# DV Associates > Advocates & Solicitors ## Posts - [Developer’s Rights versus Resident’s Needs – Bombay High Court’s Perspective](https://dhavalvussonji.com/developers-rights-versus-residents-needs-bombay-high-courts-perspective-2/): Introduction: The process of carrying out redevelopment of old and dilapidated housing societies in the city of Mumbai has long been a subject of legal complexity and negotiations due to which the rights of the residents are put at stake due to various issues such as delay in handover of new premises, stoppage of construction, change in governmental policies, etc. The case of Huges Real Estate Developers LLP (“Erstwhile Developer”) versus Khernagar Adarsh Co-operative Housing Society Limited (“Society”) & Anr is one such example wherein the Hon’ble Bombay High Court was tasked with determining a balance between the contractual rights […] - [Thin line between contractual dispute and IBC](https://dhavalvussonji.com/thin-line-ibc/): Introduction: Under Section 14 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), once a company enters Corporate Insolvency Resolution Process (“CIRP”), a moratorium is declared to protect its assets and maintain it as a going concern. However, in many redevelopment cases, defaulting developers misuse this protection. The moratorium is meant to protect the company’s existing assets not to revive terminated contracts or hinder the rights of societies and landowners. This article provides an overview of a judgement passed by the Supreme Court of India in the matter of A. A. Estates Private Limited vs. Kher Nagar Sukhsadan Co-Operative Housing Society […] - [Default in rent payment and strictures by SRA](https://dhavalvussonji.com/default-in-rent-payment-and-strictures-by-sra/): Introduction: The Hon’ble Bombay High Court in Writ Petition No. 3140 of 2019 has observed that there were consistent defaults being made by developers in payment of transit rent causing inconvenience to the slum dwellers including filing litigations for recovery of transit rent and in this context stated that the Slum Rehabilitation Authority (“SRA”) needs to issue an appropriate circular to prevent such situations, by freezing a part of the free-sale component which can be permitted to be dealt only after the rehabilitation building is completed, and all issues relating to payment of transit rent are duly addressed. The important […] - [Developer’s Rights versus Resident’s Needs – Bombay High Court’s Perspective](https://dhavalvussonji.com/developers-rights-versus-residents-needs-bombay-high-courts-perspective/): Introduction: The process of carrying out redevelopment of old and dilapidated housing societies in the city of Mumbai has long been a subject of legal complexity and negotiations due to which the rights of the residents are put at stake due to various issues such as delay in handover of new premises, stoppage of construction, change in governmental policies, etc. The case of Huges Real Estate Developers LLP (“Erstwhile Developer”) versus Khernagar Adarsh Co-operative Housing Society Limited (“Society”) & Anr is one such example wherein the Hon’ble Bombay High Court was tasked with determining a balance between the contractual rights […] - [Sustainable Development and Regulatory Oversight: Lessons from Vanashakti v. Union of India](https://dhavalvussonji.com/sustainable-development-and-regulatory-oversight-lessons-from-vanashakti-v-union-of-india/):  A. Abstract The Supreme Court’s decision in Vanashakti v. Union of India[1] is a landmark pronouncement in the field of environmental law, particularly in relation to the regulation of building, construction, township, and area development projects. The case involved a challenge to the Ministry of Environment, Forest and Climate Change’s (“MoEF&CC”) Notification dated 29th  January 2025[2] (“EIA 2025 Notification”) and the Office Memorandum dated 30th January 2025, both of which sought to amend and clarify the scheme of the Environment Impact Assessment Notification, S.O. 1533(E), dated 14 September 2006[3] (“2006 Notification”). The petitioners argued that these changes diluted important safeguards […] - [Fundamentals of a Legally Enforceable Arbitration Agreement: Key Principles and Pitfalls](https://dhavalvussonji.com/fundamentals-of-a-legally-enforceable-arbitration-agreement-key-principles-and-pitfalls/): I. Introduction The presence of an arbitration clause in commercial contracts has developed noticeably over the period of time in India. However, it is meaningful only when the clause is enforceable. The Arbitration and Conciliation Act, 1996 (the “Act”) provides for the statutory framework governing an Arbitration Agreement for domestic and international commercial arbitration in the country. The Supreme Court of India, in several landmark cases, has laid down the essential characteristics of a valid Arbitration Agreement and clarified what constitutes a legally binding Arbitration clause. This article lays down the essential ingredients of an Arbitration Agreement with the help […] - [The Growing Consciousness of the Indian Judiciary - IBC Vs. Slum Act](https://dhavalvussonji.com/the-growing-consciousness-of-the-indian-judiciary-ibc-vs-slum-act/): A Single Bench of The Bombay High Court has, in a recent judgment of Anudan Properties Pvt. Ltd vs. MMR Slum Rehabilitation Authority and Ors.(1) set a revolutionary precedent in Slum Rehabilitation Law. The judgment is yet another piece of jurisprudence, that vocalizes and emphasizes the triumph of welfare legislations over Insolvency Laws. The judgment in Anudan read with the judgment of the Bombay High Court in Rajan Garg, Resolution, Professional of Truly Creative Developers Pvt. Ltd. vs. CEO, SRA(2), strongly indicates the growing consciousness of the court in upholding the rights of vulnerable citizens while preventing misuse of the […] - [Supreme Court Accepts Unconditional Apology from the Tax Authorities for violating Resolution Plan](https://dhavalvussonji.com/supreme-court-accepts-unconditional-apology-from-the-tax-authorities-for-violating-resolution-plan/): On 27th March 2025, the Honorable Supreme Court of India disposed of the contempt petition accepting unconditional apology of the Tax Authorities, Chhattisgarh . In the case of M/s. JSW Steel Limited Vs Pratishtha Thakur Haritwal and Ors the Apex Court reinforced the finality of the Resolution Plans approved by the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC) ensuring that the approved plans are binding on all stakeholders including government. Insolvency process was initiated against M/s. Monnet Ispat and Energy Limited, as per the provisions of IBC, in which it was determined that total debt of the […] - [Impact of Gujarat High Court’s Ruling on Liability of GST on Transfer of Leasehold Rights](https://dhavalvussonji.com/impact-of-gujarat-high-courts-ruling-on-liability-of-gst-on-transfer-of-leasehold-rights/): In a breather to the industrial realty leasing sector, the Gujarat High Court has passed a landmark judgement in the case of Gujarat Chamber of Commerce and Industry & Ors. Vs. Union of India quashing 18% GST on transfer of leasehold rights on industrial land. Earlier, Telangana High Court in the case of M/s. Prahitha Construction Private Limited Vs. Union of India pronounced that transfer of leasehold rights cannot be regarded as sale of land and comes under the ambit of supply of service. Thus, making the transaction liable to GST. Gujarat High Court has taken an entirely contrary view […] - [EX Post Facto Environmental Clearances: A Constitutional And Statutory Analysis](https://dhavalvussonji.com/ex-post-facto-environmental-clearances-a-constitutional-and-statutory-analysis/): The case of Fatima vs Union of India raised significant environmental concerns surrounding the issuance of ex post facto environmental clearances1. I. KEY ISSUES: The kernel of the issue is whether Environmental Clearances (“EC”) which are imperative for certain projects/ activities can be issued ex post facto i.e., post project or post commencement of project? Whether the Ministry of Environment, Forest, and Climate Change (“MoEF”) could issue notifications, such as the Standard Orders (“SO”) and Office Memorandum (OM), General Statutory Rules (“GSRs”) (being collectively referred to as “Instruments”), to allow ex post facto clearances under the Environment Protection Act, 1986 […] - [ITC on construction of immovable property](https://dhavalvussonji.com/itc-on-construction-of-immovable-property/): Can ITC be availed in case of construction of immovable property intended for letting out for rent? The recent Supreme Court ruling provides a sigh of relief to real estate sector engaged in construction of immovable properties intended for letting out on lease or rent. The Honorable Supreme Court of India on 3rd October, 2024, ruled out that Input Tax Credit on construction of an immovable property meant for renting purpose can be claimed. Section 17(5)(d) of The Central Goods and Service Tax, 2017 states that input tax credit shall not be available in respect of goods or services, or […] - [Do All The Indians Leaving For Abroad Are Required To Obtain Tax Clearance Certificate?](https://dhavalvussonji.com/do-all-the-indians-leaving-for-abroad-are-required-to-obtain-tax-clearance-certificate/): With India’s black money economy size ranging between 23% to 26% of the Gross Domestic Product, fighting the demon of black money is the alarming concern faced by the country. As layman would refer to, Black Money is basically tax evaded income. Tax evasion is a serious offence as it not only slows down economic development but also poses a threat to the national security. Additionally, honest taxpayers are burdened with high rates of taxes causing doubts and discontent about the entire system of legislature. Time and again various legislations are enacted proactively by the Central Government to curb the […] - [One More Push For IFSC IBU- Liberalization In LRS](https://dhavalvussonji.com/one-more-push-for-ifsc-ibu-liberalization-in-lrs/): What is LRS: Liberalised Remittance Scheme (“LRS”) is a foreign exchange policy initiative introduced by the Reserve Bank of India (“RBI“) in 2004 vide Master Direction – Liberalised Remittance Scheme dated 04th February 2004 (as amended from time to time) (“Master Direction-LRS“). LRS is a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. Under LRS, resident individuals can freely remit funds up to a certain limit for purposes including but not limited to private visits, acquisition of immovable property abroad, business trip, emigration, opening of foreign currency account abroad with a bank […] - [Denomination Of Issuance And Trading Of Non-Convertible Securities](https://dhavalvussonji.com/denomination-of-issuance-and-trading-of-non-convertible-securities/): The circular issued by SEBI on July 3, 2024, amends Chapter V of the Master Circular No. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024, concerning the denomination of issuance and trading of non-convertible securities. The amendments aim to enhance retail investor participation and liquidity in the corporate bond market by lowering the minimum face value requirements for private placement of debt securities and non-convertible redeemable preference shares: Reduction in Face Value: The minimum face value for private placement of debt securities and non-convertible redeemable preference shares is reduced to Rs. 10,000/- from Rs. 1,00,000/-, subject to the appointment of at least one […] - [Application Under Section 7 Of The IBC Cannot Be Filed By 100 Or 1/10th Of Allottees Of Separately Registered RERA Projects Even If They Are Part Of A Common Township/layout](https://dhavalvussonji.com/application-under-section-7-of-the-ibc-cannot-be-filed-by-100-or-1-10th-of-allottees-of-separately-registered-rera-projects-even-if-they-are-part-of-a-common-township-layout/): The National Company Law Appellate Tribunal (“NCLAT“) issued a detailed judgment1 addressing several critical issues related to the interpretation of the Insolvency and Bankruptcy Code, 2016 (“I&B Code“) and the Real Estate (Regulation and Development) Act, 2016 (“RERA“). The case revolved around the question of whether a group of allottees from various sub-projects of a large township could jointly initiate a Corporate Insolvency Resolution Process (“CIRP“) against the developer. This article examines the key issues raised, the contentions from both sides, the judgment delivered, and the conclusion reached by the NCLAT. I. Background: The appellants, along with others, had initially approached […] - [Co-Working Space](https://dhavalvussonji.com/co-working-space/): Co-working is a business model in which businesses work independently or collaboratively in shared spaces. Having a physical premise to carry on business activities is a major constraint for most of the businesses in the service sector. Co-working of spaces is the most feasible solution for startup founders or freelancers or any small service providers who do not want to invest in office premises and burn the cash flow. As per the provisions of the GST Act, any person supplying goods or provider of services exceeding the specified threshold limit of turnover is liable to get themselves registered. One of […] - [Transit Rent](https://dhavalvussonji.com/transit-rent/): In the backdrop of various redevelopment projects being carried out in the city of Mumbai, Bombay High Court in the landmark judgement of Sarfaraz S Furniturewalla Vs. Afshan Sharfali Ashok Kumar & Ors. held that no TDS under section 194I of The Income Tax Act, to be deducted from transit rent. What is transit rent? Transit rents, also known as hardship or rehabilitation or displacement allowance, are paid by the developer or the landowner to the flat owners or tenant who suffer due to dispossession of the house. In a redevelopment project, the developer either provides alternate accommodation or a monthly […] - [Stamp Duty In Modi's GIFT City](https://dhavalvussonji.com/stamp-duty-in-modis-gift-city/): Gujarat International Finance Tec-City (GIFT City), the first International Financial Services [IFSC] in India, has gained the significant attention as a hub for financial and IT services. However, one crucial aspect that often remains under-discussed is the applicability of stamp duty within the Special Economic Zone [SEZ]. Simply said, GIFT City is a “Special Economic Zone” that has been set up under the Gujarat SEZ Act of 2004 (“Guj SEZ Act”).With a view to attract businesses and