TagContract Law

Law of Best Efforts and Reasonable Efforts Obligations in Commercial Contracts

[Prabhakar Yadav is a third year B.A.LL.B. (Hons.) student at National Law School of India University, Bangalore] Introduction Commercial contracts impose absolute obligations on the parties to perform their part of the promise, the breach of which would result in contractual liabilities. However, in practice, the ability of the parties to deliver on their performance may be impacted due to...

Invocation of Unmatured Corporate Guarantee during Moratorium under Bankruptcy Law

[Himanshu Handa is an Associate with UKCA and Partners, a Law Firm in New Delhi] Introduction In Axis Bank Limited v Edu Smart Services Private Limited, the National Company Law Tribunal (“NCLT”), Delhi had rejected a plea from the financial creditor i.e. “Axis Bank” against the corporate guarantor i.e. Edu Smart in respect of its claim pertaining to a corporate guarantee in the insolvency...

Doctrine of Good Faith and Fair Dealing: Lacuna in Indian Contract Law

[Angad Singh Makkar is a 4th year BA LLB (Hons.) student at Jindal Global Law School in Sonipat, Haryana] Parties enjoying ample discretion to decide the ways of performance and enforceability of their mutual obligations is an inevitability within the realm of contract law.[1] And where there is discretion, there is an appreciable risk of it being exercised in a self-interested or opportunistic...

Inclusion of Non-signatory Third Parties in an Arbitration Proceeding

[Divyansha Agrawal is a B.A.LLB (Hons.) student at Jindal Global Law School] Introduction                     According to the principle of competence-competence, an arbitral tribunal in a given case has full authority to rule on its own jurisdiction. Articles 8 and 16 of the UNCITRAL Model Law re-affirm this principle. Article 16(3) of Model Law provides that the arbitral tribunal may rule on an...

Supreme Court’s Balanced Approach to Damages under Contract Law

[Anujay Shrivastava is a 4th Year B.A., LL.B. (Hons.) student at Jindal Global Law School, Sonipat] Section 73 of the Indian Contract Act, 1872 governs the compensation for damages arising from a breach of contract or failure to discharge obligations resembling those created by contract, while section 74 governs the compensation for damages where penalty is stipulated in the contract. In either...

Validity of Employment Bonds in India

[Apoorv Madan is a 4th year law student at Jindal Global Law School in Sonipat] Background Corporations often invest huge amounts of time and money in imparting training to their employees so as to gain competitive advantage. Regardless, the attrition rate continues to be significant. Several employees, after acquiring valuable skills, leave the organization for diverse reasons. Therefore, 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...

Confidentiality: Protecting Trade Secrets

[Maneck Mulla is a Partner and M. Siddha Pamecha an Associate at M Mulla Associates] Introduction There is no copyright on ideas or information; hence, sharing any confidential information and preserving such information present complex issues, especially at the time of breach of confidence. Often, without taking adequate safeguards, companies and individuals share technical know-how, trade...

Additional Payment for Work Done Outside the Scope of Construction Contracts

[Saksham Gahoi is a 4th Year Student of National Law Institute University, Bhopal] Introduction What can be constituted as a work within or outside the scope of work under a construction contract has been a point of dispute amongst parties resulting in numerous commercial arbitrations. This leads to another question whether such work which is outside the scope of contract entitles a party to...

Testing the Validity of a Type of Shareholders’ Agreements in India

[Priya Garg is a 4th year student at the West Bengal National University of Juridical Sciences (WBNUJS)]  In the Indian context, shareholders’ agreements (SHAs) have been widely categorized into two types – one, that impose restrictions on the transferability of shares held by the shareholders who happen to be the parties to the SHA (type 1 SHA) and the other, which deal with the matters relating...

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