[Shayonee Dasgupta is an independent legal practitoner, and also works a consultant with IDIA] Ever since the Insolvency and Bankruptcy Code (IBC) was enacted in 2016, it has been the focal point of several cases before the Supreme Court and various High Courts across the country. One of the key provisions of the IBC that has been the subject matter of a majority of such petitions is the...
Law of Best Efforts and Reasonable Efforts Obligations in Commercial Contracts
[Prabhakar Yadav is a third year B.A.LL.B. (Hons.) student at National Law School of India University, Bangalore] Introduction Commercial contracts impose absolute obligations on the parties to perform their part of the promise, the breach of which would result in contractual liabilities. However, in practice, the ability of the parties to deliver on their performance may be impacted due to...
Value Destruction and Wealth Transfer under IBC, 2016
[Pratik Datta is a researcher at the National Institute of Public Finance and Policy (NIPFP)] India experienced a major structural change with the enactment of the Insolvency and Bankruptcy Code, 2016 (“IBC”). Since then, India’s ranking under the Insolvency head in the World Bank Group’s Doing Business report has sharply risen from 136 to 103. India was also awarded the Global...
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