[Ragini Agarwal and Aditya Singh Chauhan are B.A. LL.B. (Hons.) students at National Law University Jodhpur] The concept of emergency arbitration, though useful for the protection of assets or evidence, has not gained much traction legislatively in India. Despite recommendations of the 246th Report of the Law Commission of India and the Srikrishna Committee Report, the provisions to recognise the...
Can Liquidator’s Outreach Grab Guarantor’s Assets?
[Sikha Bansal is a Senior Associate at Vinod Kothari & Company and Shreya is a B.A., LL.B. (Hons.) student at Rajiv Gandhi National University of Law, Punjab. The authors can be reached at [email protected]] In Punjab National Bank v. Vindhya Vasini Industries Limited, [C.P. ( IB)-1170(MB)] the issue before the National Company Law Tribunal (“NCLT”), Mumbai Bench was whether a...
Taxability of Liquidated Damages from a MAT perspective: Tracing the Law
[Hardeep Singh Chawlais an Advocate practicing in the M&A & PE Tax Department of a Big4 in Gurgaon, Haryana. Views expressed are his own. The author may be reached at [email protected]] ***** “…… in a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to a tax...
Frustration in Indian Law
On this blog, we had previously looked at the judgment of the Supreme Court of India in Energy Watchdog v. CERC and connected appeals. An earlier post had examined the decision, and had concluded that the Court “arguably misstated the law when it found that the mere existence of a force majeure clause would prevent the parties from bringing an alternative claim under section 56….” 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...
Guest Post – Delhi Airport Metro Case: Twilight Zone of the “pro-arbitration” trend
[The following post is contributed by Sujoy Chatterjee who is an Advocate in New Delhi and an alumnus of the National Law University Jodhpur (’13)] In recent times, there has been a propensity towards characterizing judgments of the Indian judiciary either as “pro-arbitration” or “against the pro-arbitration trend” (for example, see here, here and here). The rationale behind this tendency of...
Supreme Court on Jurisdiction Clauses
A recent decision of the Supreme Court, Swastik Gases v. Indian Oil Corp. (Civil Appeal 5086 of 2013, decision dated July, 3, 2013), examines the position of Indian law dealing with exclusive jurisdiction clauses. The Court was concerned with a case where an agreement was executed in Kolkata, while all the other elements of the cause of action had taken place in Jaipur. The agreement...
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