Framework of IT Resilience Index for Market Infrastructure Institutions (MIIs) Dated 25th March 2026, issued by SEBI 1. Objective 1.1. The objective of the consultation paper is to seek views on creation of IT Resilience Index (ITRI) for MIIs that would be computed periodically on a pre-decided set of parameters and which would provide insights to the MII on health of its IT systems across various dimensions. 2. Background 2.1. IT systems of MIIs are cornerstone of smooth and uninterrupted functioning of MIIs. Creation of

Clarification regarding Eligibility of Members of the Institute of Cost Accountants of India to Conduct Annual Audit of Research Analysts HO/38/12/12(1)2026-MIRSD-SEC-FATF/I/7934/2026, dated 25th March 2026, issued by SEBI 1. SEBI vide Master Circular for Research Analysts dated February 06, 20261 (‘Master Circular’), has provided a consolidated document containing all directions/ instructions/ reporting requirements pertaining to Research Analysts (RAs). 2. The paragraph 31 of Chapter VI of the Master Circular, inter-alia, provides that a

Clarification regarding Eligibility of Members of the Institute of Cost Accountants of India to Conduct Annual Audit of Investment Advisers HO/38/12/12(1)2026-MIRSD-SEC-FATF/I/7933/2026, dated 25th March 2026, issued by SEBI 1. SEBI vide Master Circular for Investment Advisers dated February 06, 20261 (‘Master Circular’), has provided a consolidated document containing all directions/ instructions/ reporting requirements pertaining to Investment Advisers (IAs). 2. The paragraph 31.2 of Chapter VII of the Master Circular, inter-alia, provides that a

Addendum to SEBI Circular on Borrowing by Mutual Funds HO/(92)2026-IMD-POD-2/I/7885/2026, dated 25th March 2026, issued by SEBI 1. SEBI vide Circular No. HO/(92)2026-IMD-POD-2/I/6961/2026 dated March 13, 2026 (hereafter referred as “the circular”) prescribed certain guidelines on borrowing by Mutual Funds and incorporated at clause 5.9 of SEBI Master Circular for Mutual Funds dated March 20, 2026 (hereafter referred as “master circular”). 2. In clause 4 of the circular (clause 5.9.1 of the master circular), guidelines were

Ms. Aparna Sinha, Adviser (FSRL), Department of Economic Affairs, Ministry of Finance appointed as Ex-officio Member in IBBI F.No. 30/03/2016-Insolvency, dated 24th March 2026, issued by MCA In accordance with the provisions of clause (c) of sub-section (1) of section 189 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby appoints Ms. Aparna Sinha, Adviser (FSRL), Department of Economic Affairs, Ministry of Finance as the ex-officio member in the Insolvency and Bankruptcy Board

Introduction of Gift Card/ Gift PPI (Prepaid Payment Instrument) for Mutual Funds Dated 24th March 2026, issued by SEBI 1. Objective 1.1. The objective of this consultation paper is to solicit comments on the proposal to introduce Gift Card/ Gift PPI for subscription of mutual fund units. The proposal involves allowing purchaser of Gift Card/ Gift PPI to gift such instrument which can be utilized for

Shri Kompella Venkata Ramana Murty, Former Additional Controller General of Defence Accounts, Ministry of Defence, appointed to the post of Whole-Time Member, SEBI S.O. 1554(E), dated 24th March 2026, issued by Ministry of Finance In exercise of the powers conferred by sub-section (1) (d) and sub-section (4) of section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), read with rule 3 of the Securities and Exchange Board of India (Terms and Conditions of

SEBI Board Decisions PR No.18/2026,dated 23rd March 2026,issued by SEBI The 213th meeting of the SEBI Board was held in Mumbai today.  The SEBI Board, inter-alia, approved the following: 1. Flexibility to AIFs in winding up of scheme and surrendering of registration - Ease of doing business measure 1.1. The Board has approved proposals to amend SEBI (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations’) to cover situations in which a scheme or

