[Divya Rau is a fourth year law student in Jindal Global Law School] The Department for Promotion of Industry and International Trade (DPIIT) released Press Note 3 (2020 series) on 17 April 2020. The Press Note alters para 3.1.1 of the Consolidated FDI Policy, 2017. The Press Note provides that any non-resident entity in a country sharing a land border with India can invest in India only by...
Bombay High Court on the Period of Moratorium During Lockdown: Opening the Floodgates?
[Vaibhav Parikh is a banking and finance lawyer] Due to the Covid-19 pandemic, several states, cities and countries have declared lockdowns for various durations and of varying degrees. Mindful of these exigencies, the Reserve Bank of India (“RBI”) has, by a press release dated 27 March 2020, said that there is to be a moratorium with regard to repayments and classifications as non-performing...
Combatting Frivolous Claims: Arbitral Immunity in India
[Prerona Banerjee is a 4th year student at National Law University Odisha] There is very little authority addressing the obligations of various countries to recognize an arbitrator’s immunity from civil liabilities because most contemporary nations contain broad grants as a part of their arbitration regimes. Through the 2019 amendment, India has also incorporated arbitral immunity through section...
A Contemporary Re-Examination of the Liquidated Damages Clause
[Lisa Mishra is a V year BALLB student at ILS Law College, Pune] A contract once breached creates a statutory right for damages in the innocent party. Largely, two distinct heads of damages can be sought: (i) actual loss, and (ii), any loss that has occurred as a result of the breach (as long as both parties were aware of the likelihood of this loss at the time of entering the relationship)...
Court Refuses to Restrain Encashment of Letter of Credit Due to COVID-19 Lockdown
[Mani Gupta and Shelja Pradhan are lawyers at Sarthak Advocates & Solicitors, New Delhi] In Standard Retail Private Limited v. G.S. Global Corp (8 April 2020), the High Court of Bombay has pronounced possibly one of the first orders interpreting the impact of force majeure clauses on parties’ contractual obligation due to COVID-19. In this case, the petitioners (who were steel importers) had...
Call for Papers: NALSAR Student Law Review
[Announcement on behalf of the NALSAR Student Law Review] The NALSAR Student Law Review (NLSR) is now accepting submissions for its upcoming Volume XV. The NSLR is an annual, student-edited, peer-reviewed law journal that is the flagship publication of NALSAR University of Law, Hyderabad, India. It is indexed on Hein Online and SCC Online. The NSLR is committed to encouraging and enhancing the...
Blueprint of a Fintech Regulatory Sandbox Law for India
[Shehnaz Ahmed is a Senior Resident Fellow and Krittika Chavaly a Project Fellow for Fintech, both at Vidhi Centre for Legal Policy, a New Delhi based independent think-tank. [This post was originally published on the Oxford Business Law Blog, and can be accessed here] As technological innovation disrupts the financial sector, regulators across the world continue to explore and experiment with...
Contractual Relief under the Disaster Management Act, 2005?
[Bhavin Gada is a Partner at Economic Laws Practice, Advocates and Solicitors (“ELP”), and Manendra Singh is a Senior Associate at ELP] The Disaster Management Act, 2005 (DMA) was enacted by the Parliament of India to provide for the effective management of disasters and for matters connected therewith or incidental thereto. DMA, in a nutshell, empowers the Central Government, State Governments...
OECD’s Unified Approach Proposal for Taxation in the Digital Economy
[Dibya Prakash Behera is a 5th Year BA. LLB (Corporate Law Hons.) student at National University of Study and Research in Law, Ranchi] The Organisation for Economic Co-operation (“OECD”) on 9 October 2019 released its Secretariat Proposal for a “Unified Approach” under Pillar One (“Proposal”) for public consultation. The Proposal, inter alia, introduces the concept of a nexus largely based on...
Whether an Order of the Chief Justice under Section 11 of the Arbitration Act is Subject to Review
[Pinak Parikh is an Associate at Singhi & Co, Ahmedabad, and a B.A L.L.B (Corp Hons) graduate (2019) from the Institute of Law, Nirma University] On 18 February 2020, a Division Bench of the Bombay High Court in Antikeros Shipping Corporation v. Adani Enterprises Limited observed that the order passed by the Chief Justice of India or Chief Justice of the High Court under section 11 of the...
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