[Announcement on behalf of the Centre for Business and Commercial Laws (CBCL) of the National Law Institute University, Bhopal] The Centre for Business and Commercial Laws (CBCL) of the National Law Institute University, Bhopal is proud to announce the Call for Papers for first volume of the NLIU Journal of Business Laws – our annual peer-reviewed journal! About the NLIU-JBL NLIU has always...
The Fate of an Operational Creditor: A Brief Update
[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...
Consumer Protection Bill, 2018: A Paradigm Shift?
[Chirali Jain is a BBA LLB (Hons) student at National Law University, Jodhpur] On 20 December 2018, the Lok Sabha passed the Consumer Protection Bill, 2018 (the “Bill”) which is an attempt to replace the entire Consumer Protection Act, 1986 (the “1986 Act”). The question is whether there was a need to replace the entire legislation? What were the insurmountable obstacles that led to a three...
The (Ambiguous) Position of Chairman Emeritus in Corporate Governance
[Priya Garg is a 5th year student at West Bengal National University of Juridical Sciences (WBNUJS), Kolkata] When Ratan Tata, the then Chairman Emeritus of the Tata Group of companies, allegedly exercised his influence over the Group’s directors to dethrone its then Chairman, Cyrus Mistry, because of the former’s dissatisfaction with the latter’s functioning,[1] a new corporate governance issue...
Anti-arbitration Injunctions in International Investment Arbitration: An Indian Overview
[Anujay Shrivastava and Anubhav Khamroi are both 4th Year B.A., LL.B. (Hons.) Students at Jindal Global Law School, Sonipat] Introduction The jurisprudence concerning anti-arbitration injunctions is yet to fully develop in India. Anti-arbitration injunctions must be distinguished from the more well-known anti-suit injunctions. While the latter is in the nature of injunction orders passed by a...
Insider Trading in Commodity Derivatives
[Peeyush Agarwal and Zarnaab Aswad are both 5th year law students at Dr. Ram Manohar Lohiya National Law University, Lucknow] Introduction Consider this: X is an employee of Y Corporation, which is a leading steel manufacturing company whose scrips are listed on stock exchanges. X, being an employee gets to know that Y Corporation has just discovered huge deposits of iron ore that, if extracted...
Invocation of Unmatured Corporate Guarantee during Moratorium under Bankruptcy Law
[Himanshu Handa is an Associate with UKCA and Partners, a Law Firm in New Delhi] Introduction In Axis Bank Limited v Edu Smart Services Private Limited, the National Company Law Tribunal (“NCLT”), Delhi had rejected a plea from the financial creditor i.e. “Axis Bank” against the corporate guarantor i.e. Edu Smart in respect of its claim pertaining to a corporate guarantee in the insolvency...
RBI’s Amendment to the Hedging Policy for ECBs: Reasoning and Impact
[Saher Fatima and Siddharth Tandon are III year students at the National Law University, Jodhpur] Introduction Over the years, external commercial borrowings (“ECB”) have become a preferred source of finance for Indian entities. ECBs refer to commercial loans in the form of bank loans, securitized instruments, buyers’ credit or suppliers’ credit availed of from non-resident lenders with a minimum...
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