Blog Posts
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Ramifications of the Singapore Mediation Convention in India
[Akash S. Ray and Aman Guru are fifth year B.A. LL.B. (Honours) students of Symbiosis Law School, Pune] The United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Mediation Convention) is a recent development in UNCITRAL’s long term commitment to harmonisation of the international scheme of alternative dispute resolution mechanisms. By taking cues…
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Third Party Pledgees Not “Financial Creditors”: Supreme Court
An arrangement involving a third party security is not uncommon in commercial financing transactions. Here, a person (“A”) creates a security in favour a creditor (“B”) who provides financing to a third party (“C”). While a number of contract law and commercial law issues likely arise in such third party security, of immediate relevance is…
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Franklin Templeton: Supreme Court Rules on Unitholder Democracy
The winding up of six mutual fund schemes of Franklin Templeton has been mired in legal dispute. Last year, the Karnataka High Court ruled (discussed here) that the winding up of the schemes require the approval of the unitholders thereof. Upon appeal, the Supreme Court permitted the trustee of Franklin Templeton to call for a…
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Call for Submissions: Trade, Law and Development
[Announcement on behalf of Trade, Law and Development] Founded in 2009, the philosophy of Trade, Law and Development has been to generate and sustain a constructive and democratic debate on emergent issues in international economic law and to serve as a forum for the discussion and distribution of ideas. In keeping with these ideals, the…
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CCI on Integration of Google Meet with Gmail: Abuse of Dominant Position?
[Harsh Patidar is a 3rd year B.A.LL.B. (Hons.) student and Monish Raghuwanshi a 2nd year B.A.LL.B. (Hons.) student, both at National Law Institute University, Bhopal] Section 4 of the Competition Act, 2002 prohibits one or more enterprises from abusing its dominant position in the market to determine the price, supply, amount of production and distribution,…
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SC uses ‘Smoke-Test’ to Classify ‘Related Parties’ under the IBC
[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…
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The Ineligibility of Collusive Transactions as “Financial Debt”: Part II
[Continued from here] Analysis and Observations Through its decision in Phoenix Arc, the Supreme Court has added to the wealth of jurisprudence under the IBC. At the same time, several questions remain. Collusive Transactions Perhaps the broadest and most impactful interpretation of the Court lies in the question of whether collusive transactions give rise at…
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The Ineligibility of Collusive Transactions as “Financial Debt”: Part I
[Another post on this topic is available here] A three-judge bench of the Supreme Court of India on 1 February 2021 rendered important and interesting pronouncements on some aspects of the Insolvency and Bankruptcy Code, 2016 (IBC) in Phoenix Arc Private Limited v Spade Financial Services Limited. Speaking through Dr. Dhananjaya Y Chandrachud, J, the…
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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…
