Lenders Law

Affidavits are among the most misunderstood documents in litigation and corporate filings. They are often signed casually—without realizing that an affidavit is not procedural paperwork but legal testimony in writing . As defined by the Oxford Advanced Learner’s Dictionary: An affidavit is “a written statement that you swear is true and that can be used as evidence in court.” Once you sign an affidavit, you step into the shoes of a witness. And witnesses are held accountable. The Law Governing Affidavits in India: The statutory framework for affidavits is not informal. It is embedded in law. The Code of Civil Procedure, 1908 governs affidavits through: Section 139 – Who can administer an affidavit- Order XIX – Affidavits as evidence- Only legally authorized persons (notary, magistrate, oath commissioner) can attest affidavits. Particularly important is  Order XIX Rule 3 CPC, which states that a ffidavits shall be confined to such facts as the deponent is able of his own knowledg...

The Insolvency and Bankruptcy Code (IBC) places a heavy responsibility on the Resolution Professional (RP) to ensure that only eligible Resolution Applicants (RAs) —and their connected persons —participate in a Corporate Insolvency Resolution Process (CIRP). With the recent IBBI Circular No. IBBI/CIRP/88/2025 dated 18 November 2025 , the scope, depth, and documentation requirements for such due diligence have become even more critical. The RP must directed to place a detailed note on section 29A compliance before the CoC when resolution plans are considered and ensure that deliberations and observations of the CoC are properly recorded in the minutes. This post distils the framework I personally follow as a legal practitioner, incorporating including digital tools like Tofler , ZaubaCorp , public-domain searches, SEBI jurisprudence on “persons acting in concert,” and a printable checklist. Understanding Section 29A and Who It Covers: Section 29A extends ineligibility not only t...

IBBI Valuation Framework – Current vs Proposed The Insolvency and Bankruptcy Board of India (IBBI) has released a Discussion Paper on Strengthening the Valuation Process under the IBC . The IBBI's proposed overhaul of valuation standards under the Insolvency and Bankruptcy Code seeks to eliminate inconsistencies, enhance transparency, and reduce subjectivity in valuation outcomes. Key reforms include introducing a unified valuation standard, redefining the appointment structure of valuers, and expanding valuation scope to intangible and synergy values. These reforms aim to strengthen market confidence, improve CoC decision-making, and bring valuation practices closer to global norms. However, proportionality remains essential—larger insolvencies require deeper analytical structures, while MSMEs should not be burdened with disproportionate compliance costs. Stakeholder feedback remains critical to fine-tuning these reforms. This blog analyses the changes suggested in the...

On 8 November 2025, the Securities and Exchange Board of India (SEBI) issued a strong cautionary advisory warning the public about the risks associated with Digital Gold/ E-Gold products offered on various digital platforms. This warning arrives at a time when fintech ecosystems are aggressively promoting digital gold through festive campaigns, ₹1 gold sales, jackpot offers, and even celebrity- driven, game show inspired advertisements . This widening gap between regulatory reality and advertising-driven perception demands a public conversation. 1. What SEBI Has Clarified: SEBI emphasizes that digital gold products: Not a security under the Securities Contracts Regulation Act (SCRA); Not a commodity derivative under the SEBI Act; Not an Electronic Gold Receipts (EGR) or Exchange Traded Funds (ETF) under relevant SEBI frameworks; Not issued by a government or regulated financial intermediary; SEBI has no jurisdiction over digital-gold issuers or platforms. This creates a regu...