Tug Varahi
The Madras High Court on Saturday (June 13, 2020) ordered an arrest of a vessel, Tug Varahi, berthed at Adani Port, Kattupalli. The warrant of arrest was served on the vessel in the wee hours of Sunday (June 14, 2020), 1:30 am to be precise in the midst of the prevalent lockdown due to the pandemic. …
Bombay High Court resolves dichotomy between admiralty proceedings under the Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 and Insolvency and Bankruptcy Code, 2016 (IBC)
I. Introduction: The Bombay High Court in a judgment dated 19th May 2020 in Raj Shipping Agencies v. Barge Madhwa and Anr.,[i] considered the nature and provisions of proceedings under the Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 (Admiralty Act) and harmonised the provisions of the Admiralty Act with the Insolvency and Bankruptcy …
Relief for Religare Finvest Ltd in SEBI proceedings
Securities Appellate Tribunal (“SAT”) recently set aside orders passed by Securities and Exchange Board of India SEBI against Religare Finvest Ltd (“RFL”) directing RFL and others to pay an amount of Rs. 403 crores along-with interest to Fortis Healthcare Ltd (“FHL”).