[Sikha Bansal is a Partner and Megha Mittal an Associate at Vinod Kothari & Company. Another set of posts on the topic is available here] Generally, in order to classify a transaction as a related party transaction, one needs to first determine whether the parties involved are ‘related parties’. However, in a recent case Phoenix Arc Private Limited v. Spade Financial Services Limited &...
NCLAT on Whether Entries in Balance Sheet are an Acknowledgment of Debt
[Mohak Thukral is a IV year B.A., LL.B. (Hons.) student at the Jindal Global Law School] According to an order in Bishal Jaiswal v Asset Reconstruction Company (India) Ltd (dated December 22, 2020), a five-member bench of the National Company Law Appellate Tribunal (“NCLAT”) rejected a reference order made by a three-member bench for the reconsideration of the decision in V. Padmakumar v...
Straining Conceptual Consistency: Home Buyers as Financial Creditors
[M P Ram Mohan is Associate Professor, Indian Institute of Management Ahmedabad and Vishakha Raj a Research Associate, Strategy Area, Indian Institute of Management Ahmedabad. This post is based on the authors’ article Apartment Buyers as Financial Creditors: Pushing the Conceptual Limits of the Indian Insolvency Regime published in the Columbia Journal of Asian Law] A unique feature of the...
Supreme Court on Arbitration Agreements and Stamp Duty: Hits and Misses
[Rohan Deshpande practices as a Counsel at the Bombay High Court, and Karan Kamath is an Advocate practicing at Mumbai] On January 11, 2020, a three-judge bench of the Supreme Court in NN Global Mercantile Pvt. Ltd. v. Indo Unique Flame Ltd. opined that the declaration of law on arbitration agreements contained in contracts which were subject to insufficient stamp duty required reconsideration...
Flat Buyer’s Right To Claim Compensation For Delay In Handing Over Possession
[Ashish Singh is an Advocate and Former Managing Associate at L&L partners and Megha Shaw is a 4th year student at NUJS, Kolkata] Delays in handing over the possession of flats has become a rampant practice in the Indian real estate industry, due to which numerous innocent home buyers are being penalized. Such home buyers are not only left in the lurch without delivery of possession of their...
Bhaven Construction Case: Expounding the Tussle between Constitutional Right and Arbitral Process
[Prince Todi is a 4th year student at Hidayatullah National Law University, Raipur] India’s tryst with arbitration has been a long tale of legislative amendments and remedial judicial decisions. Various steps have been taken, time and again, to make India a friendly jurisdiction and achieve conformity with the international norms. Accordingly, the principles of party autonomy, minimal court...
Analysis of CCI’s Market Study on the Indian Telecom Sector
[Bhavisha Sharma and Gayathri Pillai are IV year BA.LLB. (Hons.) students at NALSAR University of Law, Hyderabad] On 22 January 2021, the Competition Commission of India (“CCI”) released a Market Study on the Telecom Sector in India (“Report”) which summarises the recent trends witnessed in the telecom sector (“Sector”). This post summarises the key competition issues identified and...
Online Certificate Course on the Insolvency and Bankruptcy Code, 2016
[Announcement on behalf of BR Foundation] BR Foundation is conducting an online certificate course on the Insolvency and Bankruptcy Code, 2016 from February 26, 2021 to March 1, 2021. The Media Partner for the course is IBC Law Reporter. This is an annual 4-day course on Corporate Restructuring and Insolvency, especially focusing on the developments in the insolvency regime in India and the major...
Social Stock Exchange in India: Scrutinizing the Vision
[Prachi Agrawal is a 4th year B.B.A., LL.B. (Business Law Hons.) student and Stuti Bhargava a 4th year B.A., LL.B (Business Law Hons.) student, both at the National Law University, Jodhpur] “It is time to take our capital markets closer to the masses and meet various social welfare objectives related to inclusive growth and financial inclusion.”– Nirmala Sitharaman In her budget speech in...
Validity of Arbitration Clause in Unstamped Instruments: The Saga Continues
[Abhishek Mishra is an alumnus of Symbiosis Law School, Pune and practices at the Delhi High Court] By way of its judgment dated January 11, 2021 in N.N. Global Mercantile Pvt. Ltd. v. Indo Unique Flame Ltd., the Supreme Court reopened the seemingly settled issue of whether non-payment of stamp duty on a contract will invalidate the constituent arbitration clause as well. Due to contrary...
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