[Abhi Udai Singh Gautam and Mustafa Rajkotwala are third-year law students at NALSAR University of Law, Hyderabad] The Supreme Court (‘SC’) has recently settled a fundamental question of arbitration law in PASL Wind Solutions Private Ltd v GE Power Conversion India Private Limited (‘PASL v. GE’), by determining that two Indian Parties are, in fact, capable of validly entering into a foreign...
Erstwhile Creditors and their Continued Participation in the Committee of Creditors
[Chandni Ghatak is an advocate practicing in New Delhi.] Recently, the National Company Law Appellate Tribunal, Chennai (“NCLAT”) in Mr. KN Rajakumar v. V. Nagarajanallowed the resolution professional to reconvene a meeting of the committee of creditors (“CoC”) as it stood in the year 2017 at the time of initiating CIRP against the corporate debtor. This was ordered to enable the CoC to consider...
The Evolution of Risk Management Oversight by Indian Boards
[Afra Afsharipour is Senior Associate Dean for Academic Affairs & Professor of Law at UC Davis School of Law and Manali Paranjpe a Research Associate at The Conference Board, India] Across the globe, the focus on effective risk management has intensified over the past two decades as major corporations have experienced risk management failures due to excessive financial risk taking...
Analyzing the Conundrum of Priority inter-se Secured Creditors during Liquidation
[Nishant Nagori and Divyani Saldi are 2nd year students at Rajiv Gandhi National University of Law, Punjab] The raison-d’être of Insolvency and Bankruptcy Code, 2016 is to balance the interest of all the stakeholders during the insolvency as well as liquidation process. However, the National Company Law Appellate Tribunal (“NCLAT”) recently in Technology Development Board v. Anil Goel provided a...
BR Foundation’s Online Certificate Course on International Dispute Settlement [May 28-May 31]
[Announcement on behalf of the BR Foundation] BR Foundation is conducting an online certificate course on the International Dispute Settlement from May 28 to May 31, 2021. About the Course This course is an annual 4-day course on “International Dispute Settlement” especially focusing on the developments and growing relevance of international dispute settlement mechanism all around the...
Applicability of Section 29A to Pre-Packaged Insolvency Resolution of MSMEs
[Tushar Kumar is an Associate at Ernst Young Global Delivery Services] Section 29A of the Insolvency & Bankruptcy Code, 2016 (IBC) makes certain persons ineligible to buy the assets of the insolvent corporate debtor, owing to the fact that they are either undesirable or have, due to their misconduct in the past, contributed to the present insolvency of the corporate debtor. It is pertinent to...
Balance Sheet as Valid Acknowledgement of Debts: Flawed Reasoning to a Judicious Conclusion?
[Malika Tiwari is a 4th year B.Com., LL.B. (Hons.) student at Institute of Law, Nirma University, Ahmedabad] Section 18 of the Limitation Act, 1963 (“the Act”) provides for the admission of debts owed by a debtor to its creditor by providing a written acknowledgement, duly signed by him or his authorised agent. Such an acknowledgement marks the commencement of a fresh period of limitation for the...
India’s Attempt to Regulate SPACs: Sponsors in the Spotlight
[Anushri Uttarwar is a 4th year law student at O.P. Jindal Global University] On March 11, 2021, the Securities and Exchange Board of India (“SEBI”) formed a group of experts to study the viability of introducing structures like special purpose acquisition companies (“SPACs”) in India. Contrary to SEBI’s guarded position, the International Financial Services Centre Authority (“IFSCA”) has already...
Court’s Refusal to Appoint Arbitrators: An ‘Appeal’ to Create Appeal Mechanisms
[Abhijeet Shrivastava is a third-year law student and Anujay Shrivastava is a law graduate (class of 2020), both from Jindal Global Law School, Sonipat.] Recently, a three-judge bench of the Indian Supreme Court speaking through Nariman, J. in Pravin Electricals v. Galaxy Infra highlighted a crucial discrepancy of law in the Arbitration and Conciliation Act, 1996 (“Act”). Specifically, the...
Supreme Court Widens Scope of Moratorium on Criminal Proceedings
[Prachi Gupta is a fourth-year B.A., LL.B. (Hons.) student at the Institute of Law, Nirma University] On 1 March 2021, the Supreme Court in the case of P. Mohanraj v. Shah Brothers Ispat Pvt. Ltd. has put an end to a much-debated topic of applicability of moratorium under section 14 of Insolvency and Bankruptcy Code, 2016 (“IBC”) to proceedings of dishonour of cheque under section 138 of...
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