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CA DT Final Case Studies Compilation May 2023
CA DT Final Case Studies Compilation May 2023
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CA DT Final Case Studies Compilation May 2023
CA DT Final Case Studies Compilation May 2023
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;ϭͿ^ƵŐŐĞƐƚĞĚŶƐǁĞƌƐ;WĂƐƚLJĞĂƌƉĂƉĞƌƚŝůůEŽǀĞŵďĞƌϮϬϮϮͿ ϭϬ DdW͘DϮϭ;DdWDĂƌĐŚϮϭͿ ϯϯϴͲϯϲϰ
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ϭϮ DdW͘DϮϬ;DdWDĂLJϮϬͿ ŝŶĐĂƐĞƐƚƵĚLJĚŝŐĞƐƚ
ŚĞĐŬůŝƐƚƚŽĐĂƌƌLJĨŽƌ ĐŽŶŽŵŝĐůĂǁĞdžĂŵ
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ϭϰ DdW͘Dϭϵ;DdWDĂƌĐŚϭϵͿ ϯϴϵͲϰϮϬ
;ϭͿ//^ƚƵĚLJŵĂƚĞƌŝĂů ϭϱ DdW͘ϭϴ;DdWƵŐƵƐƚϭϴͿ ϰϮϭͲϰϯϵ
ϭϲ DdW͘Dϭϴ;DdWDĂƌĐŚϭϴͿ ϰϰϬͲϰϲϵ
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;ϰͿ/ŶĚĞdžĨŽƌ//ƐƚƵĚLJŵĂƚĞƌŝĂů ϭϵ ^͘Ϯϭ;^ƵŐŐĞƐƚĞĚĂŶƐǁĞƌĞĐϮϭͿ ϰϵϴͲϱϮϵ
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;ϴͿDY/ŶĚĞdž ϮϮ DdW͘EϮϮ;DdWEŽǀĞŵďĞƌϮϮͿ ϱϵϭͲϲϮϴ
ĚĚŝƚŝŽŶƐĂĨƚĞƌEŽǀĞŵĞďĞƌϮϮǀĞƌƐŝŽŶ
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ĐŚĂŶŶĞůͲх Ϯϰ DdW͘DϮϯ;DdWDĂLJϮϯͿ;DĂLJϮϯDdWǁŝůůďĞƌĞůĞĂƐĞĚŽŶϭϰƚŚƉƌŝůϮϬϮϯͿ
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ECONOMIC LAWS ECONOMIC LAWS
e Choice Questions per the provisions of the Foreign Exchange Management
CA FINAL - PAPER 6D - ECONOMIC LAWS ther the understanding reached among the Act and relevant regulations made thereunder?
ufacturers of cement be termed as an agreement (iii) Can Joe acquire another property which is agricultura
5IJTDBQTVMFPO1BQFS%&DPOPNJD-BXT 'JOBM /FX DPVSTFJTBOPUIFSTUFQPGUIF#PBSEPG4UVEJFTJOJUTFOEFB
No, because it is not in writing land, in joint ownership with Drishel for investment
to provide quality academic inputs to Final course students of Chartered Accountancy course. As students are a
No, because it is not intended to be enforced by legal purposes?
that this is an open book examination and the duration is 4 hours. The question paper would comprise of five
studies of 25 marks each, out of which the student would be required to attempt any four. Students must d proceedings
their four hours between four case studies to be answered meticulously. Once the case studies have been opted No, because it is not in writing and also not intended to Answer to MCQs
them a comprehensively reading while attempting the same. Some of the illustrative case studies have been prov be enforced by legal proceedings E Reason - As per section 2(b) of the Competition Act, 2002
below for practice purpose. Students are suggested to solve the same in examination condition and check fo Yes ‘agreement’ includes any arrangement or understanding or
answers only after attempting the case studies. action in concert whether or not, is formal or in writing, or is
agreement is executed among SCPL and RSPL on 20th intended to be enforceable by legal proceedings.
ober 2020, can be categorised as In view of the above definition, an understanding reached
CASE STUDY 1 Exclusive supply agreement among the cement manufacturers to control the price and
Tie-in arrangement supply of cement will be an ‘agreement’ even though the
Ms. Drishel Patel is a young dynamic IT professional and currently An understanding has been reached among the manuf Refuse to deal agreement understanding is not in writing and not intended to be
esides in America. She holds the NRI status. Ms. Drishel works of cement to control the price and supply of cement, None of these enforceable by legal proceedings.
or Blip LLC, which has a wholly owned subsidiary Blip India understanding is not in writing and it is also not intend
Private Limited (here-in-after referred to as Blip). Blip deals in enforced by legal proceedings. SCL assume the position of the consumer for the D Explanation to sub-section 4 of section 3 of the Competition
he mobile operating system. Blips’ operating system ‘Diordna’ is Rock Solid Private Limited (RSPL) is the substantial ose of competition laws? Act, 2002 describe five prohibited vertical agreements, and
widely popular among the mobile phone manufacturers in India. of clay, slate, blast furnace slag, silica sand which are e No, because only half of the consideration paid by SCL here relevant among those are;
Blip also offers proprietary applications and services (such as Blip raw materials of cement, and a shortage of same obse No, because SCL is not buying slate and silica sand for Tie in arrangement includes any agreement, requiring a
Maps, Blip Internet Explorer, and Blip Tube, etc.). Blips Mobile the market. Mr. Arya on behalf of SCPL has executed personal use or direct resale purchaser of goods, as a condition of such purchase, to
Services (BMS) is a bundled suite of Blips’ applications and agreement with RSPL on 20th October 2020 wherein it is p No, because only an individual can be a consumer purchase some other goods;
ervices and such apps and services are not available in isolation. that RSPL will not supply these raw materials to any other Yes Exclusive supply agreement includes any agreement
n trade parlance, the mobile OS is different from OS designed manufacturer, against this the purchase commitment h restricting in any manner the purchaser in the course of his
or desktop as they have additional handheld use features. 80% made from SCPL for all their (RSPL) output at price me ch of the following statements is correct regarding the trade from acquiring or otherwise dealing in any goods other
of mobile phone, which are in use has Diordna as an operating in such agreement. isition of immovable property in India by Mrs. Patel? than those of the seller or any other person.
ystem. Solid Cement Limited (SCL) who is another Mrs. Patel is not allowed to acquire any sort of immovable Refusal to deal includes any agreement, which restricts or
If a mobile manufacturer wants to manufacture a ‘bare’ manufacturer is not happy with the RSPL, because R property in India is likely to restrict, by any method the persons or classes o
Diordna mobile, it needs to only pass technical tests and accept not supplied the slate and silica power to SCL against Mrs. Patel is not allowed to acquire farmhouse and persons to whom goods are sold or from whom goods are
he Diordna License Agreement; but in bare Diordna mobile (Purchase Order) placed by SCL dated 18th October 202 agricultural land in India bought.
manufacturer are not permitted to include any of BMS such as board of directors of SCL is considering taking legal Mrs. Patel may acquire the farmhouse, but not
Blip Maps, Blip Internet Explorer, Blip Tube. If a manufacturer against RSPL in the capacity of the consumer. SCL ha agricultural land in India E The term ‘consumer’ is defined in section 2(f ) of the
wants to manufacture a mobile having Diordna with pre- loss on account of the stock-out situation emerged f Mrs. Patel may acquire both the farmhouse and Competition Act, 2002. Consumer means any person who
nstalled BMS, he has to enter into two additional agreements non-availability of raw material. It was found that only agricultural land in India buys any goods for a consideration which has been paid
with Blip i.e. Mobile Application Distribution Agreement and the consideration was paid and 30 days credit was avai or promised or partly paid and partly promised, or under
Anti Fragmentation Agreement. BMS couldn’t be availed directly making payment of the remaining balance, regardin L decided to go for public issue and listing of its equity any system of deferred payment and includes any user o
by the end-users, in case it is not pre-installed. payment promise is made by SCL. es, largely for business expansion, initially with setting such goods other than the person who buys such goods
Ms. Drishel got married to Mr. Joe Harris around a year back. Mr. Alok who is co-owner in SCPL with Mr. Arya, c new large scale RMC plant. In the context of shares, for consideration paid or promised or partly paid or partly
The marriage took place in a traditional saptapadi ceremony in the market study and concluded that the RMC (R h one of the following statements is correct under the promised, or under any system of deferred payment when
he backyard of Harris’ residence where only close relatives were Concrete) segment has favourable opportunities petition Act, 2002? such use is made with the approval of such person, whether
present. Marriage was registered six months later due to a widely currently competition is relatively less in RMC an Shares can’t be considered as “goods” because nothing such purchase of goods is for resale or for any commercia
observed lockdown to prevent the widespread of COVID-19. based block segments. Moreover, RMC based block h has to do with manufacturing, processing or mining. purpose or for personal use.
Indian traditions have a deep-rooted impact on Harris acceptance as an economical replacement of the bric Shares shall be considered as “goods” only if fully paid-up.
amily because the grandmother of Joe is from India. Joe’s structure. Hence SCPL must diversify into the RMC s Shares shall be considered as “goods” after the application C As per regulation 3 of Foreign Exchange Management
grandfather is also influenced by Indian culture, hence willing Mr. Arya expresses his concerns over the availability o made for shares since application monies are paid for the (Acquisition and Transfer of Immovable Property in India)
o migrate to India along with Joe’s grandmother to spend the for the same. Mr. Anil the third member of SCPL, acquisition of shares. Regulations, 2018, an NRI may acquire immovable property
est of their life. Considering this in the month of January 2021, both the co-owners to float capital through the capital Shares shall be considered as “goods” after allotment. in India other than agricultural land/ farmhouse/ plantation
Drishel and Joe acquired a luxurious apartment in joint name in After numerous rounds of discussions, SCPL decided t property subject to two conditions;
ndia, so that Joe’s grandparent can stay there comfortably. Half public issue and listing of its equity shares, largely for tive Questions a. Consideration, if any, for transfer, shall be made out o
of the consideration was paid by Ms. Drishel out of the Non- expansion, initially with setting up a new large scale RM de, whether Blip has dominance and does it abused funds received in India through banking channels by
Resident Account maintained by her, and the remaining half by Mrs. Patel, the mother of Ms. Drishel, who also ominant position? Support your decision with legal way of inward remittance from any place outside India
oe through proper banking channel, and that too in the Pagemanner470with her daughter and son-in-law in States and ho ing. Page 471or funds held in any non-resident account maintained
prescribed. To identify the flat and fulfill the legal requirement status, acquired two immovable properties (one farmh in accordance with the provisions of the Act, rules, or
or registration of the same, Ms. Drishel took the help of her elder residential purposes and another an agricultural land, e light of the given facts, evaluate the following situations regulations framed thereunder.
i M A P t l h i tl idi i I di h t di d b t d i h t d illi t
ECONOMIC LAWS ECONOMIC LAWS
Since Mrs. Patel holds the status of NRI, hence not allowed to 2. As per regulation 6 of the Foreign Exchange Man outstanding amount against RIL is 546 lakh (including Multiple Choice Questions
acquire farmhouse and agricultural land in India (Acquisition and Transfer of Immovable Property i 1. Can the bank file the insolvency proceedings against RIL?
Regulations, 2018, a person resident outside India, n officers from the recovery cell and the concerned branch (a) No, the bank can’t take the RIL to insolvency proceedings.
E Goods under section 2 (i) of the Competition, Act 2002 a Non-Resident Indian or an Overseas Citizen of Ind ank warns the RIL that default may result in insolvency (b) Yes, the bank can take the RIL to insolvency proceedings
means goods as defined in the Sale of Goods Act, 1930 and is a spouse of a Non-Resident Indian or an Overseas ngs against the RIL. The RIL pleaded that default is because the default is considered as default, willingness
includes, products manufactured, processed, or mined; of India may acquire one immovable property (oth ul, instead, this RIL said it really willing to continue its is irrelevant.
debentures, stocks, and shares after allotment; in relation agricultural land/ farmhouse/ plantation property) operations and repay the loan amount as and when (c) Yes, the bank can take the RIL to insolvency proceedings
to goods supplied, distributed, or controlled in India, goods with his/ her NRI/ OCI spouse, subject to following co ness conditions improve. But it seems, it will not be in a because the amount of default exceeds 51 lakh
imported into India. (1) The consideration for the transfer, shall be mad to repay the loan at-least in the year to come. (d) No, the bank can’t take the RIL to insolvency proceedings
funds received in India through banking chan Anonymous, an employee in the IT and ERP department because the amount of default is less than the threshold
Answers to Descriptive Questions way of inward remittance from any place outsi ses his workstation to hack the IT server of security limit of 550 lakh.
1. Facts in the given case are more or less similar to the case or funds held in any non-resident account ma lligence services of the country, such as the research
(No. 39 of 2018, Competition Commission of India dated in accordance with the provisions of the Act ysis wing, and capture the top-secret information. The 2. At what stage, is the laundering process when it reached the
16.04.2019) of Umar Javeed and Google LLC, wherein legal regulations made by the Reserve Bank; ion which he captured, if leaked; can put the defence hands of Mr. Kavir?
issue is about dominance and its abuse and also the act of (2) No payment for any transfer of immovable p ereignty of India at severe risk. Mr. Anonymous also (a) Integration
Google found in violation of Section 4(2) of the Competition shall be made either by travellers’ cheque or by n funding and other arrangements for a terror attack in (b) Layering
Act, 2002. currency notes or by any other mode other tha cial capital of India ‘Mumbai’. Indian authorities caught (c) Stratifying
In the said case, CCI observed to form a prima facie specifically permitted under this clause; Mr. anonymous while he was transmitting such top- (d) Splitting
view about the alleged abusive conduct, it would be first (3) The marriage has been registered and subsist formation through the internet and took him to custody.
appropriate to define the relevant market and to determine continuous period of not less than two years imm of the executive directors at RIL, Mr. Mohan Bhave What shall be the punishment for the wrongdoing done by
the dominance of accused enterprise therein if any. In the preceding the acquisition of such property; some funds into his bank account to acquire any Mr. Anonymous?
present case, it is clearly mentioned that mobile OS due (4) The non-resident spouse is not otherwise pr ble property in Mumbai for 5 2.5 crore. He has around (a) Fine or rigorous imprisonment for a term which shall not
to additional handheld use features are different from OS from such acquisition. ore in his bank accounts and for the balance amount he be less than three years but which may extend to seven
designed for desktop hence all OS for other devices such as Following are the answers in the light of th s friend Mr. Maan in Country M. The friend transferred years.
desktop or laptop shall be excluded from the relevant market. provisions: o Mr. Ganpat’s Account in Country G. Mr. Ganpat (b) Fine and rigorous imprisonment for a term which shall
Blip appears to be dominant in the relevant market as 80% (i) No, Mr. Joe (a person resident outside In ed the half of funds to Ms. Bhosle in Country B and not be less than three years but which may extend to
of mobile phones, which are in use have Diordna as the being a Non-Resident Indian or an Overseas ng half to Ms. Indrani in Country I. Ms. Bhosle and Ms. seven years.
operating system. of India) can’t acquire immovable property in turn, transferred the funds to Mr. Kavir in Country K (c) Fine and rigorous imprisonment for a term which shall
The signing of the Mobile Application Distribution independently. Sonam in Country S, respectively. not be less than three years but which may extend to ten
Agreement and Anti Fragmentation Agreement is a pre- (ii) No, the acquisition of a flat by Drishel and Jo ky, the son of Mr. Mohan Bhave is a rock star and singing years.
condition for mobile manufacturers to pre-install BMS is not aligned (hence legally invalid, and am n across the South Asian and European countries. (d) Fine upto 5 5 lakh and rigorous imprisonment for a term
(while using Diordna as OS). Further, BMS is also a bundled violation) to the provisions of FEMA and erformed numerous successful tours abroad. Rocky has which shall not be less than three years but which may
suite of Blips’ applications and services. In this manner Blip regulations made thereunder, because m immovable properties abroad from the consideration extend to seven years.
reduced the ability of device manufacturers to develop viable has been registered and subsisted for a con pts from organisers of his shows, he recently buys a
alternatives with selected applications and services out of the period of fewer than two years imm s yacht. 4. Who has the authority to provisionally attach the property of
BMS suite, hence dis-incentivize them. Thereby restricting preceding the acquisition of such property. ky accepted said money from Mr. Kavir (in Country K) Mr. Mohan Bhave?
technical development to the prejudice of consumers in (iii) No, Joe can’t acquire another property Sonam (in Country S) as an advance for his singing i. Director
violation of Section 4 of the Competition Act, 2002. agricultural land in joint ownership with Dr ance at their functions/parties, with the understanding ii Deputy Director
While reading Section 4 with Section 32 of the Competition investment purposes because; a later date prior to the show date Mr. Kavir and Ms. iii Deputy Director authorised by the Director
Act, 2002, it is important to note that the conduct of Blip t ͳFBDRVJTJUJPOPGBHSJDVMUVSBMMBOE GBS xpress their inability to arrange functions/parties and iv Judicial Magistrate
to tie or bundle applications and services is an attempt to and plantation property is specifically pro to cancel the performance; and money will be forfeited (a) i, ii, and iv
eliminate effective competition from the market. There exists and ocky. In this way, Mr. Mohan Bhave will get money to (b) i, iii, and iv
an element of coercion as the mobile manufacturers are t ͳF UJNF TJODF UIF NBSSJBHF UPPL QM he immovable property. (c) i and ii
coerced to purchase the BMS suite altogether which results subsisted is less than two years; and ky was arrested by the officers of the Enforcement (d) i and iii
in consumer harm through a reduction in choice of products. t ͳFSFJTBNBYJNVNDFJMJOHMJNJUPGPXO ate at Delhi Airport on his return to India for an offence
property o the possessing and disposal of illegally acquired foreign 5. Within how many days, the authority who provisionally
e and taken before the Additional Chief Metropolitan attached the property has to file a complaint with
te, New Delhi on the very next date. Enforcement Officer Adjudicating Authority?
CASE STUDY 2 he application to seek ‘judicial remand’ (detention) on (a) Within 14 days from the attachment
nd that it was necessary to complete the investigation. (b) Within 30 days from the attachment
Rajeshwari Industries Limited (here-in-after referred to as RIL) it requires more funds. RIL took a term loan of 53.5 cro e of director conducts an inquiry under section 13 of (c) Within 45 days from the attachment
manufactures a wide range of electronic heaters under the brand National Bank (here-in-after referred to as bank). Since th on of Money-Laundering Act, 2002. Mr. Gulati is an (d) Within 60 days from the attachment
Glen’. Glen, which was a popular name among the retailers Page and472developed products, fails to make much impact in the Page 473
f the concerned reporting entity and summoned to
customers till a few years back, has been losing the market share; hence RIL faces a financial crunch and not in a position he proceeding. Mr. Gulati joined the reporting entity Descriptive Questions
he major reason for same is stiff competition from emerging the financial debt. onths back whereas the principle matter of inquiry is 1. Examine the legal position of the stated situations in the light
ECONOMIC LAWS ECONOMIC LAWS
produced has jurisdiction to authorise the detention of that difficult to detect the origin of the money, thus, it is t edure Code). Hence the Supreme Court stated that the It is important to note here, that Ministry of Corporate
person? of layering. rcement Officer can be termed as ‘police officer’ for the Affairs vide notification S.O. 1205(E) dated 24th March 2020,
ose of arrest. in the exercise of the powers conferred by the proviso to
2. Advise the Banks officials who consulted you ‘is the amount of C Section 4 of the Prevention of Money Launder ce in the given case Enforcement Directorate is competent section 4 of the Insolvency and Bankruptcy Code, 2016, the
default is significant criteria to invoke application under the 2002 provides for the Punishment for Money-Lau rest and take judicial remand of an arrested person. Central Government hereby specifies one crore rupees as
Insolvency and Bankruptcy Code for Insolvency Resolution - Whoever commits the offence of money-launderi her, the Supreme Court held that “sub-sections (1) and the minimum amount of default for the purposes of the said
and Liquidation for Corporate Persons?’ be punishable with rigorous imprisonment for a term f Section 167 are squarely applicable with regard to the section.
shall not be less than three years but which may ex uction and detention of a person arrested under the Prior to 24th March 2020, this threshold limit was one lakh
3. Comment can Mr. Gulati be summoned? Whether a Mr. seven years and shall also be liable to fine. isions of Section 35 of FERA (now the corresponding instead of one crore.
Gulati is bound to attend the proceeding in person? State the But where the proceeds of crime involved in ision of FEMA) and Section 104 of Customs Act and
nature of proceeding taken here under the case study ? laundering relate to any offence specified under pa the Magistrate has jurisdiction under Section 167(2) to Section 50 of the Prevention of Money Laundering Act 2002,
2 of Part A of the Schedule (i.e. Offences under the N orise the detention of a person arrested by an authorized deals with the power of authorities, which they can exercise;
Answer to MCQs Drugs and Psychotropic Substances Act, 1985), the m er of the Enforcement under FERA (now the FEMA) and especially while conducting any inquiry or any proceeding.
B A new section 10A inserted (vide Insolvency and Bankruptcy punishment may extend to ten years instead of seven n to the Magistrate in compliance of Section 35(2) of As per sub-section 2 of section 50, the Director, Additional
Code (Second Amendment) Act 2020, subsequent to an Since, offence committed by Mr. Anonymous ‘wa A (now the corresponding provision of FEMA). Director, Joint Director, Deputy Director, or Assistant
ordinance dated 5th June 2020) considering the possible attempting to wage war or abetting waging of war ce in a given case, against the application of the Director shall have the power to summon any person
adverse impact of the pandemic on businesses, which read the Government of India’, is covered under paragra rcement officer, the Magistrate before whom a person whose attendance he considers necessary whether to give
as notwithstanding anything contained in sections 7, 9, and Part A of the Schedule, hence he will be liable to ted is produced has jurisdiction to authorise the evidence or to produce any records during the course of
10, no application for initiation of corporate insolvency imprisonment for a term which shall not be less th ntion of that person. any investigation or proceeding under this Act. Hence, Mr.
resolution process of a corporate debtor shall be filed, for any years but which may extend to seven years. Gulati can be summoned.
default arising on or after 25th March 2020 for a period of the minimum amount of default is significant criteria to As per Sub-section 3 to section 50, all the persons so
six months or such further period, not exceeding one year E Section 5(1) of the Prevention of Money Launde ke the application under the Insolvency and Bankruptcy summoned shall be bound to attend in person or through
from such date, as may be notified in this behalf. It is also 2002, provides where the Director or any other offi e for insolvency resolution and liquidation for corporate authorised agents, as such officer may direct, and shall be
provided that no application shall ever be filed for initiation below the rank of Deputy Director authorised by the ons. bound to state the truth upon any subject respecting which
of corporate insolvency resolution process of a corporate for the purposes of this section, has reason to beli on 4 of the Code read as ‘This Part (PART II dealing they are examined or make statements, and produce such
debtor for the said default occurring during the said period. reason for such belief to be recorded in writing), on t insolvency resolution and liquidation for corporate documents as may be required.
Moreover, Ministry of Corporate Affairs vide notification of material in his possession, that ons) shall apply to matters relating to the insolvency Hence, Mr. Gulati is bound to attend the proceeding; but if
S.O. 1205(E) dated 24th March 2020, in the exercise of the (a) Any person is in possession of any proceeds o liquidation of corporate debtors where the minimum the office of the director directs or authorises he can attend
powers conferred by the proviso to section 4 of the Insolvency and unt of the default is one crore rupees. the meeting through authorised agents rather than in person.
and Bankruptcy Code, 2016, the Central Government hereby (b) Such proceeds of crime are likely to be co e is a proviso to section 4 which read as ‘the Central Further, as per Sub-section 4 of section 50, every proceeding
specifies one crore rupees as the minimum amount of default transferred, or dealt with in any manner wh ernment may, by notification, specify the minimum under Sub-section (2) and (3) shall be deemed to be a judicial
for the purposes of the said section. result in frustrating any proceedings relating unt of default of higher value which shall not be more proceeding within the meaning of section 193 and section
Thus, since the default is taken place after 24th March 2020 confiscation of such proceeds of crime und one crore rupee’ 228 of the Indian Penal Code.
(falling in the specified period under section 10A) and the Chapter,
amount of default of the company is less than 51 crore, hence He may, by order in writing, provisionally atta
bank can’t drag the RIL for insolvency proceedings. property for a period not exceeding one hundred an CASE STUDY 3
Note- Vide SO 3265 (E) dated 24th Sep 2020 application of days from the date of the order, in such manner as
section 10A extended by a further period of 3 months from prescribed. Limited (Corporate Debtor) is undergoing the protested the decision of the Resolution Professional, by filing
25th Sep 2020. Further, vide SO 4638 (E) dated 22nd Dec 2020 te Insolvency Resolution Process (CIRP) under the an application before the Adjudicating Authority with a prayer to
application of section 10A once again extended by a further C Section 5(5) of the Prevention of Money Launde cy and Bankruptcy Code, 2016 (Code or IBC) which direct the Resolution Professional to accept the Resolution Plan
period of 3 months from 25th Dec 2020 (Hence period 2002 provides that the Director or any other offi menced on 17th July, 2019 and is under a moratorium. filed by the Resolution Applicant 1. In reply to the application filed
specified under section 10A ranges from 25th March 2020 to provisionally attaches any property under sub-sec olution Professional of the Corporate Debtor invited by the Resolution Applicant 1 before the Adjudicating Authority,
24th March 2021) shall, within a period of thirty days from such atta on of interest (EoI) by publishing relevant form in the the Resolution Professional made the following submissions in
file a complaint stating the facts of such attachmen ers and subsequently received two expressions of his counter-affidavit filed with the Adjudicating Authority:
C Money laundering is a single process, however; its cycle the Adjudicating Authority. from prospective Resolution Applicants (Resolution - Resolution Applicant 1 meets the following ineligibilities:
can be broken down into three distinct stages nt 1 and Resolution Applicant 2). t ͳF EJSFDUPST PG POF PG UIF TVCTJEJBSJFT PG UIF
t 1MBDFNFOUJTUIFmSTUBOEUIFJOJUJBMTUBHFXIFOUIFDSJNF Answers to Descriptive Questions of directors at XYZ Limited who gave a personal Resolution Applicant 1 are declared as wilful
money is injected into the formal financial system. 1. The facts given in the case are similar to the e against the borrowings of XYZ Limited has credence defaulters
t -BZFSJOH JT UIF TFDPOE TUBHF JO UIJT NPOFZ JOKFDUFE Directorate of Enforcement vs. Deepak Mahaj r the declaration of moratorium under section 14 of IBC, t ͳF TUFQEPXO TVCTJEJBSZ PG UIF 3" IBT CFFO
into the system is layered and moved or spread over Criminal Appeal No. 537 of 1990 dated 31.01.1994) on against him is barred too. declared as Non-Performing Asset and it remained as
various transactions in different accounts and different while disposing of the SLP (Special Leave Petiti uant to the regulations, the Resolution Professional a Non-Performing Asset for more than one year.
countries. Thus, it will become difficult to detect the hon’ble apex court answered the important que an information memorandum, evaluation matrix, and - The Resolution Applicant 1 had filed an affidavit as
origin of the money. Page 474 law ‘Whether the Directorate of Enforcement fal for a resolution plan to both the prospective ResolutionPage 475required under the Code and the Regulations made
t *OUFHSBUJPO JT UIF UIJSE BOE mOBM TUBHF JO UIJT NPOFZ the definition of ‘Police Officer’ under Section 167 nts. thereunder but had failed to disclose the above-
enters the financial system in such a way that original (Criminal Procedure Code) or not?’ The Suprem lution Applicant 1 had filed its resolution plan on 20th mentioned ineligibilities in the affidavit thereby
ECONOMIC LAWS ECONOMIC LAWS
In response to the submissions made by the Resolution iii. The ineligibility may be removed if the overdue a stigates combinations (to regulate) before giving its in a gain of control over enterprise by another enterprise
Professional, Resolution Applicant 1 stated that as on the date relating to Non-Performing Accounts are paid oval under section 31 of the Competition Act, 2002. either individually or in group constituted as a combination.