investors alike in GIFT City, the Government has introduced various fiscal benefits including income tax exemption, customs duty exemption, and exemption from state taxes […] - [Speculative Buyer/Investor, Not A Financial Creditor Neither An Allottee, Under IBC](https://dhavalvussonji.com/speculative-buyer-investor-not-a-financial-creditor-neither-an-allottee-under-ibc/): Recently, the NCLAT in an appeal filed by Naman Infradevelopers Pvt Ltd (“Appellant”) against Metcalfe Properties Pvt Ltd (“Corporate Debtor”) under Section 61 of the Insolvency & Bankruptcy Code, 2016 (“Code”) was called upon to decide whether a person who has invested monies in a real estate development as a “speculative buyer” would fall withing the meaning of a financial creditor under the Code. Background: The Appellant had made advance part payments of about INR 5 crore to the Corporate Debtor for purchase of residential plots in a PUDA approved colony and entered into an agreement to sell (“Agreement”) with […] - [Strengthening Insolvency Procedures: Key Amendments by the IBBI](https://dhavalvussonji.com/strengthening-insolvency-procedures-key-amendments-by-the-ibbi/): Introduction The Insolvency and Bankruptcy Board of India (“IBBI“) has recently implemented significant revisions via the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024 (“Amendment Regulations“) on January 31, 2024. These Amendment Regulations shall be effective from January 31, 2024. These changes exemplify a proactive stance in tackling challenges associated with insolvency resolution processes concerning personal guarantors (“PGs“) to corporate debtors (“CDs“). A. Removal of Restrictions on Insolvency Professionals (IPs): A significant amendment includes lifting restrictions on designating an insolvency professional (“IP“) as a resolution professional (“RP“) or bankruptcy trustee […] - [Demand For Deficit Stamp Duty On The Basis Of Incorrect Market Value Cannot Be Made Beyond Ten Years Of Registration](https://dhavalvussonji.com/demand-for-deficit-stamp-duty-on-the-basis-of-incorrect-market-value-cannot-be-made-beyond-ten-years-of-registration/): In this Article, we analyze the judgment of the Hon’ble Bombay High Court (“Court“) dated 31st January 2024 in Axayraj Buildwell Private Limited v. State of Maharashtra and Collector of Stamps, Andheri, Mumbai1 (“Judgment“) in a writ petition that challenged proceedings initiated by the Collector under the Maharashtra Stamp Act, 1958 (“Act“) in respect of payment of deficit stamp duty on a development agreement. BACKGROUND: Axayraj Buildwell Private Limited (“the Developer“) entered into a Development Agreement in September 2005 (“Agreement“) with a co-operative housing society to carry out the redevelopment of the society’s building. The said Agreement was registered in October 2005 […] - [Master Direction – Reserve Bank Of India (Commercial Paper And Non-Convertible Debentures) Directions, 2024](https://dhavalvussonji.com/master-direction-reserve-bank-of-india-commercial-paper-and-non-convertible-debentures-directions-2024/): The Reserve Bank of India (“RBI“) has issued master directions in relation to Commercial Paper (“CPs“) and Non-Convertible Debentures (“NCDs“) of original or initial maturity upto one year (“Directions“). These Directions apply to all entities dealing in Commercial Paper and/or Non[1]Convertible Debentures with a maturity of up to one year. The Directions come into force from April 01, 2024 and shall apply to transactions in CPs and NCDs entered into from such date. CPs and NCDs issued before such date will continue to be governed by earlier regulations until their maturity. ELIGIBLE PARTICIPANTS The Reserve Bank of India has delineated […] - [Applicability of sec 194-IC on transfer of land or building or both being capital asset.](https://dhavalvussonji.com/applicability-of-sec-194-ic-on-transfer-of-land-or-building-or-both-being-capital-asset/): Sec 194-IC is a withholding tax provision wherein it specifically deals with the deduction of tax at source (hereinafter referred as “TDS”) on transfer of land or building or both by resident (hereinafter referred as “Act”). In this connection, Sec 194-IC of the Act is reproduced in verbatim hereunder:- 194-IC. Notwithstanding anything contained in section 194-IA, any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under the agreement referred to in sub-section (5A) of section 45, shall at the time of credit of such sum to the account of the […] - [Hiba Under Muslim Law](https://dhavalvussonji.com/hiba-under-muslim-law/): GIFT UNDER INDIAN LAW Gift of property in India is governed by The Transfer of Property Act, 1882 (“TOPA”). Section 122 defines “Gift” as the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Chapter VII of the TOPA further lays down the law governing transfer of property by way of gift. Section 123 requires that transfer of immovable property by way of gift must be effected by a registered instrument signed by or on behalf […] - [SRA Circular On Advance Transit Rent Applicable To Ongoing Projects Also](https://dhavalvussonji.com/sra-circular-on-advance-transit-rent-applicable-to-ongoing-projects-also/): Introduction In a project being developed under a slum rehabilitation scheme, the eligible slum dwellers are to be paid transit rent, till the date of their new rehab tenement is handed over possession to them by the developer. However, there have been several instances in the past where the slum dwellers have been living in transit accommodation for years and the developers have stopped paying the rent for the same. Over the years, the complaints regarding non-payment of rent have drastically increased. Background Keeping in view the increasing instances of defaults by developers, a Public Interest Litigation being PIL No. 109 […] - [Power of Hon’ble National Company Law Appellate Tribunal to recall its Judgement](https://dhavalvussonji.com/power-of-honble-national-company-law-appellate-tribunal-to-recall-its-judgement/): Introduction: The National Company Law Appellate Tribunal (“NCLAT“) is a quasi-judicial body constituted under Section 410 of Companies Act 2013 to hear appeals against the orders of National Company Law Tribunal(s) (“NCLT“). This article provides an overview of a full Bench judgement of NCLAT wherein the NCLAT while adjudicating on a reference made by three Member Bench of the same Tribunal held that NCLAT has inherent power to recall its judgement by virtue of Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 (“NCLAT Rules, 2016“). Brief facts of the matter: By an order dated 27th July 20171 the NCLT, […] - [Directors' Liability In Cheque Dishonour Cases](https://dhavalvussonji.com/directors-liability-in-cheque-dishonour-cases/): In a recent landmark ruling, the Supreme Court of India delivered a crucial interpretation of vicarious liability under Section 141 of the Negotiable Instruments Act, 1881, (“NI Act”) in its judgment in Ashok Shewakramani & Ors. Vs. State Of Andhra Pradesh and Shanmuga Spinners1 by which multiple criminal appeals were decided. These appeals arose out of proceedings adopted under Section 138 of the NI Act against companies who had issued cheques which were subsequently dishonored. In terms of Section 141 of the NI Act, these proceedings were also initiated against directors of the company. The primary issue before the Supreme Court was whether […] - [Update: ULC Premium To Be Imposed Only On Surplus Vacant Land And Not Land Held Within Ceiling Limits](https://dhavalvussonji.com/update-ulc-premium-to-be-imposed-only-on-surplus-vacant-land-and-not-land-held-within-ceiling-limits/): In our previous article titled “ULC premium to be imposed only on surplus vacant land and not land held within ceiling limits”1, we examined a judgment passed by the Hon’ble Bombay High Court on 30th March, 2023 in Salim Alimahomed Porbanderwalla and Another vs State of Maharashtra and Another in Writ Petition No. 4849 of 2022 wherein it was held that for land within the ceiling limits i.e. land which the petitioners were always entitled to continue to hold, there cannot be a premium levied, nor can there be a revenue entry relating to Section 20 of the Urban Land (Ceiling on Holding) […] - [Supreme Court: Third party Secured Creditor cannot be treated inferior in its claim in IBC than an operational or dissenting financial creditor](https://dhavalvussonji.com/supreme-court-third-party-secured-creditor-cannot-be-treated-inferior-in-its-claim-in-ibc-than-an-operational-or-dissenting-financial-creditor/): In a recent judgement of Vistra (ITCL) India &  Ors. Vs. Mr. Dinkar Venkatasubramanian & Anr., the Hon’ble Supreme Court of India1 (“Supreme Court”) quashed the order passed by National Company Law Appellate Tribunal (“NCLAT”) wherein the NCLAT held that Amtek Auto Limited (“Corporate Debtor”) who had created a pledge over certain shares in favour of Vistra (ITCL) India Limited (“Security Trustee”), did not owe any financial debt towards Appellants and that since the Appellants did not advance any money to the Corporate Debtor as a financial debt, the same would not come within the purview of a financial creditor […] - [Stamp Duty for certain instruments reduced by 50% for ITPs in Maharashtra](https://dhavalvussonji.com/stamp-duty-for-certain-instruments-reduced-by-50-for-itps-in-maharashtra/): INTRODUCTION: The Government of Maharashtra vide an Orderdated 15th January 20081 which was amended by another Order dated 6th January 20152 (“the said Orders”), has reduced the stamp duty by 50% (Fifty percent) as otherwise chargeable under Article 25 (b) and (d) of Schedule-I to the Maharashtra Stamp Act, 1958 (“the said Act”), on the instrument of first  Agreement or Conveyance relating to the sale of property located in the area notified as “the Special Township Project” till the completion period specified in the sanction to the Integrated Township Project / Special Township Project by Urban Development Department (“UDD”) /Planning Authority. The Government of Maharashtra has sanctioned the revised Integrated Township Project Regulations vide […] - [A New Era for AIFs – Corporate Debt Market Development Fund, Liquidation Scheme And Much More….](https://dhavalvussonji.com/a-new-era-for-aifs-corporate-debt-market-development-fund-liquidation-scheme-and-much-more/): Introduction   Securities and Exchange Board of India (“SEBI”) has been making continuous efforts to increase transparency among the investors and the Alternative Investment Funds (“AIFs”) so as to ensure that the hard-earned money of the investors is not being misused by the AIFs and also aids in the conscious decision making by the AIFs. To change its efforts into reality, SEBI had released six consultation papers at the start of this ye ar inviting public comments on the changes proposed to be carried out in the SEBI (Alternate Investment Funds) Regulations, 2012 (“AIF Regulations”). Based on the above-mentioned consultation papers, […] - [OWNERSHIP UNDER THE MOFA REGIME: AN INTERPRETATION OF THE BOMBAY HIGH COURT](https://dhavalvussonji.com/ownership-under-the-mofa-regime-an-interpretation-of-the-bombay-high-court/): Introduction   The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (“MOFA”) is an act to regulate the promotion of construction, sale, management and transfer of flats on an “ownership basis” in the State of Maharashtra.   In 2016, MOFA was succeeded by the Real Estate (Regulation and Development) Act, 2016 (“RERA”), a central enactment passed with a view to strengthening the regulatory framework in the real estate sector and giving a boost to the ‘pro-allottee’ and ‘pro-buyer’ approach. Both RERA and MOFA aim to regulate the rights and obligations of builders/promoters and […] - [NCLT: In absence of charge being registered, a lender cannot be treated as a secured financial creditor.](https://dhavalvussonji.com/nclt-in-absence-of-charge-being-registered-a-lender-cannot-be-treated-as-a-secured-financial-creditor/): Introduction The National Company Law Tribunal, Ahmedabad (“NCLT”) in Intec Capital Ltd.  v. Arvind Gaudana IRP of Vrundavan Ceramic Pvt. Ltd has reiterated that in absence of a charge being registered in terms of Section 77 of the Companies Act, 2013 (“Act”), a lender cannot be treated as a secured financial creditor in terms of the Insolvency and Bankruptcy Code, 2016 (“Code”). Background An application under Section 7 of the Code made by State Bank of India was admitted against Vrundavan Ceramic Private Limited (“Corporate Debtor”) and Corporate Insolvency Resolution Process (“CIRP”) was initiated against the Corporate Debtor along with appointment of […] - [Amendment to the NCS Regulations](https://dhavalvussonji.com/amendment-to-the-ncs-regulations/): The Securities Exchange Board of India (“SEBI”) has recently amended the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“NCS Regulations”) by introducing the SEBI (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023 (“Amendment Regulations”). The NCS Regulations were introduced on August 9, 2021 and merged the provisions of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013. The Amendment Regulations come into force on the date of publication i.e., February 2, 2023. Pursuant to the Amendment Regulations, SEBI has introduced the following changes: Timeline for […] - [UNREGISTERED RELINQUISHMENT DEED IS NOT ADMISSIBLE AS EVIDENCE](https://dhavalvussonji.com/unregistered-relinquishment-deed-is-not-admissible-as-evidence/): It is well settled that the nomenclature given to the document is not a decisive factor but the nature and substance of the transaction has to be determined with reference to the terms of the documents. In a recent ruling, the Hon’ble Bombay High Court has clarified that a deed of relinquishment for inherited property must be registered to be admissible as evidence in a court of law.  