Ease of Doing Business Measures - Relaxations in Certain Reporting Requirements for Certain Stock Brokers and Doing Away with the Requirement of Reporting of Demat Account HO/38/11/(1)2026-MIRSD-POD/I/7656/2026, dated 23rd March 2026, issued by SEBI 1. SEBI has specified provisions pertaining to enhanced supervision of Stock Brokers (“brokers”)/Depository Participants (“DPs”) under para 15 of Master Circular for Stock Brokers dated June 17, 2025 (hereinafter mentioned as “Master Circular”). 2. In

Corrigendum to Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2026/298, dated 16th March 2026, issued by SEBI In the notification of the Securities and Exchange Board of India F. No. SEBI/LAD-NRO/GN/2025/233 dated March 3, 2025 published in the Gazette of India, Extraordinary, Part III, Section 4, in regulation (XCIII), the words and symbols “Schedule X shall be substituted with the following schedule, namely,-” shall be read as “In Schedule X,

Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2026 No. SEBI/LAD-NRO/GN/2026/299, dated 16th March 2026, issued by SEBI In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, namely: - 1. These regulations may be called the Securities

Sh. Bachu Venkat Balaram Das, Member (Judicial), appointed as Acting President, NCLT in terms of Sub-section (1) of Section 415 of the Companies Act, 2013 S.O. 1365(E), dated 16th March 2026, issued by MCA Consequent on the completion of the term of Sh. Deep Chandra Joshi as Acting President, National Company Law Tribunal (NCLT) on 16.03.2026, Sh. Bachu Venkat Balaram Das, Member (Judicial), the senior-most Member in NCLT, shall act as President, NCLT in terms of Section 415 (1) of

  Modified Norms for Nomination in Demat Accounts and Mutual Fund Folios Dated 17th March 2026,issued by SEBI 1. Objective: This Consultation Paper seeks comments / suggestions from the public to modify the circular on ‘Revise and revamp Nomination Facilities in the Indian Securities Market’ (“Circular”) dated January 10, 2025, in order to enhance the ease of investor on-boarding and ease the nomination process by aligning with the banking norms on nomination. 2. Background: SEBI issued the circular on January 10, 2025 for demat

Review of Coverage of Settlement Guarantee Fund for Commodity Derivatives Segment HO/47/16/14(1)2026-MRD-POD1/I/7115/2026, dated 16th March 2026, issued by SEBI 1. SEBI Master Circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/136 for Commodity Derivatives Segment dated Aug 04, 2023, inter alia, prescribes norms related to Core Settlement Guarantee Fund (SGF). The extant provisions pertaining to coverage of SGF, as provided in paragraph 22 of Annexure O of the said circular are as follows: Core Settlement Guarantee Fund (Core

Securities Contracts (Regulation) (Amendment) Rules, 2026 G.S.R. 184(E), dated 13th March 2026, issued by Ministry of Finance In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957, namely:— 1. Short title and commencement. - (1) These rules may be called the Securities Contracts (Regulation) (Amendment) Rules, 2026. (2) They shall come into force on the date of their publication

Securities Contracts (Regulation) (Amendment) Rules, 2026 G.S.R. 184(E), dated 13th March 2026, issued by Ministry of Finance In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957, namely:— 1. Short title and commencement. - (1) These rules may be called the Securities Contracts (Regulation) (Amendment) Rules, 2026. (2) They shall come into force on the date of their publication

Ease of Investing - Simplification of documentation Requirement for Transmission of Securities and Revision in Threshold Limits for Simplified Documentation Dated 12th March 2026, issued by SEBI Objective 1. This consultation paper seeks comments / views / suggestions from the public and stakeholders on the proposal for simplifying documentation requirement for transmission of securities and revising limits for simplified documentation

Dr. Sadanand S Date takes Charge as Executive Director, SEBI PR No.17/2026, dated 13th March 2026, issued by SEBI Dr. Sadanand Date took charge as Executive Director, Securities and Exchange Board of India in Mumbai on March 4, 2026. He will handle Investigations Department in SEBI. Dr. Sadanand Date, is an IPS officer of 2007 batch from Uttarakhand Cadre. Prior to being appointed as Executive Director, he was on Central Deputation to Central Bureau of Investigation (CBI) and served in