of submission of resolution plan with the resolution professional submission of the resolution plan
t does not meet any of the above-stated ineligibilities and that (a) i only of the directors at XYZ Limited who gave a personal Extra reference note for students
he Resolution Professional has analysed the position as on (b) ii only antee against the borrowings of XYZ Limited has It is important to note here that, under section 20 (3) of
he Insolvency Commencement Date instead of the date of (c) i and iii ence that after the declaration of moratorium under the Competition Act 2002, the Central Government shall
ubmission of the resolution plan and hence his arguments do not (d) ii and iii on 14 of IBC, legal action against him is barred too. Is at the expiry of every two years, in consultation with the
hold any water. The matter was pending before the Adjudicating credence of the director valid? Apart from provisions Commission, by notification, enhance or reduce the value of
Authority. 2. Pursuant to the provisions of the Insolvency and Ban the bare act, support your opinion with settled judicial assets or the value of turnover mentioned above (for purpose
On the other hand, the resolution plan received from the Code, 2016, what shall be time to obtain the approv edent. of section 5 ‘combination’), on the basis of the wholesale price
other Resolution Applicant, i.e. Resolution Applicant 2 was Competition Commission of India? index or fluctuations in the exchange rate of rupee or foreign
orwarded by the Resolution Professional to the Committee (a) After submission of resolution plan but bef to MCQs currencies. *Vide notification number S.O. 675(E) dated
of Creditors for their consideration and evaluation on 1st approval of the same by Committee of Creditors The opening line of section 29A of the Insolvency and 4th March 2016, in the exercise of the powers conferred by
November 2019. During the evaluation, it was observed that the (b) Before the submission of the resolution plan kruptcy Code 2016, and then further of clause ‘c’ in it section 20 (3) the Central Government enhances, the value
esolution plan submitted by Resolution Applicant 2 meets the (c) After approval of Committee of Creditors ly states ‘at the time of submission of resolution plan’ of assets and the value of turnover, by hundred percent from
criteria prescribed for combinations under the provisions of the (d) After submission of resolution plan but before fi e point i is correct and point ii is incorrect. the date of publication of this notification in the Official
Competition Act, 2002. Accordingly, Resolution Applicant 2 filed plan with the Adjudicating Authority her first proviso to section 29A (c), provided that the Gazette. The publication date is also 4th March 2016.
an application before the Competition Commission of India for on shall be eligible to submit a resolution plan if such Hence w.e.f. 4th March 2016 above table (threshold under
ts approval of the proposed combination as per the submitted Who among the following can file an application on makes payment of all overdue amounts with interest section 5) shall be read as;
esolution plan. Adjudicating Authority for extension of the period o eon and charges relating to nonperforming asset Threshold applicable to Enterprises Group Level
On 15th November 2019, the Competition Commission (a) Committee of Creditors after passing a resoluti unts before submission of resolution plan hence point iii Level
of India summoned Resolution Applicant 2 for a hearing on more than 66% of voting share in their meeting correct. In India Joint Assets 52,000 Cr 5 8,000 Cr
he approval of said combination. During the hearing, the (b) Any stakeholder interested in the affairs of the Co Joint Turnover 5 6,000 Cr 5 24,000 Cr
Competition Commission of India raised various questions to Debtor oviso to section 31 (4) of the Insolvency and Bankruptcy In India Joint Total Assets US$ 1000 US$ 4000
understand if such a combination has any appreciable adverse (c) Resolution Professional upon instructions do e 2016, provides where the resolution plan contains a and Million Million
effect on relevant product market and relevant geographic resolution passes at the meeting of the Comm ision for combination, as referred to in section 5 of the Outside Minimum Indian 51000 Cr 5 1000 Cr
market in India. Accordingly, Resolution Applicant 2 had filed its Creditors by 66% voting share petition Act, 2002, the resolution applicant shall obtain Component
eply to the Competition Commission of India both orally during (d) Resolution Professional at its own pproval of the Competition Commission of India under Joint Total US$ 3000 US$ 12000
he hearing as well as in writing on November 20, 2019. Having Act prior to the approval of such resolution plan by the Turnover Million Million
heard the Resolution Applicant 2 and also having gathered 4. Which among the following are the duties of the Re mittee of creditors. Minimum Indian 53000 Cr 5 3000 Cr
elevant information to understand whether the combination Professional? Component
causes an appreciable adverse effect on competition in the i. To present to the Committee of Creditors, on per section 12 (2) of the Insolvency and Bankruptcy
elevant market in India or not; the competition commission resolution plans which confirm the conditions pr e 2016, the resolution professional shall file an application Answers to Descriptive Questions
of India had passed its order approving the combination on 3rd under the Code he Adjudicating Authority to extend the period of the 1. Section 6 (1) of the Competition Act 2002, simply prohibits
February, 2020. ii. To present all resolution plans to the Comm orate insolvency resolution process beyond one hundred the person or enterprise from entering into a combination
On 1st January 2020, the committee of creditors negotiated Creditors eighty days, if instructed to do so by a resolution passed that causes or is likely to cause an appreciable adverse effect
with the Resolution Applicant 2 for modifications in the resolution iii. To obtain approval of the Competition Commi meeting of the committee of creditors by a vote of sixty- on competition within the relevant market in India and such
amount which was duly agreed to by the resolution applicant, India for the resolution plans approved by the Co ercent of the voting shares. a combination shall be void.
and post-modification of resolution plan, the revised resolution of Creditors Further, the review process for a combination under the Act
plan of the Resolution Applicant 2 has been evaluated by the (a) i only ection 25 (2) shall be read along with section 30 (3) of involves mandatory notification to the Commission of the
members of the committee of creditors. On 10th January, 2020 (b) ii only Insolvency and Bankruptcy Code 2016, the combined proposed combination. To give effect to this section 6 (2)
he Committee of Creditors decided to vote on the resolution (c) i and iii ing of these signifies that the resolution professional provide, any person or enterprise proposing to enter into a
plan of Resolution Applicant 2 as one hundred and eighty days (d) ii and iii present all resolution plans at the meetings of the combination shall give notice (as prescribed in section 30) to
rom the insolvency commencement date is set to conclude on mittee of creditors. the Commission in the specified form disclosing the details
13th January, 2020. Accordingly, the committee of creditors had
5. Which of the following shall be considered to ascert her as per section 30 (6), the resolution professional shall of the proposed combination within 30 days of the approval
voted on the resolution plan submitted by Resolution Applicant whether the Resolution Applicant and the Corporate mit the resolution plan as approved by the committee of of the proposal relating to merger or amalgamation by the
2 and approved the same with the voting share of 85%. Post meet the definition of combination under the Com itors to the Adjudicating Authority. board of directors or of the execution of any agreement or
approval of resolution plan by the Committee of Creditors, the Act, 2002? other document in relation to the acquisition, as the case
Resolution Professional filed the same with the Adjudicating i. Assets a reference note for students may be.
Authority on 13th January, 2020. ii. Net Worth er proviso to section 31 (4), where the resolution plan Further, as per section 20 (1), the Commission may, upon
iii. Turnover ains a provision for combination, as referred to in section its own knowledge or information relating to acquisition
Multiple Choice Questions iv. Control the Competition Act, 2002, the resolution applicant shall referred to in clause (a) of section 5 or acquiring of
Page 476 (a) i, ii, and iv
1. While examining the ineligibility of resolution applicants in the approval of the Competition Commission of IndiaPage 477 control referred to in clause (b) of section 5 or merger or
pursuant to the provisions of the Code, which among the (b) i and iii er that Act prior to the approval of such resolution plan amalgamation referred to in clause (c) of that section, inquire
following statements are incorrect: (c) ii, iii, and iv he committee of creditors. into whether such a combination has caused or is likely to
Th l bl h ll b h d f b f (d) d cause an appreciable adverse effect on competition in India
ECONOMIC LAWS ECONOMIC LAWS
Further section 20 (2) [inquiry in response to notice under Clause (b) section 14 (3) of the Insolvency and Ban members are also engaged with CSRL but in form of investor from the States (US) based on showing growth prospect
section 6(2)] read with section 31 (framing of opinion to Code, 2016 (IBC), read as the provisions of sub-section ment (or in a professional capacity). in his business to his investor. The investor was a good friend
pass an order) and the Competition Commission of India not apply to a surety in a contract of guarantee to a c Aman joined his brother-in-law, Mr Vivek, in his of Mr. Dipan and originally from Mohali named Mr. Tarun and
(Procedure in regard to the transaction of business relating to debtor. It important here to note that sub-section tion business, Mr. Aman assists Mr. Vivek in ongoing settled in Philadelphia (Pennsylvania, US). Mr. Tarun agreed to
combinations) Regulations, 2011 the Commission shall form power to Adjudicating Authority to declare a morator and one among them is Rishi Enclave whose centre of invest US$1 Million in the said real estate project.
firstly prima facie opinion as to whether the combination is The validity of directors’ credence can be denied b n is state of art yoga centre which will be one of its type The money got transferred from an overseas branch in
likely to cause or has caused an appreciable adverse effect on the State Bank of India vs. V. Ramakrishnan (Suprem orld apart from the common area which is turned into Philadelphia of some Indian bank (through banking channel) to
competition within the relevant market in India or not. For Civil Appeal No. 3595 of 2018), wherein the facts ar smerising landscapes. The project is located near Jolly the Kharar branch (Mohali, India). The Branch Manager in India
this, investigation by director-general can be ordered under similar to the present case. irport on out-skirt of the holy town of Rishikesh. Rishi is the friend of an elder brother of Mr. Aman and was excited
section 29. The Hon'ble Supreme Court first considers the f (Project) consists of 120 units of 2BHKs, 3BHKs (Flats to get one project in Mohali and thus approved the investment
Section 20 (4) laid down factors to be considered by the different provisions of the Insolvency and Bankrupt ors), and Independent Houses or Villas in totality. The without any opinion from any Finance Professional.
Commission while evaluating the appreciable adverse effect are applicable to the insolvency of different categ s registered under the RERA. All 120 units’ subscribed/ CSRL witnessed the bad jolts (of financial turbulence) as
of Combinations on competition in the relevant market persons. Section 96 and 101 of the Code provide for by allottees except 2 Flats kept by Mr. Vivek (promoter). revenue vanished and reserves are socked to meet maintenance
include the following: provision for a moratorium for the personal gu chan Negi booked 3 floors one in his own name, another costs of properties & employee cost due to lock-down and
(a) Actual and potential level of competition through whereas section 14 deals with corporates. e name of his daughter in law and the third one in name of afterword restrictions. The financial cost and lease rentals not
imports in the market; Court also observed that different provisions of law pany. Mr Dabral also booked a flat and a villa (both in his only erode the working capital but also forces the CSRL to land
(b) Extent of barriers to entry into the market; into effect on different dates and some of the provisio est all allottee booked one unit each. Soon allottees form into a debt trap situation wherefrom meeting financial obligations
(c) Level of concentration in the market; not yet enforced (on the date of the judgment). Pr ntial association. Considering the latest NGT decisions seems near to impossible. The only way left to management is
(d) Degree of countervailing power in the market; pertaining to sections 96 and 101 have not been brou ndments in policy about the environment (applicable for restructuring of business hence board decided to shut a few
(e) Likelihood that the combination would result in the force. struction in hill or foothill area concerning the height points and parlours (to reduce lease rental obligation, and free-
parties to the combination being able to significantly Further, the apex court makes observations on uilding), certain structural changes relating to the height up one-two owned properties so that sale proceed can be infused
and sustainably increase prices or profit margins; sections. The court observed that Section 14 of th mon area landscape is required in sanctioned plan of the as working capital)
(f ) Extent of effective competition likely to sustain in a authorizes Adjudicating Authority to pass an o Mr. Vivek is of opinion since the alteration in sanctioned One of the properties sold by CSRL, acquired by Ms. Vijeta in
market; moratorium during which there is the prohibition orced by changes in policy matter hence the approval of name of her mother-in-law (as she is a senior citizen female – to
(g) Extent to which substitutes are available or are likely to institution of suits or continuation of pending suits is not required. bear less registration cost in form of stamp duty), consideration
be available in the market; the corporate debtor, transfer of property of the co Aman recently visited Kharar after a long time to meet for which is paid out of the known sources of the Mr. Vijeta.
(h) Market share, in the relevant market, of the persons debtor, or any action to foreclose or enforce any ds Mr. Onkar Singh and Mr. Dipan Ahuja of early Despite the best efforts made by management at CSRL,
or enterprise in a combination, individually and as a interest. d. They all admitted that the town has developed still, the bottom line is in deep red; resulting in default in
combination; The apex court also consider the following facts imp ially especially the townships and Skyscrapers as tri-city repayment of financial debts and such default continues since
(i) Likelihood that the combination would result in the - Report of Insolvency Law Committee dated 26 Chandigarh, and Panchkula) turns into metropolitan the 2nd quarter of Fiscal 2020-21. Management gave assurance
removal of a vigorous and effective competitor or clarified that the period of moratorium under of service entities. The lifestyle of people also improves. to financial creditors that soon it will overcome the solvency
competitors in the market; 14 is not applicable to personal guarantors, ar is settled in Canada and holding a Canadian passport issue and they already took corrective measures. On 19th, March
th
(j) Nature and extent of vertical integration in the market; - Amendment Ordinance dated 6 June 2018 enship as his family migrate there when he was in school 2021, one of the financial creditors moved an application for
(k) Possibility of a failing business; amended the provision of section 14 and Canada, he own a transport business. Currently, he is initiation of corporate insolvency resolution proceeding (CIRP)
(l) Nature and extent of innovation; clearly states that the moratorium period envi t to India to attend the marriage of a relative. Mr. Dipan whose outstanding claim is of INRs 120 lakh. On 26th March
(m) Relative advantage, by way of the contribution to the section 14 is not applicable to a personal guara a supplier of construction materials and planning to 2021, another financial creditor file an application to NCLT for
economic development, by any combination having corporate debtor. (Note – this ordinance later nto the solar panel business under make in India drive, initiation of CIRP against CSRL in their case amount of default
or likely to have an appreciable adverse effect on as act 26 of 2018 – and enforced w.r.e.f. 6th Jun ing the enhancing role of solar energy for household and is INRs 35 lakh and such default took place in the 3rd Quarter of
competition; Hence, as the provisions of section 96 and 101 have n cial uses. Mr. Dipan believes Mr. Aman (considering his fiscal 2020-21.
(n) Whether the benefits of the combination outweigh the brought into force, the personal guarantor is not en l engineering background) should join him in his solar
adverse impact of the combination if any. a moratorium period under the Insolvency and Ban nture. Multiple Choice Questions
Code. ancestral property of Mr. Onkar’ family has been 1. Regarding the state of art yoga centre and common area
2. The Director of XYZ Limited, hold credence that section 14 Hence, the credence of the Director of XYZ Limi ied for a long, hence turned into a mud house. Mr. Onkar situated in Rishi Enclave, which of the following statement is
of the Insolvency and Bankruptcy Code, 2016 (IBC) would ‘that section 14 of the Insolvency and Bankruptc Mr. Aman to develop residential apartments on such correct;
apply to the personal guarantor as well, as a result of which 2016 (IBC) would apply to the personal guarantor a after the name of his grand-father ‘Satnam Apartments’. (a) Promoter will keep the possession and title both
proceedings against the personal guarantor and his property not tenable. (Even before 6th June 2018 when sub-sec of land on the backside of such property is also available (b) Promoter may handover physical possession of these to
would have to stay if moratorium declared. section 14 substituted). at a reasonable price because it has no connectivity. Mr. the association of allottees or competent authority as per
und it a good idea to develop the residential apartments the local laws
de land can be acquired at a cheaper rate than prevailing (c) In absence of any local law promoter shall hand over
CASE STUDY 4 arket. Mr. Onkar talked to his father [property inherited, within thirty days after obtaining the occupancy
gistered in his name in land revenue records after the certificate.
Mr. Aman Chawla belongs to Delhi based business family and joined an MNC in the role of system engineer after coll grandfather (who was resident in India) of Mr. Onkar] (d) In absence of any local law promoter shall hand over within
has ancestral roots in Kharar, a Town in the Sahibzada PageAjit478Mr. Aman is inspired by constructing the buildings, dy to transfer (sale) the property for INRs 2.5 Crore.Page 479thirty days after obtaining the completion certificate.
Singh Nagar (Mohali) district in the state of Punjab (around 15 landscapes, hence decided to quit the job to pursue his p her of Mr. Onkar is a resident outside India who never
KMs away from Chandigarh). Chawla family owns the chain of Despite the Chawla family owning a major stake d as OCI. Mr. Aman after communicating with Mr. 2. State the legal position of mother-in-law of Ms. Vijeta as
estaurants snacks points and Ice Cream parlours across the business the business model is unlike to autocratic m
ECONOMIC LAWS ECONOMIC LAWS
th
(c) No, mother-in-law of Ms. Vijeta is not benamidar as Answer to MCQs 24 September 2020 vide S.O. 3265(E) the Central booked in its name or booked in the name of its associated
consideration is paid out of the known source of Ms Vijeta E Reason - As per section 17 (2) of the Real Estate (Re ernment hereby notifies a further period of three months entities or related enterprises, shall be considered as one
(d) Both b and c above. and Development) Act 2016, it shall be the respons the 25th September 2020 for the purposes of section allottee only.
the promoter to handover the necessary docume In the given case all 120 units’ subscribed/booked by allottees
Which of the following statements is correct regarding the plans, including common areas, to the association ce application can’t be filled under section 7 by a financial except 2 Flats kept by Mr. Vivek (promoter). Out of 118, Mr
acquiring, holding, owning and transfer of property, in a case allottees or the competent authority, as the case ma itor for the default that occurred till 24th March 2021. Tirlochan Negi booked 3 floors one in his own name, another
by the father of Mr. Onkar in India- per the local laws: didates also advised to note the explanation provided to one in the name of his daughter in law and the third one in
(a) Being a person resident outside India he can acquire, Provided that, in the absence of any local law, the p on 7(1), for the purposes of subsection (1) to section 7, a name of his company, whereas Mr. Dabral booked a flat and a
hold, own and transfer any immovable property in India, shall hand over the necessary documents and ult includes a default in respect of a financial debt owed villa (both in his name); rest all allottee booked one unit each.
but with RBI permission only including common areas, to the association of the only to the applicant financial creditor but to any other Hence the total number of allottee for purpose of section
(b) Being a person resident outside India he can acquire, hold, or the competent authority, as the case may be, with ncial creditor of the corporate debtor. Hence option C is 14(2)(ii) is 115 (118-2-1) considering Mr Tirlochan (3) and
own and transfer any immovable property in India, but days after obtaining the completion certificate. correct and mind it 10A is an overriding section. Mr Dabral (2) as a single allottee each. At least 2/3 allottee
only in joint ownership with any person resident in India shall be 77 (2/3rd of 115 – round up to next whole integer),
(c) Being a person resident outside India he can acquire, B Reason – As per clause (9) to section 2 of the Pre s to descriptive questions whose previous written consent is required; before making
hold, own and transfer any immovable property in India, of Benami Property Transaction Act 1988, the trans Real Estate (Regulation and Development) Act 2016 changes to sanctioned plan.
if inherited by him from the person who was a resident a benami transaction under sub-clause (A) because t ein-after RERA) under its section 14 provides the Hence the opinion of Mr. Vivek in the context of the provision
of India is not covered under exception iv. Since the transa rence to sanctioned plan and project specifications by contained in RERA, 2016 is untenable and incorrect.
(d) Being a person resident outside India he can acquire, benami hence the property become benami under s Promoter.
hold, own and transfer any immovable property in India, (8), hence benamidar under 2 (10). section 1 provides the proposed project shall be 2. Investments are considered as capital account transactions,
if inherited by him when he himself was resident in India loped and completed by the promoter following the hence governed by section 6 of the Foreign Exchange
D Reason – As per section 6(5) of the Foreign E tioned plans, layout plans and specifications as approved Management Act, 1999 read with The Foreign Exchange
4. Whether the application moved on 19th March 2021 can be Management Act, 1999 a person resident outside In he competent authorities. Management (Permissible Capital Account Transactions)
admitted by NCLT to initiate CIRP against CSRL-. hold, own, transfer or invest in any immovable p section 2 has an overriding effect and its clause (i) provide Regulations 2000 (herein-after regulations).
(a) Yes, because CSRL made default in repayment of situated in India if such property was acquired, promoter shall not make any additions and alterations in Clause (b) of regulation 4 of such regulations describe the
financial debts owned by such person when he was resident in anctioned plans, layout plans and specifications and the prohibitions. Although regulation 4 (b) (iv) provides no
(b) Yes, because the amount of default is more than one crore inherited from a person who was resident in India. re of fixtures, fittings and amenities described therein in person resident outside India shall invest in India, in any
(c) No, because management gave assurance to financial Here is worth noting that regulation 3 and 6 of the ect of the apartment, plot or building, as the case may be, form, in any company or partnership firm or proprietary
creditors that soon it will overcome the solvency issue Exchange Management (Acquisition and tran h are agreed to be taken, without the previous consent concern or any entity, whether incorporated or not, which
and they already took corrective measures immovable property in India) Regulation 2018 g at person who agrees to take one or more of the said is engaged or proposes to engage in real estate business.
(d) No, because an application for initiation of CIRP shall right to NRI and OCI (in case of regulation 3) a tment, plot or building, as the case may be. But explanation 1 provides a certain exclusion from real
not be filled. the exclusion of other than agriculture land/farm it is worth noting that the promoter may make such minor estate business, explanation read as ‘for this regulation, 'real
plantation property (both in case of regulation 3 and tions or alterations as may be required by the allottee, or estate business shall not include development of townships,
5. Whether the application moved on 26th March 2021 can be minor changes or alterations as may be necessary due to construction of residential/commercial premises, roads or
admitted by NCLT to initiate CIRP against CSRL. E Reason – As per section 10A of the Insolven tectural and structural reasons duly recommended and bridges and real estate investment trusts (REITs) registered
(a) Yes, because CSRL made default in repayment of Bankruptcy Code 2016 notwithstanding anything co fied by an authorised Architect or Engineer after proper and regulated under the SEBI (REITs) Regulations, 2014.
financial debts in sections 7, 9 and 10, no application for initi aration and intimation to the allottee. Hence repatriation of funds in India as Investment into the
(b) Yes, because the application for initiation of CIRP may be corporate insolvency resolution process of a co this clause, "minor additions or alterations" excludes real estate project (construction of residential apartments)
filled by the financial creditor as a period of suspension debtor shall be filed, for any default arising on or a ctural change including an addition to the area or change in Kharar (Mohali, Kharar) can be seen as a permissible
of section 7 is over. March 2020 for a period of six months or such ight, or the removal of part of a building, or any change to capital account transaction under clause (a) to schedule II of
(c) No, because the amount of default is less than one crore period, not exceeding one year from such date, as tructure, such as the construction or removal or cutting regulations.
(d) No, because default occurred during a period of notified in this behalf. of any wall or a part of a wall, partition, column, beam,
suspension. On 24th September 2020 vide S.O. 3265(E) the floor including a mezzanine floor or other support, or a As per clause (a) to regulation 8 of the Foreign Exchange
Government hereby notifies a further period of three ge to or closing of any required means of access ingress Management (Acquisition and Transfer of Immovable
Descriptive Questions from the 25th September 2020 for the purposes of gress or a change to the fixtures or equipment, etc. Property in India) Regulations, 2018, a person referred to in
1. Mr. Vivek is of opinion since the alteration in sanctioned plan 10A. Hence application can’t be filled under section e in the given case certain structural changes (in the sub-section (5) of Section 6 of the Act, or his successor shall
enforced by changes in policy matter hence the approval of financial creditor till 24th March 2021. tioned plan of the project) relating to height is required, not, except with the general or specific permission of the
allottees is not required. Are the changes in sectioned plan e the changes in sectioned plan are not minor in nature. Reserve Bank, repatriate outside India the sale proceeds of any
minor in nature? Evaluate the opinion of Mr. Vivek in the E Reason – As per section 10A of the Insolven her clause (ii) of Sub-section 2 provides the promoter immovable property referred to in that sub-section.
context of the provision contained in the RERA 2016? Bankruptcy Code 2016 notwithstanding anything co not make any other alterations or additions in the Whereas section 6(5) of the Foreign Exchange Management
Support your answer with reason and calculation if any. in sections 7, 9 and 10, no application for initi tioned plans, layout plans and specifications of the Act, 1999 provides a person resident outside India may hold,
corporate insolvency resolution process of a co dings or the common areas within the project without own, transfer or invest in any immovable property situated in
2. What would be your opinion related to the repatriation of debtor shall be filed, for any default arising on or a previous written consent of at least two-thirds of the India if such property was acquired, held or owned by such
Page 480
funds in India as an Investment of US$1 million into the real March 2020 for a period of six months or such tees, other than the promoter, who have agreed to take
Page 481
person when he was resident in India or inherited from a
estate project in Kharar (Mohali, India)? period, not exceeding one year from such date, as tments in such building. person who was resident in India.
notified in this behalf. worth noting here that for this clause, the allottees, Since in the given case father of Mr. Onkar acquired the
ECONOMIC LAWS ECONOMIC LAWS
On the basis of the given facts, answer the following questions: but for keeping the books and papers of Nadus (P
&$),1$/3$3(5'(&2120,&/$:6 Multiple Choice Questions his custody, prior permission of the CCI was req
1. Whether Mr. Neerav has validly brought INR currency notes
capsule on Paper 6D: Economic Laws, Final (New) course is another step of the Board of Studies in its endeavour into India? 5. Which of the following persons would be deemed to b
ovide quality academic inputs to Final course students of Chartered Accountancy course. This is an open book
(a) No, Mr. Neerav has brought in excess 525,000 from the of the contravention committed by Nadus (P) Ltd
ination and duration is 4 hours. The question paper would comprise of five case studies of 25 marks each, out
prescribed limit. provisions of the Competition Act, 2013?
ich the student would be required to attempt any four. Students must divide their four hours between four case
es to be answered meticulously. Once the case studies have been opted, give them a comprehensive reading (b) Yes, as there is no restriction of bringing any amount into (a) Nadus (P) Ltd., Mr. Mayur, Mr. Neerav and Mrs. R
attempting the same. Some of the illustrative case studies have been provided below for practice purpose. India from Nepal or Bhutan. respectively.
nts are suggested to solve the same in examination condition and check for the answers only after attempting (c) No, Mr. Neerav has brought INR currency notes with (b) Nadus (P) Ltd. only.
se studies. denominations of 5500. (c) Nadus (P) Ltd., Mr. Mayur and Mr. Neerav, respe
(d) Yes, if Mr. Neerav has provided declaration in respect of (d) Nadus (P) Ltd., Mr. Mayur, Mr. Neerav, Mr. Ur
the same to the Custom Authorities. Mrs. Ridhima, respectively.
&$6(678'<
P) Ltd. is engaged in the business of real estate since which required the said agents to promote and negotiate deals, 2. Whether it was necessary for Mr. James to provide any Descriptive Questions
. The company is founded by two friends, Mr. Mayur only, for the units in Suvas and not for any other real estate declaration to the Custom Authorities of India in respect of 6. (i) Whether Nadus (P) Ltd. was having any prohib
and Mr. Neerav Sutaria, who are also its directors. Mr. project in Mihan area and for entering into such agreement, a the Egyptian Pounds brought by him into India, if 1 USD = making investment in Belashom LLC?
ave, brother in law of Mr. Mayur, is the manager of the lumpsum amount was paid to such agents in cash. 15 EGPs? (ii) Whether Nadus (P) Ltd. was required to t
y. Vikrama Builders (P) Ltd.’s business was affected due to such (a) No, as Mr. James is a person resident outside India permission for receiving bonus shares from B
d acquired 10% shares of a company in Egypt, named arrangement of Nadus (P) Ltd. and so it filed a complaint with (b) Yes, as the amount of currency notes exceeded $ 5,000 in LLC?
m LLC which is engaged in the construction of the authority under RERA against such arrangement. The case equivalent
cial premises. Recently, it had received some bonus was assigned to Mr. Sumit Joshi, a RERA member. Mr. Sumit, in (c) No, as the aggregate of EGPs in all forms did not exceed 7. (i) Whether Nadus (P) Ltd. was permitted to make p
om the said company. order to understand the arrangement being made by Nadus (P) $ 10,000 in equivalent for meeting expenses of Mr. James in India?
shom LLC was looking for a commercial property in Ltd. with the real estate agents, contacted his close friend, Mr. (d) No, as there is no restriction in bringing foreign (ii) Whether Autukya (P) Ltd. was required to h
opening its branch office in order to expand its business. Aman who was a real estate agent, and asked him to enter into an exchange, without any limit, in any form in India. permissions for remitting the amount of comm
purpose, Mr. Franklin, an international real estate agent agreement with Nadus (P) Ltd. as normal and then provide him Mr. Franklin, if 1 USD = 15 EGPs and 1 USD = 5
was contacted by Belashom LLC and he told that one of all the details of such agreement. 3. Whether it was mandatory for the CCI to forward the copy
ts in India, a private limited company named Autukya Mr. Aman did the same and provided all the details to Mr. of the report of investigation to Nadus (P) Ltd. and the 8. (i) Whether any action can be taken against Mr. S
wanted to sale, one of its commercial properties in India. Sumit. Mr. Sumit discussed the matter with the other members authority under RERA, respectively? inducing his friend, Mr. Aman to enter into an ag
r going through the details of the said property, of the authority under RERA in the meeting of the authority and (a) Yes, as based upon such report, Nadus (P) Ltd. would with Nadus (P) Ltd.?
m LLC became interested in such property and it was it was decided that such agreements made by Nadus (P) Ltd. have been able to draft its response to the CCI and (ii) Whether the authority under RERA was having th
to send Mr. James, a director of Belashom LLC to India affected competition in the relevant market and so the case was because of reference of the authority under RERA, such to make reference to the Competition Commi
the client of Mr. Franklin in India and finalise the deal referred to the Competition Commission of India. However, the investigation was caused to be made. India in respect of the case of Nadus (P) Ltd.?
roperty. required quorum was not present throughout the said meeting of (b) It was optional for the CCI to forward the copy of the report
Neerav who was on a visit to meet his old friend in the authority under RERA. of investigation to Nadus (P) Ltd. but it was mandatory to ANSWERS TO CASE STUDY 1
came to know that Mr. James was going to visit India. So The CCI on receipt of such reference from the authority forward the same to the authority under RERA.
