LIJDLR

Volume IV Issue I

ESSAR STEEL LEGACY: JUDICIAL ENFORCEMENT OF COMMERCIAL WISDOM IN PLAN APPROVALS AMID 2026 AMENDMENTS

Volume IV Issue I /

ESSAR STEEL LEGACY: JUDICIAL ENFORCEMENT OF COMMERCIAL WISDOM IN PLAN APPROVALS AMID 2026 AMENDMENTS Omkar Ashok Galatagekar, 2nd Semester Corporate Law, IT and Data Protection, Alliance University, Bangalore (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.98 This paper discusses the development and application of the doctrine of commercial wisdom within Insolvency and Bankruptcy Code, 2016 (IBC) with reference to a landmark case in Committee of Creditors of Essar Steel India Limited (through Authorised Signatory) v Satish Kumar Gupta & Ors, (2020) 8 SCC 531 and cases that have happened thereafter, including 2026 changes. The research is now placed in the wider context of the historical changes in the insolvency regime within India which has changed into a resourceful, disaggregated, debtor-centric system, to a coherent, creditor-centric system that ensures value enhancement and a time-limited resolution. The main question this paper will analyse is the scope used by judicial authorities to interfere with the commercial decision making of the Committee of Creditors (CoC) when approving resolution plans. The proposed case will examine the legal framework on insolvency resolution, appraise the interpretation of commercial wisdom as applied by courts, and determine the effects of the recent legislative changes on the equilibrium between the freedom of creditors and protection of stakeholders. The approach taken is a doctrinal one, which is based on statutory measures, landmark judicial precedents, and secondary legal material. The most important provisions of the IBC such as Sections 7, 12, 30, and 31 are discussed with major case laws in order to comprehend the developing jurisprudence. Practical implications of the 2026 amendments in promoting transparency, accountability, and efficiency in the procedures are also taken into account in the study. As per the findings, the Essar Steel ruling has clearly cemented the primacy of the CoC commercial wisdom and placed a strong restriction of the judicial interference to legal compliance and the procedural irregularity issues. This has increased efficiency, minimized delays and increased investor confidence. The paper concludes by saying that although the doctrine of commercial wisdom is a requirement of an efficient insolvency regime, it has to be counterbalanced with sufficient safeguards to guarantee fairness and transparency. The amendments of 2026 are a positive move in this direction, and they seek to make accountability institutional, without compromising creditor autonomy.

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INTERPLAY BETWEEN RERA AND INSOLVENCY AND BANKRUPTCY CODE IN REAL ESTATE INSOLVENCY: ANALYSIS OF POST 2025 RESOLUTIONS OF STALLED HOUSING PROJECTS

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INTERPLAY BETWEEN RERA AND INSOLVENCY AND BANKRUPTCY CODE IN REAL ESTATE INSOLVENCY: ANALYSIS OF POST 2025 RESOLUTIONS OF STALLED HOUSING PROJECTS D Lokendra Reddy, 2nd semester LLM Corporate law (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.97 Stagnated housing projects are also a major issue in the Indian real estate industry that has led to economic loss and long suffering of home buyers. Delays, absence of transparency, and absence of accountability among developers were some of the problems that were addressed by passing the Real Estate (Regulation and Development) Act, 2016 (RERA) an Act that is specific to the sector intended to safeguard the interests of the homebuyers. Simultaneously, a new law, Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted to offer a time-limited approach that will address insolvency of corporate organizations, including real estate developers. The concomitant nature of the two laws has led to several legal and practical issues especially in situations where real estate developers have gone into bankruptcies and housing developments are still pending completion. This paper explores the relationship that exists between the RERA and the IBC when dealing with insolvency of a real estate project with reference to how stalled housing projects would be resolved in the post 2025 era. The research applies a doctrinal approach to examine statutory and judicial rulings to comprehend how courts and tribunals have tried to reconcile the goals of consumer protection under RERA with the goal of insolvency resolution under the IBC. The paper also measures the case of homebuyers as financial creditors and effects of insolvency moratorium on an action before the RERA bodies. The article concludes that the judicial trends of the years after 2025 indicate the increasing focus on the completion and revival of the projects and less on the liquidation of real estate developers. Nonetheless, common issues like overlapping jurisdiction and delays in the process, as well as the absence of explicit statutory coordination between RERA and IBC, remain to have an impact on the efficient resolution. The paper wraps up and recommends that legal directions should be made more explicit and that the coordination of institutions should be enhanced to make sure that unfinished housing projects can be completed in time and that the interests of the homebuyers are better safeguarded.