Borrowing by Mutual Funds HO/(92)2026-IMD-POD-2/I/6961/2026, dated 13th March 2026, issued by SEBI A. Intraday Borrowings 1. As per prevalent industry practice, primarily for liquid and overnight schemes, the redemption payouts to the investors are processed in the morning hours of T+1 day whereas the mutual fund schemes receive the maturity proceeds from TREPS and reverse repo in the evening hours of T+1 day. In order to bridge the intraday timing mismatch of inflow and outflow of funds, the mutual

Ease of Doing Business - Relaxation in Certification Requirement for Persons Associated with Research Services (PARS) - Sales and Other Non-core Services HO/38/12/(5)2026-MIRSD-POD/I/6703/2026, dated 11th March 2026, issued by SEBI 1. In terms of Regulation 7 of Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (“RA Regulations”), Persons Associated with Research Services (PARS), shall, inter-alia, obtain relevant certification from National Institute of Securities Market (NISM). 2. Vide Gazette Notification dated February 14, 2025 under Securities and Exchange Board of

For an account to be maintained by an account holder, it is essential that he is in a position to operate the account by either depositing monies therein or by withdrawing money therefrom and to give effective instructions to his banker with whom the account is maintained. Once the account has been attached by an order of the Court it cannot be said that ingredients of section 138 are not fulfilled Negotiable Instruments Act, 1881 – Section 138 – Dishonour of

A power of attorney holder or authorised person can file complaint and pursue it on behalf of the principal and in the name of actual owner or person they represent and not in their personal name. But it is not permissible in law to file complaint in his personal capacity Negotiable Instruments Act, 1881 – Section 138 – Dishonour of cheque – Complaint – Complainant filing a complaint against petitioner in his individual name without any authorisation or power

The target-discount scheme of the respondent does not amount to discriminatory or exclusionary pricing in contravention of clauses (a) and (b) of sub-section (2) of section 4 Clause (a) of sub-section (2) of section 4 implies that an abuse arises only where a dominant enterprise directly or indirectly imposes unfair or discriminatory price in purchase or sale. As the words “unfair or discriminatory” import a comparative enquiry, it must first be established that transactions which are materially equivalent have been

For a pre-existing dispute to be a ground to nullify an application under section 9, the dispute raised must be truly existing at the time of filing a reply to notice of demand as contemplated by sub-section (2) of section 8 Where demand notice issued by the operational creditor to the corporate debtor and second demand notice was clearly a novated demand notice with particulars of debt and default and date of default being at variance from the first demand

While the issuance of show cause notice (‘SCN’) is mandatory upon formation of a prima facie opinion, it is not necessary after receiving response to the SCN to escalate the verification to the DG for investigation Sub-section (1) of section 29 makes it mandatory to issue an SCN on the appreciable adverse effect on competition (‘AAEC’) noted from the proposed combination to the parties and received their response. At the same time with the receipt of the response or modification

Where Adjudicating Authority has not directed any investigation under section 213 but has forwarded the copy of the order to the Ministry of Corporate Affairs (‘MCA’) for taking such steps as may be necessary, direction issued by the Adjudicating Authority cannot be read to mean any direction to MCA or any other statutory authorities to carry out the investigation The Adjudicating Authority, while exercising jurisdiction under section 9 of the Insolvency and Bankruptcy Code, 2016, also exercise jurisdiction of the NCLT

Operational creditors cannot file joint application if amount jointly exceeds Rs. one crore While Legislature permitted financial creditors to jointly file application for insolvency resolution process, it has not permitted operational creditors to do this in a scheme under sections 8 and 9. It is not correct to contend that application can be jointly filed by the operational creditors if amount jointly due on the corporate debtor exceeds Rs. one crore. Each workman/employee is a different operational creditor and is required

