[Guest post by Nishanth Vasanth, NALSAR University of Law, Hyderabad] Introduction & Context In international arbitration, the exclusive jurisdiction of the seat seeks to prevent courts of two nations from simultaneously exercising territorial jurisdiction over a matter, so as to uphold the sanctity of the final award. Courts, under UNCITRAL Model Law on International Commercial Arbitration...
Ascertaining Legal Ramifications of Compensation Agreements- Part III (In Search of Common Law Defences to Statutory Violations)
[The following post, the third in a series, has been contributed by Rahul Sibal, 4th year student of NALSAR Hyderabad. The first two posts in the series are available here and here.] In the previous post it was argued that section 166 of the Companies Act, 2013 (the ‘Act’), which partially codified the common law doctrines of no-conflict and no-profit, did not provide for consent-based...
Supreme Court Decodes “Dispute” under the Insolvency and Bankruptcy Code
[Guest post by R. Jawahar Lal and Sanjeev Jain, who are Partners, and Apoorva Agrawal, who is an Associate, all at PRA Law Offices, New Delhi. Disclosure: PRA Law Offices represented Kirusa Software Private Limited (Operational Creditor) before the Supreme Court, the National Company Law Appellate Tribunal at New Delhi and the National Company Law Tribunal, Mumbai Bench.] Introduction The...
NCLAT Excludes Proceedings under the Constitution from Moratorium
[Guest post by Aayush Mitruka, a lawyer based in Delhi.] In an earlier post, I had discussed the moratorium provision (i.e., section 14) under the Insolvency and Bankruptcy Code, 2016 (the “Code”), the legislative intent behind the provision and its impact on proceedings for dishonor of cheques under the Negotiable Instruments Act, 1881. More recently, in Canara Bank v Deccan Chronicle Holdings...
Private Equity Investors as Promoters in an Initial Public Offer
[Guest post by Rashmi Ramanath, who is a 5th year B.A., LL.B. (Hons.) student at Jindal Global Law School in Sonipat] The Initial Public Offering (IPO) of SKS Microfinance was a first of its kind. It was for the first time that a group of four venture capitalists led by Sequoia Capital India were named as promoters to an issue. Vikram Akula, one of the company’s founders, owned a 6% stake in the...
Moratorium under the Bankruptcy and Insolvency Code: Impact on Proceedings for Cheque Dishonour
[Guest post by Aayush Mitruka, a lawyer based in Delhi. An earlier version of this post was published in the newsletter of ICSI – Pune chapter.] The Insolvency and Bankruptcy Code, 2016 (the “Code”) is an all-encompassing legislation which is, inter alia, aimed at a structured and time-bound process for insolvency resolution and liquidation. Chapter II (Part II) of the Code contains...
Director as “Any Person Aggrieved” under Insolvency and Bankruptcy Code
[Guest post by Vaidehi Shankar, Associate at Mundkur Law Partners, Bangalore. The views and opinions expressed herein are those of the author in her personal capacity and do not, in any way or manner, reflect the position or opinion of Mundkur Law Partners] On August 31, 2017, the Supreme Court delivered one of the first landmark judgments on the Insolvency and Bankruptcy Code, 2016 (Code) in...
Court’s Power to Terminate Arbitrator’s Mandate: SC Settles Long Outstanding Debate
[Guest post by Sumit Rai, who is an independent counsel in Mumbai, practicing with special focus on international and domestic arbitration as well as arbitration related litigation] In HRD Corporation v Gail (India) Ltd. (decided on August 31, 2017), the Supreme Court held that for any infraction of section 12(5) read with the Seventh Schedule of the amended Arbitration and Conciliation Act, 1996...
Eligibility Criteria for Insolvency Resolution Professionals: A Critique
[Guest post by Lavanya Chawla, Batch of 2017, National Law School of India University, Bangalore] With more than 270 days gone by since the enactment of the Insolvency and Bankruptcy Code, 2016 (the Code), the time is ripe to analyse whether the Code has proved to be the magical wand it proclaimed to be. One of the new functionaries introduced by the Code is the Resolution Professional (RP)...
Liability of Personal Guarantors of a Corporate Debtor during the Corporate Insolvency Resolution Process
[Guest post by Param Pandya, Research Fellow, Corporate Law and Financial Law, Vidhi Centre for Legal Policy, New Delhi. The views expressed by the author are personal.] On September 6, 2017, the Allahabad High Court in the case of Sanjeev Shriya vs. State Bank of India (“Sanjeev Case”) decided the question of the liability of personal guarantors of a company where moratorium under section 14 of...
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