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CASE STUDY ANALYSIS ON PICHWAI PAINTINGS OF NATHDWARA: THEOPHANIC ART WHERE THE INFINITE DIVINE MANIFESTS THROUGH PHILOSOPHICAL TAPESTRY

Volume IV Issue I /

CASE STUDY ANALYSIS ON PICHWAI PAINTINGS OF NATHDWARA: THEOPHANIC ART WHERE THE INFINITE DIVINE MANIFESTS THROUGH PHILOSOPHICAL TAPESTRY Rushikesh Suresh Belagali, Student of LLM in Intellectual Property Law at Amity Law School in Amity University, Noida, Uttar Pradesh (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.96 Pichwai paintings of Nathdwara represent a profound confluence of art, devotion, and philosophy, embodying what may be termed theophanic art, a visual medium through which the formless divine manifests into perceptible form. Rooted in the temple traditions of Shrinathji in Nathdwara, Rajasthan, these intricate textile paintings function not merely as decorative backdrops but as sacred visual narratives that translate metaphysical concepts into tangible expression. Emerging within the Vaishnavite Pushtimarg tradition, Pichwai art reflects a deeply symbolic engagement with divinity, where motifs, colours, and compositions correspond to theological doctrines, seasonal rituals, and devotional practices. This study situates Pichwai painting within the framework of geographical indications, examining how its uniqueness satisfies the statutory definition under Section 2(1)(e) of the Geographical Indications of Goods (Registration and Protection) Act, 1999, which requires a demonstrable link between the quality, reputation, or other characteristics of the goods and their geographical origin, arising from the interplay of geographical setting, artisanal skill, and inherited cultural knowledge. The art form’s evolution from a temple-centric ritual object to a globally recognized cultural commodity highlights broader transformations in the relationship between heritage and intellectual property in the Global South. At the same time, increasing commercialization, imitation, and declining intergenerational transmission pose significant challenges to its authenticity and sustainability. By analysing Pichwai through both cultural and legal lenses, this research paper underscores the importance of protecting not only the tangible aspects of such art forms but also the intangible traditions and knowledge systems that sustain them. It ultimately positions Pichwai painting as a living embodiment of India’s spiritual and artistic heritage, requiring balanced preservation within contemporary global markets.

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THE LIFEBLOOD OF GOVERNANCE: A COMPARATIVE REGULATORY ANALYSIS OF PUBLIC FINANCIAL MANAGEMENT IN LIBERIA AND INDIA

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THE LIFEBLOOD OF GOVERNANCE: A COMPARATIVE REGULATORY ANALYSIS OF PUBLIC FINANCIAL MANAGEMENT IN LIBERIA AND INDIA William M. Johnson, BSc Economics & MBA Supply Chain Management, Apeejay Stya University School of Management Sciences (India) Sam Siryon, BA. LL. B Honors, Apeejay Stya University School of Legal Studies (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.95 Public finance is the fundamental mechanism through which governments translate political promises into tangible citizen outcomes. This article examines the critical importance of public finance in governance through comparative case studies of India and Liberia, drawing on fiscal exchange theory to analyze how digital transformation enhances state capacity. India has revolutionized its tax administration and monetary movement through a massive digital push, primarily leveraging the “India Stack” (a set of APIs) to create a transparent, fast-moving economy. Key platforms like the Goods and Services Tax Network (GSTN) and the e-filing portal facilitate real-time tax compliance, while the Unified Payments Interface (UPI) processed over 16 billion monthly transactions by late 2024, digitizing peer-to-peer and merchant transfers. Furthermore, Direct Benefit Transfer (DBT) links Aadhaar to bank accounts, removing middlemen and reducing leakages. Conversely, Liberia is digitizing its tax administration to improve revenue collection and reduce reliance on manual, cash-based systems. The Liberia Revenue Authority (LRA) is leveraging digital platforms like the Integrated Tax Administration System (LITAS) and mobile money partnerships (Orange Money/Ecobank) to make tax compliance more accessible for formal businesses and individuals, effectively shifting from multiple trips to tax offices to electronic filing and payment. This study evaluates India’s procurement guidelines; including the General Financial Rules (GFR), and Liberia’s Amended and Restated Public Procurement and Concessions Act (PPCA) of 2010, examining legal requirements for e-procurement, public disclosures, and conflict-of-interest penalties. Additionally, it analyzes the legal processes for awarding natural resource concessions in Liberia, which is crucial for economic development, compared to India’s regulatory frameworks for natural resources licensing. The Liberian case study highlights the “Yellow Machines” infrastructure initiative as an example of taxation made visible, while the Indian case examines financial management reforms and fiscal policy shifts in the energy sector. Findings suggest that digital transparency, administrative efficiency, and public engagement in financial management are essential determinants of governance effectiveness and sustainable development. The shift from cash-based to digital transactions improves accountability and reduces corruption in both jurisdictions.