Sub-section (4) of section 36, which relates to liquidation process, cannot be deemed to be incorporated or available for the purpose of deciding a plea under the insolvency resolution process. Therefore, plea of exclusion of the provident fund from the scope of Chapter II of the Code will have to be considered independently of clause (iii) of sub-section (4) of section 36 It would be correct to say that the provisions of sub-section (4) of section 36, which fall under

Where the application under section 12A was filed before the constitution of the committee of creditors in accordance with the procedure laid down in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Adjudicating Authority rightly held that the creditor has locus standi to file the application post the settlement and the application under section 12A filed by the insolvency resolution professional has a direct bearing on the interest of the creditor in relation to the corporate debtor Insolvency and

The criminal proceedings under section 138 of the Negotiable Instruments Act stand terminated in relation to the corporate debtor Insolvency and Bankruptcy Code, 2016 – Section 14 read with section 138 of Negotiable Instruments Act, 1881– Moratorium – Initiation of criminal proceedings for dishonour of cheque against corporate debtor – Criminal proceedings against corporate debtor – Is to be deferred till moratorium is lifted. When the corporate insolvency resolution process of the company is underway, the corporate debtor would be covered

Sub-section (1) of section 26 requires the Commission to form an opinion whether or not there exists a prima facie case for issuance of direction to the Director General to conduct an investigation. This section does not mention about issuance of any notice to any party before or at the time of formation of an opinion by the Commission on the basis of a reference or information received by it. Language of sub-section (4) of sections 3 and section 19

Where a conjoint reading of letter of authority, verifying affidavit and affidavit of evidence makes it clear that it has been categorically averred that the sole proprietor had duly authorised his manager to act on his behalf in view of the fact that he was in-charge of the firm and as such had personal knowledge of the facts of the matter, a peremptory quashing of the complaint case by the High Court on erroneous reasoning in exercise of its

This article explores directors’ fiduciary duties under the Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 in the “twilight zone” of insolvency and examine the behavioural and institutional factors influencing directors’ wisdom to initiate restructuring actions.

Both the Prevention of Money Laundering Act, 2002 (‘PMLA’) and the Insolvency and Bankruptcy Code, 2016 (‘the Code’) having a non-obstante clause makes it difficult to decide as to which one will prevail over the other. The Code operates in civil area of law while the PMLA deals in criminal field as money laundering is an economic offence against the public at large. There are various principles of law which favour the both but the main question that arises is

In this article, the author dwells on a question as to whether in relation to a petition complaining oppression/mismanagement under section 230 of the Companies Act, 2013, the affairs of the holding company cover affairs of a subsidiary company. He is of the view that having regard to the nature of the remedy provided by section 241 and the words used therein, it would seem that those against whom a complaint can be made must be in-charge of or responsible

In this article the author delves into a question as to whether directors of companies can be appointed by postal ballot.

In this article, the author gives an insight into the appointment of directors of companies under the provisions of the Companies Act, 2013.

The central thesis of this article is that MDPs can serve as the next frontier for India’s professional services industry, transforming it into a globally competitive ecosystem. However, this transition must be accompanied by thoughtful reforms and robust safeguards to balance growth, independence and public trust.

In this article, the authors give an insight into insider trading in the backdrop of legal framework, pitfalls and preventing measures. They are of the view that the effectiveness of the insider trading framework ultimately depends on behavioural discipline within organisations, adherence to governance norms and a culture that respects confidentiality as a fiduciary responsibility, not merely a statutory requirement.

In this article, the author throws light on ongoing CSR projects under section 135 of the Companies Act, 2013.

The Competition (Amendment) Act, 2023 has introduced a new concept called ‘settlement’ which is aimed at expeditious resolution of the disputes. Framework relating to the settlement has been brought into force with effect from 6th March, 2024. The Competition Commission of India has passed its first Settlement Order on 21st April, 2025. This article elaborates the provisions related to the settlement mechanism.