In this article, we look at a judgment of the Hon’ble Bombay High Court in Chandrabhaga Kolhe (deceased) through her legal heirs Vs. Suryabhan S/o Champatra Shende (deceased) through his legal heirs. […] - [Power of the Court to reject a Plaint qua some of the Defendants.](https://dhavalvussonji.com/power-of-the-court-to-reject-a-plaint-qua-some-of-the-defendants/): Order VII Rule XI of CPC: Order VII Rule XI of the Code of Civil Procedure, 1908 (“Order VII Rule XI”) deals with the provision of ‘rejection of plaint’. It is an independent and special remedy where a court, is empowered to summarily dismiss a suit at the threshold, without recording evidence or conducting a trial.Some of the grounds, basis which, a plaint can interalia be rejected are where the plaint (i) discloses no cause of action; (ii) is barred by any law; (iii) has been undervalued; and (iv) is written upon paper insufficiently stamped. The objective of this drastic power […] - [SIGNATORY OF CHEQUE AUTHORISED BY A COMPANY IS NOT DRAWER](https://dhavalvussonji.com/signatory-of-cheque-authorised-by-a-company-is-not-drawer/): The Hon’ble High Court of Bombay while dealing with a batch of Petitions, decided a common question of law, being (i) Whether a signatory of a cheque, authorized by a “Company”, is the “drawer” and whether such signatory could be directed to pay interim compensation in terms of Section 143A of the Negotiable Instruments Act, 1881 (“NI Act”) living aside the company; and (ii) Whether a deposit of a minimum sum of 20% of the fine or compensation is necessary under Section 148 of NI Act in an appeal filed by persons other than “drawer” against the conviction and sentence […] - [ULC premium to be imposed only on surplus vacant land and not land held within ceiling limits.](https://dhavalvussonji.com/ulc-premium-to-be-imposed-only-on-surplus-vacant-land-and-not-land-held-within-ceiling-limits/): Introduction:   The Urban Land (Ceiling and Regulation) Act, 1976 (“the ULC Act”) stood repealed by the Urban Land (Ceiling and Regulation) Repeal Act, 1999 (“the Repeal Act”). On 3rd September 2014, a Full Bench of the Bombay High Court considered the effect of the Repeal Act in Maharashtra Chamber of Housing Industry & Ors v State of Maharashtra & Anr.   The majority held that exemptions granted under Section 20 of the ULC Act did not abate on repeal. The State Government (“State Government”) appointed a committee under the chairmanship of Mr. Justice B.N. Srikrishna (as he then was) and this committee recommended that the issue of exemption orders under Section 20 could and should be closed by accepting a certain payment. This led to the State Government issuing two Government Resolutions dated 1st August 2019 (“2019 GR”) and 23rd June, 2021 by which it effectively offered to close all pending issues regarding surplus land and retention land by accepting a payment, called a premium.   Although these government resolutions were a welcome step towards resolving and removing restrictions in development and transfer of affected lands, the computation […] - [Legality of Fast Track Demerger under Companies Act, 2013](https://dhavalvussonji.com/legality-of-fast-track-demerger-under-companies-act-2013/): ‘Demerger’ only defined under Income Tax Act, 1961:   The term demerger is a reorganization plan in which a standalone company is separated into two or more organizations, each of which is legally registered as a separate corporate entity and operates independently.   The term demerger is not defined under the Companies Act of 2013 (“Act”), however Sub-Section (19AA) of Section 2 of the Income Tax Act, 1961 lays down the definition of demerger. Before ascertaining the concept of demergers under the provisions of the Act, it’s important to assess the whether the definition of ‘demerger’ provided under Sub-Section (19AA) […] - [Family Investment Funds – A new regime](https://dhavalvussonji.com/family-investment-funds-a-new-regime/): In a first of its kind development, the Indian regulators have provided a formal recognition to family offices under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 (“FM Regulations”). In simple words, a family office is a wealth management entity dedicated to the needs of a family with significant wealth and involves a variety of activities such as wealth planning, tax & estate planning, investing, managing corporate and family governance issues, performing administrative, trustee and other concierge services. Traditionally, a Western and European practice, the concept of family offices has risen in large numbers in recent past amongst […] - [The State Of Maharashtra Imposes One Time Premium For Regularizing Exemption Orders Granted Under Section 20 Of The Urban Land (Ceiling And Regulation) Act, 1976 (Now Repealed).](https://dhavalvussonji.com/the-state-of-maharashtra-imposes-one-time-premium-for-regularizing-exemption-orders-granted-under-section-20-of-the-urban-land-ceiling-and-regulation-act-1976-now-repealed-2/): The Supreme Court of India (“Supreme Court“), vide its Order dated 2nd July 2019, in the matter of Maharashtra Chamber of Housing Industry, through Chief Manager Finance Mr. Chandra Prakash Goyal & Ors. vs. The State of Maharashtra, through Secretary Urban Development Department & Ors., bearing Civil Appeal No. 558 of 2017 (“Order“), permitted the State of Maharashtra to implement the recommendations of Committee headed by Hon’ble Justice Shri B. N. Srikrishna, retired Judge of the Supreme Court (“Committee“), made in its Report dated 9th August, 2018 (“Report“), which inter alia provides for imposing of one premium for completion of Schemes under Section 20 […] - [Validity Of Sale Deed Executed By Vendor Only](https://dhavalvussonji.com/validity-of-sale-deed-executed-by-vendor-only/): Background As a matter of general practice in India, documents of transfer of property are executed by all persons who are parties to the same. However, albeit the general presumption, certain types of instruments have historically been executed by a single party only such as a deed of conveyance and a deed of mortgage, typically executed by the vendor and the mortgagor. To execute means to ‘make a legal instrument valid (as, to execute a deed is to give it validity by signing or signing and sealing as required by law)’.1 The signature can be put simpliciter at the end […] - [The Judgment Of The Supreme Court In Rajendra Bhuta Vs. MHADA Is Critical For Real Estate Companies Undergoing Insolvency.](https://dhavalvussonji.com/the-judgment-of-the-supreme-court-in-rajendra-bhuta-vs-mhada-is-critical-for-real-estate-companies-undergoing-insolvency/): The Supreme Court has, in the judgment of Rajendra K. Bhuta vs. MHADA [AIR 2020 SC 3274] caused to clear the anomaly regarding a major question of law that will have far reaching effects on present and prospective real estate companies undergoing bankruptcies before the National Company Law Tribunal. The Issue before the Court was whether a land in which the Corporate Debtor has Development Rights in its favour pursuant to a Development Agreement with MHADA can be treated to be an asset of Corporate Debtor for application of provisions of Section 14(1)(d) (Moratorium provision) of the Insolvency and Bankruptcy Code (“IBC”). Section […] - [New CIRP Regulations Amendment All Set To Revolutionize The CIRP Process](https://dhavalvussonji.com/new-cirp-regulations-amendment-all-set-to-revolutionize-the-cirp-process/): The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2022 (“Amendment Regulations”) issued on 16th September 2022 have brought in its fold a very crucial amendment to the IBBI (CIRP) Regulations, 2016 (“the Regulations”). It is likely that the Amendment Regulations will bring about a change that has the potential to revolutionize the CIRP Process of Real Estate companies undergoing insolvency. Until now, it was mandatory for the Resolution Professional (“RP”) appointed under the IBC to seek resolution of the corporate debtor as a whole. In the matter of– Binani Industries Limited vs. […] - [Instruments In Escrow And Their Enforceability](https://dhavalvussonji.com/instruments-in-escrow-and-their-enforceability/): nstruments in Escrow and their enforceability In several corporate commercial transactions parties often agree upon drafts and keep them in escrow, not only for safekeeping but also since there are several conditions which parties have amongst themselves agreed upon to be complied with prior to the consummation of the transaction and registration of the documents. What happens when a dispute arises basis these documents which are executed but are kept in escrow? In this article, we look at the judgment of the Hon’ble Bombay High Court in Jeweltouch (I) Private Limited v. Naheed Hafeez Quraishi And Ors. 1 which decided this question. Facts: A […] - [ Supreme Court On Suspension Of Limitation Period](https://dhavalvussonji.com/supreme-court-on-suspension-of-limitation-period/): Introduction: Due to the outbreak and rapid spread of covid-19 pandemic, the Government of Maharashtra, Public Health Department, issued notification dated March 14, 2020 1 viz., The Maharashtra COVID-19 Regulations, 2020 and implemented containment measures such as, sealing of the geographical area, banning entry or exit of people from the containment area, closure of schools, offices, gyms, cinema halls, swimming pools, sports complexes and banning public gatherings, banning vehicular movement, initiating active and passive surveillance, hospital isolation of all suspected cases, designating government buildings as containment unit, etc. If any person, institution or organization is found violating any provisions of the COVID-19 […] - [Balancing Development With Environmental Needs: The Economic Sensitive Zone Of The Sanjay Gandhi National Park](https://dhavalvussonji.com/balancing-development-with-environmental-needs-the-economic-sensitive-zone-of-the-sanjay-gandhi-national-park/): INTRODUCTION An Eco-Sensitive Zone (“ESZ”) is a buffer zone surrounding the national parks, sanctuaries, and wildlife corridors in the country (collectively, “Protected Areas”), wherein certain activities are prohibited and certain activities are regulated with a view to conserving the ecosystems and wildlife of the Protected Areas. Very often, there is a divergence of views among different stakeholders as regards what should be the definition and extent of a particular ESZ. ESZs are relevant in the real estate sector as their definition, extent and regulation are determinative of whether construction and development activities can be carried out therein and the nature […] - [Digital Lending: The Way Ahead](https://dhavalvussonji.com/digital-lending-the-way-ahead/): The pace at which digital lending is growing, it is no surprise that the number of lenders has increased manifold in the last few years. The overall volume of disbursement through digital mode exhibited a growth of more than twelvefold between 2017 and 2020 (from ₹11,671 crore to ₹1,41,821 crore). Generally, banks and NBFCs operate with a Lending Service Provider (“LSP”) who provides a lending platform and carries out certain functions on behalf of the lender’s such as customer acquisition, underwriting support, pricing support, servicing, monitoring, and recovery of loans. Digital lending involves providing and recovering loans through their LSP […] - [Recovery Of Possession By MHADA During CIRP](https://dhavalvussonji.com/recovery-of-possession-by-mhada-during-cirp/): Insolvency and Bankruptcy Code, 2016 (“IBC”) has been enacted by the legislature with an intent to revive and rehabilitate companies with a view to maximize value for all stakeholders. In this regard, it is obvious that the resolution of insolvency under the IBC can only be of the “assets” of the corporate debtor. Explanation to Section 18 of the IBC specifically excludes assets that are in the possession of the corporate debtor but are owned by third parties and are only held by the corporate debtor in trust or through contractual arrangement. Accordingly, the resolution plan proposed under the IBC cannot include […] - [No Requirement Of Tripartite Agreement For Redevelopment Under Regulation 33(5) Of The DCPR, 2034](https://dhavalvussonji.com/no-requirement-of-tripartite-agreement-for-redevelopment-under-regulation-335-of-the-dcpr-2034/): Introduction: The Development Control and Promotion Regulations for Greater Mumbai, 2034 (“DCPR“), have been sanctioned by the Urban Development Department of the Government of Maharashtra under the provisions of Section 31(1) of the Maharashtra Regional and Town Planning Act, 1966. Background Regulation 33(5) of the DCPR deals with development/redevelopment of housing schemes of Maharashtra Housing & Area Development Authority (“MHADA”). Under Regulation 33(5) MHADA grants a higher Floor Space Index (FSI) for redevelopment of such lands to mainly provide housing to the economically weaker sections and lower and middle-income group category. As per the provisions of Regulation 33(5) of the […] - [India: Land Donated In The Bhoodan Movement Cannot Be Wasted By Allowing It To Be Sold](https://dhavalvussonji.com/india-land-donated-in-the-bhoodan-movement-cannot-be-wasted-by-allowing-it-to-be-sold/): The Bhoodan Movement was spearheaded by Gandhian Vinoba Bhave to persuade wealthy landowners to donate some of their land for distribution to landless poor persons or for public purposes. Several states passed Bhoodan or Gramdan Acts to govern such donation and distribution. In this article, we look at a judgment of the Gujarat High Court in Heirs and Legal Representatives of Deceased Topandas Kundanmal V/s State of Gujarat and others1  which held that land parcels voluntarily donated to the Bhoodan Samitis towards the Bhoodan Movement for the benefit of the landless persons cannot be transferred or sold to third parties and such […] - [India: No NOC Needed Of Collector For Transfer Of Flats On Land Leased To Developer](https://dhavalvussonji.com/india-no-noc-needed-of-collector-for-transfer-of-flats-on-land-leased-to-developer/): In the island city, there are approximately 1,300 lease hold plots mainly in areas like Backbay, Nariman Point, Churchgate, Marine Lines, Sion, Dadar and Wadala that are owned by the Government of Maharashtra (“State Government“). These plots were leased by the State Government to different persons on certain terms and conditions. The Supreme Court in its judgment on 30th September, 2022 in The State of Maharashtra & Ors. v. Mr. Aspi Chinoy and Anr.1 settled the question on whether consent of the Collector was required for transfer of flats on lands given by the State Government to a developer for construction. Facts Certain […] - [Section 45 Of TOPA – Making A Case For Single Ownership Of Jointly Acquired Property](https://dhavalvussonji.com/registration-of-a-society-under-mofa-after-the-execution-of-a-unilateral-declaration-under-the-maharashtra-apartment-owners-act/): Background: It has been common practice in India for family members to acquire properties in joint names, particularly residential properties, despite only one of the transferees making the payment towards consideration or cost for acquisition of such flat. In such cases, especially residential flats, at the time of distribution / succession of respective estates of such individuals, a question arises as to whether the ownership of such flats will devolve upon the heirs of the transferee who actually paid the consideration or cost of acquisition out of his/her own separate funds or the ownership of such flat will devolve upon […] - [Extension Of Real Estate Project Completion Date By Developer Not Binding On Homebuyers](https://dhavalvussonji.com/extension-of-real-estate-project-completion-date-by-developer-not-binding-on-homebuyers/): Introduction The Maharashtra Real Estate Appellate Tribunal (“MREAT”) in a recent judgment1 has reiterated several principles of The Maharashtra Real Estate (Regulation and Development) Act, 2016 (“the Act”) applicable when a promoter delays in handing over possession to an allottee beyond a date committed to such allottee. Background The Allottees had purchased a flat (“the said Flat”) in a project being developed by S.R. & Shah Developers (“Developer”). The allottees had booked the said Flat for a total consideration of Rs.22,75,000/- (Rupees Twenty Two Lakhs and Seventy Five Thousand) (“Total Consideration”) and on receipt of the payment of the Total Consideration, […] - [Resolution Plan Ignoring The Statutory Debt Of The Government Is Liable To Be Rejected: State Tax Officer vs. Rainbow Papers Ltd.