[Jatin Yadav and Pranav Jain are fourth year B.A. LL.B(Hons.) students at Hidayatullah National Law University, Raipur] On 20 January 2025, the National Company Law Tribunal (NCLT) ordered the liquidation of Go Airlines India Limited (Corporate Debtor) after it filed for voluntary liquidation under section 10 of the Insolvency and Bankruptcy Code, 2016 back in 2023. The Corporate Debtor blamed...
Emergency Arbitration: Will the SIAC’s New Rules Face Judicial Resistance in India?
[Gayatri Kondapalli and Aditi Kanoongo are 4th year B.A., LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] On January 1, 2025, the seventh edition of the Singapore International Arbitration Centre Rules (“SIAC Rules, 2025”) came into effect, introducing significant procedural changes, particularly in the context of emergency arbitration. Although the rules enhance expediency in...
RBI’s Endeavor to Regulate Grey Areas: FOCCs’ Overhaul in Consonance with FDI
[Kartik Mehta and Pranav Jain are fourth-year B.A.,LL.B(Hons.) students at HNLU, Raipur] The Reserve Bank of India (RBI) on 20 January 2025 released the updated master directions for foreign direct investment (FDI) in India, leading to a significant overhaul in the framework for investment through foreign-owned and controlled companies (FOCCs). In summary, a foreign investor can invest in an...
Redefining Oversight: SEBI’s Crackdown on ODIs and the Pursuit of Financial Transparency
[Kashvi is a second-year law student at National Law University Odisha and Divyansh is a third-year law student at National Law School of India University] Offshore derivative instruments (ODIs) have been a point of contention in India’s regulatory landscape for over 15 years. These instruments allow foreign investors to trade Indian securities without the need for registration with the...
Interim Relief under the Arbitration and Conciliation Act, 1996: The Dilemma that Wasn’t
[Saranya Ravindran is a 4th year law B.A., LL.B. (Hons.) student at NALSAR University of Law in Hyderabad] Interim reliefs are crucial to ensure the enforcement of an arbitral award, as the opposing party may no longer possess sufficient assets post-award, rendering enforcement ineffective. Section 9 of the Arbitration and Conciliation Act, 1996, which allows a party to seek interim relief from a...
SAT’s Order in Pegasus: Dispensing with Valuations in Indirect Acquisitions?
[Shalin Ghosh is a 3rd year B.A., LL.B. (Hons.) student at Maharashtra National Law University, Mumbai] Indirect acquisitions involve an acquirer obtaining control in the target company by taking over an intermediary entity which already holds a controlling stake in the target. This transaction structure does not result in any change in the target’s public shareholding. However, such acquisitions...
Beyond the Group of Companies Doctrine: Rethinking Joinder of Non-Signatories
[Shyamal Anand is a Principal Associate at Shardul Amarchand Mangaldas and Co and Divyansh Morolia a IV year student, National Law Institute University, Bhopal] As commentators have observed, arbitration is essentially a private process, having party autonomy and consent at its core. The arbitration tribunal derives its jurisdiction from the agreement of the parties. However, under some limited...
Casting a Wider Net: SEBI’s Expanded Definition of “Connected Person” and “Relatives”
[Priyanshi Jain is a 5th year student at Institute of Law, Nirma University and Akhand Singh is a 3rd year student at Institute of Law, Nirma University] The Securities and Exchange Board of India [“SEBI”] on December 4, 2024 notified an amendment to the SEBI (Prohibition of Insider Trading) Regulation, 2015 [“PIT Regulations, 2015”] by way of the SEBI (Prohibition of Insider Trading) (Third...
Revisiting Standard Chartered Bank: Clarifying the ‘Special Equities’ Exception to Unconditional Bank Guarantees
[Chiranth Mukunda and Vikram Raj Nanda are 2nd Year BA.LLB (Hons.) Students at the National Law School of India University, Bengaluru] In a recent decision, the Delhi High Court in Director General Project Varsha v. Navayugavanoordjv, dealt at length with the ‘special equities’ exception to the invocation of unconditional bank guarantees. Though the law in this regard is generally...
Determining the Date of Conversion for Foreign Award Denominated in Foreign Currency
[Ankur Mishra is an advocate practising in the Delhi High Court] In cases of enforcement of awards denominated in foreign currency, what should be the date of conversion of currency for the purpose of enforcement? Should it be the date of breach or should it be the date when decree is made against the judgment debtor? In case of foreign award, should the date of conversion be the date when the...
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