[Anumeha Smiti is a final year B.A.LL.B (Hons.) student at National University of Study and Research in Law, Ranchi] In the recent matter of National Spot Exchange Limited v. Mr Anil Kohli, Resolution Professional for Dunar Foods Limited (14 September 2021), the Supreme Court reiterated the position of law on condonation of delay by the National Company Law Appellate Tribunal [NCLAT] under...
A Look at the Recently Redefined Scope of Section 9 of the IBC
[Jagrati Maru and Vaishnavi Srivastava are 5th year B.A. LL.B. (Hons.) students at Gujarat National Law University in Gandhinagar] Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) empowers an operational creditor to file an application to initiate the corporate insolvency resolution process (CIRP) against a corporate debtor. The section further lists out certain requirements which need...
Revisiting the Enforceability of ‘Foreign-Seated’ Emergency Awards Post-Amazon
[Rishav Sen is a 4th Year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat. He is grateful to Abhijeet Shrivastava and Anujay Shrivastava for providing their valuable feedback on this post] One of the primary objectives of international commercial arbitration is to ensure the enforceability of arbitral awards. To achieve this in practice, once the legal requirements for...
Interim Relief against Third Parties under the Arbitration Act: A Never-Ending Saga
[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...
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