Articles and Updates

Money laundering: SC upholds ED’s powers
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 30-07-2022

Petitions raised concerns about likely abuse of Enforcement Directorate’s power to attach assets, conduct search-and-seizure, and arrest suspects

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Arbitrator Cannot Rewrite Terms Of Agreement On Account Of Commercial Difficulty: Delhi High Court
  • Vasanth Rajasekaran and Harshvardhan Korada - 13-07-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada write on a recent Delhi High Court decision which held that an arbitrator is not empowered to rewrite the terms of an agreement on account of commercial difficulty being faced by either of the parties.

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Indian Insolvency Quarterly Roundup - April to June 2022
  • Vasanth Rajasekaran, Saurabh Babulkar and Harshvardhan Korada - 11-07-2022

Our Partner Vasanth Rajasekaran, Principal Associate Saurabh Babulkar and Associate Harshvardhan Korada write on important insolvency judgments rendered in the second quarter of 2022 in the Indian Insolvency Quarterly Roundup.

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Indian Arbitration Quarterly Roundup - April to June 2022
  • Vasanth Rajasekaran, Saurabh Babulkar and Harshvardhan Korada - 07-07-2022

Our Partner Vasanth Rajasekaran, Principal Associate Saurabh Babulkar and Associate Harshvardhan Korada write on important arbitration judgments rendered in the second quarter of 2022 in the Indian Arbitration Quarterly Roundup.

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Resolution delayed is...
  • Vasanth Rajasekaran and Harshvardhan Korada - 06-07-2022

In an article published in the BusinessLine, our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada examine the recently published IBBI discussion paper which proposes the restructuring of timelines under the Insolvency and Bankruptcy Code, 2016 (IBC) to reduce delays and improve the resolution value under the corporate insolvency resolution process (CIRP).

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Antitrust law and competing powers
  • Vasanth Rajasekaran and Harshvardhan Korada - 04-07-2022

In an article published in the BusinessLine today, our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada examine a recent NCLAT decision that deals with the intersection of disclosure norms for proposing combinations under the Competition Act, 2002 and confidentiality requirements under the Arbitration and Conciliation Act, 1996.

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IBC And RBI Guidelines Are Two 'Disjoint Sets', Question Of Prevalence Of One Over The Other Does Not Arise
  • Vasanth Rajasekaran and Harshvardhan Korada - 23-06-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada write on a recent decision of the NCLT, Kolkata which held that the Insolvency and Bankruptcy Code (IBC) and the RBI guidelines are two disjoint sets having different scope and purpose and the question of the prevalence of one over the other does not arise.

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Identification record: Protecting the rights of those under investigation
  • Vasanth Rajasekaran and Harshvardhan Korada - 20-06-2022

In an article published in the BusinessLine today, our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada examine the implications of the introduction of Criminal Procedure Identification Act, 2022. The article discusses the challenges and opportunities that come with the implementation of a new scheme for identifying individuals under the criminal investigation system of India especially in tech-centric, white-collar and money laundering offences.

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Arbitrator Not Empowered To Allow Forfeiture Of Substantial Amount Of Consideration Without Proof Of Actual Loss: Delhi High Court
  • Vasanth Rajasekaran and Harshvardhan Korada - 16-06-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada write on a recent Delhi High Court decision which held that an arbitrator is not empowered to allow forfeiture of a substantial amount of contractual consideration without proof of actual loss.

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'Group of Companies Doctrine' set for an overhaul, about time, too
  • Vasanth Rajasekaran and Harshvardhan Korada - 06-06-2022

In an article published on the BusinessLine today, our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada analyze the evolution of the group of companies doctrine in India. Recently, in the case of Cox and Kings v. SAP India, the Supreme Court discussed upon the validity of the group of companies doctrine as set out under the Chloro Control case and referred the matter to a larger bench to settle the legal position.

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Arbitration Agreement Enforceable By Or Against Legal Heirs: Calcutta High Court
  • Vasanth Rajasekaran and Harshvardhan Korada - 25-05-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada examine a recent Calcutta High Court decision which held that an arbitration agreement was enforceable by or against the legal heirs of the deceased signatory to the arbitration agreement.

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Pre-Deposit Of 75% Of Award Amount Mandatory Under MSMED Act To Challenge An Arbitral Award: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 19-05-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada write on a recent Supreme Court decision which held that the pre-deposit of 75% of the awarded amount under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) is mandatory to challenge an arbitral award under Section 34 of the Arbitration and Conciliation Act, 1996.