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SEBI AND DATA GOVERNANCE: EXAMINING JURISDICTIONAL OVERLAPS UNDER INDIA’S DIGITAL PERSONAL DATA PROTECTION FRAMEWORK

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SEBI AND DATA GOVERNANCE: EXAMINING JURISDICTIONAL OVERLAPS UNDER INDIA’S DIGITAL PERSONAL DATA PROTECTION FRAMEWORK Rethiga Ramesh, Student, LLM in Business Law, Tamil Nadu Dr. Ambedkar Law University, School of Excellence in Law, Tamil Nadu, Chennai (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.94 The role of financial market authorities has changed due to the growing datafication of securities market. The securities exchange board of India (SEBI) in India now heavily depends on the mandatory know your customer (KYC) regulations, centralized registries, transaction level surveillance, algorithmic trading oversights, and digital grievance redressal system, all of which entail the large-scale collection, processing, sharing, and retention of transactional and personal data. While these practices are justified in the interests of market integrity and investor protection, they raise significant legal questions in the context of the DPDPA, which establishes a comprehensive framework for personal data protection grounded in consent, purpose limitation, data minimization, the accountability. This article addresses whether SEBI’s data intensive regulatory framework effectively positions it as a de facto data regulator, given the absence of any explicit legislation stating the same. In addition to the DPDPA and the constitutional privacy jurisprudence under justice case K.S.Puttaswamy vs union of India, this article examines SEBI rules, circulars, and surveillance in systems using a doctrinal and analytical methodology. It illustrates how SEBI has functional authority over the data life cycle insecurities markets, leading to jurisdiction overlap and conflicts between data protection law and security regulation. This article makes the case that the DPDPA assumes regulatory coexistence without offering clear institutional hierarchy or conflict resolution procedures, therefore failing to effectively handle the function of sectoral regulators. This regulatory silence risks diluting investor privacy protection, increasing compliance uncertainty for intermediaries, and undermining constitutional requirements of proportionality and democratic accountability. This article suggests a harmonized regulatory structure that acknowledges SEBI functional data governance role while incorporating strong data privacy protections, drawing on limited comparative observations from the US and the UK. It concludes that an order to meet in both market integrity and constitutional legitimacy in India’s data driven financial ecosystem, it is imperative to explain the interaction between securities regulation and data privacy laws.

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REGULATION OF SHORT SELLING AND DERIVATIVES TRADING IN INDIAN SECURITIES MARKET

Volume IV Issue I /

REGULATION OF SHORT SELLING AND DERIVATIVES TRADING IN INDIAN SECURITIES MARKET Karuna Raghuwanshi, LLM Student (Corporate Law), Hidayallutah National Law University, Raipur (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.93 The securities markets of India have undergone a slow but significant change in the regulation of short selling and derivatives trading, especially following the grand scale scams in the market and the growing integration with international financial markets. The paper presents a critical legal and regulatory overview of the framework regulating these instruments particularly the role of the “Securities and Exchange Board of India (SEBI)” as the overall market regulator. It follows the history of development of regulation, starting with the abolishment of the badla system and the creation of exchange-traded derivatives in the early 2000s and culminating in the ultimate legalization of short selling by SEBI in 2007 and subsequent amendments. The paper also discusses the current statutory and regulatory framework, such as the main provisions of the “Securities Contracts (Regulation) Act, 1956, the SEBI Act, 1992”, and some of the important SEBI circulars, which regulate securities lending and borrowing, disclosure requirements, margin requirements and enforcement mechanisms. Besides this, it also examines the regulatory reactions by using the chosen case studies and enforcement measures with special emphasis on how SEBI aims to thwart naked short selling, market manipulation, and unsuccessful settlements. The paper concludes that the regulatory framework in India generally aligns with international standards, but further reform is needed to deal with new risks that emerge as a result of algorithmic trading in India and increasing retail involvement on the trading floor.

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ANCIENT INDIAN LEGAL TEXT & CONSTITUTIONAL MORALITY

Volume IV Issue I /

ANCIENT INDIAN LEGAL TEXT & CONSTITUTIONAL MORALITY Aryan, Research Scholar (LLM), LPU School of Law, Lovely Professional University, Phagwara (PB) (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.92 This paper tries to find an inter-relation between the ancient Indian legal text and the present-day constitutional morality. Nowadays, our country is governed by the Constitution, which is also known as the grundnorm of the country, but in earlier times, that is during ancient India, there were ancient legal texts which were used to govern society and to take important decisions relating to public and private matters. It is important to look back into such earlier text and also co-relate them with the present day, constitutional text, so as to understand the law of both the periods. However, a detailed look into the ancient Indian legal text can never be ended due to the rich culture of our country, but an attempt has been made through this work so as to put forward at least some sort of analysis.

