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Commencing proceedings against a Cayman company in liquidation: having a case worth entertaining

Introduction
The Grand Court recently considered the statutory moratorium against commencing proceedings against a Cayman company which has been placed into liquidation. In
BDO Cayman Ltd v Ardent Harmony Fund Inc (in Official Liquidation),(1) the Grand Court held that a plaintiff which launches originating proceedings against a company in liquidation, seeking adverse orders against that company, patently requires leave of the court to bring the proceedings. The Grand Court also held that the plaintiffs in that case did not have a case worth entertaining in respect of either basis on which they had brought the applications in question.
Facts
Ardent Harmony Fund Inc (in Official Liquidation) is a Cayman fund which invested in receivables financing by way of contractually engaged credit advisers. One of those credit advisers defrauded Ardent of approximately 90% of its assets under management, resulting in Ardent being placed into official liquidation in 2016. ....

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LIBOR transition challenges

Introduction
Although the London Interbank Offered Rate (LIBOR) is currently the most widely used interest rate benchmark and serves as a price reference for a broad range of financial instruments, the UK Financial Conduct Authority will stop supporting LIBOR at the end of 2021. According to the National Working Group (NWG) on Swiss Franc Reference Rates, the Swiss Average Rate Overnight (SARON) is the proposed replacement standard. The transition period poses several challenges for national and global market participants.
In December 2020 the Financial Market Supervisory Authority (FINMA) published guidance on the LIBOR transition in Switzerland. In this guidance, FINMA requires all supervised institutions (eg, banks, securities firms and insurers) to plan and initiate the necessary actions to implement the transition roadmap outlined therein with the goal to be fully prepared and operationally ready for the planned discontinuation of most LIBOR benchmarks by the end of 2 ....

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Actual realistic costs: an elusive hope for expeditious litigation

Introduction
Litigation often turns out to be a drawn-out, tedious and expensive pursuit. This is particularly true in civil suits or disputes, which may last for years and often culminate in a decision which makes even the victorious party feel the brunt of the prolonged process. The 222nd Report of the Law Commission(1), among other things, acknowledged that delay in disposal of cases in law Courts, for whatever reason it may be, has really defeated the purpose for which the people approach the courts for redressal . It is a universally recognised principle that justice delayed is justice denied. In
Delhi Bar Assn (Regd) v Union of India,(2) the Supreme Court, while recognising that population growth has resulted in a constant upward spiral of litigation, observed that a: ....

Cropperv Smith , Justice Bowen , Developers Pvt Ltd , Delhi High Court Original Side , Law Commission , Cable Network , Super Cassettes Industries Private , Union Of India , No Court , Supreme Court , Sanjeev Kumar Jainv Raghubir Saran Charitable , Alcon Electronicsp Ltdv Celem , Delhi Bar Assn , Lord Justice Bowen , Vinod Seth , Devinder Bajaj , Ramrameshwari Devi , Nirmala Devi , Civil Procedure , Law Dictionary , Salem Advocate Bar Assn , Ashok Kumar Mittal , Ramkumar Gupta , Sanjeev Kumar Jain , Raghubir Saran Charitable Trust , Delhi High Court ,

Declaration of readiness for connection of RES stations to network

On 20 October 2020 Law 4736/2020 concerning the reduction of the impact of certain plastic products on the environment was published in the
Official Gazette (OJ A΄ 200/2020). According to Article 20 of the law, a new article (Article 4A) regarding the declaration of readiness for the connection of renewable energy source (RES) stations to the distribution network or transmission system has been added to Law 4416/2016 (OJ A΄ 149/2016).
Declaration of readiness
In light of the new provisions, the holder of a RES station whose installation is complete must submit a declaration of readiness before the competent system or network operator. Such declaration is a prerequisite for a plant to be connected to the distribution network or transmission system. Alternatively, if an installation project has yet to be completed, the determination of the reference prices will depend on the date of submission of the declaration (not the date of the station s – regular or trial – ....

Hellenic Electricity Distribution Network Operator , Official Gazette , Hellenic Electricity Distribution Network , Law Firms , Law Updates , Legal Updates , Legal Developments , Law Developments , Legal Newsletters , Legal Current Awareness , Legal Advisers , Legal Advisors , Legal Directory , ஹெலெனிக் மின்சாரம் விநியோகம் வலைப்பின்னல் ஆபரேட்டர் , அதிகாரி கஸெட் , ஹெலெனிக் மின்சாரம் விநியோகம் வலைப்பின்னல் , சட்டம் நிறுவனங்கள் , சட்டம் புதுப்பிப்புகள் , சட்டப்பூர்வமானது புதுப்பிப்புகள் , சட்டப்பூர்வமானது முன்னேற்றங்கள் , சட்டம் முன்னேற்றங்கள் , சட்டப்பூர்வமானது செய்திமடல்கள் , சட்டப்பூர்வமானது தற்போதைய விழிப்புணர்வு , சட்டப்பூர்வமானது அடைவு ,

Amendments to Maharashtra Stamp Act

Introduction
On 9 February 2021 the Maharashtra governor promulgated the Maharashtra Stamp (Amendment and Validation) Ordinance 2021 with immediate effect. The ordinance introduced two key amendments to the Maharashtra Stamp Act 1958 concerning:
the stamping of documents that encompass multiple transactions; and
stamp duty rates for agreements that relate to:
the creation of a mortgage by deposit of title deeds; and
mortgage deeds.
Stamping of instruments relating to several distinct matters or transactions
Section 5 of the Maharashtra Stamp Act, which deals with the stamping of various instruments that relate to several distinct matters, has been amended retrospectively with effect from 11 August 2015. The section now includes instruments that relate to not only distinct matters but also distinct transactions. ....

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