*](https://dhavalvussonji.com/resolution-plan-ignoring-the-statutory-debt-of-the-government-is-liable-to-be-rejected-state-tax-officer-vs-rainbow-papers-ltd/): Introduction In a landmark order dated 6th September 2022, the Hon’ble Supreme Court of India (“Hon’ble Supreme Court“) laid down the paramount importance of considering the pending dues of the statutory authorities towards unpaid taxes prior to the acceptance of a resolution plan by the adjudicating authority. The Hon’ble Supreme Court categorically stated that any resolution plan which ignores the debts which are payable to the Government is liable to be rejected. On the question of whether Section 48 of the Gujarat Value Added Tax Act, 2013 (“GVAT“) would be inconsistent with Section 53 of the Insolvency and Bankruptcy Code, […] - [Insufficiently Stamped Documents Only A Technical Deficiency, Not A Ground To Reject Section 7 Application Under IBC Says NCLAT](https://dhavalvussonji.com/insufficiently-stamped-documents-only-a-technical-deficiency-not-a-ground-to-reject-section-7-application-under-ibc-says-nclat/): Introduction Recently, the principal bench of National Company Law Appellate Tribunal, Delhi (“NCLAT”) vide its order dated 2nd August 20221 (“Order”) dismissed an appeal filed by Mr. Praful Nanji Satra, the promoter of Satra Properties (India) Limited (“Appellant”) against Vistra ITCL (India) Limited and Ors under Section 61 of the Insolvency and Bankruptcy Code, 2016 (“IBC”). The NCLAT in the said Order has clarified that insufficiency of the stamp duty paid on a document is a mere technical deficiency. Facts Satra Properties (India) Limited (“Corporate Debtor”) proposed to issue up to 5,600 secured redeemable non-convertible debentures (“NCDs”) in favour of certain debenture holders. […] - [RBI Covid-19 Reliefs – Available To All Or Lucky Few?](https://dhavalvussonji.com/rbi-covid-19-reliefs-available-to-all-or-lucky-few/): A major point left open for interpretation in the RBI circular dated 27th March 2020 (DOR.No.BP.BC.47/21.04.048/2019-20) titled ‘Covid 19 – Regulatory Package’ (“the said Circular“) has been settled by the Hon’ble Delhi High Court in Anant Raj Limited vs Yes Bank Limited (W.P.(C) URGENT 5/2020) vide its order dated 6th April 2020. FACTS Anant Raj Limited (“Petitioner” / “Borrower“) had availed loan facilities to the tune of Rs. 1570 crores out of which, it had already repaid about Rs. 1056 crores to Yes bank Limited (“Respondent” / “Lender“). The Petitioner was regular in its debt servicing till 31st December 2019. […] - [Video Conferencing – A Step Towards The E-Future For The Legal Fraternity?](https://dhavalvussonji.com/video-conferencing-a-step-towards-the-e-future-for-the-legal-fraternity/) - [The End Of The NBFC Era?](https://dhavalvussonji.com/the-end-of-the-nbfc-era/): In comparison to banks, non-banking financial companies (“NBFCs“) have always enjoyed higher net interest margins (“NIM“) which is the amount of money that it is earning in interest on loans compared to the amount it is paying in interest on deposits. One of the reasons for this is that banks must comply with higher capital requirements in line with Basel III norms, which in turn increases the cost of lending. NIM is an important indicator of profitability and growth. However, NBFCs have also suffered from higher non-performing assets (“NPA“) as compared to banks because they tend to lend to lower […] - [Applications Filed Under IBC Will Attract Penalties Under IBC And Not The Companies Act, 2013](https://dhavalvussonji.com/applications-filed-under-ibc-will-attract-penalties-under-ibc-and-not-the-companies-act-2013/): Introduction The National Company Law Appellate Tribunal (“NCLAT”) in Mr. Ashish Chaturvedi v. Inox Leisure Limited1 has clarified that if an application is filed under the provisions of Insolvency and Bankruptcy Code, 2016 (“Code”), the penalties can only be imposed under the Code and not the Companies Act, 2013 (“Act”). Background An application under Section 9 of the Code made by Inox Leisure Limited was admitted against E–Z Barter Private Limited (“Corporate Debtor”) vide order dated 5.12.2018 and Corporate Insolvency Resolution Process (“CIRP”) was initiated against the Corporate Debtor along with appointment of Interim Resolution Professional (“IRP”). IRP moved two applications under […] - [Is A Personal Guarantee Independent Of The Underlying Debt?](https://dhavalvussonji.com/is-a-personal-guarantee-independent-of-the-underlying-debt/): Introduction Personal guarantees are one of the most common contractual comforts which may be provided as part of the security package in a transaction to secure a debt availed by the principal debtor. This article primarily revolves around the invocation of a personal guarantee provided by an individual, for a company undergoing the corporate insolvency resolution process (“CIRP“) under the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC“) initiated by its creditors and having a third-party resolution applicant taking over the management and control of the company. Recently, the Hon’ble Debts Recovery Tribunal bench at Ahmedabad (“DRT“) vide its […] - [Limited Liability Partnerships – Back In Limelight](https://dhavalvussonji.com/limited-liability-partnerships-back-in-limelight/): Introduction In about less than a month, the first ever amendment to the Limited Liability Partnership Act, 2008 (“LLP Act”) will come into effect (on and from 1st April 2022 onwards). The Limited Liability Partnership (Amendment) Act, 2021 (“Amendment”) was finally notified on 11th February 2022 together with the Limited Liability Partnership (Amendment) Rules, 2022 (“LLP Rules”). Limited Liability Partnerships (“LLPs”) often serve as an alternate quasi corporate vehicle offering the benefits of limited liability to its members, flexibility of organising their internal structure with fewer compliances and statutory requirements as compared to any company incorporated under Companies Act 1956/2013. […] - [Registration Of A Society Under MOFA After The Execution Of A Unilateral Declaration Under The Maharashtra Apartment Owners Act](https://dhavalvussonji.com/registration-of-a-society-under-mofa-after-the-execution-of-a-unilateral-declaration-under-the-maharashtra-apartment-owners-act-2/): Introduction In about less than a month, the first ever amendment to the Limited Liability Partnership Act, 2008 (“LLP Act”) will come into effect (on and from 1st April 2022 onwards). The Limited Liability Partnership (Amendment) Act, 2021 (“Amendment”) was finally notified on 11th February 2022 together with the Limited Liability Partnership (Amendment) Rules, 2022 (“LLP Rules”). Limited Liability Partnerships (“LLPs”) often serve as an alternate quasi corporate vehicle offering the benefits of limited liability to its members, flexibility of organising their internal structure with fewer compliances and statutory requirements as compared to any company incorporated under Companies Act 1956/2013. […] - [Reasonable Certainty For Distinguishing A Beneficiary For The Purpose Of Section 6 Of The Indian Trusts Act, 1882](https://dhavalvussonji.com/reasonable-certainty-for-distinguishing-a-beneficiary-for-the-purpose-of-section-6-of-the-indian-trusts-act-1882/): Section 6 of the Indian Trust Act, 1882 (“Act”) provides for “Creation of Trusts”: “a trust is created when the author of the trust indicates with reasonable certainly by any words or acts (a) an intention on his part to create thereby a trust, (b) the purpose of the trust, (c) the beneficiary, and (d) the trust-property, and (unless the trust is declared by will or the author of the trust is himself to be the trustee) transfers the trust -property to the trustee.” Therefore, while creating a Trust, one must ensure that amongst the other requirements under the Act, […] - [Arbitration Act vs. Rera Act- Applicability Of Dispute Redressal Mechanism In Ongoing Pre-Rera Projects.](https://dhavalvussonji.com/arbitration-act-vs-rera-act-applicability-of-dispute-redressal-mechanism-in-ongoing-pre-rera-projects/): The Maharashtra Real Estate Regulatory Authority (“MahaRERA“) has settled the question of applicability of the dispute redressal mechanism between Real Estate Regulation and Development Act, 2016 (“RERA Act“) and the Arbitration and Conciliation Act, 1996 (“Arbitration Act“) in its recent order passed in Ayyaz Khan and Saba Khan vs. RERA Realtors Pvt Ltd1 and others. Prior to the enactment of the RERA Act and establishment of MahaRERA as a specialised forum, the dispute and grievance redressal mechanism for real estate development was governed by general legislations such as the Indian Contract Act, 1872, Specific Relief Act, 1963, Arbitration Act and the […] - [Securities And Exchange Board Of India (Alternative Investment Funds) (Amendment) Regulations, 2022](https://dhavalvussonji.com/securities-and-exchange-board-of-india-alternative-investment-funds-amendment-regulations-2022/): Introduction On 24th January 2022, the Securities and Exchange Board of India (“SEBI“/ “Board“) published the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2022 (“AIF Regulations Amendment 2022“/ “Regulations“)1 to be read together with SEBI Circular dated January 27, 2022 (“Circular“)2 through which SEBI introduced the Special Situation Funds (“SSFs”) for investment in stressed assets. The Regulations provide a framework for a new category of AIFs viz., SSFs by amending Regulation 3 and Regulation 12 of the Principal Regulations. Further, Chapter–III-B has also been inserted which inter alia specifies various definitions, the applicability, registration process, and investment norms relating to SSFs. Background […] - [Adjudication Of Third Party ‘Claims' By NCLT](https://dhavalvussonji.com/adjudication-of-third-party-claims-by-nclt/): In one of the recent judgments, the ever- contentious issue of whether the National Company Law Tribunal (“NCLT”) has the power and jurisdiction to decide third party claims may finally have been put to rest. Ever since the introduction of the Insolvency and Bankruptcy Code, 2016 (“IBC”), the resolution applicants under the IBC have in the resolution plans dealt with various issues governing the revival of the corporate debtor. Towards this end, it is not uncommon for resolution plans to propose dealing with claims of various third parties including government dues, landlord / tenancy agreements, employees’ dues. Third party claims […] - [Regulated Financing By Scheduled Banks To Non-Banking Financial Companies](https://dhavalvussonji.com/regulated-financing-by-scheduled-banks-to-non-banking-financial-companies/): Introduction It would be impossible to conceptualise India’s current financial system without factoring the large footprint of non-banking finance companies (“NBFCs“), a significant segment of our shadow banking system which complements the traditional business of banking. NBFCs play a crucial role in broadening access to financial services and enhancing competition and diversification of the financial sector. Unlike, banks which are subject to a detailed and rigorous regulatory framework, NBFCs are not subject to inordinately stringent regulations. However, there are substantial risks associated with NBFCs due to their complexity, cross jurisdictional nature and their interconnectedness with the banking system. Banks continue […] - [NCLAT Reiterates That A Home Loan Lender Is Not A Financial Creditor Of The Project Developer](https://dhavalvussonji.com/nclat-reiterates-that-a-home-loan-lender-is-not-a-financial-creditor-of-the-project-developer/): Introduction The National Company Law Appellate Tribunal (“NCLAT“) once again in Axis Bank v. Value Infracon India Private Limited1 has clarified who a “Financial Creditor” is in terms of Section 5 of the Insolvency and Bankruptcy Code, 2016 (“Code“). The NCLAT decided on whether a bank or financial institution that has provided housing loans to home buyers of a project would be considered as a “secured financial creditor” of the developer of such project and could file claims with resolution professional of such developer. Background Axis had advanced home loans to certain persons who had purchased flats (“Allottees“) in a project being […] - [Maharashtra Stamp (Amendment) Act, 2021](https://dhavalvussonji.com/maharashtra-stamp-amendment-act-2021/): Background Last year in February of 2021, vide the Maharashtra Stamp (Amendment and Validation) Ordinance, 2021 (Mah. Ord. I of 2021) (“Ordinance“), the stamp duty chargeable on instruments of mortgage by deposit of title deeds and simple mortgage deed under Articles 6 and 40 of Schedule I of the Maharashtra Stamp Act 1958 (“the said Act“) respectively were made uniform and brought on par. The rate of stamp duty payable on an instrument of mortgage by deposit of title deeds was increased from 0.2% to 0.3% of the secured amounts and the rate of stamp duty on an instrument of […] - [Dishonoured Cheques - Not All Directors?](https://dhavalvussonji.com/dishonoured-cheques-not-all-directors/): Background The long-standing issue of undisposed pending cases of cheque dishonour in terms of Section 138 of the Negotiable Instruments Act, 1881 (“said Act“) continues unabated and