TagContract Law

Implications of the Amendments to the Specific Relief Act, 1963

[Grishma Shah is a student of Government Law College, Mumbai presently studying in the 3rd Year of the 3-year law course. Earlier posts on specific aspects of the topic covered by this post are available here and here] Introduction On December 15, 2017, the Union Cabinet approved the recommended changes to the Specific Relief Act, 1963 (“Act”) after 54 years, with a view to facilitating simple...

The Specific Relief (Amendment) Bill, 2018: Shattering the Supremacy of Damages

[Aayush Mitruka is a lawyer based in New Delhi. An earlier post on the topic is available here] In the wake of India’s poor ranking in terms of enforcing contracts and ease of doing business, the Government decided to amend the 54 year old Specific Relief Act, 1963 (the “Act”). As a result, the Government constituted a six-member expert committee to examine the Act and suggest necessary changes...

Effects of The Specific Relief (Amendment) Bill, 2017 on the Law of Remedies for Breach of Contract

[Radhika Indapurkar is a lawyer based in Mumbai] Section 10 of the Specific Relief Act, 1963 (the “Act”) provides the courts with a discretion to enforce specific performance of contracts (a) in which there exist no standards to ascertain the actual damage caused by non-performance of such contracts, or (b) wherein the act agreed to be done is such that monetary compensation for non-performance...

Subjectivity or Objectivity? Supreme Court on Implied Terms in Commercial Contracts

[Manjari Rammohan is a 4th year student at School of Law, Christ University, Bangalore] This post seeks to critically analyze the October 2017 judgment of the Supreme Court in Nabha Power Limited v. Punjab State Power Corporation Limited  with respect to remedying ambiguous terms in commercial contracts. This case is of vital importance as the Court comprehensively analysed Indian and...

The Insolvency and Bankruptcy Code: Moratorium and Personal Guarantors

[Aayush Mitruka is a lawyer based in Delhi] The latest ruling of the National Company Law Appellate Tribunal (Appellate Tribunal) in the case of State Bank of India (SBI) v V Ramakrishnan and another has evoked another controversy touching upon the Insolvency and Bankruptcy Code, 2016 (Code) that serves as a major setback to creditors. The moot question was whether a financial creditor can...

The Smart Contract Revolution

[Vrinda Vinayak is a 4th year B.A., LL.B (Hons.) student at the National Law University, Delhi] Background The concept of smart contracts was first envisaged by Nick Szabo in 1994. Such contracts consist of three essential elements. They are – (i) negotiated, coded and executed over the blockchain, in simple ‘yes-no’ or ‘if-then’ terms, (ii) authenticated by anonymous...

Legal Issues Surrounding Online Card Gaming

[Meenal Maheshwari Shah is the legal counsel for Brand Capital, the investment arm of the Times of India Group] A vast population in India likes to engage in card games, especially rummy and poker. It naturally follows that with the advent of internet, they are fixated on the websites which host such games for stakes.     Legal Framework Gaming with stakes falls within the purview of gambling...

The Battle of Forms

[Narayan Gupta is a final year law student at Jindal Global Law School, Sonepat] Introduction This post seeks to envisage the problems that arise in the Battle of Forms and the solutions to tackle them. Before we get into the problems encapsulated in the Battle of Forms, it is necessary to understand what leads us to that concept. As the name suggests, it is a battle between ‘forms’, which refers...

Recovery Proceedings against Guarantors during the Insolvency of the Principal Debtor

[Milind Gaur is a 5th Year BBA LLB student of Symbiosis Law School, Pune.] Introduction With the dawn of the Insolvency and Bankruptcy Code, 2016 (the Code), a crucial and much needed framework was set in place for tackling the insolvency and bankruptcy regime in India. At the same time, the Code has elicited clarifications and interpretation across various provisions. One such question which...

The Legality of Smart Contracts in India

[Rishi A is legal analyst at spotdraft.com] Introduction Earlier this year, the State Bank of India (‘SBI’) launched BankChain, a blockchain platform formed by a consortium of 27 banks, which was proposed to be used to share e-KYC information about customers within the consortium. This would help with the transmission of information directly to the banks without any leakages or delays. Last week...

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