1. (c) As per Master Direction No. 17 – Import of Go
ened his trip and came to India bringing 30,000 INR in under RERA initiated an inquiry into the matter and formed an (c) It was optional for the CCI to forward the copy of the
Services:
currency notes with denominations of 5100 and 20,000 opinion on the existence of prima facie case and directed the report of investigation to Nadus (P) Ltd. and in case of
(i) Any person resident in India who had gone out
form of currency notes with denominations of 5500, Director General to cause an investigation into the matter. the authority under RERA, report was only required to
on a temporary visit, may bring into India at the
vely, received as a gift from his friend. The Director General, during the investigation, received be forwarded if it was required by such authority.
his return from any place outside India (other th
James visited India bringing with him, some amount of certain evidences on affidavit from few employees of Nadus (P) (d) It was mandatory for the CCI to forward the copy of the
Nepal and Bhutan), currency notes of Govern
Pounds (EGP) as follows:- Ltd. Certain books and papers of Nadus (P) Ltd. were also called report of investigation to Nadus (P) Ltd. as it was the
India and Reserve Bank of India notes up to an am
for by the Director General which he kept in his custody for 2 party under investigation and in case of the authority
ticulars EGP exceeding 525,000 (Rupees twenty five thousand o
months. under RERA, report was only required to be forwarded
rency Notes 90,000 (ii) A person may bring into India from Nepal or
The Director General found that the Company Secretary of if it was required by such authority.
k Notes 30,000 currency notes of Government of India and
velers Cheque 22,500 Nadus (P) Ltd., Mrs. Ridhima Sen, had assisted in drafting the Bank of India for any amount in denomination
impugned agreements with the real estate agents. Mr. Urmil, 4. Whether the Director General was having the authority to
Neerav accompanied him. Mr. James met the 5100/-.
the manager, however, pleaded before the Director General, that exercise such powers as were exercised by him during the
tative of Autukya (P) Ltd., Mr. Rajiv and after two Mr. Neerav came to India bringing 30,000 INR in
though he knew of such agreements being entered into by Nadus investigation?
f discussion between them; the deal for the property was currency notes with denominations of 5100 and
(P) Ltd., he never gave his consent to such an act of the company (a) He was having the authority to exercise such powers only
for 5650 lakhs. Autukya (P) Ltd. remitted 4,50,000 EGPs INR in form of currency notes with denomina
The copy of the report of investigation was forwarded if the prior permission of the CCI was obtained in that
ranklin as commission amount out of its EEFC account. 5500, respectively, received as a gift from his frie
regard.
xpenses incurred by Mr. James in INR on account of his
Page 482
by the CCI to Nadus (P) Ltd. and the authority under RERA, Page 483 It can be said that Mr. Neerav has not validly
respectively. (b) He was having the power to receive evidences on
g, lodging and travelling in India were paid by Nadus (P) 20,000 INR in form of currency notes with denom
After making further inquiry, the CCI closed the matter and affidavit but was not having the power to keep the books
ich was going to be reimbursed later on by Belashom of 5500 into India.
d dd i d ll l d and papers of Nadus (P) Ltd in his custody
ECONOMIC LAWS ECONOMIC LAWS
Send into India, without limit, foreign exchange in upon him as well as to keep the books and papers of Nadus of residential/commercial premises, roads or bridges) residential flats or commercial plots in India exceed
any form (other than currency notes, bank notes and (P) Ltd. in his custody, as he has been vested with the powers or banking business, without the prior approval of the 25,000 or five percent of the inward remittance wh
travelers cheques); of an inspector under Section 217 of the Companies Act, Reserve Bank. is more, by persons other than individuals shall
Bring into India from any place outside India, without 2013. (b) An overseas entity, having direct or indirect equity prior approval of the Reserve Bank of India, irrespe
imit, foreign exchange (other than unissued notes), Note: As per Section 217(3) of the Companies Act, 2013, the participation by an Indian Party, shall not offer financial whether it is made through EEFC account or not.
subject to the condition that such person makes, on inspector shall not keep in his custody any books and papers products linked to Indian Rupee (e.g. non-deliverable In the given case, the deal for the commercial p
arrival in India, a declaration to the Custom Authorities produced under sub-section (1) or sub-section (2) for more trades involving foreign currency, rupee exchange rates, was finalized for 5650 lakhs and Autukya (P) Ltd. r
at the Airport in the Currency Declaration Form (CDF) than one hundred and eighty days and return the same to the stock indices linked to Indian market, etc.) without the 4,50,000 EGPs to Mr. Franklin as commission amoun
annexed to these Regulations; company, body corporate, firm or individual by whom or on specific approval of the Reserve Bank. its EEFC account.
Provided further that it shall not be necessary to make whose behalf the books and papers were produced. Here, in the given case, Nadus (P) Ltd. had made 5% of inward remittance from sale of property
such declaration where the aggregate value of the foreign investment i.e. acquired 10% shares of Belashom LLC, an lakhs*5% = 532.5 lakhs which is equivalent t
exchange in the form of currency notes, bank notes or 5. (d) As per Section 48 of the Competition Act, 2002, where a Egyptian company which is engaged in the construction 43,333.33 (532,50,000/575) and commission
travelers cheques brought in by such person at any company committing contravention of any of the provisions of commercial premises. remitted = 4,50,000 EGPs which is equivalent to USD
one time does not exceed USD 10,000 (US Dollars ten of this Act or of any rule, regulation, order made or direction As per the aforesaid provisions, there is prohibition in (4,50,000/15).
thousand) or its equivalent and/or the aggregate value issued thereunder, then following shall be deemed to be investing in real estate company abroad but real estate, Thus, Autukya (P) Ltd. was required to have prior per
of foreign currency notes (cash portion) alone brought guilty of the contravention; hence liable to be proceeded for this purpose, does not include construction of of RBI for remitting the amount of commission
n by such person at any one time does not exceed USD against and punished accordingly; residential/commercial premises, etc. Franklin as the amount remitted is more than USD 2
5,000 (US Dollars five thousand) or its equivalent. Every person who, at the time the contravention was Thus, Nadus (P) Ltd. was not having any prohibition on
Here, it is given that 1 USD = 15 EGPs and Mr. James has committed, was in charge of, and was responsible to the making of investment in Belashom LLC. 8. (i) As per Section 90 of the Real Estate (Regulat
brought with him following Egyptian Pounds (EGP):- company for the conduct of the business of the company, as (ii) As per Regulation 4 of the Foreign Exchange Development) Act, 2016, no suit, prosecution or ot
well as the company. Management (Transfer or Issue of any Foreign Security) proceedings shall lie against the appropriate Govern
Particulars EGP Converted to USD
Any such person who is liable to any punishment, if he Regulations, 2004- the Authority or any officer of the appropriate Gove
Currency Notes 90,000 6,000 proves that the contravention was committed without his General permission has been granted to persons resident in or any member, officer or other employees of the A
Bank Notes 30,000 2,000 knowledge or that he had exercised all due diligence to India for purchase / acquisition of securities in the following for anything which is in good faith done or inte
Travelers Cheque 22,500 1,500 prevent the Commission of such contravention, then he will manner: be done under this Act or the rules or regulation
Total 1,42,500 9,500 not be punishable. (a) out of the funds held in RFC account; thereunder.
Where it is proved that the contravention has taken place (b) as bonus shares on existing holding of foreign currency Here, complaint was filed with the authority under R
Thus, it was necessary for Mr. James to provide
with the consent or connivance of or is attributable to any shares; and Vikrama Builders (P) Ltd. against Nadus (P) Ltd. in
declaration to the Custom Authorities of India in respect
neglect on the part of, any director, manager, secretary (c) when not permanently resident in India, out of their of the arrangements being made by it with the re
of the Egyptian Pounds brought by him into India as the
or other officers of the company, then he also be deemed foreign currency resources outside India. agents. The case was assigned to Mr. Sumit Joshi,
amount of currency notes exceeded $ 5,000 in equivalent.
to be guilty of that contravention and shall be liable to be General permission is also available to sell the shares so member and Mr. Sumit, in good faith, in order to und
proceeded against and punished accordingly. purchased or acquired. the arrangements being made by Nadus (P) Ltd. with
As per Section 26 of the Competition Act, 2002, the
For the purposes of this section, company means a body In the instance case study, Nadus (P) Ltd. had received some estate agents took help of his friend, Mr. Aman.
mission may forward a copy of the report of the Director
corporate and includes a firm or other association of bonus shares from the Belashom LLC for which general Thus, no action can be taken against Mr. Sumit who
eral to the parties concerned.
individuals, and director in relation to a firm, means a permission has been granted. So, Nadus (P) Ltd. was not his friend, Mr. Aman to enter into an agreement wit
Commission shall forward a copy of the report of the
partner in the firm. required to take any permission for the same. (P) Ltd. as it was done in good faith by Mr. Sumit.
ctor General to Central Government or the State
Here, the persons that would be deemed to be guilty of the
ernment or the statutory authority if the investigation is (ii) As per Section 38 of the Real Estate (Regulat
contravention committed by Nadus (P) Ltd. of the provisions 7. (i) As per Master Direction No. 17 – Import of Goods and
ed to be made based on reference received from them. Development) Act, 2016, where an issue is raised re
of the Competition Act, 2002 would be- Nadus (P) Ltd., Mr. Services, a person resident in India may make payment in
, it was optional for the CCI to forward the copy of the agreement, action, omission, practice or procedure t
Mayur, Mr. Neerav, Mr. Urmil and Mrs. Ridhima, respectively. rupees towards meeting expenses on account of boarding,
rt of investigation to Nadus (P) Ltd. but it was mandatory (a) has an appreciable prevention, restriction or di
Mr. Mayur, Mr. Neerav and Mr. Urmil are the persons lodging and services related thereto or travel to and from and
rward the same to the authority under RERA. of competition in connection with the developm
responsible to the company for the conduct of the business of within India of a person resident outside India who is on a real estate project; or
the company. Though Mr. Urmil never gave his consent to such visit to India.
As per Section 41 of the Competition Act, 2002, the (b) has effect of market power of monopoly situatio
an act of the company, however, he was having the knowledge As per Section 2(v) of the FEMA, 1999, person resident
ctor General shall assist the commission in investigating abused for affecting interest of allottees adverse
of such agreements being entered into by Nadus (P) Ltd.
any contravention of the provisions of this Act or any in India, inter-alia, means any person or body corporate the Authority, may suo motu, make reference in
Mrs. Ridhima assisted Nadus (P) Ltd. in drafting the
or regulations made thereunder when so directed by registered or incorporated in India. of such issue to the Competition Commission of
impugned agreements with the real estate agents and so it
Commission. Here in the case study, all the expenses incurred by Mr. James Here, the issue was related to the arrangements bein
can be said that contravention has taken place due to her
Director General shall have all the powers as are in INR on account of his boarding, lodging and travelling in by Nadus (P) Ltd. with the real estate agents which
connivance.
erred upon the commission under section 36(2) i.e. India were paid by Nadus (P) Ltd. for which it was going to be the competition in the relevant market and thus, the a
6. (i) As per Regulation 5 of the Foreign Exchange
er vested with the civil court. reimbursed later on by Belashom LLC. under RERA was having the power to make referenc
Page 484
Management (Transfer or Issue of any Foreign Security)
As per the aforesaid provisions, Nadus (P) Ltd. Page being a485
power vested with inspector under sections 217 Competition Commission of India in respect of the
Regulations, 2004-
duction of documents and evidence) and 220 (Seizure person resident in India, was given general permission for Nadus (P) Ltd.
(a) Indian Parties are prohibited from making investment
ocuments by the inspector) of the Companies Act, 2013, incurring such expenses.
( )
ECONOMIC LAWS ECONOMIC LAWS
committee of creditors before sanctioning such ANSWERS TO CASE STUDY 2
&$6(678'< transaction. 1. (a) As per Section 8 of the RERA, 2016, upon laps
(b) No, due to applicability of order of moratorium by the registration or on revocation of the registration un
Ltd. is an unlisted public company, situated in Chennai,
Financial Turnover of Total amount of Adjudicating Authority, such a transaction should have Act, the Authority, may consult the appropriate Gove
adu, with seven directors on its Board and it has share
Year Sharma & Co. (5) Transactions with not taken place. to take such action as it may deem fit including the
f 510 crore with 150 shareholders. It is engaged in the
Tamprabha Ltd. (c) Yes, the IBC, 2016, itself has given authority to the out of the remaining development works by co
of cloth garments manufacturing and wholesaling. Also,
during each F.Y. (5) resolution professional to undertake such actions authority or by the association of allottees or in an
s outside India.
2016-17 220 lakhs 10 lakhs necessary for the continued business operations of the manner, as may be determined by the Authority.
art of its export trade policy, it provides trade samples
corporate debtor. It is provided that no direction, decision or orde
ost to the prospective customers and if it receives an 2017-18 180 lakhs 8 lakhs (d) Yes, provided the transaction was conducted at arm’s Authority under this section shall take effect until th
rder of delivering more than 1000 cloth garments, then
2018-19 200 lakhs 9 lakhs length price. of the period of appeal provided under the provision
export further 50 cloth garments worth 52 lakhs free of
2019-20 190 lakhs 9 lakhs Act.
he customer.
4. Which authorities would have approved the resolution plan Time period for filing appeal is 60 days from the
ntly, in the month of June, it had received an export 2020-21 150 lakhs 8 lakhs of Tamprabha Ltd. and in what sequence? receipt of order by the aggrieved person as per Secti
f delivering 1500 cloth garments to a company in
All the financial creditors of Tamprabha Ltd. were related (a) Committee of Creditors and then Adjudicating the Act.
y for which the full export value declared was 563,00,000
parties and it had 15 operational creditors. Mr. Dev was Authority, respectively. Here, 45 days had passed from the date of receipt of
Euros). However, the said company returned 200 pieces
appointed as the resolution professional (RP) and he sanctioned (b) Committee of Creditors, Adjudicating Authority and revocation of registration by the promoter, so, after e
s worth 58,40,000 back to Prahasti Ltd. in the month of
a transaction of supply of goods to an associate company of then Competition Commission of India, respectively. further 15 days, the decision of the authority unde
maining export value was realized by it and repatriated
Tamprabha Ltd. during the insolvency process for which approval (c) Committee of Creditors, Competition Commission of for carrying out of the remaining development work
the authorised dealer in India.
of the committee of creditors was not obtained by him. India and then Adjudicating Authority, respectively. have taken effect.
, in order to have business security, there is an exclusive
The resolution plan of Tamprabha Ltd. contained a provision (d) Competition Commission of India, Committee of
ion agreement entered into between different exporters
of combination as per Section 5 of the Competition Act, 2002 Creditors and then Adjudicating Authority, respectively. 2. (b) As per the provisions of the FEMA, 1999, if any
garments in Tamil Nadu exporting in Europe whereby and it was approved by the prescribed authorities. As a result other than an authorized person, who has acqu
orter has been allocated different markets of Europe in of the implementation of the resolution plan, there was change 5. Mr. Dev Sharma would have been ineligible to be appointed purchased foreign exchange for any purpose menti
ey are allowed to do business. in the entire management of Tamprabha Ltd. and its control as the Interim Resolution Professional of Tamprabha Ltd. if:- the declaration made by him to authorized person.
of the directors of Prahasti Ltd., Mr. Karan, had has been handed over to persons who have not been its related (a) Sharma & Co. would have entered into transaction(s) of t %PFTOPUVTFJUGPSTVDIQVSQPTF PS
wn 50,000 Euros equivalent to $ 60,000, for the purpose of parties and against whom no legal proceedings are going on further amount of 51 lakh or more with Tamprabha Ltd. t %PFTOPUTVSSFOEFSJUUPUIFBVUIPSJ[FEQFSTPOXJ
trip to Germany and Italy, respectively, for which he was under any statue. during any of the last 3 financial years. specified period, or
be reimbursed by Prahasti Ltd. but however due to the Also, Tamprabha Ltd. was liable for an offence committed (b) Sharma & Co. would have entered into transaction(s) of t 6TFT UIF GPSFJHO FYDIBOHF TP BDRVJSFE PS QVSDI
f Covid-19 pandemic, the trip was cancelled and so after under the provisions of the Companies Act, 2013, prior to the further amount of 51 lakh or more during F.Y. 2018-19 any other purpose for which purchase or acqui
20,000 Euros for studies for her daughter in Germany, commencement of corporate insolvency resolution process. and transaction(s) of further amount of 550,000 or more foreign exchange is not permissible under the pr
ned back the remaining amount to the authorised dealer
during F.Y. 2019-20 with Tamprabha Ltd., respectively. of the Act or the rules or regulations or direction
40 days. In the light of enumerated facts, answer the following: (c) Sharma & Co. would have entered into transaction(s) of made there under,
asti Ltd. was expanding its business for the same
Multiple Choice Questions further amount of 53 lakhs or more with Tamprabha Ltd. Such person shall be deemed to have com
one another corporate office was being searched by
1. On expiry, how many further days from the date of receipt during any of the last 5 financial years. contravention of the provisions of the Act.
pany in Chennai city only. One of its employees, Mr.
of order of revocation of registration by the promoter, the (d) Sharma & Co. would have entered into transaction(s) of
searching online for a property and he visited a website,
decision of the authority under RERA for carrying out of the further amount of 528 lakhs or more with Tamprabha 3. (a) As per Section 5(24) of the IBC, 2016, an a
propertylelo.com’, whereby Mr. Raj was asked to enter
remaining development works should have taken effect? Ltd. during any of the last 3 financial years. company is considered as a related party of the co
details which were then going to be disclosed with
(a) days debtor.
promoters of real estate projects in Chennai for which
(b) 60 days Descriptive Questions According to section 28 of the Code, the re
moters were charged by the website. Also after taking
(c) 45 days 6. (i) Whether Prahasti Ltd. needs to furnish declaration in professional, during the corporate insolvency re
on of a director by Mr. Raj, on payment of some fees, a
(d) It shall be immediately effective case of goods which are exported free of cost as per its process, shall not undertake any related party tran
D tour of a real estate project was arranged by the said
trade policy? without the prior approval of the committee of credi
The said website portal was not registered as a real estate
2. Is there any contravention of the provisions of the FEMA, (ii) Whether Prahasti Ltd. can be said to have realized full Thus, Mr. Dev has not validly sanctioned the tran
1999, by Karan? export value with respect to the export order from the of supply of goods to an associate company of Tam
company found a property near its location but came to
(a) No, as Mr. Karan has utilized the foreign currency company in Germany? Ltd. during the insolvency process because approva
er that the registration of such real estate project was
amount for a permissible transaction and within the committee of creditors was required to be obtained
by the authority under RERA. The authority under RERA
limits as per the ‘LRS’. 7. Whether the agreement made between different exporters of for such transaction as aforesaid.
to hand over the task of the remaining development
(b) Yes, as Mr. Karan has not utilized the foreign currency cloth garments in Tamil Nadu can be considered as an anti-
f the said real estate project to the competent authority
amount for the purpose for which it was acquired. 4. (d) As per Section 31 of the IBC, 2016, if the Adju
sociation of allottees had refused to do the same and at competitive agreement?
(c) No, as Mr. Karan after utilizing the foreign currency Authority is satisfied that the resolution plan as appr
e, 45 days had passed from the date of receipt of order of amount for a permissible transaction, has surrendered
8. Whether the website portal named ‘propertylelo.com’ would the committee of creditors meets the requirement
on of registration by the promoter. the remaining amount with the authorised dealer within
be required to be registered as a real estate agent? (Please section 30(2), it shall by order approve the resolution
case of one of the debtors of Prahasti Ltd. named the specified period.
support your answer on the basis of a relevant case law) Where the resolution plan contains a provis
bha Ltd., corporate insolvency resolution process was (d) No, as Mr. Karan was eligible to utilize the foreign
against it by one of its operational creditor. Mr. Dev Page 486 Page 487 combination, as per section 5 of the Competition A
currency amount for any other permissible transaction the resolution applicant shall obtain the approva
was appointed as the Interim Resolution Professional 9. (i) What would have been the constitution of committee of
as the business trip was cancelled due to a genuine Competition Commission of India under that Act pri
ho is partner of Sharma & Co., a law consulting firm creditors of Tamprabha Ltd.?
reason and not because of default on his part. approval of such resolution plan by the committee of c
d f f ll h bh (ii) Wh th T bh Ltd ld b t d f
ECONOMIC LAWS ECONOMIC LAWS
As per Regulation 3 of the Insolvency and Bankruptcy into India, within the period specified for realisation of the (b) 1 representative elected by all workmen; and
olvency Resolution process for Corporate Persons) export value, of the exported goods in respect of which a 2. If the portal simply provide the information about the real (c) 1 representative elected by all employees.
ulation, 2016, an insolvency professional shall be eligible declaration was made under Regulation 3, shall be deemed estate project, its offering for sale to the public at large, then
ppointment as a resolution professional for a corporate to be realisation of full export value of such goods. they are simply the agencies engaged for advertisement and Given Case & Analysis: Here, all the financial cred
vency process if he is not an employee or proprietor or As per Regulation 9 of the Foreign Exchange Management when an individual is targeted by contacting and persuading Tamprabha Ltd. were related parties and it had 15 ope
rtner of a legal or consulting firm that has or had any (Export of Goods and Services) Regulations, 2015, the him by the portals for sale and purchase of listed properties creditors, so the committee of creditors constitute
saction with the corporate debtor amounting to five per amount representing the full export value of goods / they come under the legal definition of negotiation. have been as follows:
or more of the gross turnover of such firm in the last software/ services exported shall be realised and repatriated (a) All the 15 operational creditors (as it has less
e financial years. to India within nine months or within such period as may 3. Web Portals introduce the buyer and seller with each other, operational creditors);
ancial Turnover of Total amount of be specified by the Reserve Bank, in consultation with the they provide the information of the project to the buyer, they (b) 1 representative elected by all workmen; and
r Sharma & Co. (5) Transactions with Government, from time to time, from the date of export, arrange virtual tour of the project and also provide other (c) 1 representative elected by all employees.
Tamprabha Ltd. provided. information useful for taking an informative decision. Hence,
during each F.Y. (5) they facilitate the sale of the real estate project. (ii) Legal Position: As per Section 32A(1) of the Ins
Given Case and Analysis: Full export value declared by and Bankruptcy Code, 2016, notwithstanding any
8-19 200 lakhs 9 lakhs Prahasti Ltd. was 563,00,000 in respect to export order from 4. Once any monetary gain is derived for the purpose of the contrary contained in this Code or any other law
9-20 190 lakhs 9 lakhs the company in Germany. performing any act of the real estate agent by whichever time being in force, the liability of a corporate de
However, Prahasti Ltd. re-imported 200 pieces of clothes name it amounts the receipt of the fees under the RERA. an offence committed prior to the commencemen
0-21 150 lakhs 8 lakhs
worth 58,40,000 from the said company in the month of July corporate insolvency resolution process shall cease,
al 540 lakhs 26 lakhs i.e. within the period specified for realisation of the export 5. The Parliament has not carved out any exceptions to the corporate debtor shall not be prosecuted for such an
value. So, it shall be deemed to be realisation of full export applicability of the provisions of RERA, Hence, we hold that from the date the resolution plan has been approve
, 5% of 5540 lakhs comes to 527 lakhs and Sharma & value of such goods as per explanation to the Regulation 4 as RERA overrides section 79 of the IT Act. Adjudicating Authority under section 31, if the re
has already rendered transaction(s) amounting to Rs. aforesaid. plan results in the change in the management or co
khs to Tamprabha Ltd. So, Mr. Dev Sharma would have Also, remaining export value had been realized by Prahasti Given Case & Analysis: Here, in the website, named the corporate debtor to a person who was not-
ineligible to be appointed as the Interim Resolution Ltd. and repatriated through the authorised dealer in India. ‘propertylelo.com’, Mr. Raj was asked to enter certain details (a) a promoter or in the management or contro
essional of Tamprabha Ltd. if Sharma & Co. would have Thus, it can be said that Prahasti Ltd. has realized full export which were then going to be disclosed with certain promoters corporate debtor or a related party of such a person;
red into transaction(s) of further amount of 51 lakh or value with respect to the export order from the company in of real estate projects in Chennai for which such promoters (b) a person with regard to whom the relevant inves
e with Tamprabha Ltd. during any of the last 3 financial Germany. were charged by the website. authority has, on the basis of material in its pos
s. Accordingly, Mr. Raj has been introduced to the sale reason to believe that he had abetted or conspired
e: Resolution Professional includes an Interim 7. Legal Position: As per Section 3 of the Competition Act, transaction and he would be contacted by such promoters for commission of the offence, and has submitted or
olution Professional as per Section 5(27) of the IBC, 2002, it shall be unlawful for any enterprise or association of a property deal. Due to this, the website has earned monitory report or a complaint to the relevant statutory auth
6. enterprises or person or association of persons to 'enter' into gain for exchange of information of prospective buyers with Court:
any agreement in respect of production, supply, storage, the promoters. Provided that if a prosecution had been instituted
Legal Position: As per Regulation 4 of the Foreign distribution, acquisition or control of goods or provision of Also, on payment of some fees by Mr. Raj on permission the corporate insolvency resolution process again
ange Management (Export of Goods and Services) services, which causes or is likely to cause an appreciable of director, a virtual 3D tour of a real estate project was corporate debtor, it shall stand discharged from the
ulations, 2015, export of goods / software may be made adverse effect on competition within India; and such arranged by the said website. This type of facility helps in approval of the resolution plan subject to requirem
out furnishing the declaration in the following cases, agreements shall be void. taking an informative decision to the prospective buyer. this sub-section having fulfilled.
-alia, namely: Sub-section 5 to the said section 3 protects the right of Thus, it can be said that the website portal named ‘propertylelo.
rade samples of goods and publicity material supplied specific persons by restricting the application of section 3 to com’ would be required to be registered as it carries out the Given Case & Analysis: Here, it is given that, as a resu
of payment. their rights, hence become exceptions to section 3. functions of the real estate agent as explained above. resolution plan, there was change in the entire mana
y way of gift of goods accompanied by a declaration by One of such exceptions is:- Any agreement or part there-of of Tamprabha Ltd. and its control has been handed
xporter that they are not more than five lakh rupees in shall not be considered as anti-competitive, hence not void 9. (i) Legal Position: As per Regulation 16 of the IBBI persons who have not been its related parties and
e. to the extent it is exclusively related to production, supply, (Insolvency Resolution Process for Corporate Persons) whom no legal proceedings are going on under any s
distribution or control of goods or provision of services for Regulations, 2016, where the corporate debtor has no
n Case and Analysis: As part of its export trade policy, purpose of export of goods from India. financial debt or where all financial creditors are related It appears from the given facts that condit
asti Ltd. provides trade samples free of cost to the parties of the corporate debtor, the committee shall be set demonstrated in section 32A(1) has been satis
pective customers and if it receives an export order of Given Case and Analysis: Here, in the given case, the up in accordance with this Regulation. Tamprabha Ltd. and thus, the liability of Tamprab
ering more than 1000 cloth garments, then it exports agreement entered into between different exporters of cloth The committee formed under this Regulation shall consist of for an offence committed under the provisions
a 50 cloth garments worth 52 lakhs free of cost which is garments in Tamil Nadu exporting in Europe is for the members as under – Companies Act, 2013, prior to the commencemen
than value of 55 lakhs as prescribed. purpose of export goods from India and hence cannot be (a) 18 largest operational creditors by value: corporate insolvency resolution process shall cease
, Prahasti Ltd. is not required to furnish declaration in considered as an anti-competitive agreement as it has been Provided that if the number of operational creditors is less shall not be prosecuted for such an offence from
of aforesaid goods which are exported free of cost as per covered by the exception as aforesaid. than 18, the committee shall include all such operational the resolution plan has been approved by the Adju
ade policy. creditors; Authority under section 31.
8. Legal Position: The facts in the given case are similar to the
Legal Position: As per Regulation 4 of the Foreign case law with citation, MahaRera Order in the Suo Moto
ange Management (Export of Goods and Services)
Page 488
Enquiry No.17/2018 dated 03.10.2019, where in it was Page 489
ulations, 2015, unless otherwise authorised by the decided that a digital portal needs to be registered as a real
rve Bank, the amount representing the full export value estate agent if it carries out the following functions:-
e goods exported shall be paid through an authorised "Education is the passport to the future, for tomorrow belongs
ECONOMIC LAWS ECONOMIC LAWS
&$6(678'< authorised representative who belonged to three different
states:- Gujarat, Maharashtra and Rajasthan, respectively.
