The Insolvency and Bankruptcy Code, 2016 (the “Code”) aimed to bring about a radical and cultural shift in India’s bankruptcy and insolvency environment. Following the enactment of the Code, a new process came to light – the Corporate Insolvency Resolution Process (“CIRP”). It functions to resolve issues in relation to the defaulting companies within a reasonable period of time thereby maintaining the company as a whole. While an insolvent company undergoes CIRP, Section 14 of the Code provides for a moratorium which may be issued initially for a period of 180 days extendable for another peri ..read more

Foreign Direct Investment, more popularly referred to as “FDI” in India is a common tool used by Indian and foreign entities to pump money into India. India, being a highly foreign exchange-controlled country, regulates the inflow of FDI through the issuance (from time to time) of the FDI Policy by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India (usually issued in the form of a circular and available publicly online). A bare perusal of the 2020 FDI policy[1] gives a concise and clear picture of what the intent of the Government of Indi ..read more

This article was adjudged as the winner of the Sarin-McGill Annual Essay Contest on Aircraft Finance and Leasing in 2020. Nilay is a BBA/LLB (Hons) graduate from Symbiosis International Deemed University (Symbiosis Law School Pune), India. He is passionate about aviation and the aerospace industry and he is working towards building a successful career in the aerospace industry. Abstract The aviation industry has been suffering due to the ongoing COVID-19 pandemic, commonly called the Coronavirus. The amount of time both international and domestic flights were curtailed or stopped altogether w ..read more

The COVID-19 induced downturn in demand for air travel continues to cause liquidity challenges for Indian airlines. Given these issues, much like their peers globally, Indian airlines too have struggled to stay up to date with payment of aircraft lease rentals. In some cases, airlines are known to have defaulted on statutory dues like payment of GST as well. Lessors who currently have exposure in India find themselves in a precarious situation wherein after exhausting all other options, they may have no choice but to enforce their rights under the Cape Town Convention and Aircraft Protocol (t ..read more

On the 1st of July 2021, I complete 50 years of qualifying as an Advocate. After completing my study of law, I joined my father, Mr. Harbans Lal Sarin, Senior Advocate, a veteran of 40 years then, on July 1, 1971, with the hope of being able to help society at large, as a lawyer. Being an idealist, intellectually inclined, I tried to visualize all the professional challenges that lay ahead. ” You can’t survive on the reputation of your father.  You have to make one for yourself “ I was told. How true that was. The journey over the last half century has been incredible. So satisfying an ..read more

Introduction The Narasimham Committee I and II and Andhyarujina Committee were constituted by the Central Government of India during the 1990’s for the purpose of proposing banking sector reforms. These committees, inter-alia, recommended the need for changes in the legal framework of the banking sector to keep up with the ever strengthening and dynamic Indian economy. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter the “SARFAESI Act” or “SARFAESI”) was enacted in the year 2002 on the recommendations of the committees, with ..read more

  India reported nearly 316,000 COVID19 cases on 22nd April 2021, with as many as 2,100 COVID19 related fatalities. This is the highest single day spike in cases and fatalities reported in the world since the beginning of the pandemic last year. This deadly second wave of COVID19 has forced States across the country to impose restrictions on the movement of people to curtail the spread of the virus and to prevent the already overburdened medical infrastructure from collapse. While the human impact of the resurgence of the virus is visible now, the economic impact would only intensify in ..read more

After a turbulent and tumultuous ride through the insolvency and bankruptcy process, India’s oldest private airline – Jet Airways – saw some hope with a potential investor coming through. The USD 136 million resolution plan to revive Jet Airways, as proposed by the Kalrock Capital – Murari Lal Jalan consortium, was accepted by the Committee of Creditors (the “CoC”) and as per law, referred to the National Company Law Tribunal (the “NCLT”) for final approval. The airline that once boasted of a fleet strength of 119 aircraft with more than 16,000 employees hoped to be revived but the resolution ..read more

The Ministry of Civil Aviation (the “MoCA”) has over the past few years been pursuing the initiative of enabling the setting up of an aircraft leasing ecosystem in the country. The notification of the International Financial Services Centres Authority (the “Authority”) and the inclusion of “aircraft financing and leasing” as a Financial Product under the International Financial Services Centres Act (the “IFSC Act”) were notable first steps towards achieving this goal. Our article titled “The Indian Aircraft Leasing Ecosystem – First Steps” summarized these early developments. The Authority ha ..read more

Introduction: India is the world’s second most populous country after China. The country has an expansive rail network and an ever-growing aviation industry. Robust economic growth in India had driven the aviation industry to such an extent that predictions by the International Air Transport Association (“IATA”) cited that India is likely to overtake the United Kingdom to become the world’s third largest domestic aviation market by 2024-25. The onslaught of COVID19 caught the aviation industry in India unawares and has resulted in the regression of domestic passenger traffic by almost forty p ..read more