TagContract Law

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...

The Ambiguous Treatment of Non-Compete Covenants in Joint Venture Agreements

[Anubhuti Maithani is a 2nd year B.A. LL.B. (Hons.) student at NALSAR University of Law in Hyderabad, India] A non-compete clause (NCC) is a restrictive covenant, frequently found in combination agreements like mergers and acquisitions (M&A) and joint venture agreements, that prohibits one party from competing with the other on terms stipulated therein. In other words, it restricts one party...

Strict Interpretation or Purposive Interpretation? Analysing the Sanjeev Shriya Case

[Guest post by Deeksha Malik, who is a is a fifth-year student of National Law Institute University, Bhopal. An earlier post on the topic is available here.] Ever since the Insolvency and Bankruptcy Code, 2016 (the “Code”) came into force, the Indian judiciary has been dealing with a number of cases that have required it to interpret various provisions of the Code. A review of the relevant...

Employee’s Right to Sue after Obtaining Full and Final Settlement from Employer

[Guest post by Ravi Pandey, IX Semester, National Law University, Lucknow] Full and final settlement is usually used by the employers to absolve themselves from all the previous dues and claims of their employees. It is usually actuated in the form of a settlement contract and effectively concludes the employer-employee relationship. Ideally such a settlement ought to serve its purpose and lead...

Liability of Personal Guarantors of a Corporate Debtor during the Corporate Insolvency Resolution Process

[Guest post by Param Pandya, Research Fellow, Corporate Law and Financial Law, Vidhi Centre for Legal Policy, New Delhi. The views expressed by the author are personal.] On September 6, 2017, the Allahabad High Court in the case of Sanjeev Shriya vs. State Bank of India (“Sanjeev Case”) decided the question of the liability of personal guarantors of a company where moratorium under section 14 of...

Supreme Court on Hardship vis-à-vis Frustration and Force Majeure

[This is a guest post contributed by Rishabh Raheja, a third year student at NALSAR University of Law, Hyderabad.] The Supreme Court was presented with the perfect opportunity to clarify the relationship between frustration, force majeure and hardship or commercial impracticability in its decision in Energy Watchdog v. Central Electricity Regulatory Authority. While it has already been...

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...

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