4. Whether the names offered by Mr. Rohan for appoint
authorised representative can be considered proper
udicating authority under the Insolvency and Bankruptcy Sr. Details Details relating to the Application The highest number of such creditors of Tadan Ltd. belonged what time the Adjudicating authority should have ap
016, had received different applications during the July to the state of Gujarat. such authorised representative?
No. of the
n respect of certain corporate persons, as follows:- (a) Yes, as one name is from Gujarat and other tw
Applicant
etails Details relating to the Application 6. The application of TLF (P) Ltd. was approved by the belong to such states which are nearby to Guja
7 TLF (P) TLF (P) Ltd. filed an application for
f the Adjudicating authority and TLF (P) Ltd. was permitted to Adjudicating authority should have appointe
Ltd., a realizing the secured asset of Anmoli Ltd.
pplicant realize its security interest in the asset. Accordingly, TLF authorised representative prior to the first meetin
secured during the liquidation proceedings for committee of creditors.
(P) Ltd. enforced its security interest and yielded amount of
krin Ltd., Ukrin Ltd. submitted a withdrawal creditor of which it faced resistance from Mr. Raj, 52 crores in excess of its debts due from Anmoli Ltd. (b) No, all the three names offered should hav
perational application on 26th May for consideration Anmoli Ltd. director of Anmoli Ltd. (Note 6) Apart from the aforesaid applications received by the from Gujarat. The Adjudicating authority shou
editor of by the Committee of Creditors which Adjudicating authority during the July month there were few appointed such authorised representative prio
aptcha was approved by it, by a vote of 92%, on Notes: other applications received by it in respect of certain corporate first meeting of the committee of creditors.
d., 1st June and Mr. Tanmay, the Interim 1. Such allottees then filed a complaint against Trees Estate Ltd. persons which could not be disposed of within the time periods (c) No, all the three names offered should hav
orporate Resolution Professional, then submitted with the Real Estate Regulatory Authority under Section 31 as specified in the IBC, 2016, for which the reasons were recorded from Gujarat. The Adjudicating authority shou
ebtor such application to the Adjudicating of the Real Estate (Regulation & Development) Act, 2016. n writing by the Adjudicating authority. appointed such authorised representative prio
authority on 5th June on behalf of Ukrin The said authority under RERA passed an order imposing formation of the committee of creditors.
maximum penalty upon the promoter company, Trees Estate Answer the following questions in the light of the given (d) Yes, as at least one name offered should ha
Ltd.
Ltd. with a direction to compensate the said 30 allottees by nformations: from Gujarat. The Adjudicating authority shou
ertain 30 allottees out of 310 allottees of Trees returning their cumulative investment amount of 520 crores
Multiple Choice Questions appointed such authorised representative prio
lottees Estate Ltd. jointly filed an application for along with total interest of 52 crores. The estimated cost of formation of the committee of creditors.
Trees initiating corporate insolvency resolution the real estate project was 5200 crores. Trees Estate Ltd. filed 1. Till what date the Committee of Creditors should have
state Ltd., process against it, as the said allottees, an appeal with the Appellate Tribunal against the said order considered the withdrawal application submitted by Ukrin
5. Who can extend the time period for disposing of
orporate on the basis of model apartment had of Real Estate Regulatory Authority. Ltd. and till what date, such application should have been
other applications received by the Adjudicating a
ebtor purchased the properties in the project submitted with the Adjudicating authority for approval by
during the July month?
and according to them it was not as 2. It was found by the Adjudicating authority that JLC (P) Ltd. Mr. Tanmay?
(a) The President of the National Company Law T
per model displayed and the promoter had notified vide an e-mail to Turf Enterprise within 10 days (a) 2nd June and 9th June, respectively.
can extend the time periods specified in the Act
company refused to return the investment of the demand notice, of the dispute that existed, and the said (b) 31st May and 5th June, respectively.
exceeding ten days.
amount of such allottees. (Note 1) matter was going to be referred for arbitration by JLC (P) Ltd. (c) 9th June and 12th June, respectively.
(b) The Chairperson of the National Company Law A
and accordingly, the Adjudicating authority passed a penalty (d) 2nd June and 4th June, respectively.
urf Turf Enterprise filed an application along Tribunal can extend the time periods specified in
order with a fine amount of 570,000 against Turf Enterprise, but not exceeding seven days.
nterprise, with the relevant enclosures on 10th 2. Whether the application filed by the 30 allottees of Trees
after opportunity of being heard, for willful non-disclosure of (c) The Chairperson of the National Company Law T
n June for initiating corporate insolvency Estate Ltd. can be considered to be admissible by the
such fact of notice of dispute and also rejected its application can extend the time periods specified in the Act
perational resolution process against JLC (P) Ltd. Adjudicating authority?
editor of exceeding ten days.
(Note 2) 3. One of such transactions was entered by Saath Ltd. before 19 (a) No, as an application is already with the authority under
C (P) Ltd. (d) The Chairperson of the National Company Law A
months preceding the insolvency commencement date with RERA, so simultaneously two proceedings cannot be
Tribunal can extend the time periods specified in
Mr. Ravi, Mr. Ravi filed an application for declaring Janam Ltd. which involved supplying of goods by Saath Ltd. initiated for the same matter.
but not exceeding seven days.
esolution two undervalued transactions entered for 54.4 crores which Saath Ltd. would have normally sold (b) Yes, as the amount of default involved is more than
rofessional into by Saath Ltd. as void and to reverse for 4.6 crores in its ordinary course of business. Saath Ltd. 51 crore.
Descriptive Questions
Saath the effect of such transactions. (Note 3) and Janam Ltd. were having two directors in common. (c) No, as the application is filed jointly by lesser number of
6. For contravention of which provisions the penalty
d., The other transaction was entered by Saath Ltd. before 17 allottees than prescribed.
have been imposed by the authority under RERA u
orporate months preceding the insolvency commencement date with (d) Yes, such application can be admitted as the RERA Act
promoter company, Trees Estate Ltd. and of what a
ebtor Mr. Mahesh which involved sale of property of Saath Ltd. provides an additional remedy to the homebuyer which
Also, how much amount of pre-deposit would have be
for 515 crore, the stamp duty value of which was 535 crore. will not bar other remedies available to the homebuyer.
C& KC & Sons filed an application for by it for filing the appeal with the Appellate Tribunal
Mr. Mahesh is a house worker of Mr. Sunil, the director of
ons, an obtaining liquidation order against FAL Saath Ltd. There was a case under the Prohibition of Benami 3. What minimum fine amount should have been imposed
perational Ltd. on the ground that FAL Ltd. had 7. (i) Whether the two transactions entered by Saath
Property Transactions Act, 1988, going against Mr. Mahesh on Turf Enterprise by the Adjudicating authority and what
be said to have entered within the relevant pe
editor of contravened the resolution plan approved and Mr. Sunil, due to acquisition of such property in the amount of maximum fine it could have imposed on Turf
considering them as undervalued transactions?
AL Ltd. by the Adjudicating Authority because as name of Mr. Mahesh and it was held that Mr. Mahesh was Enterprise?
(ii) Whether the two transactions entered into by Saath
per the said plan, FAL Ltd. had to pay 60% the ‘benamidar’ and Mr. Sunil was the ‘beneficial owner’ and (a) Adjudicating authority should have imposed minimum
aforesaid, can be considered as undervalued tran
of pending dues to KC & Sons as a full & the property was ordered to be confiscated and consequently fine of 51 lakh on Turf Enterprise and maximum fine of
as contemplated by Mr. Ravi in the application fi
final settlement amount but it had paid has been disposed off. 53 lakhs could have been imposed by it.
the Adjudicating Authority?
only 20% of its pending dues as a full & (b) Adjudicating authority should have imposed minimum
final settlement amount. (Note 4) 4. Adjudicating authority passed the liquidation order of FAL fine of 51 lakh on Turf Enterprise and maximum fine
8. Whether KC & Sons should have instituted a suit
Ltd. on the basis of application of KC & Sons. However, KC of 51 crore could have been imposed by it. However, it
Mr. Rohan, Mr. Rohan made an application along FAL Ltd. in the City Civil Court and whether such c
Page 490
& Sons, afterwards, filed a suit against FAL Ltd. in the City Pageof491
possesses the discretion to impose a lower amount
terim with a list of financial creditors for entertain such suit?
Civil Court for realizing its dues as per the resolution plan fine.
esolution appointment of authorised representative (c) Adjudicating authority should have imposed minimum
approved by the Adjudicating authority under the Insolvency 9. What shall be done by TLF (P) Ltd. with respect to
rofessional to act on behalf of such creditors during fi f 51 l kh T fE i d i fi f
ECONOMIC LAWS ECONOMIC LAWS
RS TO CASE STUDY 3 4. (b) As per section 21(6A) of the IBC, 2016, where a financial
Thus, for contravention of provisions of section 12, as Transaction was entered by Saath Ltd. before 19
Withdrawal of application shall be pursuant to Section debt is owed to a class of creditors other than the creditors
aforesaid, the promoter company, Trees Estate Ltd. would preceding the insolvency commencement date wit
of the Code read with Regulation 30A of the IBBI covered above, the IRP shall make an application to the AA
have been penalized. Ltd. and Saath Ltd. and Janam Ltd. were having two d
olvency Resolution Process for Corporate Persons) along with the list of all financial creditors, with the name
As per Section 61 of the Real Estate (Regulation & in common.
ulations, 2016. of an insolvency professional to act as their authorised
representative appointed by the Adjudicating Authority Development) Act, 2016, if any promoter contravenes As per Section 5(24) of the IBC, 2016, related p
e application is admitted and after Constitution of CoC
prior to the first meeting of the committee of creditors. any other provisions of this Act, other than that provided relation to a corporate debtor, inter-alia, means any
before issue of Invitation for Expression of Interest
under section 3 or section 4, or the rules or regulations who is associated with the corporate debtor on acc
I”):- An application for withdrawal made by the Applicant Authorised Representative from the State or Union
made thereunder, he shall be liable to a penalty which may having more than two directors in common betw
be firstly considered by the CoC, within seven days of Territory having highest number of creditors in class
extend up to five per cent of the estimated cost of the real corporate debtor and such person.
eceipt. Such withdrawal of application shall be approved The Interim Resolution Professional shall offer the names of estate project as determined by the Authority. As, Saath Ltd. and Janam Ltd. were having two dire
he CoC with ninety percent voting share, upon which three insolvency professionals to be voted upon by the class
resolution professional shall submit such withdrawal Here it is given, that the authority under RERA passed an common, Janam Ltd. would be considered as related
of creditors, who must be from the State or Union Territory,
cation along with the approval of the committee, to the order imposing maximum penalty upon the promoter relation to Saath Ltd. and the transaction took place
which has the highest number of creditors in the class as per
dicating Authority on behalf of the applicant, within company, Trees Estate Ltd. and the estimated cost of the years preceding the insolvency commencement date
records of the corporate debtor.
e days of such approval real estate project was 5200 crores, so the amount of penalty Thus, the said transaction can be said to have entere
Where such State or Union Territory does not have would have been 5% of 5200 crores = 510 crores.
n Ltd. submitted a withdrawal application on 26th the relevant period for considering it as an unde
adequate number of insolvency professionals, the insolvency
for consideration by the Committee of Creditors. So, As per Section 43 of the Real Estate (Regulation & transaction.
professionals having addresses in a nearby State or Union
Committee of Creditors should have considered such Development) Act, 2016, any person aggrieved by any
Territory, as the case may be, shall be considered.
cation by 2nd June i.e. 7 days from 26th May. direction or decision or order made by the Authority or by an In case of transaction entered by Saath Ltd. w
Here, the highest number of such creditors of Tadan Ltd. adjudicating officer under this Act may prefer an appeal before Mahesh
Committee of Creditors approved such application by belonged to the state of Gujarat. So, all the three names the Appellate Tribunal having jurisdiction over the matter. Transaction was entered by Saath Ltd. before 17
te of 92% on 1st June. So, Mr. Tanmay should have been offered should have been from Gujarat by Mr. Rohan.
Where a promoter files an appeal with the Appellate preceding the insolvency commencement date w
mitted with the Adjudicating authority for approval by
Tribunal, it shall not be entertained, without the promoter Mahesh. Mr. Mahesh is a house worker of Mr. Su
une i.e. 3 days from 1st June. 5. (a) As per Section 64 of the IBC, 2016, where an application
first having deposited with the Appellate Tribunal atleast director of Saath Ltd. There was a case under the Pro
is not disposed of or an order is not passed within the period of Benami Property Transactions Act, 1988, going aga
ection 7 of the IBC, 2016:- thirty per cent. of the penalty, or such higher percentage as
specified in this Code, the National Company Law Tribunal Mahesh and Mr. Sunil, due to acquisition of such pro
may be determined by the Appellate Tribunal, or the total
nancial creditor either by itself or jointly with other or the National Company Law Appellate Tribunal, as the the name of Mr. Mahesh and it was held that in th
amount to be paid to the allottee including interest and
ncial creditors, or any other person on behalf of case may be, shall record the reasons for not doing so within passed that Mr. Mahesh was the ‘benamidar’ and M
compensation imposed on him, if any, or with both, as the
financial creditor, as may be notified by the Central the period so specified; and the President of the National was the ‘beneficial owner’.
case may be, before the said appeal is heard.
ernment may file an application for initiating corporate Company Law Tribunal or the Chairperson of the National
Explanation—For the purpose of this sub-section "person" As per Section 5(24) of the IBC, 2016, Related p
vency resolution process against a corporate debtor Company Law Appellate Tribunal, as the case may be, may,
shall include the association of allottees or any voluntary relation to a corporate debtor, inter-alia, means — a
re the Adjudicating Authority when a default has after taking into account the reasons so recorded, extend the
consumer association registered under any law for the time or partner or a relative of a director or partner
rred. period specified in the Act but not exceeding ten days. No
being in force. corporate debtor
ided further that for financial creditors who are allottees injunction shall be granted by any court, tribunal or authority
in respect of any action taken, or to be taken, in pursuance of In the given case, the authority under RERA has imposed Now, as per the order passed under the provision
er a real estate project, an application for initiating
any power conferred on the National Company Law Tribunal a penalty on Trees Estate Ltd. as well as directed to it Prohibition of Benami Property Transactions Act, 1
orate insolvency resolution process against the corporate
or the National Company Law Appellate Tribunal under this to compensate the said 30 allottees by returning their Mahesh was considered as the ‘benamidar’ and Mr. S
or shall be filed jointly by not less than one hundred
Code. cumulative investment amount of 520 crores along with total considered as the ‘beneficial owner’ and thus, it can
uch allottees under the same real estate project or
interest of 52 crores. that, in substance, the transaction was entered by Sa
less than ten per cent. of the total number of such
6. Section 12 of the Real Estate (Regulation & Development) Act, with Mr. Sunil and not with Mr. Mahesh and Mr. Sun
tees under the same real estate project, whichever is Thus, the amount of pre-deposit that would have been made
2016, contains provisions which deal with the obligations of a a director of Saath Ltd. would be considered as the
by Trees Estate Ltd. for filing the appeal with the Appellate
promoter regarding veracity of the advertisement or prospectus party in relation to Saath Ltd.
, 30 allottees out of 310 allottees of Trees Estate Ltd. Tribunal would be:-
Accordingly, where any person makes an advance or a Also, the transaction took place within 2 years prece
ly filed an application for initiating corporate insolvency t PG510 crore = 53 crore or such higher percentage as
deposit on the basis of the information contained in the insolvency commencement date.
ution process against it. But as the proviso above, 100 may be determined by the Appellate Tribunal and;
tees or 31 allottees (10% of 310) whichever is less, should notice, advertisement or prospectus, or on the basis of any t ͳF UPUBM BNPVOU UP CF QBJE UP UIF BMMPUUFF JODMVEJOH Thus, the said transaction can be said to have entere
jointly filed such application. model apartment, plot or building, as the case may be, and interest and compensation imposed on him i.e. 520 the relevant period for considering it as an unde
sustains any loss or damage by reason of any incorrect, false crores + 52 crores = 522 crores. transaction.
the application filed by the said 30 allottees of Trees
statement included therein, he shall be compensated by the
te Ltd. is not admissible by the Adjudicating authority as
promoter in the manner as provided under this Act. 7. (i) As per Section 46 of the IBC, 2016, in an application (ii) As per Section 45 of the IBC, 2016, a transaction
filed jointly by lesser number of allottees than prescribed.
However, if the person affected by such incorrect, false for avoiding a transaction at undervalue, the liquidator or considered undervalued where the corporate debtor
As per Section 76 of the IBC, 2016:- Where an statement contained in the notice, advertisement or resolution professional shall determine : (a) makes a gift to a person; or
ational creditor has wilfully or knowingly concealed prospectus, or the model apartment, plot or building, as a) That the transaction was entered within the period of one (b) enters into a transaction with a person which
n application under section 9 the fact that the corporate the case may be, intends to withdraw from the proposed year preceding the insolvency commencement date; or the transfer of one or more assets by the corporat
or had notified him of a dispute in respect of the project, he shall be returned his entire investment along b) That the transaction was made with a related party for a consideration the value of which is sign
aid operational debt or the full and final payment of the
Page 492
with interest at such rate as may be prescribed and the Page 493 less than the value of the consideration provide
within a period of two years preceding the insolvency
aid operational debt. compensation in the manner provided under this Act. commencement date. corporate debtor,
operational creditor or person, as the case may be, shall In the given case, the 30 allottees on the basis of model The Adjudicating Authority may require an independent and such transaction has not taken place in the o
ECONOMIC LAWS ECONOMIC LAWS
ugh the transaction has not taken place in the ordinary FAL Ltd. in the City Civil Court due to the restrictions as Further, no other third-party applications can be run on iPhone Reply by XPhone to the report of CCI:
se of business of the corporate debtor but the mentioned in the aforesaid provision. unless the same has been approved by Mapple Inc. If however, The agreement was non-exclusive and iPhones were a
ideration for such supply of goods does not appear to As per Section 63 of the IBC, 2016, no civil court or authority he operating system of jail broken iPhone is upgraded, the in India through a number of other distributors/chann
ignificantly lesser than the value of the consideration shall have jurisdiction to entertain any suit or proceedings Phone gets re-locked and all the third-party applications are XPhone, being a telecom service provider provided the b
ided by the corporate debtor as consideration charged in respect of any matter on which National Company Law deleted by the servers of Mapple Inc. permanently. XPhone and plans to its customers and XPhone never imposed any res
aath Ltd. was 54.4 crores which it would have normally Tribunal or the National Company Law Appellate Tribunal Sintel refused to accept any iPhone for repairs at their authorized on its customers with respect to using unlocked pho
for 4.6 crores. has jurisdiction under this Code. ervice centers if the same is not purchased from them. However, therefore, there it can be said that there is no violation.
, transaction entered by Saath Ltd. with Janam Ltd. an unlocked iPhone can be purchased from abroad. Also, a The tariff plans, as were provided to iPhone custome
Civil court not to have jurisdiction.
ot be said to be an undervalued transaction even though consumer who has purchased a locked iPhone in India and has the same and if not, even better than the normal plans
Here, in the given case, the Adjudicating authority i.e. the paid the unlocking fees is free to choose the network operator of
as been entered into with a related party within the to other subscribers. Further, the tariff plans, as appr
NCLT was having the jurisdiction over the matter with respect his choice after unlocking the iPhone.
ant period. Mapple Inc. were filed with the TRAI in August 2008 a
to non-payment to KC & Sons as per the resolution plan by
Out of the total market share for smartphones in India, Mapple in full compliance with the TRAI regulations. Additio
FAL Ltd. and thus, the City Civil court cannot entertain such
ase of transaction entered by Saath Ltd. with Mr. ndia had a market share of 1.5% in the year 2008; less than 1% is important to note that, even if an iPhone specific p
suit as it is not having the jurisdiction to do the same.
esh n 2009 and 2010 respectively, and 2.4% in 2011. Additionally, at published, the customers always had complete free
, Saath Ltd. had sold a property to Mr. Mahesh for 515 he time of the launch of the iPhone in India, there were about choose from other plans which were not iPhone spec
e, the stamp duty value of which was 535 crore. It can be 250 million GSM mobile subscribers which subsequently rose to rather the customer were spoilt for choice, given th
9. As per Section 52(7) of the IBC, 2016, where the enforcement
that consideration charged is significantly less than the about 600 million in the year 2011. of plans available to them. Therefore, there is no que
of the security interest yields an amount by way of proceeds
e of the consideration provided by the corporate debtor, XPhone, being discriminating with iPhone customers
which is in excess of the debts due to the secured creditor, the
h Ltd. An allegation by Ms. Rekha: its other customers.
secured creditor shall—
Ms. Rekha was one of the biggest fans of iPhones. After it was The concept of “collective dominance” is not recognize
her, Mr. Mahesh is a house worker of Mr. Sunil, the (a) account to the liquidator for such surplus; and aunched in India, she purchased an iPhone but was extremely section 4 of the Competition Act. Both, Sintel and
ctor of Saath Ltd. and also an order under the Prohibition (b) tender to the liquidator any surplus funds received from disappointed when she realized, that, there were so many are separate legal entities, with no structural links a
enami Property Transactions Act, 1988 was passed the enforcement of such secured assets. estrictions for using such iPhone which did not appear, value completely different boards of directors and mana
nst them. So, such transaction also does not appear to
Thus, TLF (P) Ltd. should account to the liquidator surplus or money. When she investigated more into this, she found out Therefore, the question of “collective dominance” does n
place in the ordinary course of business of the corporate
sum of 52 crores yielded in excess of its debts due from hat Mapple India was taking undue advantage of the dominant
or, Saath Ltd. iPhones are easily available in the open market and with
Anmoli Ltd. as well as tender the same to the liquidator. position that it enjoyed in the market. She then approached the
, the transaction entered by Saath Ltd. with Mr. Mahesh network locking. More importantly, even the iPhones
As per Section 52(7) of the IBC, 2016, before any security CCI, to file a complaint against such abuse, in violation of section
be said to be an undervalued transaction. through XPhone distribution channels were unlocked
interest is realised by the secured creditor, the liquidator 4 of the Competition Act, 2002. In her complaint, she made the
when a request was made after following the due process.
shall verify such security interest and permit the secured ollowing allegations -
er Section 33(5) of the IBC, 2016, subject to section the TRAI’s MNP (mobile number portability) regulati
creditor to realise only such security interest, the existence Mapple India enjoys a dominant position in the relevant market a right to the customer to move from one service pro
when a liquidation order has been passed, no suit or
of which may be proved either— or smartphones, both in India as well as internationally, as another freely, and consequently, the same customer can
r legal proceeding shall be instituted by or against the
(a) by the records of such security interest maintained by an Phone, being the largest selling smartphone in the world. The his phone without any hassle. These facts clearly indicate
orate debtor.
information utility; or nformant also averted that XPhone and Sintel jointly enjoyed allegations in the information are mere speculations and
ided that a suit or other legal proceeding may be a dominant position in the relevant market for GSM mobile
(b) by such other means as may be specified by the Board. be dismissed outright.
tuted by the liquidator, on behalf of the corporate debtor, elephony services in India. The informant further submitted
the prior approval of the Adjudicating Authority. Thus, before realizing such security interest by TLF (P) Ltd. hat XPhone and Sintel have abused their dominant positions by
the liquidator should have verified the security interest as mposing unfair conditions on the purchasers of Mapple iPhones. Answer the following questions:
, KC & Sons should not have instituted a suit against
aforesaid.
Multiple Choice Questions
Reply by Sintel to the report of CCI: 1. The relevant market(s) that the Director-General will
t fails to consider that any dispute in relation to a while making the inquiry is/are
elecommunication service is actionable under the Telecom I. Smart Phones in India
&$6(678'< Regulatory Authority of India Act, 1997, and the Competition II. GSM cellular service in India
Act, 2002 cannot be invoked as the CCI does not have any III. Smart Phones in America and India
Inc. is an American MNC that designs and markets can be broadly classified as smartphones and featured phones. urisdiction on the matters of cellular service providers in India (a) Only I
er electronics, computer software and personal While acknowledging that iPhone is a unique product, there when TRAI is the regulatory body. The bundled offer was in (b) I and II
rs, etc. Mapple India is the Indian subsidiary of Mapple are certain smartphones offered by other brands such as Nokia, compliance with the guidelines of TRAI. (c) II and III
ough which it markets and sells its products in India. Blackberry, and Samsung that have advanced features and which The informant failed to make any averment of having purchased (d) I, II, and III
and Sintel are leading mobile service providers in could be considered as substitutes for the iPhone. Mapple iPhone 3G/3GS to show that she had any interest in the
intly having more than 30 crore Indian subscribers that Mapple Inc. and Mapple India entered into some exclusive matter and has the locus standi to file the information. 2. The iPhones sold by XPhone and Sintel came
for almost 52% market share in the GSM market. In contracts/agreements with XPhone and Sintel respectively, for compulsorily locked form, thereby meaning, that the
The informant also failed to state that she had purchased iPhone
re are around 20 service providers in India but none of the sale of iPhones in India, even prior to its launch. XPhone and purchased from either of them shall work only o
3G and 3GS from the grey market in India or abroad and
dividually holds more than 30% of the total market share.Sintel are both, cellular data and GSM network service providers respective networks and none other. This is in the na
consequently it is inexplicable as to how she has a grievance in
ar models of iPhones – iPhone 3G and iPhone 3GS, functioning in India. As a result of the agreements, XPhone and his regard. (a) Exclusive supply agreement
nufactured by Mapple Inc., launched in India duringPage 494
Sintel got exclusive selling rights for an undisclosed number Page 495 (b) Horizontal agreement
Mapple iPhone 3GS is being sold since June 2011 without its
008 and March 2010, respectively. During the fiscal year, of years. The iPhones sold by XPhone and Sintel came in the (c) Tie in agreement
network being locked. For this reason, the issue raised in the
rldwide sales of iPhones were 73.5 million. compulsorily locked form, thereby meaning, that the handset (d) Refusal to deal
nformation filed by Ms. Rekha is infructuous. The practice
i i I di b ff d h h i purchased from either of them shall work only on their respective 3 Whether the contention of Sintel that CCI does n
ECONOMIC LAWS ECONOMIC LAWS
No, both have the jurisdiction; but TRAI can supersede 5. (a) Central Government established, there can be no case for abuse of dominance against the network services can be availed on any mobile h
and has primacy being industry regulator over CCI. all the three aforesaid entities under Section 4 of the Act. even an unlocked iPhone purchased from abroad.
No, both are special Acts and primacy have to be given 6. Legal Position: As per section 19(4) of the Competition Act consumer who has purchased a locked iPhone in In
o the respective objectives of both the regulators under 2002, the Commission (CCI) shall, while inquiring whether 7. According to Section 3(1) of the Act, “No enterprise paid the unlocking fees is free to choose the network o
heir respective statutes. an enterprise enjoys a dominant position or not, have due or association of enterprises or person or association of his choice.