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'Arbitrability' in times of fast emerging techno-centric businesses in India
  • Vasanth Rajasekaran and Harshvardhan Korada - 16-05-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada, in an article published on the Business Line examine the evolution of the law of arbitrability in the times of fast emerging techno-centric businesses in India. The article analyses the judicial precedents on arbitrability and the four-fold test laid in the Vidya Drolia dictum.

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Supreme Court Sets Out Grounds For Grant Of Specific Relief On Part Payment Of Consideration
  • Vasanth Rajasekaran and Harshvardhan Korada - 12-05-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada examine a recent Supreme Court decision which laid the grounds for grant of specific relief in pre 2018 amendment cases under the Specific Relief Act, 1963.

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Prevention of money laundering versus the principles of free and fair trial
  • Vasanth Rajasekaran and Harshvardhan Korada - 02-05-2022

Vasanth Rajasekaran and Harshvardhan Korada write on the emerging trends of the practice and procedures under the Prevention of Money Laundering Act, 2002 (PMLA) in the article published on the Hindu Business Line.

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The emerging jurisprudence for quicker execution of decrees
  • Vasanth Rajasekaran and Harshvardhan Korada - 17-04-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada write on the emerging jurisprudence for the quicker execution of decrees in an article published in the BusinessLine today.

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Indian Arbitration Quarterly Roundup - January to March 2022
  • Vasanth Rajasekaran, Saurabh Babulkar and Harshvardhan Korada - 12-04-2022

Our Partner Vasanth Rajasekaran, Principal Associate Saurabh Babulkar and Associate Harshvardhan Korada write on important arbitration judgments rendered in the first quarter of 2022 in the Indian Arbitration Quarterly Roundup.

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Indian Insolvency Quarterly Roundup - January to March 2022
  • Vasanth Rajasekaran, Saurabh Babulkar and Harshvardhan Korada - 06-04-2022

Our Partner Vasanth Rajasekaran, Principal Associate Saurabh Babulkar and Associate Harshvardhan Korada write on important insolvency law judgments rendered in the first quarter of 2022 in the Indian Insolvency Quarterly Roundup.

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Arbitral fee: Rekindling the need for rationality
  • Vasanth Rajasekaran and Harshvardhan Korada - 04-04-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada write on the need to rationalize arbitral fee and costs in India in an article published in BusinessLine.

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Antitrust regulation in an era of innovation
  • Vasanth Rajasekaran and Harshvardhan Korada - 19-03-2022

The advent of the digital ecosystem has introduced disruptive marketing strategies and other innovations that often fall into a grey area under the existing antitrust jurisprudence. This is more so in the absence of any empirical study of the emerging markets.

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NSE scam: A wake up call for corporate governance
  • Vasanth Rajasekaran and Harshvardhan Korada - 07-03-2022

Global investors landing on Indian shores and Indian companies coming out with initial public offerings have underscored the need for better governance standards in companies.

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NSE scam: A wake up call for corporate governance
  • Vasanth Rajasekaran and Harshvardhan Korada - 06-03-2022

Global investors landing on Indian shores and Indian companies coming out with initial public offerings have underscored the need for better governance standards in companies.Global investors landing on Indian shores and Indian companies coming out with initial public offerings have underscored the need for better governance standards in companies.

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IBC Claims Not Part Of Approved Resolution Plan Do Not Survive: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 04-03-2022

The Hon'ble Supreme Court in the recent case of M/s Ruchi Soya Industries Ltd. v. Union of India1 has reiterated that a claim which was not lodged with the resolution professional upon issuance of public notice under the Insolvency and Bankruptcy Code, 2016 (IBC) before the approval of the resolution plan would not survive. It was held that once the resolution plan was approved, all claims stood frozen and a claim which did not form a part of the final resolution plan would not be legally actionable.

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Five Years Of IBC: A Promising Journey
  • Vasanth Rajasekaran and Harshvardhan Korada - 22-02-2022

At a time when India was struck with piling defaults in debt and the debt recovery laws were failing badly, it was realised that mere debt recovery would not address the damage being inflicted by the non-performing assets (NPAs). There was a pressing need for a pragmatic and long-lasting solution to address the NPA problem and ensure a healthy credit flow within the economy.

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Indian Data Privacy Regime: Stuck In An Endless Loop?
  • Vasanth Rajasekaran and Harshvardhan Korada - 22-02-2022

A serious debate over the setting up of a data privacy law has been doing the rounds for more than half a decade now. India has gone through several twists and turns in the quest to build a data privacy law framework that matches other mature jurisdictions worldwide. However, the more India comes close to making a robust data privacy law, the more it appears to be becoming a Sisyphean task. This article highlights how we are stuck in an endless loop when it comes to formulating the data privacy law in India.

