[Richa Pathak is an alumna of the London School of Economics and Indian Institute of Management, Ahmedabad and Mansi Mishra is a fourth-year student at National Law Institute University, Bhopal] The Supreme Court vide its order dated November 16, 2020, stayed the operation and effect of the judgment of the National Company Law Appellate Tribunal (“NCLAT”) in the case of Kundan Care Products...
Foreign Jurisdiction Clauses in Commercial Contracts: An Indian Perspective
[Sneha Kalia is a 5th year B.B.A. L.L.B. (Hons.) student at Jindal Global Law School, Haryana] The advent of globalisation and burgeoning international business transactions essentially necessitate contracts with carefully carved-out dispute resolution provisions so as to mitigate the hassle of litigating in an inconvenient or time-consuming forum. To further that end, the incorporation of a...
Choosing a Foreign Seat: A New Dilemma for Two Indian Parties?
[Tawishi Beria and Rakshit Assudani are 4th year B.B.A., LL.B. (Hons.) students at Jindal Global Law School, Sonipat, Haryana] The Gujarat High Court in GE Power Conversion India Private Limited v. PASL Wind Solutions Private Limited (decided 3 November 2020) addressed two critical issues that have been plagued with ambiguity in the Indian arbitration framework for a long time, namely, Indian...
Analysis of SEBI’s Proposal on the Delisting Regulations
[Abhinav Gupta and Ayush Khandelwal are final year students at National Law University, Jodhpur] The Securities and Exchange Board of India (“SEBI”) on 20 November 2020 issued a consultation paper to review the SEBI (Delisting of Equity Shares) Regulations, 2009. It aims to enhance disclosures to help investors to make informed decisions, rationalize the timeline under the Delisting Regulations...
Supreme Court Affirms Expansive Locus Standi under Competition Law
The Supreme Court in Samir Agrawal v. Competition Commission of India (decided 15 December 2020) was concerned with some basic but important questions of law. Can a member of the public file information with the Competition Commission of India (CCI) alleging a violation of the provisions of the Competition Act, 2002 and thereby triggering an investigation by the regulatory authority? If aggrieved...
Call for Papers | International Journal on Consumer Law and Practice
[Announcement on behalf of the International Journal on Consumer Law and Practice] The National Law School of India University (NLSIU) is an institution of legal education focusing on undergraduate and graduate legal and policy education in India. The International Journal on Consumer Law and Practice (IJCLP) is a blind-peer-reviewed, law journal published annually by NLSIU under the aegis of the...
Corporate Ownership in Private Banks: Setting the Cat among the Pigeons
[Pramod Rao is Group General Counsel, ICICI Bank. This post represents his personal views] With the release of the Reserve Bank of India’s (RBI) Report of the internal working group to review extant ownership guidelines and corporate structure for Indian private sector banks, several articles and commentaries have been published. What has attracted attention has been a...
CCI’s Market Study on Private Equity: Time to Clear the Air?
[Priya Maharishi is a 4th-year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat, Haryana] The issue of common ownership and its impact on the competition landscape has preoccupied the Competition Commission of India (CCI) for a long time. The concern has become pressing in the light of increase in private equity (PE) investments in India. To show some teeth in the game, the CCI...
Call for Papers: NUJS Journal on Dispute Resolution
[Announcement on behalf of the Journal on Dispute Resolution] The Journal on Dispute Resolution (‘JODR’) is the flagship biannual journal of the Mediation Clinic published under the aegis of West Bengal National University of Juridical Sciences, Kolkata. It is an open-access, student-reviewed journal and aims to provide a platform for the discussion of national as well as international...
Arbitration And Conciliation (Amendment) Ordinance, 2020: Will It Do More Harm Than Good?
[Ramkishore Karanam is a senior associate at AK Law Chambers and practices at the Madras High Court] The Arbitration and Conciliation (Amendment) Ordinance, 2020, which was promulgated on 4 November 2020 (“2020 Ordinance”), has currently created a furore. The 2020 Ordinance essentially seeks to make the following amendments: a) to grant unconditional stay of the arbitral award under section 36...
Moratorium on Termination of Contracts during CIRP: Need for a Clarification
[Ragini Agarwal and Mayank Udhwani are graduate students at the National Law University, Jodhpur] As per any standard commercial contract, initiation of insolvency against a party is considered as a material breach of the contract. Such a material breach often gives the non-defaulting party a right to terminate the contract. However, owing to section 14(1)(b) of the Insolvency and Bankruptcy...
Call for Papers | Delhi Law Review Vol XXXVI (2021)
[Announcement on behalf of the Delhi Law Review] The Delhi Law Review (DLR) [ISSN 0971-4936] is the flagship journal of the Faculty of Law, University of Delhi and is one of the oldest law journals in the country having been published since 1972. The DLR is an annual, double-blind peer reviewed journal. Types of Submissions Delhi Law Review (DLR) invites scholarly, original and unpublished...
Call for Papers: NLIU Law Review
The NLIU Law Review is the flagship journal of the National Law Institute University, Bhopal. It is a peer-reviewed academic law journal, published biannually by the students of the University. The Law Review aims to promote a culture of scholarly research and academic writing by bringing to the forefront, articles on subjects of interest to the legal profession and academia. The NLIU Law...
