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Motor insurance is one of the major segments of general insurance business in India and has, per the IRDAI's report of September 2017, contributed to almost 39% of the total general insurance gross direct premium collections in the year 2016-17.
By Shubhangi Pathak, Priya Misra
The insurance sector has, in the recent years, been abuzz with the news of new players looking to acquire stakes in insurance companies and insurance intermediaries.
By Naval Sharma, Saurajay Nanda
The OTS was treated as a Resolution Plan and was approved by a 100% vote of the CoC. The Resolution Plan was thereafter placed before the NCLT for recording its satisfaction as per §31 of the IBC.
By Naval Sharma, Saket Satapathy
The Government of India, in order to iron out the issues plaguing the Insolvency and Bankruptcy Code, 2016 ("IBC Code") has been making amendments at a rapid pace.
By Celia Jenkins, Anthony Handique
On 22 May 2018, the Central Government issued a notification by which the scale of compensation for third party fatal accidents and injury claims under the Second Schedule of the Motor Vehicles Act 1988 (MV Act) was amended.
By Naval Sharma, Saket Satapathy
A full bench of the Supreme Court of India in Cheran Properties Limited v. Kasturi and Sons Limited & Ors.[1] has held that an award can be enforced even against a non-signatory to the arbitration proceedings.
By Celia Jenkins, Shubhangi Pathak, Priya Misra
Insurance brokers have been regulated for over 16 years in India, with the regulations governing insurance brokers being introduced in 2002 by the Insurance Regulatory and Development Authority of India.
By Neeraj Tuli, Saket Satapathy
In Oriental Insurance Company Limited v. Narbheram Power and Steel Pvt Ltd dated 2 May 2018 the Supreme Court has upheld the validity of a quantum-only arbitration clause and has affirmed...
By Naval Sharma, Saket Satapathy
The ACI will be a body corporate and its Chairperson will be an individual who has been a Judge of the Supreme Court or Chief Justice or Judge of any High Court or any other eminent person.
The financial year 2017-18 has been an eventful year for the Indian insurance sector, with several landmark changes being introduced to the insurance regulatory framework.
By Naval Sharma, Saket Satapathy
A Division Bench comprising Justice R. F. Nariman and Justice Navin Sinha has in a recent decision in Kandla Export Corporation & Anr. v M/s OCI Corporation & Anr.
By Naval Sharma, Shriya Luke
The Supreme Court in a recent decision in M/s Indian Farmers Fertilizer Co-operative Limited v M/s Bhadra Products has held that an award passed by an arbitrator, even on a limited issue of limitation...
2017 was an interesting year for the Indian insurance industry which witnessed a rapid increase in number of Insurers, significant transactions in the existing players, new forms of online commerce, addition of new categories of insurance intermediaries, diversity in the products on offer and evolving business processes.
By Naval Sharma, Akshay Vasishtha
The Supreme Court recently in Macquarie Bank Limited v. Shilpi Cable Technologies had the opportunity to settle the law on two important questions arising under the Insolvency and Bankruptcy Code, 2016 (‘IBC'), which have impaired operational creditors from enforcing their rights under the IBC.
By Shubhangi Pathak, Anuj Bahukhandi
The outcry among depositors is a by-product of the Indian banking system, which is largely driven by deposits from common depositors.