[Post by Shyam Pandya, who is a partner at Desai & Diwanji. Views are personal. Disclosure: The author represented the respondent in the matter, i.e., Mobilox Innovations Private Limited] In the context of a corporate insolvency resolution process initiated by an operational creditor against a corporate debtor under section 8 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), a corporate...
Geotagging: A New Way to Track Charged Assets
[Post by Rohit Sharma, who is an Executive at Vinod Kothari & Co. He can be reached at [email protected].] Notification The Ministry of Corporate Affairs (MCA) issued a notification dated 7 April 2017 introducing a new way to track down tangible assets on which charge has been created and registered with the Registrar of Companies (RoC). This is to be accomplished by geotagging the...
Force Majeure Clauses and Impossibility Under the Indian Contract Act
[Post by Isha Jain, who is a 4th year student at the National Law School of India University, Bangalore. Other posts related to this topic are available here and here.] The Supreme Court’s recent decision in Energy Watchdog v. Central Electricity Regulatory Authority (“Adaní”) has obscured rather than clarified the law on contractual impossibility in India. The case was concerned with the...
A Proposal for Dealing With Force Majeure Clauses Under Contract Law
[Post by Siddharth Bajpai, who is a 4th year student at the National Law School of India University, Bangalore. Other posts related to this topic are available here and here.] Introduction In 2013, Adani Enterprises entered into a power purchase agreement (PPA) with Gujarat Electricity Regulatory Commission and Haryana State Regulatory Commission. Under the terms of the arrangement, Adani was...
NCLAT Order under Section 7 of the Insolvency & Bankruptcy Code, 2016
[Post by Diksha Jain, who is a 5th year student at the National Law University, Jodhpur] The National Company Law Appellate Tribunal (NCLAT) in its order dated 15 May 2017 in Innoventive Industries Ltd. v. ICICI Bank has ruled on certain important requirements to be complied with while admitting an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (the Code). Section...
Buddh Circuit a Permanent Establishment of Formula One: Supreme Court
[In the following post, Akash Santosh Loya, who is a IIIrd Year Student, 5-year B.A. LL.B. (Hons.) Course, National University of Advanced Legal Studies, Kochi, provides a summary of a recent Supreme Court decision that has implications for international taxation.] In Formula One World Championship Ltd v. Commissioner of Income Tax, International Taxation – 3, Delhi,[1] the Supreme Court of India...
Supreme Court Order on “Relevant Turnover”
[The following post is contributed by Akshay Bhatia, who is a 4th year student at the National Law University Odisha] The Supreme Court (SC) in its order on 8 May, 2017 in Excel Crop Care Limited v. the Competition Commission of India has adopted for the first time the concept of relevant turnover while computing the penalty to be imposed in contravention of section 3 of the Competition Act, 2002...
SAT Order in the Satyam Case
In July 2014, we had discussed the order of the Securities and Exchange Board of India (SEBI) then passed against several members of Satyam’s senior management for their role in perpetrating the colossal financial fraud involving the company. In its order, SEBI found several individuals guilty of violating various regulations issued by SEBI, and restrained them from accessing the capital markets...
BALCO’s ‘Error’ Amplified: The Supreme Court in Indus Mobile – Part II
[The following post is contributed by Puneet Dinesh, who is a III year student at the National Law University, Delhi. He can be reached at [email protected]. The first part in the series can be accessed here.] In the earlier post, I had covered the First Idea that gets picked up in Indus Mobile and had argued that the Court gets the position of law correct. In this post, I will analyze the...
BALCO’s ‘Error’ Amplified: The Supreme Court in Indus Mobile – Part I
[The following post is contributed by Puneet Dinesh, who is a III year student at the National Law University, Delhi. He can be reached at [email protected].] The Supreme Court’s and the High Court’s approach to ‘arbitral seat’ vis-à-vis exclusive jurisdiction to courts has generated both controversies and analyses. The Delhi High Court (in NHPC Limited, Rohit Basin and Ion Exchange) and...
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