[Shiv Swaminathan is Professor and Associate Dean (Research) at Jindal Global Law School (JGLS). Many thanks are due to Niranjan Venkatesan for his comments; my teaching assistant, Veda Singh and to Aaditi Pradeep and Rusha Ghosh Dastidar students of JGLS, for their research assistance] This is the final part of a multi part cheat-sheet on the doctrine of frustration (technically comprising...
Frustration and Force Majeure: A Guide for the Perplexed – Part II
[Shiv Swaminathan is Professor and Associate Dean (Research) at Jindal Global Law School (JGLS). Many thanks are due to Niranjan Venkatesan for his comments; my teaching assistant, Veda Singh and to Aaditi Pradeep and Rusha Ghosh Dastidar students of JGLS, for their research assistance] This is part II of a multi part cheat-sheet on the doctrine of frustration (technically comprising...
Frustration and Force Majeure: A Guide for the Perplexed – Part I
[Shiv Swaminathan is Professor and Associate Dean (Research) at Jindal Global Law School (JGLS). Many thanks are due to Niranjan Venkatesan for his comments; my teaching assistant, Veda Singh and to Aaditi Pradeep and Rusha Ghosh Dastidar students of JGLS, for their research assistance] This is part I of a multi part cheat-sheet on the doctrine of frustration (technically comprising...
Withdrawal of Resolution Plans due to Covid-19: A Legal Analysis
[Sikander Hyaat and Sara Jain are 5th year B.A., LL.B. (Hons.) students at MNLU Mumbai] The outbreak of the coronavirus pandemic has caused substantial market disruptions and deterioration of consumption. Recently, the Fitch Ratings has reduced India’s GDP growth forecast from 5.1% to 2%, making it the slowest growth rate over the past 30 years. Consequently, businesses are facing severe...
The Specific Relief (Amendment) Act 2018: Applicable to Pending Proceedings? – Part II
[Rahul Sibal is an advocate who graduated from NALSAR Hyderabad. The author thanks Purvi Khanna, Nishtha Gupta and Anirudh Ramakrishnan for their comments on the draft version. However, the views expressed are the author’s alone. The author can be contacted at [email protected].] [The first post in the series can be accessed here.] As discussed in the previous post, some practitioners have...
Banking on Force Majeure: Honouring Bank Guarantees in Times of a Pandemic
[Abhilash Agrawal is a legal officer at a private bank. In this post, he writes about the conflicting opinions given by the Bombay and Delhi High Courts on whether banks can be restrained from honouring bank guarantees and letters of credit by citing Covid-19 and subsequent disruptions caused due to it as force majeure. While the Bombay High Court has categorically denied such relief to...
The Specific Relief (Amendment) Act 2018: Applicable to Pending Proceedings? – Part I
[Rahul Sibal is an advocate who graduated from NALSAR Hyderabad. The author thanks Nilima Bhadbhade, and Varun Malik for their comments on the draft. However, the views expressed are the author’s alone.] An Expert Committee was constituted on 28 January 2016 with the purpose of reviewing the Specific Relief Act, 1963. The Committee recommended several substantive changes to the Act, with one of...
A Contemporary Re-Examination of the Liquidated Damages Clause
[Lisa Mishra is a V year BALLB student at ILS Law College, Pune] A contract once breached creates a statutory right for damages in the innocent party. Largely, two distinct heads of damages can be sought: (i) actual loss, and (ii), any loss that has occurred as a result of the breach (as long as both parties were aware of the likelihood of this loss at the time of entering the relationship)...
Court Refuses to Restrain Encashment of Letter of Credit Due to COVID-19 Lockdown
[Mani Gupta and Shelja Pradhan are lawyers at Sarthak Advocates & Solicitors, New Delhi] In Standard Retail Private Limited v. G.S. Global Corp (8 April 2020), the High Court of Bombay has pronounced possibly one of the first orders interpreting the impact of force majeure clauses on parties’ contractual obligation due to COVID-19. In this case, the petitioners (who were steel importers) had...
Contractual Relief under the Disaster Management Act, 2005?
[Bhavin Gada is a Partner at Economic Laws Practice, Advocates and Solicitors (“ELP”), and Manendra Singh is a Senior Associate at ELP] The Disaster Management Act, 2005 (DMA) was enacted by the Parliament of India to provide for the effective management of disasters and for matters connected therewith or incidental thereto. DMA, in a nutshell, empowers the Central Government, State Governments...
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