We are excited to share a super engaging new episode of The Great Legal Minds Show with Mr. Vivek Sood, Senior Advocate, Supreme Court of India and Aman Abbas, Founder & CEO, LawWiser.
Our host Aman Abbas, Founder, LawWiser in conversation with Mr Vivek Sood, helps us understand the journey of a lawyer specialising in Criminal and Corporate law, the initial struggle and the upward journey.
#WatchNow to hear Mr Vivek Sood talk about –
– His passion for writing and discussing the subjects like privacy, Arbitration that he has covered in detail in his books
– Critical aspects of privacy law
– The recent regulatory landscape of white-collar crime and arbitration in India
– And shares insights about his upcoming book To
Watch all this and to understand more about the journey of a Senior Advocate watch this episode now!
The issue of Resolution Professional’s fees has been a matter of debate and negotiation for quite some time now in the country.
Watch Avani Shukla sharing insights on the two key changes in the regulations around fees charged by resolution professionals (RPs). The two key changes are-
– IBBI has stipulated that RPs cannot accept or share any fees with the other professionals and other support services providers appointed under the corporate insolvency resolution process/Liquidation process.
– Introduction of a minimum fixed fee structure per month that would be linked to the number of claims admitted.
Watch now to learn more!
In this video
The issue of Resolution professional’s fees has been a matter of debate and negotiation for quite some time now in the country.
Insolvency regulator- Insolvency and Bankruptcy Board of India has brought in two key changes in the regulations around fees charged by resolution professionals (RPs).
Let us understand these changes one by one –
– It has stipulated that Resolution professionals cannot accept or share any fees with the other professionals and other support services providers appointed under the corporate insolvency resolution process or liquidation process.
– The other change is the introduction of a minimum fixed fee (per month) structure. This fixed fee will be linked to the amount of claims admitted per month. The minimum fixed fee per month ranges from ₹1-5 lakhs depending on the quantum of claims admitted.
– This fixed fee can be increased by the Committee of Creditors (CoC) depending on the cases. The reasons for the increase should be recorded in writing.
Now let’s talk about-
Performance linked incentive fee for value maximisation
A concept of performance linked incentive fee has been introduced for timely resolution, with a cap of ₹ 5 crore.
A performance linked incentive fee for value maximisation to be paid to the resolution professionals is now allowed by Insolvency and Bankruptcy Board of India at the rate of one per cent of the amount by which the “realisable value” is higher than the liquidation value.
Now for all those who don’t know what is realisable value let’s understand what it is- The net realisable value is the value of an asset that is sold, after subtracting all the costs connected to the sale.
This performance linked incentive fee for value maximisation would be available after the approval of the resolution plan by the Adjudicating Authority.
Fixed fees and performance linked success fees will further encourage the resolution professionals to complete the resolution process in time. This will help in dealing with unreasonable delays which happens in corporate insolvency resolution process quite often.
There have been some instances when NCLTs had to intervene to settle the fee of insolvency professionals during the whole process.
This is a welcome move which will help in ensuring transparency in the payment. It will also help save the time and reduce burdened with the issue of fixing the remuneration.
Economic Offences have evolved over time and include various offences like corruption, fraud, embezzlement, money laundering, forgery and so on. And with it, the laws have also evolved. Separate considerations have been established for the trial of economic offences. One such critical aspect is Bail. In any offence, bail is critical and is granted on the basis of certain factors and precedents established by the courts from time to time.
To understand better about the “Bail Strategies in Economic Offences” watch #LawWiser’s discussion where our host Avani Shukla with seasoned experts on the subject, Senior Advocate Vivek Sood, Supreme Court of India and Adv Samarjit Pattnaik, Partner, Karanjawala explores this key aspect.
Our experts answer some of the pertinent questions on the subject like:
– The distinction between economic offences and traditional crimes in the context of Bail?
– What are the bail parameters in economic offences? – Issue of bail parameters in the PMLA cases.
– What bail strategies should be adopted in economic offences while representing the accused?
– How are the courts maintaining the balance between individual liberty and the interest of larger society in matters of economic offences?
Knowledge gives you confidence, confidence gives you leadership!
We are delighted to share this engaging conversation with Raghu C.V, Group General Counsel, Samvardhana Motherson Group and Aman Abbas, Founder & CEO, LawWiser.
He talks about a wide range of topics –
1. How the legal profession turned out to be his real calling and how things have changed in the profession over time.
2. How traveling extensively across the country helped him gain experience of the different courts, legal systems and cultures.
3. How traveling across the globe taught him about the profession and what were some important learnings.
4. What challenges he faced in the fast-changing policy and regulatory landscape of the country and why the involvement of General Counsels, company secretaries etc. is important while forming regulations.
5. Why recognition of the in-house legal profession is essential and what’s the vision and mission of the General Counsels’ Association of India.
For all the law students, we also have expert advice at the end of the video to clear confusion about whether to pursue litigation, join a law firm or apply for in-house roles. Watch Now to learn more!
The Ministry of Electronics and Information Technology (MEITY) has issued a draft amendment to the Information Technology (IT) rules, 2021.
The MEITY has said that the amendment is aimed at curbing the spread of fake news and misinformation.
Tune into #LawWiser premium on “MEITY issues Draft Amendment to IT Rules, 2021” by Prabhjot Singh sharing the amendments in a precise way.
He says that the main focus of these amendments has been on the intermediaries stating that they may additionally create their community standards as per their business policies and to respect the principles of the Constitution of India.
Some of the principles have been implied as allowing the Indian constitution, laws, and rules in letter and spirit and removing illegal and damaging information that violates their terms and conditions.
When people report something, it should be deleted swiftly, and the users should be given a way to complain.
To see more such interesting videos, subscribe to #LawWiser Premium.
Welcome to the second part of the video on- MSME Sustainable (ZED) Certification scheme If you haven’t watched the first part you can access it in the description box below. In the second part watch – Subsidy on the cost of certification, certification process, surveillance and renewal process after expiration. Any number of units that are registered under UDYAM registration can apply for subsidy under this scheme. All these individual units under one UDYAM registration have to apply separately for the certification to avail benefits and incentives associated with it. All the MSMEs will get financial assistance and subsidy mile for obtaining a ZED certification Level. The subsidy on the cost of certification will be given in the form of the following structure – If you are a micro-enterprises – 80%, small enterprises- 60% and medium enterprises- 50%.
You can also get some additional subsidies-
10% subsidy if your MSME is owned by women/sc/st entrepreneurs or the MSME is situated in NER/ Himalayan/LWE/Island territories/ aspirational districts.
You will get an additional 5% subsidy if your MSME is part of ministries SFURTi or Micro; Small and Medium Enterprises- Cluster Development Programme of the ministry.
You will also learn about the certification process, gap analysis, handholding and surveillance. If you have any queries please let us know in the comment box below and do visit our website Lawwiser.