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Supreme Court backs CCI in two cases
  • Vasanth Rajasekaran and Harshvardhan Korada - 20-02-2022

The Competition Commission of India (CCI) in Re: Ministry of Corporate Affairs and Apollo Tyres and Ors by an order dated August 31, 2018 (CCI Order) imposed a collective penalty of ₹17.88 billion on five tyre companies and their association, i.e., Automotive Tyre Manufacturers Association (ATMA).

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CCI Imposes Penalty Of INR 17.88 Billion On Five Tyre Manufacturers For Cartelisation
  • Vasanth Rajasekaran and Harshvardhan Korada - 16-02-2022

The Competition Commission of India ("CCI") in Re: Ministry of Corporate Affairs and Apollo Tyres and Ors.1 by an order dated 31 August 2018 ("CCI Order") imposed a collective penalty of INR 17.88 billion on five tyre companies and their association, i.e., Automotive Tyre Manufacturers Association ("ATMA"). CCI had imposed the penalty on the tyre manufacturers and ATMA for indulging in cartelisation, and contravening the provisions of Section 3 of the Competition Act, 2002 ("the Act").

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INDIA PUBLIC PROCUREMENT
  • Manjula Chawla, Vasanth Rajasekaran, Kripi Kathuria and Chandni Chawla - 10-02-2022

There is no comprehensive or any specific legislation that governs public procurement contracts in India. The legislative framework on public procurement (which mostly takes place through a tender process for large procurements) is presently based on guidelines contained in rules, procedures and manuals formulated by the Government, which apply to government departments and public sector undertakings (PSUs).

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Amazon-Future Dispute: Supreme Court Sets Aside Delhi High Court's Coercive Orders Against Future Group Companies And Remands Matter For Fresh Consideration
  • Vasanth Rajasekaran and Harshvardhan Korada - 08-02-2022

The Hon'ble Supreme Court in a recent decision in Future Coupons Pvt. Ltd. v. Amazon.com NV Investment Holdings LLC1 has set aside the Delhi High Court orders which issued punitive directions against Future group companies for alleged violation of the emergency arbitrator's award. The Apex Court also set aside the Delhi High Court order which refused to grant an interim stay against the arbitral order refusing to vacate emergency arbitrator's interim award that restrained Future group's deal with Reliance. In this article, we briefly navigate through the facts and findings of the aforesaid matter.

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The ‘revolving’ jurisprudence on anti-arbitral injunctions in India
  • Vasanth Rajasekaran and Harshvardhan Korada - 06-02-2022

In an article published on the BusinessLine today, our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada examine the judicial trends on granting anti-arbitral injunctions in India. The latest case in headlines is the Amazon-Future dispute where the division bench of the Delhi High Court on January 5, 2022, granted an interim stay order on the arbitral proceedings.

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Budget 2022: Bringing India On The Gatishakti Grid – The Need Of The Hour?
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 02-02-2022

The onset of COVID-19 pandemic had brought global economic activities to a sudden halt. India was no exception to this phenomenon. After facing the brunt of the pandemic for almost two years, the country is slowly treading towards normalcy. The need for having a post-pandemic economic revival plan is key and it appears that India has one.

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Hospital Cannot Claim Protection Under Insurance Obtained By Doctors Against Claims Of Professional Negligence: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 01-02-2022

The Hon'ble Supreme Court in a recent judgment in Sheth M L Vaduwala Eye Hospital v. Oriental Insurance Company Limited and Ors.1 held that a hospital could not claim to be indemnified under an insurance issued in the name of the doctors in a case concerning claims of professional negligence. In this article, we briefly examine the facts and findings of the aforementioned case.

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Supreme Court Upholds NCLAT Order For Winding Up Of Devas Multimedia For Operating Fraudulently Since Incorporation
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 24-01-2022

In a recent judgment in Devas Multimedia Pvt. Ltd. v. Antrix Corporation Ltd. & Anr.1, the Hon'ble Supreme Court has upheld the order of National Company Law Appellate Tribunal (NCLAT) for winding up of Devas Multimedia Pvt. Ltd. (Devas). The Hon'ble Supreme Court concluded that Devas had been operating fraudulently since its inception.