a common grey area amongst such cases has been the issue of correctly identifying the persons who can be held liable for the same. Recently, the Hon’ble Supreme Court in Ashutosh Ashok Parasrampuriya and Anr. v. M/s Gharkul Industries Pvt. Ltd. & Ors1 inter alia held that the directors of a company can only be held liable for offences committed by the company when there are specific averments made that such directors were at the […] - [Snapshot Of Recent MahaRERA Circulars July – September 2021 :](https://dhavalvussonji.com/snapshot-of-recent-maharera-circulars-july-september-2021/): INTRODUCTION: The Maharashtra Real Estate Regulatory Authority (“MahaRERA“) has issued various circulars from time to time to bring clarity on the provisions and standard operating procedure under the Real Estate Regulation and Development Act, 2016 (“RERA Act“). In recent times, several important circulars have been issued dealing with provisions across various sections of the RERA Act, including updation of the details of the real estate projects, procedural compliances for change of promoter of real estate project, timelines for execution of registered conveyance of the real estate project to association of allottees. The key provisions of important circulars issued from the […] - [Respecting Inter Se Priorities Of Secured Creditors – Key To Value Maximization In Liquidation Process](https://dhavalvussonji.com/respecting-inter-se-priorities-of-secured-creditors-key-to-value-maximization-in-liquidation-process/): In its interim order dated 29th June 2021 in Stressed Asset Stabilisation Fund (SASF) Vs. Technology Development Board1, the Supreme Court of India has stayed the operation of the judgement of the National Company Law Appellate Tribunal (“NCLAT”) in Technology Development Board v. Anil Goel (“Technology Development Board”)2. In Technology Development Board, the NCLAT had ruled that inter se priorities of secured creditors will not prevail in the liquidation waterfall under section 53 the Insolvency and Bankruptcy Code, 2016 (“IBC”). In this article, we will briefly discuss the need for an intervention by the Supreme Court in this regard. In its observations while overseeing […] - [Whether Complaints Against Unregistered Projects Are Maintainable Under RERA?](https://dhavalvussonji.com/whether-complaints-against-unregistered-projects-are-maintainable-under-rera/): With the advent of Real Estate (Regulation and Development) Act, 2016 (“Act“) there is now a central piece of legislation governing the rights and obligations of all participants in the real estate industry. However various real estate regulatory authorities have encountered an overwhelming majority of complaints regarding real estate projects which were already in existence when the Act was brought into force. Such pre-existing projects brought with them various rights and liabilities created under contract, as well as the local laws, and therefore it became important to understand the interplay of rights and obligations set forth under the Act. There […] - [Recent Developments In FDI On E-Commerce](https://dhavalvussonji.com/recent-developments-in-fdi-on-e-commerce/): The FDI policy on e-commerce, first pronounced through Press Note 2 of 2000, permitted 100% FDI in business to business (“B2B“) e-commerce activities. With a view to clarify the already existing policy framework, after extensive stakeholder consultations, Press Note 3 was issued by DIPP in 2016 dated 29 March 2016 (“PN 3 of 2016“). Under the PN 3 of 2016, FDI in e-commerce sector was permitted under 100% automatic route for entities that carry out business on B2B basis and function on a marketplace based model of e-commerce. The marketplace based model of e-commerce was defined under PN 3 of […] - [Third-Party Security: Pledgees Not Financial Creditors](https://dhavalvussonji.com/third-party-security-pledgees-not-financial-creditors/): In Anuj Jain, Interim Resolution Professional for Jaypee Infratech Limited v. Axis Bank Etc 1, the Supreme Court held that a mortgagee is not a financial creditor of a corporate debtor who has merely created a mortgage to secure the loan advanced by the mortgagee to a third party. In Phoenix Arc Pvt Ltd v Ketulbhai Ramubhai Patel2, the Supreme Court was called upon to decide on a similar issue- whether a pledgee would be a financial creditor of the pledgor company being the corporate debtor when the pledge was created to secure loan advanced by the pledgee to a third party. We […] - [Are Whole-Time KMPs Required To Be Employees Of The Company?](https://dhavalvussonji.com/are-whole-time-kmps-required-to-be-employees-of-the-company/): With a view of ensuring the affairs of large public companies are conducted in a manner beneficial to the interest of the stakeholders and in accordance with law,  Section 203 of the Companies Act, 2013 (the “Act“), mandates such companies to have certain categories of whole-time key managerial personnels (“KMPs“). Extant Legal Framework Section 203 (1) of the Act read with Rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (“Rules“) inter-alia provides that every listed company and every other public company having a paid-up share capital of Rs. 10,00,00,000 (Rupees Ten Crores) or more shall have the […] - [Decree Holders-Financial Creditors Under IBC?](https://dhavalvussonji.com/decree-holders-financial-creditors-under-ibc/): In a recent judgement of the National Company Law Appellate Tribunal (“NCLAT“) (Delhi), passed on 14th August 2020 in the matter of Sushil Ansal v. Ashok Tripathi and Ors1, a better understanding of whether a decree holder is a financial creditor under the Insolvency and Bankruptcy Code, 2016 (“Code“) has been provided. FACTS OF THE CASE The Respondent Nos. 1 and 2 are individuals and had jointly booked a unit with M/s Ansal Properties and Infrastructure Limited (“Corporate Debtor“) in Sushant Golf City developed at ‘High Tech Township’. Sector-P, Sultanpur Road, Lucknow and the Respondent No. 2 had booked another flat […] - [The Myth Of Letters Of Comfort](https://dhavalvussonji.com/the-myth-of-letters-of-comfort/): INTRODUCTION Letters of comfort have been floating in the banking sector for quite some time now and are increasingly becoming part of the security package for many lenders. As a distant cousin of the traditional guarantee, letters of comfort (“LOCs”) provide a middle ground for the borrower and lender in terms of affirming and assuring the financial soundness of the borrower to repay its debt(s). Although prima facie both guarantee and letter of comforts are intended as a reassuring instrument, it depends on the circumstances of the case and the wording of such instrument to ascertain as to what rights […] - [COVID-19 Crisis – SEBI Steps Up](https://dhavalvussonji.com/covid-19-crisis-sebi-steps-up/): INTRODUCTION In an attempt to impede the spread of Covid-19 virus, the nation is under a mandatory 21-day lockdown since 25th March 2020. As a measure to assist the crippling economy, the Government of India and various regulators such as Securities and Exchange Board of India (“SEBI”) have granted certain reliefs and relaxations from filing and other requirements under various regulations. SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 As is the usual norm, the date for filing of disclosures under regulations 30(1), 30(2) and 31(4) is 31st March of every financial year. Regulations 30(1) and 30(2) state that […] - [Amendment To Insolvency And Bankruptcy Board Of India Rule As On 29.3.2020](https://dhavalvussonji.com/amendment-to-insolvency-and-bankruptcy-board-of-india-rule-as-on-29-3-2020/): Introduction To contain the current pandemic situation on account of COVID 19, the Central Government of India has also declared national lockdown for twenty-one (21) days effective from 25th March 2020 till 14th April 2020. During the said lockdown period, the Insolvency Resolution Professionals were facing various difficulties in holding meetings of Committee of Creditors, taking custody of the properties of the Corporate Debtor, visiting the offices/ sites of the Corporate Debtor, preparing information memorandum, inviting resolution plans from prospective resolution applicants and performing other functions under the IBC. To overcome this, the Insolvency and Bankruptcy Board of India (“IBBI”) […] - [Moratorium – To Give Or Not To Give?](https://dhavalvussonji.com/moratorium-to-give-or-not-to-give/): INTRODUCTION Our previous articles have highlighted the various regulatory measures that have been introduced from time to time by the regulators and government bodies. In particular, the Reserve Bank of India (“RBI“) had introduced certain measures on 27th March 2020 (“Covid Regulatory Package“) which allowed financial institutions to permit moratorium in line with the said package. The Covid Regulatory Package was interpreted by the Delhi High Court in the matter of Anant Raj Limited vs Yes Bank Limited and was also discussed in our previous article on the subject. Thereafter, the Bombay High Court has considered the issues in the matter of Transcon […] - [Self-Acquisitions And Joint Family Property](https://dhavalvussonji.com/self-acquisitions-and-joint-family-property/): The very important aspects of Hindu Law relating to their Personal Law is still uncodified, the most important being the concept of Joint Family, Hindu Undivided Family (“HUF”), the HUF Property, the customs prevailing amongst various sects of Hindus, etc. are yet to be codified. Mulla’s Hindu Law Digest states that a Joint Hindu family under the ‘Dayabhaga’ is like a ‘Mitakshara’ family, normally joint in food, worship and estate. In both systems, the property of Joint Family may consist of ancestral property, joint acquisitions and of self-acquisitions thrown into the common stock. A Hindu coparcenary is a much narrower […] - [Force Majeure And The Impact Of Covid-19 On RERA Registered Projects](https://dhavalvussonji.com/force-majeure-and-the-impact-of-covid-19-on-rera-registered-projects/): The Novel Coronavirus (COVID-19) has hit populations around the world and has resulted in many restrictions, including free movement of people. It has brought the world to a grinding halt and has severely impacted the ability of businesses throughout the world to fulfil contractual obligations and sustain operations. The World Health Organization has declared COVID-19 a pandemic on 11th March 2020.1 In light of this pandemic, it is important to understand the impact on performance of various contracts and statutory obligations and the applicability of the Force Majeure clauses. Typically, a force majeure event is one which is an unavoidable […] - [Precautions And Steps For The Registration Of Documents](https://dhavalvussonji.com/precautions-and-steps-for-the-registration-of-documents/): The Corona Virus pandemic has had a severe impact on all aspects of people’s lives as India remains to be in lockdown. Keeping in mind the genuine crisis at hand, the Government (State and Central) and its various departments, while continuing to monitor the situation on the ground, have issued several circulars and guidelines in order to prevent the spread of the Virus while keeping the offices functional. One such circular has been recently issued by the Department of Registration and Stamps, Government of Maharashtra. The Circular mentions that since the nationwide lockdown started on 25th March, 2020, the Sub […] - [Exporters Get A Breather From The Rbi In The Wake Of The Covid-19 Pandemic](https://dhavalvussonji.com/exporters-get-a-breather-from-the-rbi-in-the-wake-of-the-covid-19-pandemic/): The Reserve Bank of India (“RBI“) after providing relief to the borrowers and entities in the financial sector, ambit the uncertainties and economic disruption caused on account of the COVID – 19 pandemic, has through its press release dated April 01, 2020 (“Press Release“) attempted to address inter- alia the issues contemplated to be faced by exporters in relation to realization of the export proceeds. Detailed analyses of the relaxation provided by the Press Release is as under: REGULATORY FRAMEWORK Prior to March 31, 2020 the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 (“Regulations“) mandated export proceeds to be […] - [Extension Granted To The Real Estate Projects](https://dhavalvussonji.com/extension-granted-to-the-real-estate-projects/): The World Health Organization (WHO) on 11th March, 2020 labelled the outbreak of Novel Corona virus – COVID-19, a ‘Pandemic’ and called upon the Governments of all the countries to change the course of the outbreak by taking “urgent and aggressive action”. Globally, Countries and their respective Governments are struggling to cope with the health and financial crisis caused by the rapid spread and outbreak of Novel Corona virus. Indian Government announced a complete lockdown of the entire nation for 21 days beginning from 24th March, 2020 to 14th April, 2020 which has now been further extended for 19 days […] - [E-Registration Facility For Registration Of Flat Purchase Agreements](https://dhavalvussonji.com/e-registration-facility-for-registration-of-flat-purchase-agreements/): Due to the onslaught of the Novel Coronavirus (COVID-19) Pandemic and ever -increasing cases, the Government (State and Central) are taking various measures to curb the spiraling growth of the virus. One such measure was to shut down the Sub-Registrars’ offices across the country as part of the lockdown. However, shutting down of the office cannot be a permanent solution simply due to the damage that it can cause to the real estate industry and unprecedented losses to the State Revenue. Therefore, after the lockdown is lifted, sufficient safeguards need to be in place in order to prevent future spread […] - [Investments From Neighbouring Countries? Government Nod Is A Must](https://dhavalvussonji.com/investments-from-neighbouring-countries-government-nod-is-a-must/): The key to making acquisitions is being ready because you really never know when the right big one is going to come along. – James McNerney Governments, regulators, citizens all over the globe are trying hard to coupe up with the effects caused by the deadly virus – COVID – 19, on the health of both individuals as well as the economy. Government of each and every country is trying hard to strike the right balance between the deflating economy as well the lives of people. In the recent times, various countries have expressed (subtly or otherwise) concerns about being […] - [Mortgage Of Government