remittance Certificate (“FIRC”). The FIRC is a mandatory compliance for any recipient of funds from abroad. This is a first in the online payments space and this move is expected to spawn similar digitization exercises of compliances by online payment companies in India.
Steve Smith and Cameron Bancroft Accept CA Sanctions for SandpaperGate
In light of the recent ball-tampering controversy surrounding Australian cricketers Steve Smith, David Warner and Cameron Bancroft, Cricket Australia (the governing body of cricket in Australia) (“CA”) has sanctioned all 3 cricketers to a 1 year blanket ban from all forms of domestic and international cricket. They have further sentenced a lifetime ban from leadership positions for Warner and a 2 year ban from leadership positions for Smith and Bancroft. Smith and Bancroft have communicated their acceptance of the sanctions via their respective Twitter handles. Warner has not yet communicated his acceptance of the sanctions.
Amrut Joshi & Aditya Shamlal discussed in depth the quantum of punishment meted out to the above named by both the ICC and CA, in the inaugural episode of The SEGment Podcast (GameChanger Law’s flagship Sports, Entertainment and Gaming Podcast).