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CCI Empowered To Look Into Anti-Trust Matters Involving Business Or Services Related To Lotteries: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 24-01-2022

The Hon'ble Supreme Court in a recent decision in Competition Commission of India v. State of Mizoram & Ors.1 held that while lotteries may be a regulated commodity and res extra commercium, the same would not take away the jurisdiction of Competition Commission of India (CCI) to look into allegations of anti-competitive activities in business or services related to lotteries. In this article, we briefly navigate through the facts and findings of the aforementioned decision.

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Rising shareholder activism in India
  • Vasanth Rajasekaran and Harshvardhan Korada - 23-01-2022

In the article published in the BusinessLine, our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada examine the Zee-Invesco dispute and present their take on the rising shareholder activism in India.

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Guarantor Barred From Being A Resolution Applicant Under Section 29A(h) Of IBC If Guarantee Invoked And Insolvency Proceedings Initiated By Similarly Situated Creditors: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 21-01-2022

The Hon'ble Supreme Court in a recent decision in Bank of Baroda & Anr. v. MBL Infrastructures Ltd. & Ors.1 rendered an important judgment pertaining to interpretation of Section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC). The Apex Court was dealing with, amongst other things, the question as to whether the words 'such creditors' in Section 29A(h) would include all creditors or just one creditor who has invoked the insolvency process.

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Amazon's Tryst With The Indian Anti-trust Regime: A Fair Warning For Others?
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 18-01-2022

On 17 December 2021, the Competition Commission of India (CCI) imposed a cumulative penalty of ₹ 202 crores (₹ 2.02 billion) on Amazon for 'misleading' the Indian anti-trust regulator through 'false statements' and 'material omissions' made on its dealings with the Future group. This development comes after two years of CCI having approved, amongst other things, Amazon's acquisition of 49% shareholding in Future Coupons Pvt. Ltd. (FCPL).

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Suo Motu Order Extending Limitation Restored By Supreme Court Of India: Period From 15.03.2020 Till 28.02.2022 Excluded
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 12-01-2022

In a recent order passed in Re: Cognizance for Extension of Limitation1 the Hon'ble Supreme Court has restored the order extending limitation period for filing of cases and applications in courts and tribunals. This development comes as India is witnessing a surge in Covid-19 cases. In this article, we briefly navigate through the background of the matter, and the order passed by the Hon'ble Supreme Court.

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Limitation Period Extension On Account Of Covid-19 Applies To Delay That Can Be Statutorily Condoned: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 11-01-2022

The Hon'ble Supreme Court in a recent order in Centaur Pharmaceuticals Pvt. Ltd. and Anr. v. Standford Laboratories Pvt. Ltd.1 observed that the Apex Court's suo motu order extending limitation period on account of COVID-19 would also include the period which can be condoned in exercise of the statutory discretion.

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CCI’s ruling on Amazon is a warning to others
  • Vasanth Rajasekaran and Harshvardhan Korada - 09-01-2022

Our Partner Vasanth Rajasekaran and Associate Harshvardhan Korada write on a recent order of the Competition Commission of India (CCI) which levied a cumulative penalty of Rs. 202 crores on Amazon for 'misleading' the Indian anti-trust regulator through 'false statements' and 'material omissions' on its dealings with the Future group. This development comes after two years of CCI having approved, amongst other things, Amazon's acquisition of 49% shareholding in Future Coupons Pvt. Ltd.

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Indian Arbitration Yearly Roundup: 25 Important Arbitration Judgments Of 2021
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 30-12-2021

In recent years, various Indian courts have delivered decisions that have aimed to reduce the scope of intrusion in the arbitral process and make India an arbitration-friendly jurisdiction. The year 2021 was no exception to the trend of promoting arbitration as we witnessed some significant judgments being delivered on the law of arbitration. We cover twenty-five such judgments in this edition of the Indian Arbitration Yearly Roundup 2021.

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Indian Insolvency Yearly Roundup 2021
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 30-12-2021

The year ended on a high note, with several noteworthy judgments being delivered by the Supreme Court, NCLATs and NCLTs across India in matters involving the Insolvency and Bankruptcy, Code 2016. We cover a few such decisions rendered in the year 2021 that discuss and set out the legal position concerning the interpretation and applicability of provisions of the Insolvency and Bankruptcy Code, 2016.

