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Author: MyLawyer

Best and Experienced Lawyers online in India > Articles posted by MyLawyer (Page 43)

Recovery of Debts by Corporate: Recovery Suits

This is a very common form of debt recovery that companies always prefer before the Courts of our nation nowadays. The procedure is a bit lengthy considering that both the parties in the loan recovery dispute, i.e., the company and the borrower, are given an equal opportunity to plead their cases and the evidence is given more of consideration. This form of a suit is more preferred by the corporate houses while considering the aforementioned reasons. While filing such a suit, a primary preference is given to the place where the defaulting borrower resides. To state a point of caution,...

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Recovery of Debts by Corporate: Insolvency and Bankruptcy Code, 2016

This is very preferred mode of debt recovery when it comes to companies recovering debts from debtors who are unable to repay and fulfil their obligations due to factors like insolvency which render them incapable to do the same. When it comes to process that involves the company claiming a certain amount of debt from a debtor who has gone insolvent or bankrupt, the company becomes the financial creditor, and the debtor is known as the corporate debtor. Insolvency basically means a financial situation whereby an individual or an entity is unable to fulfil his/her financial responsibilities owing to an...

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Recovery of Debts by Corporate: Summary Suits

The Corporates and Business Houses either big or small face this prominent issue whereby there exists a persistent problem of debts and the legal challenges associated thereto. One of the legit ways to enable faster recovery of debts is by way of going for a “Summary Suits” i.e. under Order 37 of the Code of Civil Procedure 1908 respectively. A summary suit is one in which the Corporate can look forward to a faster means of disposal of the case whereby it seeks to recover some form of a debt from the borrower. There are various benefits for this form...

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Legit Trading of Cryptocurrency in India

Until recently, “Cryptocurrency” was neither recognised nor regulated by the entities of the Reserve Bank of India (RBI), which meant that Banks and other financial institutions did not consider “cryptocurrency” as a medium of exchange. Although, private players of cryptocurrency did operate in India, yet there was no security or protection from the Reserve Bank of India (RBI) or its entities. The same was challenged before the Hon’ble Supreme Court of India and the Court dismissed the Reserve Bank of India circular and legalised the trading on Cryptocurrency in India, since it failed the test of proportionality under Article 19(6)...

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Mining of Cryptocurrency Legal in India: Law Check

Similar to normal/tangible currency, cryptocurrency is a virtual/digital currency that uses cryptography to conduct transactions. A very popular example of the same would be Bitcoin, which was invented in 2009. The Reserve Bank of India (RBI) issued a “Statement on Developmental and Regulatory Policies” on April 5, 2018 which directed the entities regulated by the Reserve Bank of India (RBI) to: a) Not deal with or provide services to individuals or businesses/corporates dealing with Virtual Currencies (VCs) and, b) Exit the relationship, if they have one with businesses/corporates and/or individuals dealing in Virtual Currencies...

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Pre-Requisites of a Bail Application

Every individual citizen of India has a fundamental right to get freedom guaranteed under Article 21 of the Indian Constitution, which states “No individual shall be deprived of his life except according to the procedure established by law”. Further, bail refers to the release of a person from legal custody on deposit of security and undertaking that he/she shall appear at the time and place designated and submit himself to the jurisdiction and judgement of the Court. However, the basis of bail lies in the principle that there is a presumption of innocence of a person until he is found...

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Settlement Deed & Transfer of Property by a Non Resident Indian (NRI)

A Non Resident Indian (NRI) who have left India and/or are either staying abroad or have obtained the citizenship of a foreign country have their immovable properties and/or real estate in India. The said immovable properties or estates are in the form of either a joint ancestral property (which is being inherited) and self-acquired properties (which is/are self-purchased or self-owned) respectively. In case of the self-purchased/self-owned properties there exists no problem with respect to any share and/or partition as the same is the absolute property of the person or the Non Resident Indian (NRI) in the present case whereas when the...

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Guidelines of Ministry of Consumer Affairs for Multi-Level Marketing (MLM) Companies in India

Multi-Level Marketing (MLM) is a business model which has been in the news for its notoriety. Although, at present there is/are no specific legislation and/or law for regulating the same yet there are certain guidelines which have been formulated by the Government of India and makes an efforts to make the business legit or legal in India. The Government of India has issued an advisory to all the State Governments including the Union Territories on moral guidelines on direct selling under the Ministry of Consumer Affairs under its Food & Public Distribution Department of Consumer Affairs. These guidelines are based...

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Multi-Level Marketing (MLM) in India: Legality Check

Multi-Level Marketing (MLM) is a business model which has remained in a grey area and is yet to see a legislation or a law enacted clearing the air on the legitimacy of the Multi-Level Marketing (MLM) business and industry as a whole. Having said that, on Sept. 9, 2016 an office memorandum for advisory to all the State Government and Union Territories on “Model Guidelines on Direct Marketing” was issued by the Ministry of Consumer Affairs, Food and Public Distribution Department of Consumer Affairs under the Government of India. The same can be termed as a first step taken forward...

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Execution of Documents for the Transfer of Property in India by a Non Resident Indians (NRI)

The laws relating to sale and transfer of property i.e. immovable property or the real estate are very clear, however, the Non Resident Indians (NRI) who are not residing in India and are staying abroad find it difficult to understand the Property Laws or the Real Estate Laws of India and execute necessary documents with respect to the sale and transfer of their property which includes a fractional transfer of share. Transfer of Property as Gift or by Relinquishment way of Love & Affection which generally happens between the legal heirs including the agnates and cognates:The transfer of property under this...

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