[Ayushi Dubey and Yash Jain are final year B.A. LL.B. (Hons.) students at Institute of Law, Nirma University, Ahmedabad] The Arbitration and Conciliation Act, 1996 (the “Act”) empowers the courts and the arbitral tribunal to grant interim relief under sections 9 and 17 of the Act respectively. The powers of the court under section 9 are wider than that of the tribunal under section 17. Section 9...
Operational Creditors and their Exclusion from the Committee of Creditors under the IBC
[Deevanshu Jaswani is a 4th year B.A., LL.B. (Hons.) student at National Law University, Odisha] The Supreme Court recently in K.N Rajakumar v. Nagarajan has reiterated the ‘settled principle’ of going concern of corporate debtor and held that “[e]very attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort.” This came in the backdrop of...
Modification of Arbitral Awards and Section 34: An Alternative Perspective
[Deeksha Pokhriyal is a 3rd year B.A., LL.B. (Hons.) student and Aviral Agrawal is a 4th year B.A., LL.B. (Hons.) student at NALSAR University of Law] The Supreme Court of India in The Project Director, NHAI v. M. Hakeem held that courts, while exercising jurisdiction under section 34 of the Arbitration and Conciliation Act, 1996 (‘1996 Act’) do not possess the power to modify an arbitral award...
Micro-Consultative Mode in Liquidation: Will Liquidations Become More Efficient?
[Sikha Bansal is Partner at Vinod Kothari & Company and can be reached at [email protected]] The Insolvency and Bankruptcy Board of India (‘IBBI’) recently came up with IBBI (Liquidation process) (Second Amendment) Regulations, 2021 (‘Amendment Regulations’) making certain important changes in the provisions pertaining to the liquidation process under Insolvency and Bankruptcy Code...
Enforceability of Foreign Arbitral Awards on Non-signatories
[Anand Singh is a third year student at Hidayatullah National Law University, Raipur] The Supreme Court on 11 August 2021 in Gemini Bay Transcription Pvt. Ltd vs. Integrated Sales Service Ltd. held that foreign arbitral awards are enforceable against non-signatories to the agreement. The judgment clarifies a critical issue, settling the position that the grounds contained under the Arbitration...
ESOPs to Non-permanent Employees: An Analysis of SEBI’s Recommendation
[Anant Budhraja is a III year student at the West Bengal National University of Juridical Sciences, Kolkata] Unacademy, the ed-tech unicorn, became the first Indian company to issue Employee Stock Options (ESOPs) to gig workers, i.e., educators on their platform, in July 2021.These options, referred to as Teachers Stock Options (TSOPs), constituted a corpus of $40 million, which had directly...
Arbitrability of Antitrust Disputes
[Avnish Prakash and Sakshi Jha are 4th year B.A., LL.B. (Hons.) students at Hidayatullah National Law University, Raipur] Arbitration is a private and consensual mode of dispute settlement which has gained immense importance in the contemporary commercial era. Fundamentally, disputes before arbitration must be of private nature, as it is not considered appropriate if disputes with public...
Fallacy in Extending Section 29A of IBC to Liquidation
[Amay Bahri is a final year student at National Law University, Delhi] Section 29A of the Insolvency and Bankruptcy Code, 2016 (“IBC”) is one of the most contentious and debated provisions under the legislation. It creates a statutory bar on certain persons (being promoters or management of corporate debtors) as well as persons connected to, related to, and working jointly with such persons from...
Going Concern Sales under IBC: An Analysis
[Kumari Saloni is a 4th year B.A.LL.B. (Hons.) student at National Law University, Delhi] The corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016 (‘IBC’) aims at the revival of financially distressed companies. Contrarily, liquidation only aims at maximum recovery to the creditors because in liquidation a debtor does not survive after the event. However, the...
The Need for Standardizing Valuation Methods in Corporate Insolvency
[Saurabh Agnihotri is a 4th year BA. LLB student and Ayushi Mehta a 4th year BBA. LLB student at Gujarat National Law University] Under the Insolvency and Bankruptcy Code, 2016 (“IBC”), valuation of assets is one of the core features dealt with in a corporate insolvency resolution process (“CIRP”). The process of valuation conducted by registered “valuers” or valuation professionals helps...
Recent Comments