ArchiveJuly 2017

Insolvency & Bankruptcy Code: Arbitral Proceedings and Bona Fide Dispute

[Guest post by Puneet Dinesh, is a IV year student at the National Law University, Delhi. He can be reached at [email protected].] The Insolvency and Bankruptcy Code, 2016 (the ‘Code’) has given rise to some interesting legal questions. As previously discussed on this Blog (here and here), the interpretation of the term ‘dispute’ under section 5(6) of the Code has arisen multiple times...

Section 26 of the Arbitration and Conciliation (Amendment) Act 2015: A Case of Misinterpretation

[Guest post by Aishwarya Singh, IV Year B.A., LL.B. (Hons.), Jindal Global Law School] A recent post on this Blog had discussed the conundrum surrounding the applicability of the Arbitration and Conciliation (Amendment) Act, 2015 (“Amendment Act”). The post discussed the conflicting judgements of High Courts regarding the applicability of the amendment to applications filed under section 34 of...

Holding Period and Corporate Veil in a Takeover Offer

[Guest post by Vaneesa Agrawal, who is Partner, Suvan Law Advisors. She can be reached at [email protected].] Last week Supreme Court of India issued a significant judgement in the matter of Laurel Energetics Pvt. Ltd. v. SEBI, Civil Appeal No. 5675 of 2017 on the issue of the interpretation of Regulation 10 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011...

Reprimand or Warning Orders by NCLT

[Guest post by Rohit Sharma, Executive at Vinod Kothari & Co.] Background UW International Training & Education Centre for Health Private Limited voluntarily filed an application before the National Company Law Tribunal (‘NCLT’) with respect to a matter pertaining to section 56(2)(a) of the Companies Act, 2013 (the ‘Act’) for transfer and transmission of securities. In this regard...

Supreme Court on Hardship vis-à-vis Frustration and Force Majeure

[This is a guest post contributed by Rishabh Raheja, a third year student at NALSAR University of Law, Hyderabad.] The Supreme Court was presented with the perfect opportunity to clarify the relationship between frustration, force majeure and hardship or commercial impracticability in its decision in Energy Watchdog v. Central Electricity Regulatory Authority. While it has already been...

Bombay High Court on the Permissibility of Shareholder Representative Suits

Bar & Bench yesterday reported that the Bombay High Court denied leave to certain shareholders of various Tata group companies to bring a representative suit that made certain legal claims in the aftermath of the ouster of Mr. Cyrus Mistry from the board of Tata Sons as well as other Tata group companies. The order of the court in Pramod Premchand Shah v. Rata Tata is now available. Facts and...

A Misturning on section 12(5) of the Arbitration Act?

A few days ago we had highlighted a decision of the Bombay High Court in DBM Geotechnics v. BPCL where the High Court had drawn a distinction between the power to nominate an arbitrator and the choice of the nominee. The arbitration clause allowed an employee of a company to nominate another employee as an arbitrator. The Court held that the power to nominate continued to remain valid even if...

Non-Disposal Undertaking and its Reporting in the Indian Securities Market

[Guest post by Divyajyot Verma, a student at the Jindal Global Law School] Non-Disposal Undertakings (or agreements) (“NDUs”) are signed usually by the debtor in favour of the lender in relation to any loan obligation undertaken by the debtor. An NDU helps in ensuring that the debtor does not transfer the shares held by it in a company by way of outside arrangements such that the creditor is left...

Guest Post: The McDermott Perplexity – the Scope of Interference under Section 34 of the Arbitration Act

       [Guest post by Gursharan H Virk, who is an advocate practising in the Gujarat High Court.                    Views expressed are the author’s own.] There is a cleavage of opinion amongst various High Courts in relation to the scope and ambit of interference with an arbitral award under section 34 of the Arbitration...

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