In this article, the author delves into question as to whether company can give loan to its managing/whole-time directors. He concludes that by applying this rule of statutory interpretation, it can be said that sub-section (2) of section 67 is a special provision and sub-section (3) of section 185 is a general provision and, hence, the former should give way to and prevail over the latter. Consequently, although clause (c) of sub-section (3) of section 185 permits giving of loans

This paper explores how the way Indian companies finance mergers and acquisitions has changed over time, moving steadily away from bank-driven models towards capital market solutions. In the early years, internal funds and traditional bank loans were the mainstay, but they soon proved inadequate to meet the growing scale and complexity of deals. As India liberalised, regulatory reforms under the Companies Act, SEBI’s frameworks, FEMA, and faster merger control processes created the space for market-led financing to thrive.

In this article the author delves into issue of financial claim against the corporate debtor which is not part of resolution plan. Having reviewed multiple rulings of High Courts and the Supreme Court, he concludes that neither any proceeding can be initiated nor continued in respect of claims, which are not a part of the resolution plan nor any fresh claims can be lodged or enforced after the approval of the resolution plan against a corporate debtor.

One of the anti-trust practices prohibited under the Competition Act, 2002 (‘the Act’) is “abuse of dominant position”. Section 4 of the Act prohibits an enterprise or group from abusing its dominant position. If a dominant enterprise or the group indulges in any of the practices listed under clause (a) of sub-section (2) of section 4 to clause (e) of sub-section (2) of section 4, it is treated as abuse of dominance. A plain reading of section 4 gives an

In this article the authors analyse in depth cross-border investments.

This article explores unicorn governance through the lens of agency, stewardship and stakeholder theories, showing how founder dominance, investor conflicts and weak transparency shape outcomes. Case studies of Byju’s, Zomato, WeWork, Infosys and Razorpay illustrate how governance failures can destroy trust while early reforms can build credibility. A comparative review of India, the United States and the United Kingdom highlights different approaches, with India’s reactive stance leaving gaps during the critical private phase. The study argues that unicorns require tailored

In this article the author discusses in depth ruling of the Supreme Court in Chief Commissioner of Central Goods and Services Tax v. Safari Retreats (P.) Ltd. [Civil Appeal No. 2948 of 2023, dated 3rd October, 2024] dealing with the issue of whether input tax credit can be claimed against the use of goods and services in the construction of property and further dealt with the constitutionality of the exceptions mentioned in section 17 of the CGST Act, 2017.

In this article, the author sets out decisions of the Nagpur Bench and Bombay Bench of the Bombay High Court and analyses to conclude that these two have now authoritatively pronounced the way forward leaving no ambiguity in the computation of the stamp duty on a development agreement entered into by the proposed builder and the owner of the property.

This article examines the growing wave of independent director resignations in India by analysing available data, industry surveys, and case evidence. It highlights the key factors driving the exits, underscores the risks to governance stability, and proposes potential solutions to restore trust in boardroom processes. By doing so, it seeks to situate the issue not only as a corporate concern but as a policy and market imperative for India’s future economic growth.

FAQs on Combinations* [2025] 187 CLA (Mag.) 104 A. COMBINATION AND JURISDICTIONAL THRESHOLDS 1. Are all M&As required to be notified to the Commission ? Not every Merger and Acquisition (‘M&A’) activity requires notification to the Commission. As per section 6(2) of the Competition Act, 2002 (‘the Act’) only combinations require notification and approval of the Commission prior to their consummation, i.e., coming into effect even partially. 2. What is meant by a combination. M&As that meet either asset, turnover, or value of transaction thresholds

This proposal seeks for amendments in existing eligibility criteria to make PPIRP more inclusive, eventually enhancing its impact on MSME recovery and economic resilience.

Circular – Circular dated 22nd September, 2025 permitting companies to conduct their annual general meetings through video conferencing – Circular cannot be said to be in consonance with democratic principles.

Transfer of property – Can it be transferred through general power of attorney – The grantee has, in his own right, no interest in the immovable property and, therefore, the question of his transferring interest in immovable property would never arise.

Dishonour of cheque – Conviction of drawer on compounding – Can it be cancelled on compounding – When the law allows such compounding, court should not come in the way of giving effect to the same and as such should take note of the compounding and cancel the punishment awarded.

