IndiaLaw LLP

Law firms are always on the lookout for emerging cities and markets in the country to set shop. Any good law firm has an expansion plan in place, in order to make its presence felt in not just the two major hubs—Delhi and Mumbai—but also other cities, in order to expand their customer base, and therefore, increase their revenue. Being early entrants to a new market also increases a firm’s chances of establishing a stronger practice than entrants who enter later. The latest in the list of new, emerging markets being eyed by law firms across the country, is Chennai.  It is Chennai’s business culture that is being recognized as the primary booster for law firms to establish branches in the city. Therefore, succession planning, family disputes and mergers and acquisitions showcase ample scope for law firms in the region. Further, much like Mumbai, the city also houses a vibrant film industry. Popularly known as the “Detroit of Asia”, Tamil Nadu is also a manuf...

The youth of the country has been bit by the startup bug, owing to the various success stories sprouting from various parts of India. The country is being viewed as a hotspot for business to dive in. According to the International Monetary Fund (IMF), India will be the fastest growing major economy in 2018, with a growth rate of 7.4% that rises to 7.8% in 2019 with medium-term prospects remaining positive. However, starting up is a lot more than the glitzy image formed by these success stories. The ever-evolving regulations governing the entire ecosystem can pose several barriers for new business owners. Besides, it has often been advised to view India not as a single market, but as a series of interconnected regional markets, where the regulatory and investment environment may change from one state to another.  Hence, while improvements are being introduced to digitalize processes and procedures, understanding the complexities of the same mi...

Nicknamed the “Silicon Valley of India”, Bengaluru is popular as the startup hub of India. The city’s growth has also been phenomenal, with India’s  Business Reform Action Plan, 2017  – a joint initiative between the World Bank and the  Department of Industrial Policy and Promotion  (DIPP) – naming Karnataka the 6th best Indian state in terms of ease of doing business. This is primarily because Karnataka has  established  a single window system for project approvals and has digitized the registration process with most ministries.  These startups require legal guidance at every step of the process, from incorporation to deciding on the shareholding, and raising capital, to ensuring compliance with the laws. Quite naturally, this also means that startups and law firms need to work in close liaison in order to ensure that these startups are always on the right side of law. It is this liaison that is encouraging law firms to open their offices in Beng...

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"I realized that the true function of a lawyer was to unite parties. A large part of my time during the 20 years of my practice as a lawyer was occupied in bringing about private compromises of hundreds of cases. I lost nothing thereby – not even money, certainly not my soul." Mahatma Gandhi's words couldn't have been truer, especially at a time when the backlog of court cases is so colossal that alternate means of dispute resolution have evolved from being an alternative to being a necessity. Arbitration has, especially, gained popularity for business dispute resolution due to the fact that it allows for private settlement of disputes away from media attention and ensures confidentiality, unlike Courts which provide a public forum for dispute resolution. However, anybody who has had firsthand experience of being involved in an arbitration would know that it has a long way to go before it achieves its desired purpose of becoming faster and mo...

Real estate is one of the fastest growing sectors in India, with assertions of it being on an upward trajectory after witnessing significant developments over the past one and a half years. The sector is set to reap the benefits of the reforms which began in May, 2016 with the notification of the Real Estate (Regulation and Development) Act, 2016 (RERA). RERA has since enhanced investor confidence, paving way for more structure and transparency in the sector. Further, the rolling out of the Goods and Service Tax (GST) has been claimed to bring more clarity in the process, by clubbing many different taxes into one. The combined effect of all these reforms has been an increase in real estate transactions involving buying, selling, leasing and financing of properties. However, the increase in these transactions has also led to an enhanced understanding of the risks involved while undertaking such arrangements. It is at this stage of identifying and minimizing the risks that ...

Business failure is an integral part of any economy. If the failure is a result of a wrong business model or fraud, then a quick liquidation may be the most viable outcome.  However, there may be situations such as while the business is generating revenue, the company is still failing to pay debt. This may due to a wrong financial model resulting into a mismatch between receivable and payable of the entity. A debt restructuring may be an effective resolution under such situation rather than liquidation. Success of a bankruptcy regime depends up on its ability to strike a balance between liquidation and restructuring. The erstwhile bankruptcy regime in India failed to create such a balance. Instead of extending support to a genuine entrepreneur who is on a financial stress, the lenders and other creditors attacked such businessman with multiple legal actions such as proceedings under SARFAESI Act for taking possession of secured properties; filing cases before debt recovery tribu...