Tag: Contract Law
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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.
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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 sibbalrahul@gmail.com.] [The first post in the series can be accessed here.] As discussed in
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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
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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
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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
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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
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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,
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Covid-19: Return of the MAC
[Sridutt Mishra is a 4th year student and Apoorva Upadhyay a 3rd year student, both at the National Law University Odisha] The fear over the spread of Covid-19 has wreaked havoc on the global economy, with initial estimates suggesting an even worse impact than the 2008 Global Financial Crisis and the Great Depression. Central banks
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Can Covid-19 be Classified as a Valid Force Majeure Event?
[Anirudh Agrawal and Rishabh Sharma are 4th year BA.LL.B. (Hons.) students at NALSAR University of Law, Hyderabad] Since the widespread reporting of cases of the coronavirus, Covid-19, around the world, several countries have imposed travel bans, citizens have been quarantined and the infected persons have been isolated, all with a view to stop the proliferation
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Covid 19: Consequences on Contractual Obligations
[Meenal Maheshwari is the lead transactional counsel at Essar Group] With the pandemic that has subsumed the world, a common question that corporates are dealing with is the impact of the coronavirus epidemic on already contracted obligations. The most relevant question raise is: at what point does Covid-19 pandemic allow a party to delay performance,
