Blog Posts
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Judicial Self-Critique and Its Limits in Indian Arbitration
[Kshitij Saruparia is an Advocate and a graduate of NALSAR University of Law, Hyderabad, and Apeksha Kachhawaha is an Associate at ASV Legal LLP, Delhi and a graduate of MNLU, Nagpur] In May 2026, the Supreme Court of India directed a state-owned road corporation to pay up on a twelve-year-old arbitral award within three months. The tribunal had…
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SEBI’s 2026 InvIT Amendments: Fixed in Regulation, Broken in Documentation
[Prakhar Suryawanshi is an Associate with the Projects, Energy & Corporate Law team at AZB & Partners] An infrastructure investment trust (InvIT) is a SEBI-regulated pooled vehicle that channels capital into operating infrastructure assets through a layered structure: trust, holding company, and project-specific special purpose vehicles (SPVs). Each SPV holds a single government-awarded concession – a…
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Sounding the Warning Bell: Reverse Piercing in Execution After Alpha Corp
[Tanishq Desai is a third-year B.A., LL.B. (Hons.) student at National Law University Delhi] In a recent two–part piece on this forum, Prof. Varottil argued for a more principled approach to judicial veil piercing in insolvency, in the wake of the Supreme Court’s decision in Alpha Corp Development. This post examines a related but distinct question: what happens to the same…
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Disgorgement Under Section 11B of the SEBI Act: When Legitimate and Manipulative Trading Coexist
[Hardik is a graduate of the National Law School of India University, Bengaluru] Over a year ago, the Securities and Exchange Board of India (SEBI) passed an interim order against Jane Street Group, LLC and related entities (JS Group), directing them to disgorge Rs. 4,843 crores in alleged unlawful gains from index options profits and restraining JS Group…
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Are InvITs Bankruptcy-Remote or Bankruptcy-Orphaned?
[Aditya Kashyap is an associate at Argus Partners and Arnika Dwivedi is a Management Trainee at Vedanta] Infrastructure Investment Trusts (“InvITs”) stemmed as a prominent route to commercialise operational infrastructure assets, and attracting long term capital. They have a hybrid structure which combines trust-based ownerships, outright project level asset ownership, listed units with mandatory distribution and pass-through taxation. They…
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India’s Retreat from Arbitration: A Wake-Up Call for the Arbitration Community
[Manan Shukla is an Advocate specialising in complex commercial disputes and international arbitration] In June 2024, the Government of India (GoI) issued an Office Memorandum (OM) that marked a significant departure from its prior support for arbitration. The OM proposed removing arbitration clauses from contracts below INR 10 crore, citing concerns regarding costs, delay, arbitrator quality and lack…
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Greenwashing as Securities Fraud: Exploring Liability for Misstatements in Sustainability Reporting
[Kamal Nambiar is a 3rd year B.A., LL.B. (Hons.) student and Shruti Ghosh is a 2nd year B.A., LL.B. (Hons.) student at NALSAR University of Law, Hyderabad] The integration of Environmental, Social, and Governance (“ESG”) metrics into capital markets has made sustainability credentials a meaningful driver of investment decisions across several jurisdictions, including India. As ESG investment has…
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Interpreting ‘Users’ Under India’s Deal Value Threshold
[Swechha Gupta and Animisha Dwivedi are fifth-year B.A. LL.B. (Hons.) students at the National Law Institute University (NLIU), Bhopal] The Competition (Amendment) Act, 2023 introduced a Deal Value Threshold (“DVT”) into India’s merger control regime. Under the framework, combinations with a transaction value exceeding ₹2,000 crore must now be notified to the Competition Commission of India, provided that the target…
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When Arbitration Procedure Becomes Litigation
[Prashant Narang is Deputy Director – Research and Programmes and Renuka Sane is Managing Director at TrustBridge Rule of Law Foundation] Arbitration is meant to be a private, expeditious alternative to court-based dispute resolution. Yet two provisions of India’s Arbitration and Conciliation Act, 1996 (“Arbitration Act”) — section 11 (appointment of arbitrators) and section 29A (extension of time to make an award)…
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SEBI’s Public Private Partnership Classification and its Implications for Renewable InvITs
[Shivam Gupta is a 4th year BA LLB (Hons) student at the National Law School of India University, Bengaluru] On 27 November 2025, Sustainable Energy Infra Investment Managers Pvt. Ltd. submitted a request letter to the Securities and Exchange Board of India (SEBI) under the SEBI (Informal Guidance) Scheme, 2003. The request sought clarification on whether renewable energy assets materialised…