ArchiveMarch 2020

Can Covid-19 be Classified as a Valid Force Majeure Event?

[Anirudh Agrawal and Rishabh Sharma are 4th year BA.LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] Since the widespread reporting of cases of the coronavirus, Covid-19, around the world, several countries have imposed travel bans, citizens have been quarantined and the infected persons have been isolated, all with a view to stop the proliferation of the virus. Amidst such an...

Supreme Court Reopens the Issue of “Venue” versus “Seat”

[Shreesh Chadha is a final year student at Jindal Global Law School, Sonipat] The dichotomy between the “venue or place of arbitration” and “seat of arbitration” has been the subject matter of a plethora of judgements by the Supreme Court. This issue was recently reopened before the Supreme Court, and has resulted in contrary positions of law, warranting serious reconsideration. A full bench of...

The (Active) Involvement of Directors during Insolvency Proceedings

[Kushagra Srivastava is a 3rd year B.A.L.L.B. (Hons.) student at National Law Institute University, Bhopal] Section 17(1)(a) of the Insolvency and Bankruptcy Code, 2016 (the “Code”) vests the management of the affairs of a corporate debtor in the interim resolution professional (“IRP”) on the insolvency commencement date in accordance with section 16 of the Code. This implies the imposition of...

Enforceability of Arbitral Awards in India: “Absence of” Territorial Jurisdiction Creates New Obstacles

[Dhruva Gandhi is an Advocate at the Bombay High Court] Once a claimant has an arbitral award in its favour, a question arises as to which court can enforce the award and help recover its dues. Ordinarily, a court that has jurisdiction over the award-debtor or its assets would be the appropriate forum. In India, though, there are now conflicting judicial decisions on this proposition, only adding...

Settlements and Commitments in the Indian Competition Regime: Construing Practicality

[Ashu Bhargav is a student at the Faculty of Law, University of Delhi and Yavipriya Gupta at the Hidayatullah National Law University] The Indian competition law regime has witnessed significant developments in the past decade, as a consequence of which the Ministry of Corporate Affairs (MCA) has proposed a set of amendments to the existing Competition Act 2002 (the Act), in its Draft Competition...

The BGS Case: Cleared The Air Or Muddied The Settling Waters?

[Prince Todi is a 3rd year student at Hidayatullah National Law University, Raipur and Shruti Khanijow an Advocate at the Supreme Court of India] In the past decade, there has been an exponential growth of arbitration in India. The fundamentals of party autonomy, neutrality and speedy disposal of disputes have not only attracted private parties but also states to prefer arbitration over...

Covid 19: Consequences on Contractual Obligations

[Meenal Maheshwari is the lead transactional counsel at Essar Group] With the pandemic that has subsumed the world, a common question that corporates are dealing with is the impact of the coronavirus epidemic on already contracted obligations. The most relevant question raise is: at what point does Covid-19 pandemic allow a party to delay performance, not perform, renegotiate the existing terms...

SEBI’s Proposed Framework for Corporate Bonds and Debenture Trustees

[Rashmi Birmole is a III year B.A., LL.B. student at ILS Law College, Pune] Infrastructure Leasing & Financial Services (“IL&FS”), a non-banking finance company (“NBFC”) belonging to a sub-category of systemically important non-deposit accepting core investment companies was, at the time, engaged in  financing and developing infrastructure projects. In June 2018, the collapse of IL&FS...

Examining the Legal Nature of Commercial Papers: Securities or Money Market Instruments?

[Priyanka Sunjay is an associate at L&L Partners Law Offices. The author thanks Jay Parikh and Varun Kumar for their inputs] On 22 October 2019, the Securities Exchange Board of India (“SEBI”) issued a circular titled ‘Framework for Listing of Commercial Paper’ (“SEBI Circular”) in order to enable listing and trading of commercial papers on stock exchanges. This poses certain important...

IBC Threshold Raised: Analysis and Implications

[Megha Mittal and Shreya Jain are Associates at Vinod Kothari & Co.] The seemingly low threshold of Rs. 1,00,000 for the initiation of insolvency proceedings has been a persistent concern given the possibility of its exploitation by frivolous actions. While rumours about raising the threshold limit for initiating insolvency process have long been swirling, the recent outbreak of Covid-19 came...

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