Lands](https://dhavalvussonji.com/mortgage-of-government-lands/): Reference may be made to our Article titled ‘The Sixth Type of Transfer’ published on 17th August, 2018, wherein we had explained the various transfers in India and type of rights under the Maharashtra Land Revenue Code, 1966 (“Code“). To have a better understanding of this Article, this Article should be read in conjunction with our previous Article. Throughout Maharashtra, including the city of Mumbai and Thane, the State Government has granted various lands on Occupancy Class II basis or Leasehold basis for varied purposes such as commercial, industrial, residential, educational, etc. While granting such lands on Occupancy Class II […] - [Whether A Society, Being A Landowner, Is A "Promoter" Under Real Estate Regulation Act, 2016?](https://dhavalvussonji.com/whether-a-society-being-a-landowner-is-a-promoter-under-real-estate-regulation-act-2016/): The present article critically summarizes a judgment passed by the Hon’ble Maharashtra Real Estate Appellate Tribunal (“Appellate Tribunal“) in common appeals filed by Udayachal Goregaon Co-operative Housing Society Limited to challenge the interim Order dated 6th August 2018 passed by Ld. Member and Adjudicating Officer, Maharashtra Real Estate Regulatory Authority (“MahaRERA”). Brief Facts of the case: Udayachal Goregaon Co-operative Housing Society Limited (“Society“) entered into a Development Agreement dated 15th April, 2013 with M/s. Jaycee Homes Pvt. Ltd. (“Developer“) wherein it was agreed that the Developer would redevelop the then existing building of the Society and utilize increased FSI/ TDR to sell […] - [UAE Notified As A Reciprocating Territory Under Section 44A Of Civil Procedure Code](https://dhavalvussonji.com/uae-notified-as-a-reciprocating-territory-under-section-44a-of-civil-procedure-code/): INTRODUCTION The purview of this article is the impact of addition of United Arab Emirates to the notification dated 17th January 2020 G.S.R 38 (E) issued by Ministry of Law and Justice. This notification allows filing of an execution proceeding under the Civil Procedure Code 1908 of a decree passed by UAE Courts in India. When a certified copy of a decree of any Superior Court of UAE has been filed in a District Court in India, the Decree may be executed as if it had been passed by the District Court in India. As opposed to filing of a […] - [Third-Party Mortgagee Whether A Financial Creditor– Supreme Court Decides](https://dhavalvussonji.com/third-party-mortgagee-whether-a-financial-creditor-supreme-court-decides/): In the earlier part of this article, “Third Party Security whether a fraudulent preference: Supreme Court decides”, we summarised the findings of the Supreme Court in Anuj Jain, Interim Resolution Professional for Jaypee Infratech Limited v. Axis Bank Etc.Etc. 1 in relation to whether certain third party mortgage transactions were to be avoided under Sections 43, 45 and 66 of the Insolvency and Bankruptcy Code, 2016 (“the Code”). In this concluding part, we examine the judgment in relation to the issue as whether the lenders of JAL could be recognized as financial creditors of the corporate debtor JIL on the […] - [ Minority Squeeze Out In Unlisted Company Under Section 230](https://dhavalvussonji.com/minority-squeeze-out-in-unlisted-company-under-section-230/): The Ministry of Corporate Affairs (MCA) vide Notification dated 3rd February, 2020 has notified sub-sections 11 and 12 of Section 230 which allow a takeover offer to be made by way of a compromise or arrangement in an unlisted company. The MCA has also amended the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (“Rules”) as a consequence of sub-section 11 and 12 of Section 230 being notified. This amendment allows compromise or arrangements between the shareholders of a company by submitting an application to the National Company Law Tribunal (NCLT) by holders of 75% shares for the acquisition of the […] - [Third Party Security Whether A Fraudulent Preference: Supreme Court Decides](https://dhavalvussonji.com/third-party-security-whether-a-fraudulent-preference-supreme-court-decides/): The Supreme Court on 26th February 2020 in Anuj Jain, Interim Resolution Professional for Jaypee Infratech Limited v. Axis Bank Etc.Etc. 1 has decided on two main issues relating to third party security which have entirely revamped lending transactions, as security from third parties was a fairly typical manner of securing dues, until the NCLT judgments in May 2018. Facts: Jaiprakash Associates Limited (“JAL”) is a Public Listed Company and Jaypee Infratech Limited (“JIL”) is its subsidiary. JAL obtained finance from a consortium of banks and financial institutions, ICICI Bank Limited, Standard Chartered Bank Limited and State Bank of India (“JAL Lenders“), the security […] - [Slum Redevelopment- Brief Overview](https://dhavalvussonji.com/slum-redevelopment-brief-overview/): India is on an accelerated path of urbanisation and several Indian cities face the challenge of housing their growing population, especially the urban poor. Much of the population is forced to live in slum settlements, especially in large cities like Mumbai. As per a 2011 study, 62% of Mumbai’s population lives in slums. In fact, the largest slum in Asia, Dharavi is in Mumbai. Several massive slum clusters are also found in the suburbs. In order to combat this, the State of Maharashtra enacted The Maharashtra Slum Areas (Improvement Clearance and Redevelopment) Act, 1971 (“the Slum Act“). Under the Slum […] - [Plotted Development - RERA Applicability](https://dhavalvussonji.com/plotted-development-rera-applicability/): The Maharashtra Real Estate Regulatory Authority has issued a circular being Circular No. 25 of 2019 dated 11th October, 2019 clarifying the real estate projects which are not required to be registered under the Real Estate (Regulation and Development) Act, 2016 (“RERA“) since in terms of the General Resolution dated 20th September, 2019 passed by the Revenue and Forest Department, Government of Maharashtra, the Agreement for Sale or Sale Deed in respect of any apartment were registered only if the project is registered or excluded from registration under RERA. RERA excludes from its purview the following projects: (a) where the area of […] - [Extension Of Limitation Under IBC – Creditors Breathe Easy](https://dhavalvussonji.com/extension-of-limitation-under-ibc-creditors-breathe-easy/): The see-sawing of judgements, where time and again grounds pleading the application being barred by limitation have been raised and have been a subject matter of dispute and long drawn delays, appears to have finally concluded. By virtue of the recent orders of the Supreme Court in the matter of Jignesh Shah & Ors. Vs. Union of India & Ors. dated 25th September 2019 and another in the matter of Gaurav Hargovind Bhai Dave Vs. Asset Reconstruction Company (India) Ltd. & Ors. dated 18th September 2019, it has by now become a settled law that limitation period applies in respect of the applications filed under the […] - [RERA Authority Holds That Allottees Are Bound By Their Written Consent Under Section 14 And Are Estopped From Withdrawing It](https://dhavalvussonji.com/rera-authority-holds-that-allottees-are-bound-by-their-written-consent-under-section-14-and-are-estopped-from-withdrawing-it/): Prior to the enactment of Real Estate (Regulation and Development) Act, 2016 (“RERA“), developers often unilaterally added and altered or modified the sanctioned plan, layout plan, and specifications of the building or common areas in an ongoing real estate project. In such a scenario, home buyers with sizeable funds already invested were left with no option but to either accept such new terms forced upon them or engage in a protracted battle in consumer fora and courts spending both time and money. RERA permits that changes may be done in sanctioned plans and layout by the developers with the prior […] - [Stamp Duty On Sales Through Court Auctions](https://dhavalvussonji.com/stamp-duty-on-sales-through-court-auctions/): In a recent Order of the Hon’ble Bombay High Court, Justice G. S. Patel settled a very peculiar situation, when the stamp duty was initially calculated on the Ready Recknor value, instead of the value fetched in a Court Auction Sale. As a rule of law, the stamp duty to be paid on an instrument is based on the market value of the property which is either the price at which such property would have been sold at in the open market or the consideration paid for it, whichever is higher. In this particular sale, the sale was conducted through […] ## Pages - [Mohit Kundu](https://dhavalvussonji.com/partners/mohit-kundu/): Mohit Kundu mohit.kundu@dhavalvussonji.com +91 8655677099 About Mohit is a Partner in the Mumbai office and is a member of the firm’s Real Estate practice group.   He has advised and assisted various domestic and international corporations, banks and financial institutions, developers, individuals, investors, funds, etc. on real property ownership, acquisition, sale, conveyance, joint ventures, construction and development, project finance, mortgage, lease, tenancy, trusts, gifts, wills, estate management, etc.   He specializes in drafting, reviewing, and negotiating diverse contracts and documents in relation to the above and focuses on providing strategic and solution based legal advice and assistance on diverse real […] - [Bharati Nibjiya](https://dhavalvussonji.com/partners/bharati-nibjiya/): Bharati Nibjiya bharati.nibjiya@dhavalvussonji.com +91 9321337912 About Bharati is a Partner in the Firm’s Real Estate practice. She has been practising for the last decade and specialises in real estate and property law, as well as areas of general corporate law, primarily focusing on title diligence, title acquisitions, private equity transactions, and debt transactions. She successfully handles and advises in matters relating to acquisition of lands for development of commercial and residential properties, sale and purchase of commercial and residential premises, leases, leave and license, joint ventures and joint developments, development of warehousing projects, integrated townships, slum rehabilitation projects, redevelopment of […] - [Roopali Gosar](https://dhavalvussonji.com/partners/roopali-gosar/): Roopali Gosar roopali.gosar@dhavalvussonji.com +91 9321337931 About Roopali Gosar is a Partner in the Firm’s Real Estate practice. She has experience of over 10 years in advising banks, funds, developers in real estate and property laws, redevelopment of buildings, acquisition of large parcels of land and lease of land and units and conducting title diligence.  She also advises HNI’s on the acquisition of premium flats. Qualifications LL.B CS Qualified Expertise Real Estate Representative Matters Represented NCP Commercials Private Limited on an affiliate of Varde Partners in sale of premises in their building VIOS in Wadala Represented DLF’s subsidiary in acquiring rights […] - [Private Equity & Venture Capital Practice](https://dhavalvussonji.com/practice-areas/private-equity_venture_capital_practice/): We are well-regarded for our commercial acumen and solution-driven approach, consistently delivering value across the lifecycle of PE and VC transactions- from fund formation and deployment to exits and ongoing portfolio support. We represent marquee funds, family offices, and founders across growth, early-stage, and structured capital transactions. Our clients include some of the most respected names in the investment ecosystem- from large domestic and global private equity platforms to nimble, sector-focused venture investors. Core Areas of Expertise Fund structuring, setup, and regulatory advice Legal due diligence and risk assessment across sectors Investment documentation (SHA, SSA, CCDs, CCPS, term sheets, etc.) […] - [Maritime & Aviation Leasing in GIFT City](https://dhavalvussonji.com/gift-city/legal-services-for-maritime-aviation-leasing-in-gift-city/): Legal Services for Maritime & Aviation Leasing in GIFT City 1. Ship & Aircraft Leasing ✔Structuring and negotiating leasing agreements for ships and aircraft under IFSCA regulations✔Advising on operating and finance leases, dry/wet leases, and cross-border leasing structures✔Ensuring compliance with tax incentives, exemptions, and financial structuring advantages in GIFT City 2. Ship & Aircraft Finance ✔Assisting banks, financial institutions, and lessors in structuring financing transactions for vessels and aircraft✔Drafting and negotiating loan agreements, mortgages, and security documentation✔Advising on cross-border financing, sale-leaseback arrangements, and credit facility structuring 3. Advisory Services on Maritime & Aviation Regulations ✔Guidance on maritime laws, shipping finance […] - [ICT in GIFT City](https://dhavalvussonji.com/gift-city/legal-services-for-ict-in-gift-city/): Legal Services for ICT in GIFT City 1. Technology Transfer & Collaboration Agreements ✔ Drafting and negotiating technology transfer agreements for businesses, startups, and multinational corporations✔Structuring IP licensing agreements to safeguard proprietary technology and innovations✔Advising on cross-border technology collaborations under IFSCA’s regulatory framework✔Ensuring compliance with data localization, IP protection, and international trade regulations 2. Cybersecurity & Data Protection ✔Assisting businesses in implementing cybersecurity policies and data protection frameworks✔Advising on data breach response strategies and regulatory reporting obligations✔Ensuring compliance with global and Indian data privacy regulations, including IFSCA and IT Act requirements✔Structuring legal protections for fintech companies, digital banks, and AI-driven […] - [Ancillary Services in GIFT City](https://dhavalvussonji.com/gift-city/legal-services-for-ancillary-services-in-gift-city/): Legal Services for Ancillary Services in GIFT City 1. Enforcement & Legal Remedies ✔Advising on the execution and enforcement of contracts, financial instruments, and security agreements ✔Assisting in the recovery of debts, secured assets, and cross-border enforcement proceedings ✔Representation in regulatory and judicial enforcement actions within the GIFT City jurisdiction ✔Assisting financial institutions and corporates with regulatory compliance and risk mitigation strategies 2. Arbitration & Dispute Resolution ✔Representation in domestic and international arbitration under IFSCA regulations ✔Drafting and structuring arbitration clauses and dispute resolution frameworks ✔Advising on cross-border