TagContract Law

Oriental Judgment: How Objective is “Just and Equitable” Interest Rate Modification?

[Anujay Shrivastava is a law graduate (class of 2020) from Jindal Global Law School, O.P. Jindal Global University, Sonipat. He is grateful to Professor Manasi Kumar for providing her valuable comments on an earlier post, which were inspiration for the present post] Previously, I had examined the Supreme Court’s Division-bench decision in Oriental Structural Engineers Pvt. Ltd. v. State of Kerala...

Insolvency and Personal Guarantors: Lalit Kumar v. Union of India

[Priyanka Pillai is an associate at IC Universal Legal, Mumbai] The protracted saga of the treatment of personal guarantors under the Insolvency and Bankruptcy Code, 2016 (the “Code”) seems to have been finally put to rest by the Supreme Court by way of its judgment in Lalit Kumar Jain v. Union of India. The inception of this tale was the notification issued by the Ministry of Corporate Affairs...

Arbitrator’s Award of Interest not ‘Patently Illegal’ Unless Contract Precludes

[Anujay Shrivastava is a law graduate (class of 2020) from Jindal Global Law School, O.P. Jindal Global University, Sonipat] It is a well-settled principle that ‘patent illegality’ is a valid ground for a court to set aside an arbitral award under section 34 of the Arbitration and Conciliation Act, 1996. Previously, I had jointly examined the position of law on ‘patent illegality’ as a ground to...

India’s Struggle with Public Procurement Regulations

[Jishnu M Nair is a Senior Attorney at IBM India/South Asia. The opinions are personal views of the author and do not necessarily represent IBM’s positions, strategies or opinions] Public sector procurement forms around 22 percent of India’s total GDP, with the Government’s total procurement, spend running at around $417 billion. On an earlier estimate, the Government’s IT spend...

Supreme Court on the Validity of Ipso Facto Clauses during Insolvency

[Ridhi Arora is a III Year B.A., LL.B (Hons.) student at Gujarat National Law University and Varun Singh a III Year B.A., LL.B (Hons.) student at Rajiv Gandhi National University of Law] On March 8, 2021, the Supreme Court of India in Gujarat Urja Vikas Nigam Limited v. Amit Gupta ruled that the provisions of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) prevail over power purchase agreements...

The Online Platforms Conundrum and its Impact on Contract Law

[Varnika Agarwal is a 3rd Year BA LLB (Hons.) student at National Law University Delhi] The massive growth of online trade in India, over the past few years, has contributed to a paradigm shift in Indian competition law. It has raised questions regarding platform neutrality (or lack thereof), platform parity clauses, exclusive agreement clauses, and deep discounting, among others. The lack of a...

Flat Buyer’s Right To Claim Compensation For Delay In Handing Over Possession

[Ashish Singh is an Advocate and Former Managing Associate at L&L partners and Megha Shaw is a 4th year student at NUJS, Kolkata] Delays in handing over the possession of flats has become a rampant practice in the Indian real estate industry, due to which numerous innocent home buyers are being penalized. Such home buyers are not only left in the lurch without delivery of possession of their...

Validity of Arbitration Clause in Unstamped Instruments: The Saga Continues

[Abhishek Mishra is an alumnus of Symbiosis Law School, Pune and practices at the Delhi High Court] By way of its judgment dated January 11, 2021 in N.N. Global Mercantile Pvt. Ltd. v. Indo Unique Flame Ltd., the Supreme Court reopened the seemingly settled issue of whether non-payment of stamp duty on a contract will invalidate the constituent arbitration clause as well. Due to contrary...

Self-Assessment of Non-Compete Clauses: The New Normal

[Pranshu Gupta and Roopam Dadhich are 4th year B.A.LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] On 26 November 2020, the Competition Commission of India (‘CCI’) introduced an amendment to the CCI (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (‘Combination Regulations’), through which para 5.7 of Form I has been deleted making it...

Stay on NCLAT Order Rejecting Withdrawal of Resolution Plan – Unsettling the Dust Once Again

[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...

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