[Manaswi Agarwal and Aayush Mitruka graduated from ILS Law College, Pune and are currently working with law firms in Mumbai and Delhi respectively. They can be reached at [email protected] and [email protected]] In a previous post we had analysed the efficacy of the Insolvency and Bankruptcy Code, 2016 (IBC) as compared with the scheme of arrangements mechanism under the...
Corporate Insolvency: Boundaries of Operational Debt: Part 2
[Job Michael Mathew is a V year student at NALSAR University of Law, Hyderabad Part 1 in the series is available here] Following from the issues set out in Part 1, I now discuss the meaning of ‘goods/services’ as used in section 5(21). While the meaning of ‘goods’ is clear and settled on account of definition in Sale of Goods Act, the meaning of ‘service’ does not enjoy the same certainty. The...
Corporate Insolvency: Boundaries of Operational Debt: Part 1
[Job Michael Mathew is V year student at NALSAR University of Law, Hyderabad] The Insolvency and Bankruptcy Code 2016 defines an “operational debt” in section 5(21) as “aclaim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government...
The “Masala” in Rupee Denominated Bonds
[Anirudh Singh is a 4th year B.A LL.B (Hons.) student at NALSAR University, Hyderabad] Background Rupee Denominated Bonds (RDBs),more commonly known as “Masala Bonds”, are debt securities denominated in Indian rupees issued by Indian entities to overseas investors but settled in foreign currency. In other words, they are rupee denominated bonds issued to overseas buyers. Though these bonds are...
Clearing the Air on Bilateral Termination of a Contract Incorporating an Arbitration Clause
[Ankitesh Ojha is a 4th Year B.A., LL.B. (Hons.) student at Hidayatullah National Law University, Raipur] Introduction It is a settled principle in arbitration that the agreement to arbitrate contained in an arbitration clause is viewed as a separate agreement from the rest of the contract. The fate of an arbitration agreement is not decided by the sustainability of the contract incorporating it...
Analysing the Non-obstante Clause of Section 8 of the Arbitration Act
[Rajvansh Singh is a 3rd year student at National Law University Odisha] In Aftab Singh v. Emaar MGF Land Limited, the complainants approached the consumer forum seeking possession of flat/villa and compensation from the builder in lieu of the delay in handing over the possession of the same. The builder contended that builder-buyer agreement contains an arbitration clause by virtue of which...
Call for Papers: The GNLU Law Review
[Announcement on behalf of The GNLU Law Review] About The flagship journal of Gujarat National Law University, The GNLU Law Review (‘TGLR’) was established in 2008, owing to the emergent need for broadening the platform for academicians, professionals, research scholars to share and disseminate both knowledge and scholarship of new and innovative ideas in legal and allied disciplines. TGLR is a...
Section 14 of the IBC: Discontinuance of Arbitral Proceedings
[Ashish Rana is an Advocate on Record in Supreme Court of India. The author thanks Shatakshi Singh for assistance] The Insolvency and Bankruptcy Code, 2016 (IBC) has been enacted by the Parliament with a view to codify the existing framework of insolvency and bankruptcy which comprised of scattered provisions and mechanisms under the different legislation. Section 14 of the IBC provides for the...
Resolving IL&FS: IBC vs Schemes of Arrangement
[Aayush Mitruka and Manaswi Agarwal graduated from ILS Law College, Pune and are currently working with law firms in Delhi and Mumbai respectively. They can be reached at [email protected] and [email protected].] Since August 2018 Infrastructure Leasing and Financial Services Limited (IL&FS) has been in headlines for having missed several debt payments deadlines. The rapid...
Blockchain and Competition Law: New Technology, Old Challenges
[Swasti Gupta is a Research Associate at CUTS International, Jaipur] Overview The rapid emergence of “blockchain” in recent years has caused ripples in the global digital economy and has gripped the world’s attention. For those in search of a non-technical explanation, a blockchain is a decentralized, distributed ledger for transactions executed amongst the participants. It enables real-time...
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