commercial disputes, including investment and financial disagreements ✔Assisting businesses in resolving disputes […] - [Capital Market in GIFT City](https://dhavalvussonji.com/gift-city/legal-services-for-capital-market-in-gift-city/): Legal Services for Capital Market in GIFT City 1. Intermediary Registrations ✔Advisory & Registration Support for capital market intermediaries under IFSCA✔Assistance with broker-dealer licensing, clearing member registration, and custodian approvals✔Regulatory guidance on establishing Foreign Portfolio Investors (FPIs) & Alternative Investment Funds (AIFs)✔Compliance with IFSCA and SEBI norms for investment advisors, market makers, and fund managers 2. Client Agreements & Transactional Documentation ✔Drafting & structuring Client Agreements for brokers, portfolio managers, and financial advisors✔Ensuring investor protection compliance in line with IFSCA and SEBI standards✔Structuring underwriting agreements, subscription agreements, and placement documentation for capital market transactions✔Drafting documentation for derivatives trading, securities lending, […] - [Fund Management in GIFT City](https://dhavalvussonji.com/gift-city/legal-services-for-fund-management-in-gift-city/): Legal Services for Fund Management in GIFT City 1. Fund Registration & Regulatory Compliance ✔End-to-end support for Alternative Investment Fund (AIF) registration under IFSCA✔Structuring of Foreign Portfolio Investments (FPIs) & Foreign Venture Capital Investments (FVCIs)✔Advisory on tax-efficient fund structures, cross-border remittances, and investor reporting 2. Trust Deed & Governance Framework ✔Drafting and execution of trust deeds for fund formation✔Structuring governance mechanisms aligned with investor protections & fiduciary duties✔Ensuring compliance with SEBI & IFSCA guidelines on fund management and administration 3. Investment Management & Contribution Agreements ✔Drafting Investment Management Agreements (IMAs) with fund managers✔Negotiating Contribution Agreements for capital commitments and investor […] - [Banks & IBUs in GIFT City](https://dhavalvussonji.com/gift-city/legal-services-for-banks-ibus-in-gift-city/): Legal Services for Banks & IBUs in GIFT City 1. Loan Documentation & Cross-Border Security ✔Drafting and negotiating loan agreements for corporate lending, trade finance, and structured finance✔Structuring cross-border security creation, including pledges, guarantees, and collateral agreements✔Ensuring regulatory compliance for offshore and onshore lending transactions 2. Regulatory & Compliance Advisory ✔Drafting Anti-Money Laundering (AML) Agreements in line with FATF, IFSCA, and RBI guidelines✔Assisting with regulatory approvals and compliance with KYC & due diligence norms✔Advising on international banking regulations, risk mitigation, and financial crime prevention 3. Financial & Derivative Transactions ✔Advising on BAFT Agreements for global trade finance and cross-border payment […] - [Property & Real Estate in GIFT City](https://dhavalvussonji.com/gift-city/legal-services-for-property-real-estate-in-gift-city/): Legal Services for Property & Real Estate in GIFT City 1. Title Diligence & Reports ✔Comprehensive title verification to establish legal ownership and minimize risks✔Land due diligence covering past transactions, encumbrances, and regulatory compliance✔Identification of zoning restrictions, FSI regulations, and permitted land usage 2. Assessment of Title Issues ✔Identifying and resolving title disputes, encroachments, and conflicting claims✔Legal opinion on marketability, transferability, and ownership rights✔Advising on IFSCA-compliant property ownership structures for foreign investors 3. Property Documentation & Transaction Support ✔Drafting and negotiating sale deeds, conveyance agreements, and transfer documentation✔Structuring joint development agreements (JDAs) and collaboration agreements✔Assistance in land acquisition, regulatory approvals, […] - [Ketki Salvi](https://dhavalvussonji.com/partners/ketki-salvi/): Ketki Salvi ketki.salvi@dhavalvussonji.com +91 9082847131 About Ketki brings vigorous energy, strong work ethic and determination to help her clients. She has over 18 years of experience practicing law. She has developed a strong exposure in a wide-ranging areas both in corporate litigation and transactional matters including but not limited to working on Project Finance & Infrastructure Projects, Corporate Advisory including Joint Ventures, Mergers and Amalgamations, Debenture Issue, Disinvestments, Foreign Collaborations, Information Technology and E-commerce matters.She is proficient in structuring transactions, rendering legal opinions and advising on various legal matters, drafting, vetting & negotiating legal documents and concluding the transactions. She […] - [GIFT City](https://dhavalvussonji.com/gift-city/): GIFT City As part of Dhaval Vussonji & Associates, our GIFT City office provides a full spectrum of legal services to businesses establishing or operating within the Gujarat International Finance Tec-City (GIFT) Special Economic Zone (SEZ). With a strong foundation built over the past decade through our Mumbai headquarters, we are proud to extend our legal expertise to support businesses in this growing financial hub. We offer legal consultancy, documentation, regulatory compliance, secretarial assistance, and contract drafting and execution, serving as a comprehensive legal partner for businesses in GIFT City. We streamline legal processes and ensure strict adherence to applicable […] - [Property & Hotel Management](https://dhavalvussonji.com/practice-areas/property-and-hotel-management/): We cater to both domestic and foreign clients combining our industry leading expertise in real estate with our profound knowledge of complex corporate and regulatory matters, acquisitions / disposals, construction, employment, data privacy, litigation, real estate and tax issues. Core Areas of Expertise We offer legal support relevant to the hospitality sector pertaining to hotel management and operation, Acquisition of Land, Acquisition of Projects, Structuring of Investment, Construction and Development of the Hotel, Financing, Finalization of consultants & service providers, Operation & Maintenance, Security and Restructuring and Exit Options. We also offer support in the form of drafting, vetting and […] - [Shipping & Maritime](https://dhavalvussonji.com/practice-areas/shipping-and-maritime/): Our expertise in admiralty enables us to advise our clients- both domestic and international on a myriad variety of topics such as marine contracts, charter party claims, litigation and dispute resolution matters including maritime lien, maritime claims, cargo claims, contractual breaches in addition to offering the best client-centric advice on international arbitration disputes and matters relating to enforcement of arbitration awards and foreign judgements. Additionally, we also offer advice on inspections, cargo claims, contractual disputes, litigation and arbitration, environmental / oil spill incidents, and maritime lien disputes to a variety of clients including but not limited to Carriers, freight forwarders, […] - [Shakti Singh Champawat](https://dhavalvussonji.com/partners/shakti/): Shakti Singh Champawat shakti.champawat@dhavalvussonji.com +91 9321337908 About With over 17 years of hands-on experience in real estate, corporate, and commercial transactions, Shakti Singh Champawat is a legal strategist known for his sharp acumen and results-driven approach. Whether it’s structuring high-value acquisitions, navigating complex litigations, or providing expert arbitration counsel, he ensures seamless execution at every stage. Having led in-house teams through critical processes such as acquisition, due diligence, and litigation, Shakti brings a unique 360-degree perspective to every mandate. His deep industry knowledge and strategic foresight empower him to craft solutions that are not just legally sound but also commercially […] - [Securitisation & Structured Finance](https://dhavalvussonji.com/practice-areas/securitisation-structured-finance-2/): [rank_math_breadcrumb] Our team regularly provides advice on securitisation and structured finance. Our expertise is rooted in the fundamentals of structured finance, securitisation, banking, capital markets, real estate finance, and bankruptcy practices; as a result, our practice is notable for providing innovative solutions to achieve our client’s objectives by solving diverse problems. We provide advice on business matters to ARCs regularly and the requisite documents required by a newly registered ARC for commencing its business activities. Core Areas of Expertise Incorporation and registration of ARCs Procurement of FIPB approval for foreign investors in ARCs Due diligence of acquisition proposals Turnkey assignments […] - [Estate Planning & Taxation](https://dhavalvussonji.com/practice-areas/estate-planning-taxation/): We specialize in helping clients navigate the intricate legal implications of estate planning and confidently walk our clients through each stage of the process with our thorough understanding of the legal and taxation aspects of business/estate planning and succession. Core Areas of Expertise We help with preparation and execution of codicils and wills, acquiring letters of administration, Succession Certificate and probate. We offer advisory services for carrying out family constitutions and settlements, succession planning across various jurisdictions, Incentive Structuring, Migration support to HNIs, support for NRIs relevant to assets and properties in India, advisory on Reconciliation of Indian and Foreign […] - [Home](https://dhavalvussonji.com/home-2/): Dhaval Vussonji & Associates We Are Dynamic Law firm in Mumbai , Pune, Delhi, & GIFT. About Us Our Team Our Partners steer the team to reach their maximum potential.  The leadership at the firm stays updated on the ever dynamic legal landscape, has a keen eye for detail and believes that our greatest strength is knowledge.  Our leadership sets the tone for the culture at the firm – ensuring that client interests, excellence and accessibility form key aspects of our culture.  Explore More. Testimonials “The lawyers at DVA are exceptional lawyers and have been our go-to legal advisors. They […] - [Tirth Nayak](https://dhavalvussonji.com/partners/tirth-nayak/): Tirth Nayak About Tirth Nayak has been practicing in various judicial and quasi-judicial forums in the state of Gujarat ranging from High Court, NCLT, DRT, etc. since 2015. He is on retainer for various companies including Mass Finance Limited, Intech Creative Services Pvt. Ltd., Draft Air  India) Private Ltd. and Teleysia Networks Pvt. Ltd. He  as been involved in litigations and has represented Kotak Mahindra Bank Ltd, Sintex Group, Zaveri Group, Riddhi Siddhi Group in various proceedings. He has a rich experience and has represented clients in approximately 150+ matters for the past 3 years before the Hon’ble Gujarat High Court […] - [Press Release](https://dhavalvussonji.com/press-release/) - [News & Updates](https://dhavalvussonji.com/news-updates/) - [Corporate Advisory & Commercial Laws](https://dhavalvussonji.com/practice-areas/corporate-advisory-commercial-laws/): Our corporate advisory team has extensive experience in providing a comprehensive range of corporate legal services on several matters such as India entrance strategy, incorporation, structuring of a viable commercial arrangements, commercial contracts and documentation of various kinds, regulatory compliances and corporate governance. Our main objective is to ensure that our clients are compliant from a legal and commercial standpoint and promptly advise on potential risk areas. Core Areas of Expertise General and specific commercial laws Advising on private banking and collective investments Complex commercial agreements, including licensing contracts Drafting of restructuring scheme, making filings before courts and advising matters […] - [Dhaval Vussonji](https://dhavalvussonji.com/partners/dhaval-vussonji/): Dhaval Vussonji dhaval@dhavalvussonji.com +91 9321337908 About Mr. Dhaval Vussonji is the founder of the young and fast expanding firm Dhaval Vussonji & Associates. Under his leadership and active tutelage, the Firm has gained rapid recognition for its solution-oriented approach in diverse areas of practice including Banking & Finance, Capital Markets, Corporate Advisory, Mergers & Acquisitions and Real Estate laws. Described as a “sound, very hands-on lawyer who understands the issues”, Mr. Vussonji is also consistently titled as a “Leading Lawyer” by well recognised legal publications, for the APAC region. Mr. Vussonji extensively practices in the areas of Real Estate, Corporate […] - [Prachi Dave](https://dhavalvussonji.com/partners/prachi-dave/): Prachi Dave Prachi.dave@dhavalvussonji.com +91 9819228936 About Prachi is the Managing Partner at Dhaval Vussonji & Associates. She regularly advises banks, funds, real estate conglomerates on vanilla loans, mezzanine funding, structured finance and debt securities. Her deep understanding of how the banking and financial services sector operates in India, and how money lending laws tie in with prevalent regional market practices, is sought after by leading financial institutions and borrowers alike. Prachi has also been involved in advising various capital market transactions such as initial public offerings, buy back issues, FCCB issues and open offer for takeovers. She has led the […] - [Minal Sampat](https://dhavalvussonji.com/partners/minal-sampat/): Minal Sampat minal.sampat@dhavalvussonji.com +91 9321337926 About Ms. Minal D. Sampat brings two decades of experience in the practice area of Conveyancing (Real Estate) – including • Title due diligence, • Structuring transactions, • Drafting documents pertaining to Conveyance, Lease/License, Development and Redevelopment Contracts, Wills, Estate and Succession Planning, General Commercial Contracts; and • Advising on stamp duty, registration laws, Development Control Regulations and the related procedural requirements of the concerned authorities. As an integral part of real estate practice, her expertise also lies in analysis of stamp duty and registration laws and advising on suitable form of documentation. Ms. Sampat […] - [Manisha Paranjape](https://dhavalvussonji.com/partners/manisha-paranjape/): Manisha Paranjape manisha.paranjape@dhavalvussonji.com +91 9321337935 About. Manisha has been practicing in the real estate sector for the last decade and advises stakeholders on all sides of the table- developers, lenders, funds and investors. Along with her expertise in title diligence and conveyancing, she has extensive experience in loan transactions, debt securities and corporate documentation. Manisha has also been involved in transactions requiring advise on foreign exchange and insolvency and bankruptcy laws. Her expertise across the real estate and banking practice areas enables her to advise clients on all aspects of acquisition, development, due diligence and funding. Qualifications B.L.S LL.B, Bombay […] - [Sonam Mhatre](https://dhavalvussonji.com/partners/sonam-mhatre/): Sonam Mhatre sonam.mhatre@dhavalvussonji.com +91 9321337910 About Sonam has been a disputes lawyer focusing on real estate and insolvency and bankruptcy laws for over 13 years.  