[Megha Khandelwal and Ananya Ghosh are 4th Year B.A. LL.B. (Hons.) students at the National Law School of India University, Bangalore.] The Covid-19 pandemic and its consequential lockdown has resulted in an economic ripple effect on businesses all across the globe. To mitigate its impact, governments of various countries have amended their respective insolvency laws and adjudicatory processes...
NCLAT’s Ruling in the Surana Liquidation Case: An Analysis
[Shreya Dagar is a 3rd year B.A. LL.B. (Hons.) student at National Law University Jodhpur] The National Company Law Appellate Tribunal (“NCLAT”) on 18 June 2020 decided in favour of the liquidator in Srikanth Dwarakanath v. Bharat Heavy Electricals Limited (BHEL). The case dealt with the liquidation of Surana Power Limited (“SPL”). The tribunal imported a provision of the Securitisation and...
Uber v Heller: Analysing How Indian Courts Have Interpreted “Unconscionable” Arbitration Agreements
[Yash More and Hitoishi Sarkar are II year students at Gujarat National Law University] On 26 June 2020, the Supreme Court of Canada in Uber Technologies Inc. v. Heller ruled on the validity of unconscionable arbitration clauses. The Court found two elements to determine the arbitration clauses’ unconscionability – inequality of bargaining power and improvidence of the arbitration...
The Dilemma of Jurisdiction under Arbitration and Insolvency: Another Trolley Problem? – Part II
[Kartikey Sanjeev Bhalotia and Arshit Kapoor are 2nd year students at National Law University Odisha] In lieu of the conclusion in the previous post, the authors opine that in a case where there exists an arbitrable dispute between the parties, the admission of an application under section 7 of the IBC can undermine the sanctity of a contract and the underlying trust required for every business...
The Dilemma of Jurisdiction under Arbitration and Insolvency: Another Trolley Problem? – Part I
[Kartikey Sanjeev Bhalotia and Arshit Kapoor are 2nd year students at National Law University Odisha] Though the Arbitration and Conciliation Act, 1996 (‘Arbitration Act’) and the Insolvency and Bankruptcy Code, 2016 (‘IBC’) pertain to different subject areas, various adjudicating authorities in India have started facing a very important question arising out of the interplay between these laws...
The Adjudication of Disputed Claims Under the IBC: A Lacuna Left Unattended?
[Preksha Mehndiratta and Anchit Jasuja are 2nd year law students at Gujarat National Law University] The development of the clean slate approach in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta & Ors. has the effect of discharging the corporate debtor of all undecided claims including those claims which are disputed. Thus, it becomes important for the Corporate...
Data Confidentiality under the Indian Arbitration Regime: Challenges and Opportunities
[Jaideep Khanna is a Counsel at Chamber 20A, Supreme Court of India and Abhishek Nevatia is a 5th year student at Jindal Global Law School, Sonepat] The 2019 Amendments to the Arbitration and Conciliation Act, 1996 (Act) introduce section 42A and section 43K to the Act. Once notified, they will bolster data confidentiality in arbitration proceedings. Section 42A imposes data confidentiality...
Cutting Corners through RBI’s Special Liquidity Scheme
[Shreya Dagar is a 3rd year B.A., LL.B. (Hons.) student at National Law University Jodhpur] In order to provide relief to non-banking finance companies (“NBFCs”), housing financing companies (“HFCs”) and microfinance institutions against the pandemic struck economy, the Government has approved a special liquidity scheme providing short-term liquidity to these entities. Earlier, the Reserve Bank...
Hybrid Companies: Lacunae in the Tata-Mistry Decision
[Umang Pathak is a 4th year B.B.A., L.L.B. (Hons.) student at Jindal Global Law School in Sonipat, Haryana] The National Company Law Appellate Tribunal (‘NCLAT’), in its decision in Cyrus Investments Pvt. Ltd. v Tata Sons Ltd., had decided the on the question of mismanagement and oppression which purportedly impacted the internal democracy of Tata Sons Limited (‘TSL’) and its accountability...
Establishing Locus Standi under the Competition Act: A Problem-Solution Mismatch
[Kajal Singh and Nikunj Maheshwari are 4th year law students at Institute of Law, Nirma University] The Competition Act, 2002, is a comprehensive piece of legislation intended to identify and curb any anti-competitive practices, which goal is sought to be achieved by the Competition Commission of India (CCI). In furtherance of the same, the CCI has been vested with powers to initiate an inquiry...
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