Extinguishment of a Personal Guarantor’s Right of Subrogation: A Critique
[Vijay Rohan Krishna is pursuing his LLM (Corporate and Commercial Laws) at NUJS, Kolkata, and Sambhawi Sanghamitra is a 3rd year B.A. LL.B. (Hons.) student at CNLU, Patna] Ever since personal guarantors were made liable under the Insolvency and Bankruptcy Code, 2016 (IBC) by way of the notification dated 15 November 2019, their rights and liabilities under the IBC have been extensively debated...
Supreme Court Rules on ‘Transfer of Winding Up Proceedings’
[Aditya Rajagopal is a graduate of NUJS, Kolkata (Batch of 2020) and is currently an associate at Shardul Amarchand Mangaldas & Co] One of the contentious issues after the enactment of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) has been regarding the transfer of pending ‘winding up’ proceedings to the National Company Law Tribunal (‘NCLT’). Section 434 of the Companies Act, 2013 (‘Act’)...
The Yes Bank – Zee Case: Settling the Discomfort around Letters of Comfort
[Debayan Gangopadhyay and Rashmi Birmole are final and penultimate year B.A., LL.B. students respectively at ILS Law College, Pune] Occasionally, a debtor’s residence in a different jurisdiction or lack of creditworthiness may attract concerns and reluctance on part of the creditor. What often follows is the need for additional credit support or a “quasi-security”. In this post, the authors deal...
Avoidance Proceedings After the Approval of the Resolution Plan
[Anjali Soni is a 2nd year student at National Law University, Odisha.] The Insolvency and Bankruptcy Code, 2016 (“IBC”) enumerates four types of vulnerable transactions, namely preferential, undervalued, fraudulent and extortionate and provides the procedure for the avoidance of the same. The resolution professional while facilitating the resolution of the corporate debtor, is dutybound to...
Vodafone’s Triumph: One Step Closer to a Better Standard in FET?
[Achyutha GM is a 4th year B.Sc. LL.B. (Hons.) student at the Gujarat National Law University, Gandhinagar] It all began with an acquisition that Vodafone International Holdings B. V. (‘Vodafone’), the Dutch subsidiary of the UK-based Vodafone Group carried out in 2007. CGP Investments Limited (‘CGP’) is a special purpose vehicle based in the Cayman Islands for tax purposes that owns a...
NCLAT on the Treatment of Power Purchase Agreements in Liquidation
[Apoorva Soni is a III year B.A. LL.B. (Hons.) student at National University of Study and Research in Law, Ranchi] The National Company Law Appellate Tribunal (“NCLAT”), by its decision in the matter of Gujarat Urja Vikas Nigam Ltd (GUVNL) v. Yes Bank Ltd dated October 20, 2020, held that a company could not terminate a Power Purchase Agreement (“PPA”) executed with a corporate debtor during...
Termination During Moratorium: An Alternative Perspective
[Kartik Adlakha is a 5th year B.B.A., LL.B. (Hons.) student at the Jindal Global Law School] On 24 June 2020, the National Company Law Appellate Tribunal (‘NCLAT’) in the case of Tata Consultancy Services Limited v. Vishal Ghisulal Jain(‘TCS Case’)upheld the National Company Law Tribunal (‘NCLT’) Mumbai bench’s order of stay on termination of a Facilities Agreement (‘Agreement’). This was because...
Dissolution without Liquidation: A Disguised Strike-off under the IBC?
[Megha Mittal is an Associate at Vinod Kothari & Co] In a first of its kind, the National Company Law Tribunal, Bengaluru Bench (‘NCLT’), by way ofits order dated 16 November 2020 in Synew Steel Private Limited, has ordered for direct dissolution from a corporate insolvency resolution process (‘CIRP’), thereby waiving the mandatory requirement to undergo the liquidation process. The said...
Creditors with Rejected Claims: Methods to Address Inadequacies under the IBC
[Anchit Jasuja and Preksha Mehndiratta are 3rd year law students at the Gujarat National Law University, Gandhinagar] The Insolvency and Bankruptcy Code, 2016 (‘IBC’) confers the resolution professional with the duty to collate and verify all claims submitted to him by the creditors. While the resolution professional does not formally have the power to reject claims, in practice the resolution...
Google’s Antitrust Saga: Pay to Play
[Anchit Nayyar is a 4th year BBA LLB (Hons) student at Symbiosis Law School, Pune] Through its order dated 9 November 2020, the Competition Commission of India (“CCI”) has launched investigations into allegations pertaining to Google abusing the dominance of its Android Operating System (“Android OS”) and the Play Store to give an unfair competitive advantage to its UPI application Google Pay...
SEBI Consults on Risk Management Committee
Risk management has acquired a crucial status in corporate governance. Its importance tends to get accentuated in the wake of crises. The concept came to the forefront after the global financial crisis more than a decade ago, and it became entrenched in specific sectors such as banking and financial services that were severely affected by the crisis. Even industrial accidents such as the BP oil...
GST Compensation Regime: The Covid Reality
[R. Kavipriyan and Pranshu Gupta are 4th year B.A. LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] The Compensation Cess Controversy In the immediate aftermath of the Coronavirus pandemic, the Union Finance Minister announced that the revenue shortfall experienced by the States would not be entirely compensated by the Centre, claiming that the said shortfall is on account of an...
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