Sonam has experience across various High Courts PAN India, the Supreme Court, City Civil Court, Small Causes Court, National Company Law Tribunal, National Company Law Appellate Tribunal, Real Estate Regulatory Authority, Consumer forums, Co-operative Courts, National Green Tribunal, Debt Recovery Tribunals and Revenue Authorities. Sonam has advised and appeared for real estate conglomerates before various forums across the Nation. She also specialises in co-operative housing society disputes. Sonam has garnered a reputation for creating innovative […] - [Malavika Menon](https://dhavalvussonji.com/partners/malavika-menon/): Malavika Menon malavika.menon@dhavalvussonji.com +91 9082847131 Download VCard About Malavika is a partner at Dhaval Vussonji & Associates. She has been with the firm for 7 years. She focuses on real estate funding, debt and restructuring, refinancing of loans and general corporate advisory. Malavika closely works with banks, NBFCs, funds, real estate conglomerates, and infrastructure companies. She is valued by her clients for her ability to provide comprehensive solutions and create long lasting business impact. In addition to handling execution, Malavika often represents the firm at conferences, networking events and takes an active role in business development across jurisdictions.  Qualifications B.L.S […] - [Information Technology](https://dhavalvussonji.com/practice-areas/information-technology/): We understand the growing needs and challenges of this ever-changing landscape enabling us to extend our expert advice for future proof solutions, with our rich experience in handling a range of issues re information technology laws. Core Areas of Expertise Our expertise extends to drafting agreements pertaining to information technology, advising on data privacy, data protection, cyber laws, software development and licensing e-Commerce contracts, regulatory compliances, assistance in taxation-related issues in the IT domain and providing transactional support. To meet the specific requirements of our clients in the technology industry, we offer full intellectual property protection services, including patents, trademarks, […] - [The Deal Corner](https://dhavalvussonji.com/the-deal-corner/): Deals of 2026 Deals of 2025 Deals of 2024 Deals of 2023 Deals of 2022 Deals of 2021 - [Initiatives](https://dhavalvussonji.com/initiatives/) - [Events](https://dhavalvussonji.com/events/) - [Awards & Accreditations](https://dhavalvussonji.com/home-2-2/) - [Corporate Social Responsibilty](https://dhavalvussonji.com/corporate-social-responsibilty/) - [Securitisation & Structured Finance](https://dhavalvussonji.com/practice-areas/securitisation-structured-finance/): Our team regularly provides advice on securitisation and structured finance. Our expertise is rooted in the fundamentals of structured finance, securitisation, banking, capital markets, real estate finance, and bankruptcy practices; as a result, our practice is notable for providing innovative solutions to achieve our client’s objectives by solving diverse problems. We provide advice on business matters to ARCs regularly and the requisite documents required by a newly registered ARC for commencing its business activities. Core Areas of Expertise Incorporation and registration of ARCs Procurement of FIPB approval for foreign investors in ARCs Due diligence of acquisition proposals Turnkey assignments including […] - [Project Finance & Infrastructure](https://dhavalvussonji.com/practice-areas/project-finance-infrastructure/): The Project Finance and Infrastructure practice is led by a multidisciplinary team that handles both transactional and advisory work for clients from project inception to completion. We understand our clients’ challenges in financing and structuring complex projects, and our team is well-equipped to succeed in this highly specialised niche, particularly in cross-border transactions. Our team consists of lawyers from various practice areas advising on all aspects of infrastructure projects, such as structuring, planning, contract drafting, negotiating, looking into financing aspects, attending to issues through completion and disputes that may arise. We represent a diverse range of domestic and international clients […] - [Investments & Takeovers](https://dhavalvussonji.com/practice-areas/investments-takeovers/): Our experienced legal team, with a background in stock exchanges, frequently assists in takeovers of publicly traded companies with large market capitalisations. The firm counsels residents and non-residents on private equity investment in both listed and unlisted entities in the primary and secondary markets and the sale of equity in Indian listed companies to foreign buyers. To that end, the firm conducts a thorough investigation into the company’s operations and researches the tax and regulatory regimes applicable to such businesses. We are involved in all aspects of these transactions and collaborate with experts in direct and indirect taxation, vendor diligence, […] - [Distressed Assets](https://dhavalvussonji.com/practice-areas/distressed-assets/): Our Distressed Assets team is highly skilled and knowledgeable with capabilities in managing litigation mandates with an astute ability to find the best way forward. The close collaboration of expert lawyers from various practice areas, including regulatory, corporate, banking and finance, dispute resolution, and sector domains, contributes to the success of our practice and makes it possible for us to offer practical and all-inclusive restructuring solutions. We actively serve clients across the power, real estate, infrastructure, manufacturing, technology, aviation and transport industries.  Core Areas of Expertise Representing financial creditors, corporate debtors, operational creditors, resolution applicants, resolution professionals and suspended board […] - [Dispute Resolution](https://dhavalvussonji.com/practice-areas/dispute-resolution/): We are a notable entity in the field of litigation and alternative dispute resolution. To ensure that conflicts are resolved successfully and efficiently, our team employs a creative and solution-focused approach, from devising the best litigation tactics for intricate civil and commercial disputes to managing domestic and international arbitrations. The firm exhibits the ability to represent multinational companies, builders, financial institutions and individuals in banking, corporate, commercial, financial, and regulatory disputes across a broad range of market sectors like power, infrastructure, finance, technology, media. Core Areas of Expertise Commercial Suits Summary Suits Long Cause Suits Testamentary matters Declaratory Suits Suits […] - [Energy](https://dhavalvussonji.com/practice-areas/energy/): Our team works with stakeholders, vendors across the lifecycle, renewable and conventional, urban, oil and gas, mines and minerals, telecom, and logistics. Core Areas of Expertise We advise across the construction and energy sectors on all areas relating to the procurement, regulation, construction, and operation of renewable energy sources. We provide our advice on onshore and offshore wind farms, biomass and biodiesel fuel production plants, Power plants, waste to energy facilities and hydro plants. We take pride to implement integrated services of mega-projects, multifaceted deals. This is possible given our rich experience spanning acquisitions, divestments, private equity investments, project finance, […] - [Capital Markets & Securities Law](https://dhavalvussonji.com/practice-areas/capital-markets-securities-law/): Our experts have extensive experience advising on various primary and secondary market issues, such as transaction structuring and advisory, regulatory, and statutory considerations. We have a team dedicated to filing and managing our clients’ regulatory compliances. We provide regulatory advice to SEBI-registered intermediaries, RBI-registered NBFCs, and IRDA-registered insurance companies/insurance broking companies. We regularly advise clients on securities law issues such as compliance with various SEBI regulations, particularly the listing regulation, takeover code and prohibition of insider trading regulations, to avoid litigation arising from unfair trade practices in the securities market and corporate governance issues. Core Areas of Expertise Rights Issues […] - [Banking & Finance](https://dhavalvussonji.com/practice-areas/banking-finance/): Our Banking and Finance team is highly regarded by clients for its deep understanding of the rapidly evolving sector and its pragmatic and business-focused approach to providing tailored advice to meet their business and commercial objectives. We represent lenders, investors and borrowers on a broad range of financing transactions, including those involving non-banking financial companies, housing finance companies, domestic and multinational banks/agencies, corporates, developers, funds, private equity sponsors, institutional lenders, real estate investors, and arrangers in different industries such as real estate, aviation, education, power, road, metro- rail, aviation, telecom and manufacturing. Core Areas of Expertise Domestic and cross-border financial transactions […] - [Real Estate](https://dhavalvussonji.com/practice-areas/real-estate/): The Real Estate Practice is the cornerstone of our firm, making us India’s leaders in Real Estate law. We hold a solid reputation in the real estate industry for offering holistic support on the full spectrum of real estate transactions handling a comprehensive range of asset classes, including commercial, retail and residential property projects. We are trusted advisors to distinguished domestic and international clients, including real estate firms, banks, property developers, asset reconstruction businesses, major conglomerates, corporate purchasers, HNIs, business houses and investment funds. Core Areas of Expertise Conducting title due diligence in respect of large land parcels Acquisition/transfer of […] - [Press Release and Articles](https://dhavalvussonji.com/news-and-articles/): [searchandfilter id=”4270″] Ask a Question - [Expertise](https://dhavalvussonji.com/practice-areas/): Real Estate Distressed Assets Dispute Resolution Banking & Finance Corporate Advisory & Commercial Laws Project Finance & Infrastructure Capital Markets & Securities Law Securitisation & Structured Finance Investments & Takeovers Shipping & Maritime Energy Property & Hotel Management Information Technology Private Equity & Venture Capital Practice Estate Planning & Taxation - [Contact Us](https://dhavalvussonji.com/contact-us/): Get in touch We are always looking to partner with businesses where we can add value. Write to us to learn about how we can support you. Email: info@dhavalvussonji.comPhone: +9122 66623535On Social: DVA on LinkedIn Mumbai Dispute Resolution Office 113 – 114 Free Press House, 215, Free Press Journal Marg, Nariman Point, Mumbai 400 021 Mumbai Head Office 7th floor, Unit No .703 & 704, Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Off Senapati Bapat Marg Lower Parel (West), Mumbai–400 013 GIFT Office C/o Dhaval Vussonji & Partners, Unit- 417, 4th Floor, Hiranandani Signature, GIFT SEZ, Gujarat International Finance […] - [Work With Us](https://dhavalvussonji.com/careers/): We are committed to bringing excellence to our clients and building stellar professionals for the legal industry. Interns & Paralegals We invite applications from law students who want to get a sneak peek into the working of a full service law firm. We will be able to provide exposure across our practices to give you a flavour of how each practice area pans out and what it entails. We look forward to learn from you and with you. Apply Now Associates, Laterals & Experienced Lawyers We provide a window of opportunity to excel at your craft, lending a platform to […] - [Partners](https://dhavalvussonji.com/partners/): Meet our Partners  Linkedin Dhaval Vussonji Partner Linkedin Prachi Dave Partner Linkedin Minal Sampat Partner Linkedin Manisha Paranjape Partner Linkedin Sonam Mhatre Partner Linkedin Shakti Singh Partner Linkedin Ketki Salvi Partner Linkedin Roopali Gosar Partner Linkedin Bharati Nibjiya Partner Linkedin Mohit Kundu Partner Partners - [About Us](https://dhavalvussonji.com/about-us/): Established in 2013 in Mumbai, today we have a team of over 60 lawyers in Mumbai with offices in Pune and GIFT City Our practice areas include Real Estate, Dispute Resolution, Insolvency and Bankruptcy, Banking and Finance, Capital Markets and Securities Law, Securitization & Structured Finance, Corporate Advisory and Commercial Laws, Infrastructure, Investment and Takeovers. Our team of lawyers has in its fold, advocates also qualified as solicitors, company secretaries and chartered accountants, which allow matters to be dealt with in a holistic fashion by analysing the legal, technical, secretarial and taxation aspects equally. We empower our clients and respond […] - [Home](https://dhavalvussonji.com/): Mumbai Office Lounge Our Team Our Partners steer the team to reach their maximum potential.  The leadership at the firm stays updated on the ever dynamic legal landscape, has a keen eye for detail and believes that our greatest strength is knowledge.  Our leadership sets the tone for the culture at the firm – ensuring that client interests, excellence and accessibility form key aspects of our culture.  Explore More. Head office Reception Testimonials “The lawyers at DVA are exceptional lawyers and have been our go-to legal advisors. They are solution oriented, business focused and always available to us.” Suprio BoseVIce […] [comment]: # (Generated by Hostinger Tools Plugin)