Can’t say, as information on TRAI regulations is not regard to all or any of the following factors, namely:— of persons shall enter into any agreement in respect of Also, there is no evidence to show that entry barri
provided. a. market share of the enterprise; production, supply, distribution, storage, acquisition or been created for new entrants in the markets i.e
b. size and resources of the enterprise; control of goods or provision of services, which causes or is smartphone market and mobile services market by
ming that iPhone is not purchased by Miss Rekha from c. size and importance of the competitors; likely to cause an appreciable adverse effect on competition the impugned parties. Similarly, existing competito
Mapple store. Can she file a case, in the forum under the d. economic power of the enterprise including commercial within India”. not been driven out from the market, or that the
petition Act 2002? advantages over competitors; Section 3(4) of the Act, highlights anti-competitive itself has been foreclosed. Hence, the belief that
No, as Ms. Rekha has purchased iPhone from the grey e. vertical integration of the enterprises or sale or service agreements between vertically related enterprise as “Any in arrangement has caused serious harm appears
market i.e. through distributors and thus, has no right to network of such enterprises; agreement amongst enterprises or persons at different Hence, there appears no appreciable adverse eff
file a case f. dependence of consumers on the enterprise; stages or levels of the production chain in different markets, competition due to agreement by Mapple India with
No, as Ms. Rekha has not suffered any loss due to tie- g. monopoly or dominant position whether acquired as a in respect of production, supply, distribution, storage, sale and Sintel respectively.
up agreement made by Mapple India with XPhone and result of any statute or by virtue of being a Government or price of, or trade in goods or provision of services,
Sintel respectively company or a public sector undertaking or otherwise; including — 8. As per section 18 of the Competition Act 2002, the d
Yes, as Ms. Rekha has used the iPhone and availed the h. entry barriers including barriers such as regulatory (a) tie-in arrangement; the Commission are as follows:
cellular services, so she indirectly gets affected barriers, financial risk, the high capital cost of entry, (b) exclusive supply agreement; (a) To eliminate practices having an adverse eff
Yes, not only Ms. Rekha but any person can file such a marketing entry barriers, technical entry barriers, (c) exclusive distribution agreement; competition,
case economies of scale, high cost of substitutable goods or (d) refusal to deal; (b) To promote and sustain competition in markets
service for consumers; (e) resale price maintenance, (c) To protect the interests of consumers and
chairperson and other members of the CCI office shall i. countervailing buying power; (d) To ensure freedom of trade carried on b
shall be an agreement in contravention of sub-section (1) if
ppointed by: j. market structure and size of the market; participants in markets in India.
such agreement causes or is likely to cause an appreciable
Central Government k. social obligations and social costs
adverse effect on competition in India”. As per section 27 of the Competition Act 2002, wh
Relevant State Government l. relative advantage, by way of the contribution to the
Further, what constitutes appreciable adverse effect on an inquiry under section 19 regarding alleged contra
High Court economic development, by the enterprise enjoying
competition has been provided for in Section 19(3) of the of entering into an anti-competitive agreement o
Central Government and the selection committee a dominant position having or likely to have an
Act. of dominance as per procedure detailed in sectio
appreciable adverse effect on competition;
Commission find the allegation true and contrave
tive Questions m. any other factor which the Commission may consider In the above case, some kind of ‘tie-in arrangement’ can be
section 3(1) or 4(1) respectively, it may pass all or an
ther there can be a case of abuse of dominant position relevant for the inquiry. seen which has an adverse implication on the purchaser of
following orders-
nst Mapple India, XPhone, and Sintel respectively? The dominant position has been defined under explanation iPhones in terms of their ability to choose and switch between
(a) to Sec 4 as a position of strength, enjoyed by an enterprise, various cellular service providers and data plans. However, Cease and desist order - direct any enterprise or ass
in the relevant market, in India, which enables it to operate none of following - Mapple India / Sintel / XPhone, have a of enterprises or person or association of persons, as
ere an appreciable adverse effect on competition due
independently of competitive forces prevailing in the dominant position in their respective market, and that there may be, involved in such agreement, or abuse of d
he agreement made by Mapple India with XPhone and
relevant market; or affect its competitors or consumers or has been no intentions and evidence to show that the market position, to discontinue and not to re-enter such ag
el respectively?
the relevant market in its favour. has been foreclosed to competitors or that entry-barriers have or discontinue such abuse of dominant position, as
been erected for new entrants in any of the markets by any may be.
fly states the duties of the CCI and the orders that can
assed by it after the establishment of infringement of Analysis of the case of the opposite parties. Mapple India had a share of less than Impose penalty - as it may deem fit which shall be n
on 3 or section 4 respectively? Mapple India had a market share of 1.5% in the year 2008; less 3% in the market of smartphones during the period 2008-11. than ten percent of the average of the turnover for
than 1% in 2009, and 2010 respectively and 2.4% in 2011. Prima Furthermore, the share of GSM subscribers using Mapple three preceding financial years, upon each of such p
ERS TO CASE STUDY 4 facie, these percentages of market share don’t suggest anything iPhone to total GSM subscribers in India is minuscule (less enterprises which are parties to such agreements or
that tantamounts to the existence of dominance. than 0.1%). No operator has more than 30% market share, Modification of the terms of such agreem
I and II
XPhone and Sintel are leading mobile service providers in India, in an otherwise competitive mobile network service market. Agreements shall stand modified to the extent an
jointly having more than 30 crore Indian subscribers that account As none of the impugned operators, (XPhone / Sintel) have manner as may be specified in the order by the Com
Tie in agreement
for almost 52% market share in the GSM market. As regards the market-share exceeding 30%, that smartphone market in
To abide - Which direct the enterprises concerned
dominance of XPhone and Sintel in the relevant market, since India is less than a tenth of the entire handset market, and
No, both are special Acts and primacy has to be given by such other orders as the commission may pass and
both are two separate entities without the evidence of having any that Mapple iPhone has less than 3% share in the smartphone
to the respective objectives of both the regulators under with the directions, including payment of costs if any
horizontal agreement or cartelization between them that could market in India, it is highly improbable that there would be
their respective statutes Such other order or issue such directions as it may d
be deemed as anti-competitive. Hence, on the basis of section an AAEC in the Indian market for mobile phones.
The honorable apex court in the Civil Appeal no. 11843
of 2017 (CCI vs Bharti Airtel Ltd) recognised that the 19(4) conditions that neither Sintel nor XPhone, individually, Moreover, the lock-in arrangement of the iPhone to a In case any agreement referred to in section 3 h
TRAI Act and the Competition Act are both special have any adequate market power so as to be deemed dominant. particular network was only for a specific period and not entered into by a cartel, the Commission may impo
Acts and primacy has to be given to the respective Also, the argument that XPhone and Sintel hold nearly 52% of perpetual, a fact known to prospective customers. It is each producer, seller, distributor, trader, or service p
the market difficult to construe consumer harm from entering into a included in that cartel, a penalty of up to three tim
objectives of both the regulators under their respectivePage 496 share in the GSM services in India cannot be accepted Page 497
‘tie-in arrangement' by the horizontally related enterprises. profit for each year of the continuance of such agree
statutes. CCI’s jurisdiction is not excluded by the for the fact that they are horizontal competitors who fight for
presence of sectoral regulators and to that end, the CCI greater market share. Moreover, there is no allegation, qua these It is observed that there is no restriction on consumers to use ten percent of its turnover for each year of the cont
enjoys primacy with respect to issues of competition OPs that they have indulged in anti-competitive conduct among the network services of XPhone and Sintel to the extent that of such agreement, whichever is higher.
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,QWKHJLYHQFDVH0U6XOWDQDIWHUPRQWKVRIKLVVWD\LQJLQIRUPHGWKHEXLOGHURIWKHTXDOLW\RI
Mr. Madan Mohan Mishra is an Indian resident who migrated to Barnala (Punjab) from
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ZLWKLQWLPHIUDPH Darbhanga (Bihar) around two decades back for employment with Trident India Limited (TIL),
after completion of his Master's in Business Management from IIM. During his engineering
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program, he studied production, operations, and quality. Mr. Mishra joined TIL as an Assistant
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Manager (Operations) and got numerous promotions based upon his performance. A year
:KHUHDVFRPSODLQRIJUDVVJLYHQE\EXLOGHULQIORZHUEHGDUHDIRUUHSODFHPHQWLVLQWKHQDWXUH ago, Mr. Mishra was elevated from the position of Vice President (Plant Operations) of Barnala
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Plant and transferred to Sehore district of Madhya Pradesh as a Plant Head of Budhni
(Madhya Pradesh) Plant. Mr. Mishra is also a member of Committee on Financial Matters at
TIL, as an employee’s representative.
TIL is a multi-product manufacturing company headquartered in Ludhiana (Punjab). One of its
products – terry towel is in high demand abroad and around 60% of its production is exported
majority in Europe followed by the United States. TIL established a branch office in central
London recently and is in the process of getting its scripts listed on the LSE (London Stock
Exchange). TIL made a bid for a textile plant there, the deal is expected to mature in six
months’ time. It will be a whole cash deal and the funds will be arranged through ECB
(External Commercial Borrowings) in Euro currency. TIL is eligible to receive FDI.
Mr. Mishra after shifting to Budhni stayed at the company’s guest house for a couple of weeks
and then took an apartment on rent in the nearby area. But the family of Mr. Mishra is looking
for purchasing their own house and in that process, they identified the housing project ‘Nirmal
Awas’ in Hoshangabad, on the bank of Narmada River; which is just 8-10 km. away from the
Budhni plant. Mr. Mishra applied to Chauhan Developers and Infrastructure Limited (CDIL),
the promoter of ‘Nirmal Awas’ for a 3 BHK apartment. It is the first housing project for CDIL.
The project was duly registered with the relevant State Authority under Real Estate
(Regulation and Development) Act, 2016 (RERA). The price of the apartment will be
calculated based upon the carpet area at a rate of ൠ3,000 per square feet. There are 3
categories of apartments developed under ‘Nirmal Awas’ namely 2BHK, 3BHK floors, and
Page 590 Page 591
independent villas respectively. Each category has a standard size.
3 BHK apartment is comprising with a gross area of 1200 square feet, including external walls As mentioned earlier that, TIL is planning to raise funds through ECB. TIL figures out that
and internal partition walls equal to 3% and 4% of the gross area of the apartment, there will be two-three months gap between the flotation of money and packing the deal of
respectively; and also including a balcony of 24 square feet and an open terrace area of 40 acquiring the textile plant in London. Considering the transaction cost involved, TIL decided to
square feet for the exclusive use of allottee of the apartment independently. Allotments of all park the funds for such time abroad only. TIL is considering various alternatives to park such
140 apartments were done in the month of February 2020 to the respective allottees which funds. The Committee on Financial Matters asked Mr. Mishra to present his views on Central
included Mr. Nayak who had applied for two apartments and got the same in his own name; Banks’ Guidelines.
and Mr. Gautam who had applied for three apartments, got one in his name, another in the
The Authorised Dealer Category I bank, with whom TIL is maintaining an Exchange Earners'
name of his elder son, who is minor and another one in the name of his business firm; which
Foreign Currency Account (EEFC), has sought more information than in previous transactions i.e.
will be used as a guest house for guests related to his business. Rest all had applied for a
when-so-ever export proceeds realisation takes place or export-related details and documents are
single apartment or villa. Due to nationwide lockdown, the majority of labour working at ‘Nirmal
furnished to them under Foreign Exchange Management (Export of Goods & Services) Regulations
Awas’ being casual workers moved back to their villages. CDIL realised that it would be
2015. TIL finds the same bit irritating, in response to which banker explains to TIL; that they are
difficult to complete the project by December’ 2020 (due-date committed for possession) and
bound to Enhance Due Diligence, in case of specified transactions.
after some efforts and waiting for a couple of months, the company decided to transfer the
project to Jignesh Shah Estate Developers (JSED), a renowned name for developing One of the subsidiaries of TIL was pushed for the Corporate Insolvency Resolution Process by
residential projects. The allottees of 93 apartments, including Mr. Nayak and Mr. Gautam, the financial creditors. The decision of the NCLT of admitting the application of financial
agreed for such transfer of the project because they already had put a huge sum for the creditors and appointing of the interim resolution professional was challenged on the grounds
apartments promised to them and hence the allottees of 93 apartments gave their consent by that the application of financial creditor under section 7 of IBC, 2016 was made after the
raise of hands to CDIL to transfer its rights and liabilities in Nirmal Awas to JSED. CDIL expiry of the limitation period. The appellate authority (NCLAT) relying upon the credence that
notified the said transfer to the relevant State Authority under RERA within 30 days of the provisions of the Limitation Act, 1963, is not applicable to the applications made under
transferring the project. JSED is willing to re-allot the apartments after taking charge from IBC, 2016, rejected the appeal that challenged the decision of NCLT of admitting the
CDIL and it also filed an application to the relevant State Authority under RERA for an application. In the meantime, the interim resolution professional was appointed as resolution
extension of 3 months quoting such transfer of project as a major reason. professional under section 22. But later, the committee of creditors found his performance not
acceptable, and in one of its meetings passed a resolution with 73% of the voting share of the
In order to fulfill social needs, Mr. and Mrs. Mishra joined the local resident club, which is in the
financial creditors to replace him with another insolvency professional whose consent was
form of association of persons. Individual members have contributed to the expenses of the club
taken in writing prior to such meeting and a copy of the resolution along with the proposed
and have voluntarily formed an executive committee for the management of the club of which Mr.
name of the insolvency professional was furnished to NCLT.
Mishra is also a part. Such an association owns a resort where the club activities takes place,
members can play tennis, swim or read books in the library at the resort. Occasional get-to-gathers I. Multiple Choice Questions (2 Marks each)
and kitty parties are also hosted there by members after prior notice to the Principal Officer of the 1.1 Since the price of the apartment is based upon the carpet area, it becomes important to
association who is also the General Secretary of the Executive Committee. correctly measure the same. What shall be the carpet area of the 3 BHK apartment in
The initiating officer has reasons to believe based upon the evidence available to him that Nirmal Awas?
such a property is benami in nature and hence he issued a show-cause notice, served to Mr. (a) 1164 Square feet
Mishra, by post, at his current residential address in Budhni. Mr. Mishra thought, as he is a
(b) 1136 Square feet
member of the association, perhaps that’s why he got the notice. But another club member
who retired from a PSU as a law officer, five years back, suggested that he needs to answer to (c) 1100 Square feet
the officer concerned that the notice is not served properly. He told him that in case of
(d) 1052 Square feet
association of persons notice can be addressed and served to the Principal Officer only and
that too as a ‘dasti notice’ as mentioned Page 592
in Code of Civil Procedure, 1908. Page 593
1.2 With reference to the explanation given by the banker to TIL with respect to seeking II. Descriptive Questions
more information, which of the following is not a specified transaction?
1.6 (a) Whether the transfer of rights and liabilities in the project ‘Nirmal Awas’ by CDIL
(a) Any transaction in foreign exchange to JSED is legally valid?
(b) Any transaction in any high-value imports or remittances (b) Whether JSED is allowed to re-allocate the allotments already done in the
project ‘Nirmal Awas’ by CDIL?
(c) Any transaction in any high-value exports or remittances
(c) Whether the application moved by JSED to seek an extension of time on the
(d) Any transaction where there is a high risk or money-laundering or terrorist
grounds of delay on account of transfer of project is maintainable? (9 Marks)
financing
1.7 (a) With reference to admissibly of application for ongoing CIRP in case of one of the
1.3 What shall be the legal validity of the notice issued to Mr. Mishra by the Initiating
subsidiaries of TIL, state your opinion on whether the credence of NCLAT is correct?
Officer?
(b) Will it make any difference if the application is moved by an Operational
(a) Valid, because Mr. Mishra is a member of the association, and notice can be
creditor?
served through the post
Support your opinion with interpretation and application of the relevant provisions of law
(b) Valid, because Mr. Mishra is part of an executive committee and notice can be
and legal precedence. (6 Marks)
served through the post
(c) Invalid, because Mr. Mishra is not a principal officer of the association CASE STUDY 2
(d) Invalid, because notice is served through the post to Mr. Mishra
Ms. Gurdeep Kaur served the Imperial Bank for 34 years, prior to her retirement from the post
1.4 Which amongst the following is not a valid alternative available with TIL to park the of Chief Manager. She joined the bank as a probationary officer. Ms. Gurdeep decided to buy
funds abroad? a house in her hometown using the fund out of her retirement benefits and the remaining
(a) Deposit the funds with a foreign bank rated not less than AA by S&P amount she invested in Sovereign Gold Bond. The house was bought at home-town in the
joint name of Ms. Gurdeep and her mother, whereas the registration charges and stamp duty
(b) Deposit the funds with a foreign bank rated not less than Aa3 by Moody
were paid by her father.
(c) Deposit the funds with a foreign branch of an Indian bank abroad
Though Ms. Gurdeep largely engaged in Investment Banking and Credit Operations during her
(d) Treasury bills of one-year maturity rated not less than A by Fitch tenure at Bank, she also played a pivotal role in the establishment of a training academy for
1.5 What shall be the validity of the decision taken by the committee of creditors to replace the staff of the bank and successfully implemented the training program for all the officer and
the resolution professional? clerical staff during the computerization and then during the transaction phase to CBS (core
banking solution). After her retirement from the bank, she continued to serve as a trainer (as
(a) Valid honorary service) at the training academy of Imperial Bank, apart from conducting guest
(b) Invalid, because resolution professional once appointed under section 22 can’t lectures at academic and professional institutions.
be replaced Dr. Manoranjan Bharti who is Director at the University School of Business (USB) of a top-notch
(c) Invalid, because resolution professional once appointed under section 22 can be private university located in Mohali (Punjab), co-chair one of the guest lecture with Ms. Gurdeep.
replaced by the committee of creditors with 75% of the voting share. Dr. Bharti is impressed by the understanding that Ms. Gurdeep possesses in the domain of
Investment Banking and the use of IT Solutions in banking operations, hence he offered Ms.
(d) Invalid, because resolution professional once appointed under section 22 can
Gurdeep to join the USB as Programme Director for MBA in Investment Banking and Fintech
only be replaced by NCLT.Page 594
Solutions. Ms. Gurdeep gracefully acceptedPage 595
the proposal and decide to relocate to Mohali.
After residing in a rental apartment for a few months, Ms. Gurdeep decided to book the 3BHK earnest money paid earlier (equal to 5% of the sale price) as a deposit to the authorized
flat in Aero City Apartments in Mohali. The construction is in full swing. The Aero City is being officer conducting the sale.
developed by Aero Developers and Realtor Private Limited (ADRPL) and the project is duly
I. Multiple Choice Questions (2 Marks each)
registered under the Real Estate (Regulation and Development) Act 2016 by State Real Estate
Regulatory Authority. 3BHK flats are available in different set-ups with constructed areas 2.1 In context to the allegations made by Mr. Satbir against officers of the corporate debtor,
ranging from 1410 to 2010 square feet. The price of a 3BHK flat is ranging from ൠ 70.3 to 90.5 which of the following grounds are not valid grounds of misconduct in course of CIRP?
lakhs depending upon the constructed area. Ms. Gurdeep booked a flat whose price is I. Officer of the corporate debtor failed to deliver to the resolution professional all
negotiated at ൠ 80.4 lakhs. She paid ൠ 12 lakhs as advance at the time of booking the books and papers in their control or custody belonging to the corporate debtor.
advance, the agreement to sell was also signed on the same day.
II. Officer of the corporate debtor does not disclose to the resolution professional
Such ൠ 12 lakhs she borrowed from her younger brother Mr. Satbir Singh because all her all the details of the property of the corporate debtor.
funds were invested in either gold fund (during lock-in-period) or the house purchased in home
III. Officer of the corporate debtor does not assist the resolution professional in the
town recently. To make the balance payments of the purchase consideration for the flat, Ms.
preparation of the information memorandum.
Gurdeep decided to sell the house she bought in her hometown. Ms. Gurdeep sold the house
and use the part of sale proceeds for payment to ADRPL. Flat registered in name of Ms. (a) I and II only
Gurdeep. The balance amount which is equal to somewhat USD 280000, she gave to her (b) III only
younger brother Mr. Satbir Singh. This USD 280000 includes a return of ൠ 12 lakhs which was
(c) All of the above
borrowed by Ms. Gurdeep. Mr. Satbir in turn remits the entire amount (USD 280000) to his son
during fiscal 2022-23, who is studying abroad through an authorized agent without prior (d) None of the above
permission of RBI. The University fee for the same year was only USD 40000. 2.2 Which of the following statements is correct regarding the sale of immovable secured
Mr. Satbir Singh is Insolvency Resolution Professional and is currently engaged as a asset property by imperial bank stated herein the facts of the case;
resolution professional of Cool Tex Industries (CTI) for executing the Corporate Insolvency (a) Purchaser made a default because 1/3rd of the purchase price shall be
Resolution Process (CIRP). Mr. Satbir is arguing that officers of the corporate debtor don't deposited.
assist him in the preparation of the information memorandum. Mr. Satbir also alleges that (b) Purchaser made a default because 25% of the purchase price shall be deposited
concerned officers of the corporate debtor don't disclose all the details of the property of the excluding the earnest money.
corporate debtor, and details of transactions thereof and also failed to deliver all books and
(c) Purchaser doesn’t make a default, because 25% of the purchase price shall be
papers in their control or custody belonging to the corporate debtor and which he is required to
deposited including the earnest money.
deliver; hence penalty shall be imposed upon them for misconduct in course of CIRP.
(d) Purchaser doesn’t make a default, because 20% of the purchase price shall be
Recently an FIR was registered against the officers and directors of Imperial bank, being deposited.
suspected of indulging in transactions of money laundering for a sum of INRs 3 crores and
failing to adherence the provision of the Prevention of the Money Laundering Act 2002. The 2.3 In light of applicable provisions of law relating to foreign exchange, which of the
following statements is correct in regard to remittance made by Mr. Satbir of an amount
name of Ms. Gurdeep is also specified in the report along with another chief manager Mr.
equivalent to USD 280000 to his son during fiscal 2022-23;
Srinivasan Iyer. Both Mr. Iyer and Ms. Gurdeep filed bail applications in the special court.
(a) Mr. Satbir doesn’t violate any legal provision
Imperial Bank is enforcing the security interest as per provisions of sections 12 and 13 of the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (b) Mr. Satbir violates the law, there will be a penalty of up to USD 30000
Act, 2002. The imperial bank decided to sell some of such immovable secured assets recently. (c) Mr. Satbir violates the law, there will be a penalty of up to USD 90000
In one such case, the purchaser pays Page 23% of
596the amount of the sale price, in addition to
(d) Mr. Satbir violates the law, Page
there 597
will be a penalty of up to USD 240000
2.4 Under the Real Estate (Regulation and Development) Act 2016, while making an among the three PSU Oil Marketing Companies viz BPCL, HPCL, and IOCL in the ratio of
application for registration of the project, the Aero Developers and Realtor Private 25:25:50 registered under section 8 of the Companies Act, 2013. UPF receives donations from
Limited (ADRPL) shall state __________of apartments for sale in the project along with individuals/Corporates/NGOs etc. which shall be utilized for extending financial assistance for
the area of the exclusive balcony or verandah areas and the exclusive open terrace making LPG available to economically disadvantaged households who are not covered by
areas appurtenant with the apartment, if any; Pradhan Mantri Ujjwala Yojana.
(a) the number and the carpet area A club and community hall surrounded by beautifully landscaped gardens constructed by UPF
near Staff Quarters and Officers’ Residence. Such properties are registered in name of the
(b) the number, type, and the carpet area
association of employees and officers of UPF. Such association is managing the properties
(c) the number and the floor area and membership fees used to maintain the properties. Mr. Mishra is also a member of this
(d) the number and the constructed area association. Someone from IOCL is designated as the principal officer of this association.
2.5 In regard to a house bought in her hometown, identify the nature of the transaction and The initiating officer under the Prohibition of Benami Property Transactions Act, 1988 on the
also identify who is benamidar basis of information and material in his possession is of opinion that some of the other
properties managed by above mention association include Benami properties, hence willing to
(a) Transaction is benami and Ms. Gurdeep is benamidar issue a show-cause notice.
(b) Transaction is benami and the mother of Ms. Gurdeep is benamidar BPCL has to remit the freight of the vessel chartered by it. The departmental head of forex
(c) Transaction is benami and both the parent of Ms. Gurdeep are benamidar (under the accounts division) planned to use funds out of Exchange Earners Foreign Currency
(EEFC) Account. BPCL floated a tender for the purchase of LPG (Liquefied Petroleum Gas)
(d) Transaction is not benami, hence there is no benamidar
cylinders. An LPG cylinder manufacturer approached the Competition Commission of India
II. Descriptive Questions (CCI) challenging the tender conditions imposed by BPCL. While disposing of the case, the
Director-General noticed a similar pattern in a bid submission by LPG cylinder manufacturers.
2.6 With regards to power of special court under the Prevention of Money Laundering Act
Resultantly CCI initiate an inquiry, on its own motion, into the alleged cartelization and bid-
2002, you are required to advice;
rigging by LPG cylinder manufacturers.
(a) Whether special court can take sou-moto cognizance of any offence of money-
Based upon findings stated in the investigation report from Director-General, the CCI
laundering?
concluded that 45 out of the 47 LPG cylinder manufacturers which were inquired into, had
(b) Can a special court grant bail application of Mr. Iyer and Ms. Gurdeep?(5 Marks) entered into an anti-competitive agreement in violation of the Competition Act by rigging bids
in the BPCL tender. This led to the CCI imposing penalties on those LPG cylinder
2.7 What shall be the amount of Advance for 3BHK that Aero Developers and Realtor
manufacturers found in contravention. Seven of the cylinder manufacturers filled applications
Private Limited (ADRPL) can accept from Ms. Gurdeep? Are there any conditions
for a reduction in penalties with CCI.
involved in accepting and utilizing the money received as an advance? Also, state the
penalties under the Real Estate (Regulation and Development) Act 2016 for breaching Except for ten parties, 35 parties filed an appeal before the Competition Appellate Tribunal
such conditions. (5 Marks) (COMPAT) challenging the CCI order. While the COMPAT upheld the CCI decision as to the
existence of the contravention, it ordered a reduction of the penalties on the basis of the
2.8 Advice, whether the transaction of booking the 3BHK flat by Ms. Gurdeep by borrowing principle of relevant turnover.
the money from her younger brother Mr. Satbir is benami? (5 Marks)
Mr. Mishra is a father of two daughters and one son. The elder daughter is a civil servant,
whereas the younger one establish a tour and travel company Thrill Blazers Limited (TBL),
CASE STUDY 3
which also offers tracking, camping, and adventure sports. TBL falls under the medium
category as per MSME classification and is also registered under said act. The company also
Mr. Banarasi Das Mishra is currently working in Bharat Gas (A group company of Bharat
accepts event management of cultural programs of Indian singers abroad. One of the
Petroleum Corporation Limited, BPCL) Page
in the598
position of General Manager. Earlier he was Page 599is involved in Donkey immigration of youth
employees who manage such cultural programs
representing BPCL at Ujjwala Plus Foundation (UPF). UPF is a Joint Venture Company
from Punjab, Haryana, Himachal, and other parts of the nation. Since donkey immigration is I. Multiple Choice Questions (2 Marks each)
the illegal method of entering a foreign country via multiple stops in other countries, hence
3.1 The person who is designated as the principal officer of the association, is deputed to
being a donkey he engaged in making false passports and forged emigration documents for
some other subsidiary of IOCL. Pick the correct option indicating the course of action
donkers. He took money from the person who was willing to go abroad and make him/her part
that initiating officer may take while issuing show cause notice;
of a cultural group with a forged name and identity.
(a) The show-cause notice can only be addressed to the principal officer
For his next tour, he has two such cases, but this time he got caught at the airport with false
documents along with both the prospective donkers. Case registered against him under the (b) The show-cause notice can be addressed to the principal officer or any other
Emigration Act 1983, The Passport Act, 1967, and The Prevention of Money Laundering Act member
2002. He is arrested by the special team of the Deputy Director of Enforcement and the (c) The show-cause notice can be addressed to any other member only in the
material recovered from him was sent to adjudicating officer in a sealed envelope. absence or non-availability of principal officer
After this episode most hotels, motels, event organizing companies, and singers/celebrities (d) The show-cause notice can be addressed to senior-most (oldest membership in
who were earlier either business partners or clients of TBL blacklisted it; hence both top and the association) member in the absence or non-availability of the designated
bottom lines witness a major decline, TBL could not able remain solvent for long with negative principal officer
profits. Finally, the Pre-packaged insolvency resolution process has been begun in the case of
TBL. There was a difference of opinion regarding what shall be included or excluded from the 3.2 Regarding the application forwarded by seven cylinder manufacturers for a reduction in
Pre-packaged insolvency resolution process cost. penalty to CCI, pick the option that contains incorrect statements out of those given
below;
Earlier, Mr. Mishra used to stay at a residence provided by the company but is now willing to
purchase his own. Brother in law of Mr. Mishra working is a banker. He informed Mr. Mishra i. Lesser penalty shall be imposed by the Commission only in respect of a
about a property that his bank going to auction next month. Bank enforced security rights producer, seller, distributor, trader, or service provider included in the cartel,
regarding this property under the Securitisation and Reconstruction of Financial Assets and who first made the full, true, and vital disclosures under this section.
Enforcement of Security Interest Act, 2002. He explained the locations and built-in structure,
ii. Lesser penalty may be revoked by the CCI if the person making the disclosure
Mr. and Mrs. Mishra seemed satisfied because the brother of Mrs. Mishra assured them about
does not continue to cooperate till the completion of the proceedings
the property and legal clearance.
Mr. Mishra deposited earnest money and later participated in an auction where he was iii. Lesser penalty may be imposed by the CCI even if the disclosure is made after
successfully able to bid for the property. On the day of the sale, Mr. Mishra deposited 30% of the receipt of the report of investigation directed under section 26.
the amount of sale price after adjusting of earnest money paid earlier. For making payment of (a) iii only
the remaining 70%, authorised officer gave him a time of 2 weeks. Mr. Mishra approached the
bank through his brother-in-law and it is in writing that the remaining payment shall be made (b) i and ii only
within 8 weeks. (c) i and iii only
Mrs. Mishra is a member of the State Real Estate Regulatory Authority, recently on 29th (d) all i, ii, and iii
March 2022, a draft of the upcoming policy (on the development of affordable housing for all)
was sent by the Appropriate Government to such State Real Estate Regulatory Authority for its 3.3 Person arrested by the special team of Deputy Director of Enforcement shall be taken
reference. The chairman of authority advised the secretary to add the same to the agenda for to _________________ within ______________ hours from arrest;
the next meeting. The draft was circulated with the notice of the meeting. Meeting conducted (a) Judicial Magistrate or Metropolitan Magistrate only; 24 hours excluding the time
in the second week of April to discuss and record findings on such draft. In the 3rd week of
necessary for the journey from the place of arrest to court of Judicial Magistrate
May, the opinion was furnished by the authority with the Appropriate Government.
or Metropolitan Magistrate.