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COMPASSION WITH CONSTRAINT: A CASE COMMENT ON IN RE: “CITY HOUNDED BY STRAYS, KIDS PAY PRICE”

Volume IV Issue I /

COMPASSION WITH CONSTRAINT: A CASE COMMENT ON IN RE: “CITY HOUNDED BY STRAYS, KIDS PAY PRICE” Sagarika Singh, Research Scholar, Dr. Babasaheb Bhimrao Ambedkar University, Lucknow (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.91 The scale of dog bites in India and the transmission of deadly illness like rabies through them are the problems that appear minuscule and frequently disregarded, but in reality, are rather significant. However, at the same time inhumane treatment of voiceless animals such as dogs is also a matter of concern. The Supreme Court’s recent order on stray dogs attracted widespread attention from both those who supported the order and those who disagreed with the court. This led to a three-judge bench of the Supreme Court reconsider, recall, and modify the earlier contentious order directing the removal of stray dogs from the streets of the Delhi region and, while appreciating the underlying intent, adopting a more balanced approach in addressing the issue. Therefore, now India’s battle with stray dogs today stands at the nexus of compassion and constraint after the Supreme Court refocused the reaction to emphasize a feasible equilibrium between humane treatment of dogs and public safety. The researcher has tried to analyze the workable balance that the court has reached in the case, In Re: “City Hounded by Strays, Kids Pay Price”. The paper’s first goal is to examine the factors that led the honorable court to take up the stray dog matter suo moto. Second, to evaluate the viability of the arguments made by both the order’s defenders and the protesters. Finally, to assess the court’s position on the management of stray dogs in the National Capital Region and Delhi.

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THE DEATH PENALTY IN INDIA: JUSTICE OR RETRIBUTIVE SENTIMENT

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THE DEATH PENALTY IN INDIA: JUSTICE OR RETRIBUTIVE SENTIMENT Tripti Mishra, 4th year Law student, Vijaybhoomi University (India) Nandita Dubey, 3rd year Law student, Vijaybhoomi University (India) Anuradha Padhy, Associate Faculty of Law, Vijaybhoomi University (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.90 The death penalty remains one of the most divisive and morally complex issues in India’s criminal justice system. This research paper critically examines whether capital punishment serves the ends of justice or merely reflects society’s retributive instincts. Although the Supreme Court in Bachan Singh v. State of Punjab (1980) upheld its constitutionality under the “rarest of rare” doctrine, the doctrine’s inconsistent application raises serious doubts about fairness and equality before the law. The study draws on both primary data through surveys assessing public perception and secondary sources, including judicial precedents, scholarly writings, and empirical reports such as those by Project 39A and the People’s Union for Democratic Rights (PUDR). The findings reveal that a majority of respondents favor retaining the death penalty, often justifying it on grounds of deterrence and justice. However, deeper analysis suggests that such support largely stems from emotional and retaliatory impulses rather than rational belief in its deterrent value. The research also highlights how media sensationalism, political narratives, and public outrage influence judicial decision-making, often transforming justice into a performance to appease popular sentiment. Further, the disproportionate impact on marginalized and economically weaker sections exposes inherent biases within the system. The paper argues that the death penalty, as currently practiced, undermines constitutional values of dignity, equality, and due process. It concludes that India must move towards codifying clearer sentencing standards, strengthening legal aid, and eventually embracing humane alternatives such as life imprisonment without parole. In doing so, the criminal justice system would better align with global human rights principles and the evolving moral conscience of a democratic society.

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RETHINKING MENS REA & CRIMINAL LIABILITY IN THE AGE OF ARTIFICIAL INTELLIGENCE

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RETHINKING MENS REA & CRIMINAL LIABILITY IN THE AGE OF ARTIFICIAL INTELLIGENCE Swati Kumari, Student, 4th year student at Bharati Vidyapeeth (deemed to be university), New Law College, Pune (India) Download Manuscript doi.org/10.70183/lijdlr.2026.v04.89 Artificial Intelligence has moved beyond being a mere technological aid and now performs functions that involve independent decision-making, often with serious real-world consequences. This shift raises difficult questions for penal law, particularly in relation to the requirement of mens rea. While harm caused by AI systems can usually satisfy the element of actus reus, identifying a guilty mind becomes difficult when the actor is a non-human system lacking consciousness or intent. This paper examines whether existing principles of criminal liability are capable of addressing harms caused by AI, or whether their application reveals a structural problem. It analyses the problem of legal personhood in intelligent systems and evaluates different approaches to liability, including perpetration through another, natural and probable consequences, and direct liability of AI. using real incidents involving autonomous vehicles and AI-driven decision making, the paper argues that attributing criminal responsibility directly to AI risks weakening the moral basis of criminal law. Instead, it supports a framework that places responsibility on human actors involved in the design, deployment, and supervision of AI systems, while emphasising the need for preventive regulation to address emerging risks.

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