Compliance officer – Status of – Compliance officer should be clothed with the requisite powers through appropriate Board resolutions. Otherwise, he is only a paper tiger.

Director Identification Number – Surrender by a person who is no longer a director – Directors Rules does not provide for surrender of DIN. Therefore, form has to be filed and if filed late the person concerned has to shell out Rs.5,000 every year, until his death, when automatically the DIN would stand cancelled.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

Interim moratorium – Would it apply to recovery of penalties – Interim moratorium contemplated under section 96 of the Code would not apply to levying of penalties or recovery thereof.

Non-executive directors and independent directors – Are they vicariously liable – Independent and non-executive directors of companies are never in-charge of the management of affairs of companies individually, their responsibility being collective and that too only in the meetings of the Board, the question that they are liable to penal consequences would never arise.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

AGM – Agenda item – Can it be withdrawn at the meeting – Question of the item being withdrawn at the meeting cannot and would not arise particularly if the voting electronically results in disapproval of the item slated for withdrawal from consideration at the physical meeting.

CIRP – Unsuccessful applicant thereof – Can it be an aggrieved person for filing appeal under the Code – Once a corporate insolvency resolution process is approved by the Adjudicating Authority, it ceases to be a right in personam and an unsuccessful applicant of a corporate resolution process could appeal against the order of the Adjudicating Authority approving a corporate resolution process.

Equity shares on conversion of loan into share capital – Does its issue require mandatory approval of the shareholders – As the conversion of loan into share capital is done pursuant to an agreement initiated by the company, the conversion would be deemed to be issue of share capital by the company and as such provisions of section 62 of the Act would be attracted and approval of the shareholders in general meeting has mandatorily to be taken for such

Settlement of debt - Can NCLAT directly approve settlement of debt before constitution of committee of creditors and after the Adjudicating Authority admitted application - The right to deal with debt including settlement thereof, vests with the committee of creditors and not with each member of the committee and the decision of the committee is approved by the Adjudicating Authority and none else including Appellate Tribunal.

Insolvency resolution – Collective entry in balance sheet on amount due to debtors – Would it amount to acknowledgement of debt for determining the maximum time by which recourse should be taken – It would be enough if the amount of the debt forms part of the amount shown in the balance sheet of a company prepared, audited by the statutory auditors of the company and adopted by the members of the company as required by the provisions of the

Insolvency resolution process – Returning of wrongful claim for re-submission by resolution professional – Can operational creditor agitate for settling his claim after the corporate resolution proposal is approved – In returning a wrongful claim for re-submission under the appropriate head, the resolution professional is not judging the claim but only advising for correct collation of the claim.

Appeal against order of NCLT - Is NCLAT competent to condone delays beyond 45 days in filing appeals - Even if there are adequate, plausible and genuine reasons, the NCLAT cannot condone the delay in filing the appeal beyond the expiry of 15 days from the expiry of thirty days from the date of the order.

Directions by Reserve Bank to Banks - Are they mandatory - Directions are mandatory ; however, it is open to Reserve Bank to give exemptions from all or any of the directions issued by it.

Circulars/Press notes issued by Government - Do they have statutory support - They have no statutory support and as such are not binding on anyone including on the public. But they would have only persuasive value. However, circulars issued by the CBDT on the provisions of Income-tax Act, 1961 are exception to general rule.

Insolvency resolution - Approval by Adjudicating Authority - Does it release guarantor from his obligations. When under an arrangement between the corporate debtor and his creditor, the creditor agrees to accept a part of the amount due in full and final settlement of the entire debt, to which the guarantor is not a party, he would be absolved of his obligations under the guarantee, and he will get protection under section 134 of the Contract Act.

NCLAT – Single Member Bench – Can Bench exercise its powers through one Member Bench–The powers of NCLAT vest in Benches comprising one Judicial Member and one Technical Member. As a corollary no Single Member of NCLAT can exercise his powers through one Member Bench.