Page 600 (b) Judicial Magistrate or Metropolitan
Page 601Magistrate only; 24 hours including the time
necessary for the journey from the place of arrest to court of Judicial Magistrate II. Descriptive Questions
or Metropolitan Magistrate.
3.6 Regarding reference made to state Real Estate Regulatory Authority by Appropriate
(c) Special Court or Judicial Magistrate or a Metropolitan Magistrate; 24 hours Government, evaluate, whether the opinion furnished by the authority to the
excluding the time necessary for the journey from the place of arrest to Special Appropriate Government is within the time limit or not? Is the opinion furnished by
court or court of Judicial Magistrate or Metropolitan Magistrate. authority binding on Appropriate Government? (5 Marks)
(d) Special Court or Judicial Magistrate or a Metropolitan Magistrate; 24 hours 3.7 Regarding the property purchased by Mr. Mishra;
including the time necessary for the journey from the place of arrest to Special
(a) Whether specifying the time limit for payment of balance amount by authorised
court or court of Judicial Magistrate or Metropolitan Magistrate.
officer is valid and from which date same shall be computed.
3.4 Regarding remittance of freight of vessel chartered by BPCL. Pick the option that
(b) Can the bank can grant an extension for payment of the balance amount, if yes,
contains the correct statements out of those given below;
then what is the maximum limit.
i. Remittance of freight of vessel chartered specified under schedule I, hence
(c) What remedy bank have, if Mr. Mishra failed to make payment within the
prohibited transaction.
extension period, granted by the bank? (5 Marks)
ii. Remittance of freight of vessel chartered can be made with the prior permission
3.8 One of the cylinder manufacturers is willing to advance an appeal against the order of
of the Director-General of Shipping
COMPAT. The arguments advanced by them are;
iii. Since payment is made out of Exchange Earners Foreign Currency Account,
i. Market conditions such as limited buyers and influence of buyers in fixation of
hence no permission is required.
prices led to a situation of an oligopsony.
(a) iii only
ii. LPG cylinder manufacturers had discharged their onus by showing that the
(b) i only parallel behaviour was not a result of concerted practice but due to market
conditions (wherein the price is influenced/controlled by buyers)
(c) ii and iii only
You are required to advise what will be the likely outcome of an appeal. Are the
(d) None of i, ii, and iii
arguments legally tenable? (5 Marks)
3.5 Regarding the pre-packaged insolvency resolution process of TBL. Pick the option that
contains correct inclusions into the pre-packaged insolvency resolution process cost; CASE STUDY 4
i. Any costs incurred by the resolution professional in running the business of the
corporate debtor as a going concern pursuant to an order under section 54J(2); Mr. Brijesh Lal is a leading real estate developer based in Jaipur. In the last two decades, his
company, Satya Sai Developers Pvt. Ltd. has successfully developed many housing projects,
ii. The amount of any interim finance and the costs incurred in raising such finance which includes three in Jaipur and one each in Delhi, Bhopal, and Mumbai. The apartments
iii. Any costs incurred at the expense of the Government to facilitate the pre- which were built in Mumbai and Delhi included all the modern amenities and luxuries. The
packaged insolvency resolution process. company is an ISO-certified company having a good reputation for delivering the projects well
within the stipulated time and date.
(a) i only
In March 2014, Mr. Lal launched two projects in Jaipur, by the name ‘Sun Residency’ and ‘Lotus
(b) i and ii only
Square’. In Sun Residency, 500 residential units consisting of 3BHK apartments were to be
(c) i and iii only developed. This project was to be completed in all respects by November 2019. Lotus square was
Page 602 a small project with only 12 residential unitsPage 603 each to be completed by July 2016.
of 4 BHK
(d) All of i, ii, and iii
In January 2016, Mr. Lal transferred his rights in the project, Lotus square, to a third party, BN location and all the other amenities offered in the project. He gathered all the information
Housing Developers, as he wanted to concentrate on some other big projects, which he regarding the sanctioned plan, layout plan, and mode of payments from the sales office
planned to launch by June 2016. But in between, the Real Estate (Regulation and representative. On the same day, Mr. Raj along with his wife Mrs. Ashima, jointly entered into
Development) Act, 2016, came into force from 1st May 2016. So, Mr. Lal registered Sun an agreement for sale with the promoters of the project and made a payment of 10% of the
Residency and submitted all the requisite documents with the concerned authorities. As the booking amount for the flat. In installments, Mr. Raj paid 70% of the total amount to the builder
application for registration was found to be complete in all respects, the project was granted as the slab got completed and the remaining 30% was to be paid at the time of possession of
registration by RERA. the flat. Mr. Raj paid 80% of the total amount from his own disclosed sources of income and
for the rest 20%, he took a loan.
BN Housing Developers thought that it is a small project and they didn't find any need to
register the project and they were also confident to successfully complete the project on time. A company called X-One Company Ltd. bought twenty flats in phase one of Imperial Residency.
As per their commitment, they successfully completed the project on time and all the allottees As of now, all the flats got booked due to the affordability and provision of all the modern
of apartments got their possessions by the end of July 2016. amenities in the flats. The project was in its full swing. In January 2020, there was an earthquake
in the Delhi NCR area. But there was no damage caused to the existing structure of the building.
According to the specified date for completion, Sun Residency was also completed and all the
Although the architect of the project suggested some structural changes in the layout plan of the
allottees got their possession by December 2019. But in February, some cracks developed in
building, to make the building more resistant to earthquakes, so, in the future, it can withstand
the walls of the building, and allottees found some quality issues in the construction. The
the earthquake of a larger frequency that is likely to occur in that location. But X-One Company
association of allottees tried to bring it to the notice of Mr. Lal who was shocked to hear such
Limited didn’t voted for the need for such changes as it felt there is no such need.
complaints as he never compromised on construction quality for any of his projects. He called
an urgent meeting of his team to discuss the issue. Mr. Lal acquired an old building near Shantivan, Ashram road, Jaipur. It was situated in a
good location. Mr. Lal thought of acquiring the building from the existing flat owners. He
Meanwhile, Mr. Lal finalised the land in one of the posh areas of Gurugram, National Capital
contacted the secretary of the society. It was a building with 2bhk apartments and had six
Territory (NCT). He purchased 1000 square meters of land in that area for twenty crore
floors. On each floor, there were 4 flats and on the ground also, the building had four flats. So,
rupees. He decided to build a project in two phases and so he thought to purchase 600 square
in total, the building had 24 flats. The society people agreed to sell their flats if they were paid
meters of the adjoining plot too. The plot belonged to an NRI, Mr. Ranveer, cousin brother of
thirty lakh rupees per flat.
Mr. Lal from whom Mr. Lal wanted to buy that plot for seven crore rupees. But Mr. Ranveer
demanded eight crore rupees. Mr. Lal was so desperate and excited to start the project that he Mr. Lal had a meeting with his architect wherein the architect suggested him to do some
accepted his offer and purchased the land. Mr. Lal paid seven crore rupees from his RFC structural changes in the existing building layouts and to build car parking by demolishing the
account and the remaining amount he paid as a gift through crossed cheque to Mr. Ranveer flats on the ground floor, as it will increase the flat value and he will be able to earn more profit
which Mr. Ranveer deposited to his NRO account. Mr. Ranveer gave his approval and by selling the flats. As per the architect’s advice, Mr. Lal purchased all the flats from existing
finalised the deal. flats owners. After a year of making all the structural changes and renovation as suggested by
his architect, Mr. Lal sold each flat at forty lakh rupees. He renamed the building as ‘Premium
Finally, in September 2016, Mr. Lal was able to launch the project by the name ‘Imperial
Heights’ and advertise for selling the flats. The building and flats after renovation looked so
Residency’ in which 200 residential units consisting of 3BHK apartments were to be
good, that one third of the previous residents of the building again re-purchased the flats from
developed. In the first phase, 100 units will be constructed and in the second phase, the next
Mr. Lal. Rest other flats were sold to the new allottees.
hundred units will be constructed. The date of completion of the project was December 2020.
Mr. Lal’s friend, Mr. Navneet Singh, started a housing project in 2016. The date of completion
Mr. Raj Maheswari, manager in KDM Bank wanted to purchase a luxurious flat of his own. As
of the project was November 2019 and the allottees were to get an allotment of flats by
he was in direct contact with Mr. Lal, he called him and asked him about the availability of flats
December 2019. Mr. Singh wanted Mr. Lal to get associated with the project as a financer. Mr.
in Imperial Residency. Mr. Lal told him that only two flats were left, as the rest all were
Lal agreed to finance, one-fourth of the project cost, in return that he will get five percent
booked. Mr. Lal's manager briefed Mr. Raj about the project. Mr. Raj got interested in the
Page 604 along with his wife. He liked its strategic profits on the sale of each flat. But the project
Page 605got delayed and by November 2019 only eight
information and went to see, Imperial Residency,
percent of work could have been completed. A meeting was held by Mr. Singh on 5th (b) Mr. Lal is liable only towards the structural defects in the buildings if such
December 2019 wherein he tried to convince all the allottees that the work will be completed defects bring to his notice within five years from the date of handing over the
by May 2020 and will start getting possession from June month. But some of the allottees possession.
refused to wait for the next six months and demanded a refund, to which Mr. Lal objected. The
(c) Mr. Lal is liable towards the structural defects or any other defect in
aggrieved allottees decided to file a complaint against the promoters if their amounts were not
workmanship, quality, or provision of services or any other obligations of the
refunded.
promoter as per the agreement for sale relating to such development in the
I. Multiple Choice Questions (2 Marks each) buildings if such defects occurred within five years from the date of handing over
the possession.
4.1 The allottees wanted a refund of their entire amount from Mr. Singh. Do you think Mr.
Lal has a right to raise objections against the refund? (d) Mr. Lal is liable for the structural defects in the buildings if such defects bring to
his notice within five years from the date of handing over the possession.
(a) As being one of the financers of the project, Mr. Lal has a right to raise the
objection. 4.4 Regarding the flat purchased by Mr. Raj jointly along with Mr. Ashima, which of the
following is the correct statement?
(b) Mr. Lal can raise objections, only when he is one of the promoters of the project.
(a) Advance in form of deposit shall not be a sum of more than 5% of the cost of the
(c) Mr. Lal can raise an objection, only if it is mentioned in the sale deed.
property.
(d) The allottees have the right to claim a refund whereas Mr. Lal has no right to
(b) Any amount of deposit can be collected by the promoter if a written agreement
raise any objection against the same.
for sale is entered.
4.2 Mr. Lal did renovation and changes in the existing building and re-sold one-third of the
(c) Said transaction is a Benami transaction.
flats in Premium Heights to some of the previous owners. With respect to the scope of
RERA, which of the following is the correct option? (d) None of these is a correct statement.
(a) RERA is not applicable as the building is not demolished and the only renovation 4.5 The promoters of Lotus Square didn't register the project with RERA authority as
is done with required structural changes. required under RERA, 2016. What will be the consequences they have to bear for it?
(b) RERA is not applicable as the flats are re-allotted to the existing 1/3rd of the flat (a) Penalty up to ten percent of the estimated cost of the project.
owners.
(b) Penalty up to ten lakh rupees or ten percent of the estimated cost of the project,
(c) RERA is applicable as Mr. Lal purchased more than fifty percent of the flats whichever is higher.
before their renovation.
(c) Penalty of five lakh rupees, which may cumulatively be extended up to ten
(d) RERA is applicable as Mr. Lal advertises for selling and flats are resold with new percent of the estimated cost of the project.
allotments.
(d) Penalty up to ten percent of the estimated cost of the project and imprisonment
4.3 The association of allottees of Sun Residency brought the construction defects to the up to five years.
notice of Mr. Lal. After allotting the possession to the allottees and formation of society,
II. Descriptive Questions
is Mr. Lal still liable to the allottees? Identify the correct statement, regarding the
liability of Mr. Lal. 4.6 Mr. Ranveer sold his plot to Mr. Lal and out of eight crore rupees receivable, for one
crore rupees, he wanted Mr. Lal to transfer him in form of a gift. Examine and analyse
(a) Once the society of allottees is formed, Mr. Lal is not at all liable for any repairs
the situation. (8 Marks)
or defects in the buildings.
Page 606 Page 607
4.7 Due to the earthquake in that area, the architect of the building proposed some Million and will hold a 42 percent share in the joint venture. All the necessary work permission
alternations in the structure of the layout of the building. As an owner of the maximum approvals had been taken including the building/layout plans, developing internal and
apartments in the building do you think, X-One Company Ltd. is in a position to peripheral areas and other infrastructures facilities, external development, and other changes
influence the opinion of promoters and the other flat holders? (7 Marks) and complying with all other requirements as prescribed under applicable rules/ by-laws/
regulation of the State government/ Municipal Bodies/Local body concerned.
CASE STUDY 5
Avon Limited wanted to build a world-class facility-based township. For this purpose, it hired
“Alex Architectural and landscaping consultancy” a UK-based firm. Alex consultancy will
Mr. Aditya Chopra is a renowned industrialist. He is the CEO of Bangalore based Avon
receive USD 200,000 according to the contractual agreement for the project. To facilitate
Limited. Last year, Mr. Aditya Chopra went to Italy along with his daughter Ruhi for her
smooth working in India, Alex consultancy planned to open its branch office in India as it will
admission to the Fine Arts College of Italy. Mr. Chopra on 25th April 2019 remitted
be an ongoing project for 3 to 4 years.
USD 50,000 from his current account for the education of Ruhi in Italy. Ruhi did shopping for
USD 5,000 on the same date. While returning from Italy, Mr. Chopra bought one painting and Alex Consultancy was in search of some good property. After few days of search, the
artefacts of Italian marble worth USD 25,000. All these shopping and purchasing of paintings company was able to locate a good property which belonged to Mr. Naveen who is working as
and artefacts were done via Mr. Chopra’s International Credit Card. Ruhi wanted to participate an IT professional in a company in Mumbai for 5 years. After few talks with Mr. Naveen, Alex
in the famous sweepstake of Italy. To see her daughter happy, Mr. Chopra did a payment of Consultancy finalised the lease for four years, with a rent of Rs. 15 Lacs per annum. In July
USD 500 via his International Credit Card. After returning to India, Mr. Aditya Chopra 2019, Mr. Naveen’s company gave him a promotion and send him to its U.S.A branch and
transferred USD 150,000 to Ruhi for purchasing a flat in Italy for her comfortable stay. He also Mr. Naveen got shifted to the U.S.A. on 1st August 2019.
remitted USD 25,000 to Ruhi for purchasing a car in Italy. After six months, Ruhi met with an Mr. James Demello was appointed as head of the team in India to lead the above project by
accident in Italy. She was hospitalised in Italy and then Mr. Chopra further remitted Alex Consultancy. He visited India on 20th April 2019 with his team. He held a joint meeting
USD 80,000 for her medical expenses. and discussion with Mr. Chopra and other officials of Aviance Company about the layout plan
Mr. Aditya Chopra owns a construction company called, Chopra Real Estate Developers and the whole look of the project. He went back to the U.K. on 8th May 2019. He again came
Limited (CREDL), which is one of the biggest names among the real estate companies. back to India on 14th June 2019 and decided to stay in India, as the project was in the initial
CREDL is a subsidiary of Avon Limited. The turnover of CREDL is INRs 500 crores. In the last stage and he needed to be at the project site for monitoring all the details of the ongoing
five years, CREDL has completed many successful projects in its name, both for the construction. Due to some urgent personal work, he went back to the U.K. on 1st September
development of housing plots as well as construction and development projects. In 2014, 2019 and returned on 25th September. On 20th December 2019, he went to the U.K. for
CREDL won the award for the best Real Estate Company in India. Christmas and New Year's vacation. After his vacation, Mr. Demello came back to India on
15th January 2020. He went back to London on 28th February 2020.
Mr. Aditya Chopra decided to construct and develop a township on the Bengaluru-Mumbai
highway. The land is just 5 km away from Bengaluru city. Mr. Chopra purchased this land at a Meanwhile, Mr. Chopra got an invitation from abroad to attend the International Conference, to
price of INR 40 crores in the year 2017. Due to a shortage of funds, he was not able to start be held in London. Mr. Chopra sent one of the company’s directors, Mr. Avinash to attend the
the project. So, in September 2018, Mr. Chopra thought to start the project with the investment International Conference. Mr. Avinash was issued a multicurrency forex travel card of value
in a Joint venture with a foreign company. He was having talks with foreign-based companies 50,000 USD from the company. Out of USD 50,000, ninety percent of the amount was loaded
and in the end, two companies were short-listed. One is the Val Group of Companies and the into the card, and the rest of USD 5,000 was given in cash. After he returned back to India,
other one is the Aviance Group of Companies. After few rounds of meeting with both the Mr. Avinash had unspent USD 2,000, left with him, which he kept with himself for future use.
companies, Mr. Chopra finalised a joint venture with Aviance Group of Companies. In April 2020, Mr. Demello came back to India to resolve some issues pertaining to the
Aviance Company is a Swedish company dealing in Steel manufacturing, cable wire structure of the floors. This time his wife, Mrs. Heena Demello accompanied him who is an
manufacturing, and Infrastructure building company. On 3 rd October 2018, the joint venture NRI. Mrs. Demello with her husband went to see the property in her native place which she
deal was signed between both companies. PageThe
608Aviance Company agreed to invest USD 5 inherited from her maternal grandmother. PageShe609
refreshed and shared some memories of her
childhood with Mr. Demello. Mr. Chopra organised a party for Mr. and Mrs. Demello wherein 5.3 Mr. Demello invited the cultural group to perform in the London, Does any prior
the cultural group performed the traditional dance on the folk songs. Mr. Demello impressed permission required for drawl of foreign exchange for the same?
with the performance, that he invited the cultural group to perform in London on the annual
(a) Since it is an unofficial cultural tour they don't require any prior permission.
day function of Alex Consultancy. Mr. Demello during this visit bought a 3BHK flat in the same
project (in which he is working) jointly with his wife, because of the serene view and lake- (b) The cultural group will require prior permission from the concerned State
facing location. After a couple of weeks, he went back to carry on his employment with Alex government.
Consultancy to work on other projects. Before leaving, he gave necessary instructions to his (c) The cultural group will require prior permission from RBI.
team for the ongoing construction work.
(d) The cultural group will require prior permission from the Central Government.
I. Multiple Choice Questions (2 Marks each)
5.4 Whether the rental income received by Mr. Naveen can be repatriated outside India to
5.1 Mr. Aditya Chopra went to Italy for Ruhi's admission to Fine Arts College. Including the the U.S.A.?
total fees of college, purchase of artefacts and painting, house and car bought by Ruhi
(a) The lease was finalised when Mr. Naveen was a resident Indian, hence the
in Italy along with all her medical expenses has exceeded the prescribed limit of USD
income cannot be repatriated.
250,000 during the financial year. Advice Mr. Chopra with the correct course of action
(b) The rental income can be freely repatriated outside India subject to payment of
(a) Mr. Aditya Chopra needs to submit the estimate from the college university and
applicable taxes.
also an estimate from the hospital/doctor abroad, to the authorised dealer.
(c) The rental income cannot be repatriated outside India without prior approval of
(b) Mr. Aditya Chopra can transfer USD 130,000 in excess of the limit of USD
RBI.
250,000, without permission of RBI and without submitting any evidence.
(d) The rental income can only be repatriated after making an application to AD
(c) Mr. Aditya Chopra can transfer any amount to meet expenses abroad.
Bank.
(d) Mr. Aditya Chopra will need RBI approval for remittance beyond USD 250,000.
5.5 Naveen got a promotion in his company and on 1st August 2019, he went to the USA.
5.2 Presuming in the given case, the Aviance Company has appointed an agent in Sweden Determine his residential status in terms of the Foreign Exchange Management Act,
for the sale of units in the township near Bengaluru, and commission @ 6% per 1999. Pick the correct option out of the following:
property sold was agreed with him after deduction of taxes applicable in India. The sale
(a) Mr. Naveen shall be a person resident in India for the financial year 2019-20
price of each unit is much more than USD 500,000. In light of provisions of the Foreign
only.
Exchange Management Act, 1999 is there any prior permission required for his
appointment in consideration of the limit of commission to be paid to him? (Ignore the (b) Mr. Naveen shall be a person resident in India for the financial year 2020-21
provisions contained under the Real Estate (Regulation and Development) Act 2016) only.
(a) No prior approval is required as the property is situated in India. (c) Mr. Naveen shall be a person resident in India for both the financial years, 2019-
20 and 2020-21.
(b) Prior approval of Central Government is required as the commission exceeds
limit of five percent. (d) Mr. Naveen neither a person resident in India for the financial year 2019-20 nor
during 2020-21.
(c) Prior approval of RBI is required as the commission exceeds the limit of five
percent. II. Descriptive Questions
(d) No prior permission is required as agent commission will be remitted after 5.6 Enumerate the legal position of the given situations in the light of the Foreign Exchange
deduction of taxes applicable in India. Management Act, 1999;
Page 610 Page 611
Test Series: October-2022
MOCK TEST PAPER
FINAL COURSE GROUP II
PAPER 6D: ECONOMIC LAWS
(i) The transaction done by Mr. Chopra using International Credit Card (ICC) for
purchase of sweepstake. Also state the consequences of the same, if any. Suggested answers /Hints
(ii) Mr. Avinash had unspent USD 2,000 with him after he returned to India. He
didn’t submit the unspent money to the company. (8 Marks) Case study 1
5.7 Enumerate the legal position of the given situations in the light of the Foreign Exchange 1.1 (c) 1100 Square feet
Management Act, 1999:
Reason
(i) Mr. Demello bought a 3BHK flat jointly with his wife. Determine the residential
Section 2(k) of RERA provides the definition of Carpet Area. It means the net usable floor area
status of Mr. Demello for F.Y. 2020-21 and being a foreign national, whether he
of an apartment, excluding the area covered by the external walls, areas under services shafts,
is eligible to buy a flat in India jointly with Mrs. Demello?
exclusive balcony or verandah area and exclusive open terrace area, but includes the area
(ii) Mrs. Demello has inherited a property from her grandmother here in India. covered by the internal partition walls of the apartment.
Justify how being a person resident outside India, she can repatriate the sale
Calculation: 1200 Sq Ft – [3% of 1200 =36 External wall + 24 Sq Ft of Balcony + 40 Sq Ft of
proceeds of immovable property outside India? (7 Marks)
open terrace]
=1200 – [36+24+40]
=1200 – [100]
=1100 Sq Ft.
1.2 (c) Any transaction in any high-value exports or remittances
Reason
The explanation attached to Section 12AA(4) of the PML Act provides the meaning of ‘Specified
transaction’. It states that ‘Specified transaction’ means-
(a) any withdrawal or deposit in cash, exceeding such amount;
(b) any transaction in foreign exchange, exceeding such amount;
(c) any transaction in any high value imports or remittances;
(d) such other transaction or class of transactions, in the interest of revenue or where there
is a high risk or money-laundering or terrorist financing,
as may be prescribed.
Thus, as per the definition of ‘specified transaction’, among the four options given I the above
MCQ, the options (c) which states that ‘Any transaction in any high-value exports or
remittances’ do not come, since in the explanation the words used are ‘any transaction in any
high value imports or remittances’.
1.3 (a) Valid, because Mr. Mishra is a member of the association, and notice can be served through
Page 612 Page 613
the post
Reason
a notice under sub-section (1) of section 24 may be served on the person named therein either As per section 15(1) of Real Estate (Regulation and Development) Act 2016, the promoter shall
by post or as if it were a summons issued by a Court under the Code of Civil Procedure, 1908 not transfer or assign his majority rights and liabilities in respect of a real estate project to a
(5 of 1908). third party without obtaining prior written consent from two-third allottees, except the promoter,
and without the prior written approval of the Authority.
Further as per clause V to sub-section 2 provides that notice referred to in sub-section (1) may
be addressed to the principal officer or any member, in the case of any association or body of It is also important to consider explanation to the said sub-section, which says that for the
individuals.”. purpose of this sub-section, the allottee, irrespective of the number of apartments or plots, as
the case may be, booked by him or booked in the name of his family, or in the case of other
1.4 (d) Treasury bills of one-year maturity rated not less than A by Fitch
persons such as companies or firms or any association of individuals, by whatever name called,
Reason booked in its name or booked in the name of its associated entities or related enterprises, shall
The RBI has issued Master Direction - External Commercial Borrowings, Trade Credits and be considered as one allottee only.
Structured Obligations, vide No. RBI/FED/2018-19/67 FED Master Direction No.5/2018-19, Explanation simply implies that Mr. Nayak and Mr. Gautam will be counted as 2 allottees rather
dated 26.03.2019 (updated as on 12.04.2021). than 5 in totality which makes the total allottees 137 in number. 2/3rd of 137 will be 91.33. Here
The para 4.1. of the aforesaid Master Direction provides as under: 91.33 shall be considered as 92.
Parking of ECB proceeds abroad: ECB proceeds meant only for foreign currency Note – here reasonable interpretation (of law) shall be constructed, 2/3 allottees shall be read
expenditure can be parked abroad pending utilisation. Till utilisation, these funds can be as at least 2/3 allottees and shall be round-up.
invested in the following liquid assets Further consent by allottees of 93 apartments, including Mr. Nayak and Mr. Gautam, becomes
(a) deposits or Certificate of Deposit or other products offered by banks rated not less than the consent from only 90 allottees by the virtue of the explanation to section 15(1) as quoted
AA (-) by Standard and Poor/Fitch IBCA or Aa3 by Moody’s; above, and 90 is less than the required number i.e. 92. Moreover, the in the case study, no
where it is mentioned that prior written approval of the State RERA Authority has been taken.
(b) Treasury bills and other monetary instruments of one-year maturity having minimum
Hence for these 3 reasons (as mentioned above) the transfer is not valid.
rating as indicated above and
(b) JSED is not allowed to re-allocate the allotments for the project ‘Nirmal Awas’ because as per
(c) deposits with foreign branches/subsidiaries of Indian banks abroad.
proviso to sub-section 1 to section 15 of the Real Estate (Regulation and Development) Act
Here, in the given options of the MCQ, the options (a), (b) and (c) are correct. As regards the 2016. It provides that any such transfer or assignment shall not affect the allotment or sale of
option (d) is concerned, it is written as ‘Treasury bills of one-year maturity rated not less than the apartments, plots or buildings as the case may be, in the real estate project made by the
A by Fitch’, while as para 4.1. (b) of the Master Direction the rating of the TB should not be less erstwhile promoter.
than the rating Fitch IBCA.
(c) The application moved by JSED to seek an extension of time on the grounds of delay on
1.5 (a) Valid account of transfer of project is not maintainable as per the provisions of section 15(2) of the
Real Estate (Regulation and Development) Act 2016. It provides that on the transfer or
Reason
assignment being permitted by the allottees and the Authority under section 15(1), the intending
Section 22(2) of the IBC provides that the committee of creditors (CoC), may, in the first promoter shall be required to comply with all the pending obligations under the provisions of
meeting, by a majority vote of not less than sixty-six per cent. of the voting share of the financial this Act or the rules and regulations made thereunder, and the pending obligations as per the
creditors, either resolve to appoint the interim resolution professional as a resolution agreement for sale entered into by the erstwhile promoter with the allottees.
professional or to replace the interim resolution professional by another resolution professional.
The proviso attached to section 15(2) further clarifies the position. It states that any transfer or
In the given case the CoC in its meeting passed a resolution with 73% of the voting share to assignment permitted under provisions of this section shall not result in extension of time to the
replace the existing IP to another IP. Hence the action of the CoC is valid. intending promoter to complete the real estate project and he shall be required to comply with
1.6 (a) No, the transfer of an interest in the project ‘Nirmal Awas’ by CDIL to JSED is not legally valid all the pending obligations of the erstwhile promoter, and in case of default, such intending
due to the following three reasons. promoter shall be liable to the consequences of breach or delay, as the case may be, as
provided under this Act or the rules and regulations made thereunder.
1. Consent of 2/3 allottees is not taken.
Thus, Section 15 puts restrictions on the promoter from making any kind of amendment or
2. Consent given by allottees isPage
not in614
writing. Page 615
alteration in any plans that have already been sanctioned.
3. Prior written approval from the state authority under RERA is not taken.
17 (a) No the credence of NCLAT (Appellate Authority) is not admissible because as per section
as far as may be, apply to the proceedings or appeals before the Adjudicating Authority, the has been falsely proved by any person during the corporate insolvency resolution
National Company Law Appellate Tribunal, the Debt Recovery Tribunal or the Debt Recovery process; or
Appellate Tribunal, as the case may be.
(e) prevents the production of any book or paper affecting or relating to the property or
Hence applications moved under sections 7 and 9 are time-bound and must be filed within the affairs of the corporate debtor; or
limitation period.
(f) accounts for any part of the property of the corporate debtor by fictitious losses or
In the case of Dena Bank (Now Bank of Baroda) Vs. S.Shivakumar Reddy and Anr. [Civil Appeal expenses, or if he has so attempted at any meeting of the creditors of the corporate
No. 1650 of 2020 dated 4th August, 2021], the Supreme Court of India quoted that the insolvency debtor within the twelve months immediately preceding the insolvency commencement
Committee of the Ministry of Corporate Affairs, Government of India, in a report published in date, he shall be punishable with imprisonment for a term which shall not be less than
March 2018, stated that the intent of the IBC could not have been to give a new lease of life to three years, but which may extend to five years, or with fine, which shall not be less than
debts which were already time barred. Thereafter Section 238A was incorporated in the IBC by one lakh rupees, but may extend to one crore rupees, or with both:
the Insolvency and Bankruptcy Code (Second Amendment) Act, 2018, with effect from 6th June
Provided that nothing in this section shall render a person liable to any punishment under this
2018. [Para 97]
section if he proves that he had no intent to do so in relation to the state of affairs of the
(b) In section 238A, the words ‘proceedings or appeals before the Adjudicating Authority’ is used, corporate debtor.
hence it does not make any difference for the applicability of the provisions of Limitation Act,
2.2 (c) Purchaser doesn’t make a default, because 25% of the purchase price shall be deposited
1963, in case the application is moved by the operational creditor under section 9. The answer
including the earnest money.
will remain the same i.e. the credence of NCLAT (Appellate Authority) will still be not admissible.
Reason
In the case of Dena Bank (Now Bank of Baroda) Vs. S.Shivakumar Reddy and Anr. [Civil Appeal
No. 1650 of 2020 dated 4th August, 2021], the Supreme Court of India stated that the right to As per rule 9 of the Security Interest (Enforcement) Rules, 2002. On every sale of immovable
initiate CIRP and a petition under section 7 or 9 (Section 9 deals with the CIRP by Operational property, the purchaser shall immediately, i.e. on the same day or not later than the next
Creditor) of the IBC is required to be filed within the period of limitation prescribed by law, which working day, as the case may be, pay a deposit of 25% of the amount of the sale price,
would be 3 years from the date of default by virtue of Section 238A of the IBC read with Article which is inclusive of earnest money deposited, if any, to the authorised officer conducting
137 to the Schedule to the Limitation Act, 1963, unlike delay in filing a suit. [Para 140] the sale and in default of such deposit, the property shall be sold again.
Thus, the Apex Court in this case has already mentioned Section 7 or 9, hence there will not 2.3 (c) Mr. Satbir violates the law, there will be a penalty of up to USD 90000
be any change in the answer and the law of limitation shall apply in initiation of CIRP either by Reason
financial creditor or operational creditor.
As per item number viii in part 1 to schedule III of Foreign Exchange Management (Current
CASE STUDY 2 Account Transactions) Rules 2000 individuals can avail of foreign exchange facilities within a
limit of USD 250000 without prior approval of RBI for the purpose of studies abroad.
2.1 (b) III only Further sub-section 1 to section 13 of the Foreign Exchange Management Act 1999, provides
if any person contravenes any provision of this Act, or contravenes any rule, regulation,
Reason notification, direction, or order issued in exercise of the powers under this Act, or contravenes
Section 70 (1) of Insolvency and Bankruptcy Code 2016 says misconduct in course of CIRP any condition subject to which an authorisation is issued by the Reserve Bank, he shall, upon
amounts to, where an officer of the corporate debtor on or after the insolvency commencement adjudication, be liable to a penalty up to thrice the sum involved in such contravention where
date; such amount is quantifiable, or up to two lakh rupees where the amount is not quantifiable, and
where such contravention is a continuing one, a further penalty which may extend to five
(a) does not disclose to the resolution professional all the details of the property of the
thousand rupees for every day after the first day during which the contravention continues.
corporate debtor, and details of transactions thereof, or any such other information as
the resolution professional may require; or Here in the present case since the amount involved in the contravention is quantifiable, which
arrives at USD 30000, because the amount permissible by Schedule III is USD 250000. Hence
(b) does not deliver to the resolution professional all or part of the property of the corporate
the amount of penalty can be up to USD 90000 (i.e. 3 times USD 30000)
debtor in his control or custody and which he is required to deliver; or
Page 616 Page
Note - Since the university fee was 617 USD 40000 in that year hence, the Liberalised
a mere
(c) does not deliver to the resolution professional all books and papers in his control or
Remittance scheme has no importance here, which otherwise, allows remittance of more than
custody belonging to the corporate debtor and which he is required to deliver; or
UDS 250000 f th f t d i b d
2.4 (b) the number, type, and the carpet area Hence special court has the power to grant the bail applications.
Reason In the case of Ms. Gurdeep, bail can be granted by the special court even without giving the
public prosecutor an opportunity to oppose the application for such release.
Sub-section (2) to section 4 of the Real Estate (Regulation and Development) Act 2016,
provides the list of documents and details that shall be enclosed with the application referred Whereas in the case of Mr. Iyer, since the amount involved in the offence is INRs 3 crore (which
to in sub-section (1) of section 4. The item specified as clause (h) states the number, type, and is more than INRs one crore); hence bail can only be granted after giving the public prosecutor
the carpet area of apartments for sale in the project along with the area of the exclusive balcony an opportunity to oppose the application for such release and court is satisfied that there are
or verandah areas and the exclusive open terrace areas appurtenant with the apartment if any. reasonable grounds for believing that he is not guilty of such offence and that he is not likely to
commit any offence while on bail.
2.5 (d) Transaction is not benami, hence there is no benamidar
2.7 As per section 13 of the Real Estate (Regulation and Development) Act 2016, A promoter shall not
Reason
accept a sum more than ten percent of the cost of the apartment, plot, or building as the case may be,
Said transaction covered under exceptions (iii) and (iv) to sub-clause A to clause 9 to section as an advance payment or an application fee, from a person without first entering into a written
2 of The Prohibition of Benami Property Transactions Act 1988, hence not a benami transaction agreement for sale with such person and register the said agreement for sale, under any law for the
and there is no benamidar. time being in force.
Exception 3 read as any person being an individual in the name of his spouse or in the name Hence in the present case, the maximum advance that can be charged by ADRPL from Ms. Gurdeep
of any child of such individual and the consideration for such property has been provided or is ൠ 8.04 lakhs.
paid out of the known sources of the individual.
Further, as per section 4 (2) (l) (D) of the Real Estate (Regulation and Development) Act 2016, seventy
Exception 4 read as any person in the name of his brother or sister or lineal ascendant or percent of the amounts realised for the real estate project from the allottees, from time to time, shall
descendant, where the names of brother or sister or lineal ascendant or descendant and the be deposited in a separate account to be maintained in a scheduled bank to cover the cost of
individual appear as joint owners in any document, and the consideration for such property has construction and the land cost and shall be used only for that purpose. Provided that the promoter
been provided or paid out of the known sources of the individual. shall withdraw the amounts from the separate account, to cover the cost of the project, in proportion
2.6 (a) Provisions of section 45 (1) of the Prevention of Money Laundering Act, 2002 (here-in-after to the percentage of completion of the project.
referred as to the Act) are applicable here. The same is applicable in the case of advance money or application fee as well, hence ADRPL shall
As per the second proviso to section 45(1) of the Act, the Special Court shall not take deposit seventy percent of the advance or booking fee also in a separate account.
cognizance of any offence punishable under section 4 except upon a complaint in writing made As per section 60 of the Real Estate (Regulation and Development) Act 2016, if any promoter provides
by; false information or contravenes the provisions of section 4, he shall be liable to a penalty that may
(i) the Director; or extend up to five percent of the estimated cost of the real estate project, as determined by the
Authority. Hence if ADRPL fails to deposit seventy percent of the advance or booking fee also in a
(ii) any officer of the Central Government or State Government authorised in writing in this
separate account then liable to penalties stated under section 60.
behalf by the Central Government by a general or a special order made in this behalf by
that Government. Whereas for accepting the advance or booking/application fee of more than ten percent of the cost of
the apartment, the penalty specified under section 61 shall be levied.
Hence special court can’t take sou-moto cognizance of any offence of money laundering.
Section 61 provides, if any promoter contravenes any other provisions of this Act, other than that
(b) Though section 45(1) of the Act says notwithstanding anything contained in the Code of
provided under section 3 or section 4, or the rules or regulations made thereunder, he shall be liable
Criminal Procedure, 1973, no person accused of an offence under this act shall be released on
to a penalty which may extend up to five percent of the estimated cost of the real estate project as
bail or on his own bond unless
determined by the Authority.
(i) the public prosecutor has been given an opportunity to oppose the application for such
2.8 Benami transaction is defined under clause 9 to section 2 of the Prohibition of Benami Property
release; and
Transactions Act 1988. Benami transaction means a transaction or an arrangement where a property
(ii) where the public prosecutor opposes the application, the court is satisfied that there are is transferred to, or is held by, a person, and the consideration for such property has been provided,
reasonable grounds for believing that he is not guilty of such an offence and that he is or paid by, another person; and the property is held for the immediate or future benefit, direct or
Page 618 Page 619
not likely to commit any offence while on bail indirect, of the person who has provided the consideration.
But proviso states a person who is under the age of sixteen years or is a woman or is sick or It is important to consider that Mr. Satbir will neither get any immediate nor future benefit, neither direct
It is also important to consider the apex court judgment in the landmark case ‘Pawan Kumar Gupta vs. Provided that the period of twenty-four hours shall exclude the time necessary for the journey
Rochiram Nagdeo’, AIR 1999 SC 1823. The word provided used in section 2 (9) (A) shall not be from the place of arrest to the Special Court or Magistrate's Court.
constructed narrowly. So even if the purchaser had availed himself of the help rendered by his father
3.4 (d) None of i, ii, and iii
for making up the sale consideration that would not make the sale deed a Benami transaction so as
to push it into the forbidden area envisaged in section 3(1) of the act. Court also took the example of Reason
a purchaser of land, who might have availed himself of the loan facility from the bank to make up the Remittance of freight of vessel charted by a PSU is stated at serial number 3 of the Schedule
purchase money. II to the Foreign Exchange Management (Current Account Transactions) Rules, 2000.
It is worth noting that money given to Ms. Gurdeep by Mr. Satbir is in form of borrowing, which is duly As per rule 4 of the Foreign Exchange Management (Current Account Transactions) Rules,
repaid by Ms. Gurdeep. 2000, no person shall draw foreign exchange for a transaction included in Schedule II without
Hence amount borrowed by Ms. Gurdeep from his younger brother Mr. Satbir to pay advance or prior approval of the Government of India. In the case of Remittance of freight of a vessel
booking deposit shall not make push transactions into the forbidden area; hence the transaction is not charted by a PSU, the prior permission of the Ministry of Surface Transport (Chartering Wing)
a Benami transaction. is required to be soughed.
CASE STUDY 3 Rule 4 shall not apply where the payment is made out of funds held in the Resident Foreign
Currency (RFC) Account of the remitter.
3.5 (d) All of i, ii, and iii
3.1 (b) The show-cause notice can be addressed to the principal officer or any other member
Reason
Reason
As per section 5(23C) of the Insolvency and Bankruptcy Code, 2016, the pre-packaged
As per section 25 (2) of the Prohibition of Benami Property Transactions Act, 1988, any notice insolvency resolution process costs means
referred to in sub-section (1) may be addressed to the principal officer or any member thereof,
in the case of any other association or body of individuals. a. the amount of any interim finance and the costs incurred in raising such finance;
3.2 (d) all i, ii, and iii b. the fees payable to any person acting as a resolution professional and any expenses
incurred by him for conducting the pre-packaged insolvency resolution process during
Reason the pre-packaged insolvency resolution process period, subject to section 54F(6);
Power to impose a lesser penalty is provided with CCI under section 46 of the Competition Act, c. any costs incurred by the resolution professional in running the business of the corporate
2002. Section 46 has four provisos, the first three of them are relevant here. debtor as a going concern pursuant to an order under section 54J(2);
Provided that lesser penalty shall not be imposed by the Commission in cases where the report d. any costs incurred at the expense of the Government to facilitate the pre-packaged
of investigation directed under section 26 has been received before making of such disclosure. insolvency resolution process; and
Provided further that lesser penalty shall be imposed by the Commission only in respect of a e. any other costs as may be specified.
producer, seller, distributor, trader or service provider included in the cartel, who has made the
full, true and vital disclosures under this section. 3.6 As per section 33(1) of the Real Estate (Regulation and Development) Act, 2016, the appropriate
Government may, while formulating a policy on the real estate sector (including review of laws related
Provided also that lesser penalty shall not be imposed by the Commission if the person making to the real estate sector) or any other matter, make a reference to the Authority for its opinion on the
the disclosure does not continue to cooperate with the Commission till the completion of the possible effect of such policy or law on real estate sector and on the receipt of such a reference, the
proceedings before the Commission. Authority shall within a period of sixty days of making such reference, give its opinion to the appropriate
3.3 (c) Special Court or Judicial Magistrate or a Metropolitan Magistrate; 24 hours excluding the time Government, which may thereafter take further action as it deems fit.
necessary for the journey from the place of arrest to Special court or court of Judicial Magistrate In the given case, a draft of the upcoming policy was sent by the appropriate government to State Real
or Metropolitan Magistrate Estate Regulatory Authority for its reference on 29th March 2022. Hence 60 days will last till 28th May
Reason 2022. Whereas the opinion was furnished by the authority with the appropriate government during the
3rd week of May, hence within the prescribed time limit.
As per section 19 (3) of the Prevention
Pageof620
Money Laundering Act 2002, every person arrested Page 621
under sub-section (1) shall, within twenty-four hours, be taken to a Special Court or Judicial As per sub-section 2 to section 33, the opinion given by the Authority under sub-section (1) shall not
Magistrate or a Metropolitan Magistrate, as the case may be, having jurisdiction: be binding upon the appropriate Government in formulating such policy or laws.
3.7 (a) As per sub-rule 4 to rule 9 of the Security Interest (Enforcement) Rules, 2002, the balance Reason
amount of the purchase price payable shall be paid by the purchaser to the authorised officer
The allottees can demand refund from the promoter in terms of section 19(4) of RERA. Here
on or before the fifteenth day of confirmation of sale of the immovable property or such extended
Mr. Lal is the financier only and do not come within the definition of promoter as prescribed
period as may be agreed upon in writing between the purchaser and the secured creditor, in
under section 2(zk) of RERA.
any case not exceeding three months.
4.2 (d) RERA is applicable as Mr. Lal advertises for selling and flats are resold with new allotments.
Since the period of 15 days is specified in the rules hence specifying the time limit of two weeks
for payment of the balance amount by authorised officer is invalid. The period for payment of Reason:
the balance amount to the authorized officer shall be computed from the day of confirmation of Section 3(2)(c) of RERA provides that notwithstanding anything contained in sub-section (1),
sale of the immovable property. no registration of the real estate project shall be required for the purpose of renovation or repair
(b) Yes, the bank (the secured creditor) can grant the extension for payment of the balance amount or re-development which does not involve marketing, advertising selling or new allotment of
of the purchase price for a period not exceeding three months. any apartment, plot or building, as the case may be, under the real estate project.
(c) Further as per sub-rule 5 In default of payment within the period mentioned in sub-rule (4), the Thus, as per the provision the registration was not required for renovation or repair or re-
deposit shall be forfeited to the secured creditor and the property shall be resold and the development provided the promoter has not done the advertisement. Here the promoter has
defaulting purchaser shall forfeit all claim to the property or to any part of the sum for which it done advertisement, therefore he is liable for registration under RERA.
may be subsequently sold. 4.3 (d) Mr. Lal is liable for the structural defects in the buildings if such defects bring to his notice within
Hence if Mr. Mishra failed to pay the balance amount within 8 weeks then the bank may forfeit five years from the date of handing over the possession.
the amount deposited by Mr. Mishra and resale the property. Reason:
3.8 Facts stated in this case are similar to that, in the matter of Rajasthan Cylinders and Containers Limited The proviso attached to section 11(4)(a) of the RERA provides that the responsibility of the
vs UOI (Civil Appeal No. 3546/2018 dated 01.10.2019), wherein Hon’ble Supreme Court answered the promoter, with respect to the structural defect or any other defect for such period as is referred
“Can enterprises be in violation of the Competition Act, 2002 (Competition Act) when prevailing market to in sub-section (3) of section 14, shall continue even after the conveyance deed of all the
conditions are themselves not conducive to a competitive market?” apartments, plots or buildings, as the case may be, to the allottees are executed.
While examining the market conditions prevailing in the LPG cylinders market, the Supreme Court held Section 14(3) of RERA provides that in case any structural defect or any other defect in
that ‘those very factors on the basis of which the CCI has come to the conclusion that there was workmanship, quality or provision of services or any other obligations of the promoter as per
cartelization, In fact, become valid explanations to the indicators pointed out by the CCI’. The Supreme the agreement for sale relating to such development is brought to the notice of the promoter
Court noted that the above mentioned market condition led to a situation of oligopsony that prevailed within a period of five years by the allottee from the date of handing over possession, it shall
because of limited buyers and influence of buyers in fixation of prices s all prevalent’. be the duty of the promoter to rectify such defects without further charge, within thirty days, and
On the basis of the above factors, the Supreme Court held that the LPG cylinder manufacturers had in the event of promoter's failure to rectify such defects within such time, the aggrieved allottees
discharged their onus by showing that the parallel behaviour was not a result of concerted practice but shall be entitled to receive appropriate compensation in the manner as provided under this Act.
of the market conditions where BPCL was calling the shots in so far as price control is concerned. 4.4 (d) None of these is a correct statement.
Thus, the Supreme Court held that at this stage it was up to the CCI to inquire further in the case, Reason:
which it failed to do. Accordingly, the Supreme Court held that there was not sufficient evidence to
We have to examine each of the option given below:
hold the LPG cylinder manufacturers in violation of the Competition Act and set aside the COMPAT
orders upholding the LPG cylinder manufacturers in violation of the Competition Act. Option (a): As per section 13(1) of RERA the advance payment is restricted up to 10% of the
cost of apartment. In the given case, Mr. Ashima paid only 10%, so option (a) is correct.
Hence in the given case, it is advised to make an appeal against the order of the COMPAT, as both
the arguments advanced are likely to be accepted in light of the judicial precedent discussed above. Option (b): Section 13(1) provides that a promoter shall not accept a sum more than ten per
cent. of the cost of the apartment, plot, or building as the case may be, as an advance payment
CASE STUDY 4
or an application fee, from a person without first entering into a written agreement for sale with
such person and register the said agreement for sale, under any law for the time being in force.
4.1 (d) The allottees have the right to claim Page 622whereas Mr. Lal has no right to raise any objection
a refund In the given case, the agreement for Page
sale623
was entered into before giving 10% as an advance.
against the same. Hence option (b) is correct.
Option (c): This is not the benami transaction, since the purchase has paid the amount from 4.7 Section 14(2)(ii) of the RERA, 2016, states that the promoter shall not make any other alterations or
his known sources of income (on which the Income tax has been paid) and for the remaining additions in the sanctioned plans, layout plans, and specifications of the buildings or the common
amount he has taken loan from bank. Hence option (c) is correct. areas within the project without the previous written consent of at least two-thirds of the allottees, other
than the promoter, who have agreed to take apartments in such building.
Option (d): Now option (d) remains which is the last correct option which says “None of these
is a correct statement. Explanation to section 14(2)(ii) also states that, for the purpose of this clause, the allottees,
irrespective of the number of apartments or plots, as the case may be, booked by him or booked in
4.5 (a) Penalty up to ten percent of the estimated cost of the project.
the name of his family, or in the case of other persons such as companies or firms or any association
Reason: of individuals, etc., by whatever name called, booked in its name or booked in the name of its
associated entities or related enterprises, shall be considered as one allottee only.
Section 59(1) of the RERA provides that if any promoter contravenes the provisions of section
3, he shall be liable to a penalty which may extend up to 10% of the estimated cost of the real Hence, from the provisions of the above section and its explanation, it is clear that despite the company
estate project as determined by the Authority. holding twenty flats in the project, it will be counted as a single allottee. The builder needs the consent
of two-thirds of allottees prior to making changes in the existing plan or building layout. So, it can be
4.6 Under the Liberalised Remittance Scheme (“LRS”), all resident individuals, including minors, are said that X-One Company Ltd. is not in a position to manipulate neither builder nor any other allottees.
allowed to freely remit up to USD 250,000 per financial year for any permissible current or capital If two-third of the allottees give their written consent, then the required changes will be made in the
account transaction or a combination of both. Such remittances are permitted to be used for conducting building structure.
permissible current or capital account transactions and subsumes gifts in foreign currency made to
any NRI or Persons of Indian Origin (“PIO”). CASE STUDY 5
However, as per answer to FAQ no. 26 on the LRS, a resident individual can make a rupee gift to an
NRI/PIO, who is a close relative of the resident individual [relative’ as defined in Section 2(77) of the
5.1 (d) Mr. Aditya Chopra will need RBI approval for remittance beyond USD 250,000.
Companies Act, 2013] by way of crossed cheque /electronic transfer. The amount should be credited
to the Non-Resident (Ordinary) Rupee Account (NRO) of the NRI / PIO and credit of such gift amount Reason
may be treated as an eligible credit to NRO Account. The gift amount would be within the overall limit
Para 1(viii) of Schedule III of FEM (Current Account Transactions) Rules, 2000 provides that
of USD 250,000 per financial year as permitted under the LRS for a resident individual. It would be the
individuals can avail of foreign exchange facility for the studies abroad within the limits of USD
responsibility of the resident donor to ensure that the gift amount being remitted is under the LRS and
250000. Any additional remittance in excess limit for the aforesaid purpose shall require prior
all the remittances made by the donor during the financial year including the gift amount have not
exceeded the limit prescribed under the LRS. approval of the RBI.
Here, the term “relative” is to derive its meaning from the definition provided in section 2(77) of the 5.2 (c) Prior approval of RBI is required as the commission exceeds the limit of five percent.
Companies Act, 2013, which state that ‘relative’ with reference to any person, means anyone who is Reason
related to another, if –
Para 2 Schedule III of FEM (Current Account Transactions) Rules, 2000 provides that certain
(i) They are member so a HUF; remittance by persons other than individuals shall require prior approval of the RBI. Its sub-
para (ii) provides that the Commission, per transaction, to agents abroad for sale of residential
(ii) They are husband and wife; or
flats or commercial plots in India exceeding USD 250000 or 5% of the inward remittance,
(iii) One person is related to the other in such manner as prescribed in Rule 4 of the Companies whichever is more, require prior approval of RBI.
(Specification of definitions details) Rules, 2014. i.e. spouse, father, mother, son, son’s wife, 5.3 (d) The cultural group will require prior permission from the Central Government.
daughter, daughter’s husband, brother, and sister of the individual.
Reason
Accordingly, FEMA brings in, a restrictive meaning to gifting transactions by covering gifts of the sum
of money within the LRS domain and the scope of relative is narrower. Schedule II of FEM (Current Account Transactions) Rules, 2000 provides the list of transactions
which require prior approval of the Central Government. S. No. 1 of this Schedule states that
So, according to the definition of ‘relative’ under the Company Act 2013, it does not include cousin for Cultural Tours, the approval of the Ministry of Human Resources Development (Dept. of
brother. Therefore, gift of a sum of Indian Rupees by Mr. Lal by way of a crossed cheque to his cousin Education and Culture) is required.
brother would require prior approval of RBI.
5.4 (b) The rental income can be freely repatriated outside India subject to payment of applicable taxes.
Hence, in the above case, rupees one crore can only be transferred to Mr. Ranveer, if in case, he comes
within the ambit of the definition of "close Page 624 otherwise the money can be transferred through
relatives" Reason Page 625
crossed cheque to a cousin brother, only with the prior permission of RBI and no benefit of the limit under Para 3(f) of Schedule I of Foreign Exchange Management (Deposit) Regulations, 2016 provides
LRS would be available in such case that Current income in India due to the account holder subject to payment of applicable taxes
5.5 (a) Mr. Naveen shall be a person resident in India for the financial year 2019-20 only 21.4 There is no aggregate monetary ceiling separately prescribed for use of ICCs through
internet.
Reason
21.5 Resident individuals maintaining foreign currency accounts with an Authorised Dealer in
Section of 2(v) of FEMA reads as under:
India or a bank abroad, as permissible under extant Foreign Exchange Regulations, are
“person resident in India” means— free to obtain ICCs issued by overseas banks and other reputed agencies. The charges
(i) a person residing in India for more than 182 days during the course of the preceding incurred against the card either in India or abroad, can be met out of funds held in such
financial year but does not include— foreign currency account/s of the card holder or through remittances, if any, from India
only through a bank where the card holder has a current or savings account. The
(A) a person who has gone out of India or who stays outside India, in either case —
remittance for this purpose should also be made directly to the card issuing agency
(a) for or on taking up employment outside India, or abroad, and not to a third party.
(b) for carrying on outside India a business or vocation outside India, or 21.6 The applicable limit will be the credit limit fixed by the card issuing banks. There is no
(c) for any other purpose, in such circumstances as would indicate his intention monetary ceiling fixed by the Reserve Bank for remittances, if any, under this facility.
to stay outside India for an uncertain period; 21.7 Use of ICC for payment in foreign exchange in Nepal and Bhutan is not permitted.
(B) a person who has come to or stays in India, in either case, otherwise than— (ii) According to Foreign Exchange Management Act, 1999, Mr. Avinash must surrender the
(a) for or on taking up employment in India, or unused foreign exchange within 180 days of his return from abroad. However, if he so desires,
he can keep foreign exchange up to USD 2,000 in his Resident Foreign Currency (Domestic)
(b) for carrying on in India a business or vocation in India, or
or RFC (Domestic) Accounts. He can also keep the said amount in form of foreign currency
(c) for any other purpose, in such circumstances as would indicate his intention notes or traveler cheque for use in the future course of time. Residents are permitted to hold
to stay in India for an uncertain period; foreign currency up to USD 2,000 or its equivalent provided the foreign exchange was acquired
Section 2 (w) “person resident outside India” means a person who is not resident in by him from an authorised person for travel abroad and represents the unspent amount thereof.
India; [Refer FAQ 7 Misc Forex Facilties, updated upto 21.10.2021]
In the given case, Mr. Naveen got shifted to the U.S.A. on 1st August 2019. So he Accordingly, Mr. Avinash has not contravened any provisions of the Foreign Exchange
remained in India for a period of 243 days in FY 2019-20. Management Act, 1999. The unspent money which is left with him belongs to the company and
he needs to submit it back to the company within the stipulated time. Hence, according to the
For the FY 2020-21, Naveen remained out of India for the full FY.
provisions of the Foreign Exchange Management Act, 1999, he is not liable for any punishment.
So Naveen shall be resident in India for the FY 2019-20 only.
5.7 (i) Section of 2(v) of FEMA reads as under:
5.6 (i) Para A.21- International Credit Cards of Master Circular on Miscellaneous Remittances from
“person resident in India” means—
India –Facilities for Residents, RBI/2015-16/91 Master Circular No.6/2015-16 dated 01.07.2015
provides as under: (i) a person residing in India for more than 182 days during the course of the preceding
financial year but does not include—
21.1 The restrictions contained in Rule 5 of the Foreign Exchange Management (Current
Account Transactions) Rules, 2000 will not be applicable for use of International Credit (A) a person who has gone out of India or who stays outside India, in either case —
Cards (ICCs) by residents for making payment towards expenses, while on a visit outside (a) for or on taking up employment outside India, or
India.
(b) for carrying on outside India a business or vocation outside India, or
21.2 Residents can use ICCs on internet for any purpose for which exchange can be
(c) for any other purpose, in such circumstances as would indicate his
purchased from an Authorised Dealer in India, e.g. for import of books, purchase of
intention to stay outside India for an uncertain period;
downloadable software or import of any other item permissible under Foreign Trade
Policy (FTP). (B) a person who has come to or stays in India, in either case, otherwise than—
21.3 ICCs cannot be used on internet or otherwise for purchase of prohibited items, like lottery (a) for or on taking up employment in India, or
tickets, banned or proscribedPage
magazines,
626 participation in sweepstakes, payment for call- (b) for carrying on Page 627
in India a business or vocation in India, or
back services, etc., since no drawal of foreign exchange is permitted for such
(c) for any other purpose, in such circumstances as would indicate his
items/activities.
i t ti t t i I di f t i i d
As per facts stated in the case study, Mr. Demello resided in India for more than 182 days in
the financial year 2019 -20. However, during 2020-21, he went back to carry on his employment
with Alex Consultancy. Therefore, Mr. Demello will be considered as a person resident outside
India for the financial year 2020-21.
Further, as per regulation 6 of the Foreign Exchange Management (Acquisition and transfer of
',6&/$,0(5
Immovable Property in India) Regulation 2018, a person resident outside India, not being a
Non-Resident Indian or an Overseas Citizen of India, who is a spouse of a Non-Resident Indian 7KLV6XJJHVWHG$QVZHUKRVWHGRQWKHZHEVLWHGRQRWFRQVWLWXWHWKHEDVLVIRUHYDOXDWLRQRIWKH
or an Overseas Citizen of India may acquire one immovable property (other than agricultural VWXGHQW¶VDQVZHUVLQWKHH[DPLQDWLRQ7KHDQVZHUVDUHSUHSDUHGE\WKH)DFXOW\RIWKH%RDUGRI
land/ farm house/ plantation property), jointly with his/ her NRI/ OCI spouse subject to the
conditions laid down. 6WXGLHV ZLWK D YLHZ WR DVVLVW WKH VWXGHQWV LQ WKHLU HGXFDWLRQ $OWHUQDWH $QVZHUV KDYH EHHQ
Hence, a foreign national who is a person resident outside India may acquire one immovable LQFRUSRUDWHGZKHUHYHUQHFHVVDU\:KLOHGXHFDUHLVWDNHQLQSUHSDUDWLRQRIWKHDQVZHUVLIDQ\
property, jointly with his NRI spouse.
HUURURURPLVVLRQLVQRWLFHGWKHVDPHPD\EHEURXJKWWRWKHDWWHQWLRQRIWKH'LUHFWRURI%RDUG
Hence, Mr. Demello despite being a person resident outside India and a foreign national is
eligible to acquire a flat in Bengaluru in joint ownership with Mrs. Demello. RI 6WXGLHV 7KH &RXQFLO RI WKH ,QVWLWXWH LV QRW LQ DQ\ZD\ UHVSRQVLEOH IRU WKH FRUUHFWQHVV RU
Note – It is presumed other conditions provided under regulation 6 is fulfilled.
RWKHUZLVHRIWKHDQVZHUVSXEOLVKHGKHUHLQ
(ii) According to the provisions of the Foreign Exchange Management Act, 1999:
Section 6(5) of FEMA provides that a person resident outside India may hold, own, transfer or )XUWKHULQWKH(OHFWLYH3DSHUVZKLFKDUH&DVH6WXG\EDVHGWKHVROXWLRQVKDYHEHHQZRUNHG
invest in Indian currency, security or any immovable property situated in India if such currency,
security or property was acquired, held or owned by such person when he was resident in India RXWRQWKHEDVLVRIFHUWDLQDVVXPSWLRQVYLHZVGHULYHGIURPWKHIDFWVJ LYHQLQWKHTXHVWLRQRU
or inherited from a person who was resident in India.
ODQJXDJHXVHGLQWKHTXHVWLRQ,WPD\EHSRVVLEOHWRZRUNRXWWKHVROXWLRQWRWKHFDVHVWXGLHV
Regulation 8 of Foreign Exchange Management (Acquisition and Transfer of Immovable
Property in India) Regulations, 2018 provides that- LQDGLIIHUHQWPDQQHUEDVHGRQWKHDVVXPSWLRQVPDGHRUYLHZVWDNHQ
(a) A person referred to in sub-section (5) of section 6 of the Act, or his successor shall not,
except with the prior permission of the Reserve Bank, repatriate outside India the sale
proceeds of any immovable property referred to in that sub-section.
(b) In the event of sale of immovable property other than agricultural land/farm
house/plantation property in India by a person resident outside India who is a citizen of
India or a person of Indian origin, the authorised dealer may allow repatriation of the
sale proceeds outside India, provided the following conditions are satisfied, namely:
(i) the immovable property was acquired by the seller in accordance with the
provisions of the foreign exchange law in force at the time of acquisition by him
or the provisions of these Regulations;
(ii) the amount to be repatriated does not exceed (a) the amount paid for acquisition
of the immovable property in foreign exchange received through normal banking
channels or out of funds held in Foreign Currency Non-Resident Account, or (b)
the foreign currency equivalent, as on the date of payment, of the amount paid
where such payment was made from the funds held in Non-Resident External
account for the acquisition of the property; and
(iii) in the case of residential property, the repatriation of sale proceeds is restricted
Page 628 Page 629
to not more than two such properties.
So, in the above-mentioned case, Mrs. Demello can repatriate the sale of such property
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ƵĚLJĂŶƐǁĞƌƚŚĂƚǁŝůůĐŚĂŶŐĞĚƵĞƚŽĂŵĞŶĚŵĞŶƚƚŚĞŶŵĂŝůŵĞŽŶƌŽŚŝƚĐŚŝƉƉĞƌΛŐŵĂŝů͘ĐŽŵ͘ ĐůŝĞŶƚƐĂŶĚďĞŶĞĨŝĐŝĂůŽǁŶĞƌƐĂƐǁĞůůĂƐĂĐĐŽƵŶƚĨŝůĞƐĂŶĚ
ĞdžĂŵŝĨLJŽƵĨŝŶĚĂŶLJƌĞƉĞĂƚĞĚĐĂƐĞƐƚƵĚLJĂŶĚĚŽŝŶŐĐŽƉLJƉĂƐƚĞĨƌŽŵƉĂƐƚLJĞĂƌĐŽŵƉŝůĂƚŝŽŶƚŚĞŶĚŽ ďƵƐŝŶĞƐƐĐŽƌƌĞƐƉŽŶĚĞŶĐĞƌĞůĂƚŝŶŐƚŽŝƚƐĐůŝĞŶƚƐ͘
ĞƌĞůĞǀĂŶƚƐĞĐƚŝŽŶĨƌŽŵƐƚƵĚLJŵĂƚĂƐǁĞůůƚŽĂǀŽŝĚĂŶLJƌŝƐŬŽĨĂŵĞŶĚŵĞŶƚ͘ ŶŝŶƐŽůǀĞŶĐLJƉƌŽĨĞƐƐŝŽŶĂůƐŚĂůůďĞĞůŝŐŝďůĞƚŽďĞĂƉƉŽŝŶƚĞĚ
ĂƐĂƌĞƐŽůƵƚŝŽŶƉƌŽĨĞƐƐŝŽŶĂůĨŽƌĂĐŽƌƉŽƌĂƚĞŝŶƐŽůǀĞŶĐLJ
ĞƐƚĨŽƌ džĂŵƐ͊͊͊ ƌĞƐŽůƵƚŝŽŶƉƌŽĐĞƐƐŽĨĂĐŽƌƉŽƌĂƚĞĚĞďƚŽƌŝĨŚĞ͕ĂŶĚĂůů
ƉĂƌƚŶĞƌƐĂŶĚĚŝƌĞĐƚŽƌƐŽĨƚŚĞŝŶƐŽůǀĞŶĐLJƉƌŽĨĞƐƐŝŽŶĂůĞŶƚŝƚLJ
EĂƚƵƌĞ Đƚ ^ĞĐ͘ ŵĞŶĚĞĚ>Ăǁ YŶƐĂĨĨĞĐ
ŽĨǁŚŝĐŚŚĞŝƐĂƉĂƌƚŶĞƌŽƌĚŝƌĞĐƚŽƌ͕ĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞ
dŚĞ/ŶŝƚŝĂƚŝŶŐŽĨĨŝĐĞƌŵĂLJƉƌŽǀŝƐŝŽŶĂůůLJĂƚƚĂĐŚƚŚĞďĞŶĂŵŝ ĐŽƌƉŽƌĂƚĞĚĞďƚŽƌ͘
ƉƌŽƉĞƌƚLJĨŽƌĂƉĞƌŝŽĚŶŽƚĞdžĐĞĞĚŝŶŐϵϬĚĂLJƐĨƌŽŵƚŚĞůĂƐƚ ^͘Eϭϴ͘^Ϯ͘YϮ džƉůĂŶĂƚŝŽŶʹƉĞƌƐŽŶƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚŝŶĚĞƉĞŶĚĞŶƚŽĨ
ŵĞŶĚ
ED/
Ϯϰ ĚĂLJŽĨƚŚĞŵŽŶƚŚŝŶǁŚŝĐŚƚŚĞŶŽƚŝĐĞƵŶĚĞƌƐƵďƐĞĐƚŝŽŶ;ϭͿ ^͘Dϭϵ͘^ϭ͘Y
ŵĞŶƚ ƚŚĞĐŽƌƉŽƌĂƚĞĚĞďƚŽƌ͕ŝĨŚĞ͗
ŝƐŝƐƐƵĞĚ;ĞĂƌůŝĞƌŝƚǁĂƐĨƌŽŵƚŚĞĚĂƚĞŽĨŝƐƐƵĞŽĨŶŽƚŝĐĞͿн ^͘Eϭϵ͘^ϰ͘Yϰ
;ĂͿŝƐĞůŝŐŝďůĞƚŽďĞĂƉƉŽŝŶƚĞĚĂƐĂŶŝŶĚĞƉĞŶĚĞŶƚĚŝƌĞĐƚŽƌ
džƉůĂŶĂƚŝŽŶĂĚĚĞĚ͘ƌĞĨĞƌŵŽĚƵůĞƐĞĐƚŝŽŶϮϰ
ŽŶƚŚĞďŽĂƌĚŽĨƚŚĞĐŽƌƉŽƌĂƚĞĚĞďƚŽƌ
WƌŽǀŝĚĞĚƚŚĂƚƚŚĞĚũƵĚŝĐĂƚŝŶŐƵƚŚŽƌŝƚLJƐŚĂůůŝƐƐƵĞŶŽƚŝĐĞ ŵĞŶĚ ZĞŐ͘ ƵŶĚĞƌƐĞĐƚŝŽŶϭϰϵŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚ͕ϮϬϭϯ;ϭϴŽĨϮϬϭϯͿ͕
ǁŝƚŚŝŶĂƉĞƌŝŽĚŽĨƚŚŝƌƚLJĚĂLJƐĨƌŽŵƚŚĞĚĂƚĞŽŶǁŚŝĐŚĂ / ^͘Eϭϴ͘^ϭ͘Yϭ
ŵĞŶƚ ϯ ǁŚĞƌĞƚŚĞĐŽƌƉŽƌĂƚĞĚĞďƚŽƌ
ĚĚŝƚŝ ƌĞĨĞƌĞŶĐĞŚĂƐďĞĞŶƌĞĐĞŝǀĞĚ͖ ŝƐĂĐŽŵƉĂŶLJ͖
ED/
Ϯϲ ^͘Eϭϴ͘^Ϯ͘YϮ
ŽŶ WƌŽǀŝĚĞĚĨƵƌƚŚĞƌƚŚĂƚƚŚĞŶŽƚŝĐĞƐŚĂůůƉƌŽǀŝĚĞĂƉĞƌŝŽĚŽĨ ;ďͿŝƐŶŽƚĂƌĞůĂƚĞĚƉĂƌƚLJŽĨƚŚĞĐŽƌƉŽƌĂƚĞĚĞďƚŽƌ͖Žƌ
ŶŽƚůĞƐƐƚŚĂŶƚŚŝƌƚLJĚĂLJƐƚŽƚŚĞƉĞƌƐŽŶƚŽǁŚŽŵƚŚĞŶŽƚŝĐĞ ;ĐͿŝƐŶŽƚĂŶĞŵƉůŽLJĞĞŽƌƉƌŽƉƌŝĞƚŽƌŽƌĂƉĂƌƚŶĞƌ͗
ŝƐŝƐƐƵĞĚƚŽĨƵƌŶŝƐŚƚŚĞŝŶĨŽƌŵĂƚŝŽŶƐŽƵŐŚƚ ;ŝͿŽĨĂĨŝƌŵŽĨĂƵĚŝƚŽƌƐŽƌΎƐĞĐƌĞƚĂƌŝĂůĂƵĚŝƚŽƌƐ;ĞĂƌůŝĞƌŝƚ
dŚĞƉƉĞůůĂƚĞdƌŝďƵŶĂůŽƌĂŶLJĂƵƚŚŽƌŝƚLJ;ĞĂƌůŝĞƌŝƚǁĂƐ ǁĂƐĐŽŵƉĂŶLJƐĐĞƌĞƚĂƌLJͿŝŶƉƌĂĐƚŝĐĞŽƌĐŽƐƚĂƵĚŝƚŽƌƐŽĨƚŚĞ
ĚũƵĚŝĐĂƚŝŶŐƵƚŚŽƌŝƚLJͿŵĂLJ͕ŝŶŽƌĚĞƌƚŽƌĞĐƚŝĨLJĂŶLJ ĐŽƌƉŽƌĂƚĞĚĞďƚŽƌ͖Žƌ
ŵŝƐƚĂŬĞĂƉƉĂƌĞŶƚŽŶƚŚĞĨĂĐĞŽĨƚŚĞƌĞĐŽƌĚ͕ĂŵĞŶĚĂŶLJ ;ŝŝͿŽĨĂůĞŐĂůŽƌĂĐŽŶƐƵůƚŝŶŐĨŝƌŵ͕ƚŚĂƚŚĂƐŽƌŚĂĚĂŶLJ
ŵĞŶĚ
ED/
ϰϳ ŽƌĚĞƌƉĂƐƐĞĚďLJŝƚƵŶĚĞƌƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐĐƚ;ĞĂƌůŝĞƌ ^͘Eϭϴ͘^Ϯ͘YϮ ƚƌĂŶƐĂĐƚŝŽŶǁŝƚŚƚŚĞĐŽƌƉŽƌĂƚĞĚĞďƚŽƌĂŵŽƵŶƚŝŶŐƚŽΎΎĨŝǀĞ
ŵĞŶƚ
ŝƚǁĂƐƐĞĐƚŝŽŶϮϲĂŶĚƐĞĐƚŝŽŶϰϲͿ͕ǁŝƚŚŝŶĂƉĞƌŝŽĚŽĨŽŶĞ ƉĞƌĐĞŶƚ;ĞĂƌůŝĞƌŝƚǁĂƐϭϬƉĞƌĐĞŶƚͿŽƌŵŽƌĞŽĨƚŚĞŐƌŽƐƐ
LJĞĂƌĨƌŽŵƚŚĞĞŶĚŽĨƚŚĞŵŽŶƚŚŝŶǁŚŝĐŚƐƵĐŚŽƌĚĞƌǁĂƐ ƚƵƌŶŽǀĞƌŽĨƐƵĐŚĨŝƌŵ͕ŝŶƚŚĞůĂƐƚƚŚƌĞĞĨŝŶĂŶĐŝĂůLJĞĂƌƐ͘
ƉĂƐƐĞĚ
tŚĞƌĞƚŚĞĚũƵĚŝĐĂƚŝŶŐƵƚŚŽƌŝƚLJĚĞĐŝĚĞƐƚŚĂƚĂŶLJ ĚũƵĚŝĐĂƚŝŶŐĂƵƚŚŽƌŝƚLJƐŚĂůůĂƉƉŽŝŶƚĂŶ/ŶƚĞƌŝŵZĞƐŽůƵƚŝŽŶ
ƉƌŽƉĞƌƚLJŝƐŝŶǀŽůǀĞĚŝŶŵŽŶĞLJůĂƵŶĚĞƌŝŶŐ͕ŚĞƐŚĂůů͕ďLJĂŶ WƌŽĨĞƐƐŝŽŶĂůŽŶƚŚĞŝŶƐŽůǀĞŶĐLJĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞ͘
ŵĞŶĚ
ŽƌĚĞƌŝŶǁƌŝƚŝŶŐ͕ĐŽŶĨŝƌŵƚŚĞĂƚƚĂĐŚŵĞŶƚŽĨƚŚĞƉƌŽƉĞƌƚLJ͘ / ϭϲ ;^ƵďƐƚŝƚƵƚĞĚĨŽƌΗǁŝƚŚŝŶĨŽƵƌƚĞĞŶĚĂLJƐĨƌŽŵƚŚĞ ^͘Eϭϴ͘^ϭ͘Yϭ
ŵĞŶƚ
^ƵĐŚĂƚƚĂĐŚŵĞŶƚŽƌƌĞƚĞŶƚŝŽŶŽƌĨƌĞĞnjŝŶŐŽĨƚŚĞƐĞŝnjĞĚŽƌ ŝŶƐŽůǀĞŶĐLJĐŽŵŵĞŶĐĞŵĞŶƚĚĂƚĞΗďLJ/;ŵĞŶĚŵĞŶƚͿ
ŵĞŶĚ ĨƌŽnjĞŶƉƌŽƉĞƌƚLJŽƌƌĞĐŽƌĚƐŚĂůůĐŽŶƚŝŶƵĞĚƵƌŝŶŐ Đƚ͕ϮϬϮϬ͕ǁ͘Ğ͘Ĩ͘ϮϴͲϭϮͲϮϬϭϵͿ
WD> ϴ
ŵĞŶƚ ŝŶǀĞƐƚŝŐĂƚŝŽŶĨŽƌĂƉĞƌŝŽĚŶŽƚĞdžĐĞĞĚŝŶŐϯϲϱĚĂLJƐ ĂƌůŝĞƌŝƚ
ǁĂƐϵϬĚĂLJƐŽƌƚŚĞƉĞŶĚĞŶĐLJŽĨƚŚĞƉƌŽĐĞĞĚŝŶŐƐƌĞůĂƚŝŶŐ
dŚĞƚĞƌŵŽĨ/ŶƚĞƌŝŵZĞƐŽůƵƚŝŽŶWƌŽĨĞƐƐŝŽŶĂůƐŚĂůůĐŽŶƚŝŶƵĞ
ƚŽĂŶLJŽĨĨĞŶĐĞƵŶĚĞƌƚŚŝƐĐƚďĞĨŽƌĞĂĐŽƵƌƚŽƌƵŶĚĞƌƚŚĞ
ƚŝůůƚŚĞĚĂƚĞŽĨĂƉƉŽŝŶƚŵĞŶƚŽĨƚŚĞƌĞƐŽůƵƚŝŽŶƉƌŽĨĞƐƐŝŽŶĂů
ĐŽƌƌĞƐƉŽŶĚŝŶŐůĂǁŽĨĂŶLJŽƚŚĞƌĐŽƵŶƚƌLJĂŶĚďĞĐŽŵĞĨŝŶĂů ŵĞŶĚ
/ ϭϲ ƵŶĚĞƌƐĞĐƚŝŽŶϮϮ;^ƵďƐƚŝƚƵƚĞĚĨŽƌΗƐŚĂůůŶŽƚĞdžĐĞĞĚƚŚŝƌƚLJ ^͘Eϭϴ͘^ϭ͘Yϭ
ĂĨƚĞƌĂŶŽƌĚĞƌŽĨĐŽŶĨŝƐĐĂƚŝŽŶŝƐƉĂƐƐĞĚ ŵĞŶƚ
ĚĂLJƐĨƌŽŵĚĂƚĞŽĨŚŝƐĂƉƉŽŝŶƚŵĞŶƚΗďLJƚŚĞ/;^ĞĐŽŶĚ
Page 662
'ŚĂƐŶŽƚŝĨŝĞĚΗEĂƚŝŽŶĂůWĂLJŵĞŶƚƐŽƌƉŽƌĂƚŝŽŶŽĨ/ŶĚŝĂ Page 663
ŵĞŶĚŵĞŶƚͿĐƚ͕ϮϬϭϴ͕ǁ͘ƌ͘Ğ͘Ĩ͘ϲͲϲͲϮϬϭϴͿ
;EW/ͿΗƚŽƵŶĚĞƌƚĂŬĞĂĚŚĂĂƌĂƵƚŚĞŶƚŝĐĂƚŝŽŶƐĞƌǀŝĐĞŽĨƚŚĞ
ĚĚŝƚŝ hŶŝƋƵĞ /ĚĞŶƚŝĨŝĐĂƚŝŽŶ ƵƚŚŽƌŝƚLJ ŽĨ /ŶĚŝĂ ƵŶĚĞƌ ƐĞĐƚŝŽŶ ϭϭ dŚĞ ŽŵŵŝƚƚĞĞ ŽĨ ƌĞĚŝƚŽƌƐ ŝŶ ƚŚĞ ĨŝƌƐƚ ŵĞĞƚŝŶŐ ďLJ ŵĂũŽƌŝƚLJ
WD> ϭϭ DdW DϮϭ ^ϱ
&ŽƌŵŽƌĞƐƵĐŚŶŽƚĞƐũŽŝŶƵƐŽŶ͗ŚƚƚƉƐ͗ͬͬƚ͘ŵĞͬĐĂƌŽŚŝƚĐŚŝƉƉĞƌ
^ĞĐƚŝŽŶϭϭͲWĞƌƐŽŶƐŶŽƚĞŶƚŝƚůĞĚƚŽŵĂŬĞĂƉƉůŝĐĂƚŝŽŶ͘
dŚĞĨŽůůŽǁŝŶŐƉĞƌƐŽŶƐƐŚĂůůŶŽƚďĞĞŶƚŝƚůĞĚƚŽŵĂŬĞĂŶ
ĂƉƉůŝĐĂƚŝŽŶƚŽŝŶŝƚŝĂƚĞĐŽƌƉŽƌĂƚĞŝŶƐŽůǀĞŶĐLJƌĞƐŽůƵƚŝŽŶ
ƉƌŽĐĞƐƐƵŶĚĞƌƚŚŝƐŚĂƉƚĞƌ͕ŶĂŵĞůLJ͗
;ĂͿĂĐŽƌƉŽƌĂƚĞĚĞďƚŽƌƵŶĚĞƌŐŽŝŶŐĂĐŽƌƉŽƌĂƚĞŝŶƐŽůǀĞŶĐLJ
ƌĞƐŽůƵƚŝŽŶƉƌŽĐĞƐƐŽƌĂƉƌĞͲƉĂĐŬĂŐĞĚŝŶƐŽůǀĞŶĐLJƌĞƐŽůƵƚŝŽŶ
ƉƌŽĐĞƐƐ͖Žƌ
;ĂĂͿĂĨŝŶĂŶĐŝĂůĐƌĞĚŝƚŽƌŽƌĂŶŽƉĞƌĂƚŝŽŶĂůĐƌĞĚŝƚŽƌŽĨĂ
ĐŽƌƉŽƌĂƚĞĚĞďƚŽƌƵŶĚĞƌŐŽŝŶŐĂƉƌĞͲƉĂĐŬĂŐĞĚŝŶƐŽůǀĞŶĐLJ
ƌĞƐŽůƵƚŝŽŶƉƌŽĐĞƐƐ͖
;ďͿĂĐŽƌƉŽƌĂƚĞĚĞďƚŽƌŚĂǀŝŶŐĐŽŵƉůĞƚĞĚĐŽƌƉŽƌĂƚĞ
ŵĞŶĚ ^͘Eϭϴ͘^ϭ͘Yϭ
/ ϭϭ ŝŶƐŽůǀĞŶĐLJƌĞƐŽůƵƚŝŽŶƉƌŽĐĞƐƐƚǁĞůǀĞŵŽŶƚŚƐƉƌĞĐĞĚŝŶŐƚŚĞ
ŵĞŶƚ DdW͘ϭϴ͘^Ϯ͘
ĚĂƚĞŽĨŵĂŬŝŶŐŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͖Žƌ
;ďĂͿĂĐŽƌƉŽƌĂƚĞĚĞďƚŽƌŝŶƌĞƐƉĞĐƚŽĨǁŚŽŵĂƌĞƐŽůƵƚŝŽŶ
ƉůĂŶŚĂƐďĞĞŶĂƉƉƌŽǀĞĚƵŶĚĞƌŚĂƉƚĞƌ///Ͳ͕ƚǁĞůǀĞ
ŵŽŶƚŚƐƉƌĞĐĞĚŝŶŐƚŚĞĚĂƚĞŽĨŵĂŬŝŶŐŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͖
Žƌ
;ĐͿĂĐŽƌƉŽƌĂƚĞĚĞďƚŽƌŽƌĂĨŝŶĂŶĐŝĂůĐƌĞĚŝƚŽƌǁŚŽŚĂƐ
ǀŝŽůĂƚĞĚĂŶLJŽĨƚŚĞƚĞƌŵƐŽĨƌĞƐŽůƵƚŝŽŶƉůĂŶǁŚŝĐŚǁĂƐ
ĂƉƉƌŽǀĞĚƚǁĞůǀĞŵŽŶƚŚƐďĞĨŽƌĞƚŚĞĚĂƚĞŽĨŵĂŬŝŶŐŽĨĂŶ
ĂƉƉůŝĐĂƚŝŽŶƵŶĚĞƌƚŚŝƐŚĂƉƚĞƌ͖Žƌ
;ĚͿĂĐŽƌƉŽƌĂƚĞĚĞďƚŽƌŝŶƌĞƐƉĞĐƚŽĨǁŚŽŵĂůŝƋƵŝĚĂƚŝŽŶ
ŽƌĚĞƌŚĂƐďĞĞŶŵĂĚĞ
ĐĐŽƌĚŝŶŐƚŽƐĞĐƚŝŽŶϲ;ϯͿŽĨ& D͕ĂƉĞƌƐŽŶƌĞƐŝĚĞŶƚ
ŽƵƚƐŝĚĞ/ŶĚŝĂĐĂŶĂĐƋƵŝƌĞŽƌƚƌĂŶƐĨĞƌƚŚĞŝŵŵŽǀĂďůĞ
ŵĞŶĚ
& D ϲ;ϯͿ ƉƌŽƉĞƌƚLJŝŶ/ŶĚŝĂ͕ŽƚŚĞƌƚŚĂŶĂůĞĂƐĞŶŽƚĞdžĐĞĞĚŝŶŐĨŝǀĞ ^͘Dϭϴ͘^ϯ͘Y
ŵĞŶƚ
LJĞĂƌƐ͘;KŵŝƚƚĞĚďLJƚŚĞ&ŝŶĂŶĐĞĐƚ͕ϮϬϭϱ͕ǁ͘Ğ͘Ĩ͘ϭϱͲϭϬͲ
ϮϬϭϵ͘Ϳ
ƉĞƌƐŽŶŶŽƚďĞŝŶŐĂŶŝŶĚŝǀŝĚƵĂůƌĞƐŝĚĞŶƚŝŶ/ŶĚŝĂƐŚĂůůƐĞůů
ƚŚĞƌĞĂůŝƐĞĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƚŽĂŶĂƵƚŚŽƌŝƐĞĚƉĞƌƐŽŶ
ƵŶĚĞƌĐůĂƵƐĞ;ĂͿŽĨƐƵďͲƌĞŐƵůĂƚŝŽŶ;ϭͿŽĨƌĞŐƵůĂƚŝŽŶϰ
;ŵĞŶƚŝŽŶĞĚĂďŽǀĞͿ͕ǁŝƚŚŝŶƚŚĞƉĞƌŝŽĚƐƉĞĐŝĨŝĞĚďĞůŽǁ͗Ͷ
;ϭͿĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĚƵĞŽƌĂĐĐƌƵĞĚĂƐƌĞŵƵŶĞƌĂƚŝŽŶĨŽƌ
ŵĞŶĚ ZĞŐ͘
& D ƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚ͕ǁŚĞƚŚĞƌŝŶŽƌŽƵƚƐŝĚĞ/ŶĚŝĂ͕ŽƌŝŶ ^͘Eϭϴ͘^ϯ͘Yϯ
ŵĞŶƚ ϱ
ƐĞƚƚůĞŵĞŶƚŽĨĂŶLJůĂǁĨƵůŽďůŝŐĂƚŝŽŶ͕ŽƌĂŶŝŶĐŽŵĞŽŶĂƐƐĞƚƐ
ŚĞůĚŽƵƚƐŝĚĞ/ŶĚŝĂ͕ŽƌĂƐŝŶŚĞƌŝƚĂŶĐĞ͕ƐĞƚƚůĞŵĞŶƚŽƌŐŝĨƚ͕
ǁŝƚŚŝŶƐĞǀĞŶĚĂLJƐĨƌŽŵƚŚĞĚĂƚĞŽĨŝƚƐƌĞĐĞŝƉƚ͖
;ϮͿŝŶĂůůŽƚŚĞƌĐĂƐĞƐǁŝƚŚŝŶĂƉĞƌŝŽĚŽĨŶŝŶĞƚLJĚĂLJƐĨƌŽŵƚŚĞ
ĚĂƚĞŽĨŝƚƐƌĞĐĞŝƉƚ
ŵĞŶĚ ůůͲŝŶͲĐŽƐƚĐĞŝůŝŶŐƉĞƌĂŶŶƵŵсĞŶĐŚŵĂƌŬƌĂƚĞ;ĞĂƌůŝĞƌŝƚ
& D ^͘DϮϭ͘^Ϯ͘Y
ŵĞŶƚ ǁĂƐϲͲŵŽŶƚŚ>/KZͿƉůƵƐϰϱϬďƉƐƐƉƌĞĂĚ
ŵĞŶĚ KDW Page 664
ϱ DdW͘Kϭϵ͘^Ϯ͘
ŵĞŶƚ d/d/KE
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