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Arbitration Agreement Cannot Allow Retrospective Application Of 2015 Arbitration Amendment Act: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 20-12-2021

The Hon'ble Supreme Court in a recent decision in Ratnam Sudesh Iyer v. Jackie Kakubhai Shroff1 reiterated that the Arbitration and Conciliation (Amendment) Act 2015 (2015 Amendment Act) is prospective in nature and would apply to only those arbitral proceedings or court proceedings commencing on or after the 2015 Amendment Act coming into force. Therefore, the Apex Court held that the plea of 'patent illegality' was not available for an award that was rendered in an international commercial arbitration post the 2015 Amendment Act. Further, the Apex Court clarified that a generally worded arbitration clause could not constitute an agreement to allow retrospective application of the 2015 Amendment Act contrary to the legislative intent. In this article, we briefly navigate through the facts and findings which led to the aforementioned judgment.

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Time Not Of Essence Merely Upon Insertion Of An Express Stipulation In The Contract: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 17-12-2021

The Hon'ble Supreme Court in a recent judgment in Welspun Specialty Solutions Ltd. (formerly known as Remi Metals Gujrat Ltd.) v. Oil and Natural Gas Corporation Ltd.1 held that whether time is of the essence in a contract has to be culled out from the reading of the entire contract as well as the surrounding circumstances. Merely having an explicit clause may not be sufficient to make time the essence of the contract. In this article, we briefly discuss the facts and circumstances which led to the aforementioned judgment of the Hon'ble Supreme Court.

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NCLT Empowered To Adjudicate Upon Contractual Disputes Central To The Success Of CIRP
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 10-12-2021

The Hon'ble Supreme Court in a recent judgment in Tata Consultancy Services Ltd. v. Vishal Ghisulal Jain, Resolution Professional SK Wheels Pvt. Ltd.1 has held that the NCLT by virtue of the residuary jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 ("IBC") is empowered to adjudicate upon contractual disputes that are essential to the success of the CIRP. In this article, we briefly navigate through the facts and findings which led to the Hon'ble Supreme Court to arrive at its decision in the above-mentioned case.

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Ground Of 'Patent Illegality' Of Arbitral Award Also Applicable To Appeal Under Section 37 Of Arbitration Act: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 08-12-2021

In a recent judgment in State of Chhattisgarh and Anr. v. M/s Sal Udyog Pvt. Ltd.1 the Hon'ble Supreme Court held that the ground of 'patent illegality' for setting aside an arbitral award is equally applicable to an appealable order under Section 37 as it is to a petition under Section 34 of the Arbitration and Conciliation Act, 1996 ("Arbitration Act"). In this article, we briefly navigate through the facts and findings which led to the Hon'ble Supreme Court to arrive at its decision in the above-mentioned case.

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Specific Performance Cannot Be A Discretionary Relief: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 18-11-2021

The Hon'ble Supreme Court in a recent decision of in Sughar Singh v. Hari Singh (Dead) Through LRs. & Ors.1 reiterated that specific performance under the Specific Relief Act, 1963 ("Specific Relief Act") is no longer a discretionary relief. The Apex Court observed that where the agreement's execution, part payment of consideration, and plaintiff's willingness are proven in cases dating prior to the 2018 amendment of the Specific Relief Act, the court should exercise its discretion in favour of the plaintiff to enforce specific performance of the agreement. In this article, we navigate through the facts and findings of the aforementioned case.

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World Bank Not A Government Agency: High Court Of Delhi
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 12-11-2021

In a recent decision in A2Z Infraservices Ltd. v. North Delhi Municipal Corporation1, the High Court of Delhi ("High Court") has held that the World Bank is not a Government Agency. In this article, we navigate through the facts and findings of the aforementioned case.

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Limitation For Filing An Appeal To Commence From Date Of Pronouncement Of Order By NCLT: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 10-11-2021

In a recent decision in V Nagarajan v. SKS Ispat and Power Ltd. and Ors.1, the Hon'ble Supreme Court held that the period of limitation for filing an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) shall start running immediately after the pronouncement of an order and is not dependent on the date on which the order copy is uploaded. In this article, we navigate through the facts and findings of the Hon'ble Supreme Court in the aforesaid judgment.

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Directors Not Vicariously Liable For Dishonored Cheques Of Company In Absence Of Specific Allegations: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 26-10-2021

The Hon'ble Supreme Court in a recent judgment in Ashutosh Ashok Parasrampuriya and Anr. v. M/s Gharkul Industries Pvt. Ltd. & Ors.1 held that the directors of a company can only be made liable for offences committed by the company under Section 141 of the Negotiable Instruments Act, 1881 (NI Act) when there are specific averments made that such directors were at the time of offence, responsible for conduct of company's business. In this article, we navigate through the facts and findings of the aforementioned judgment.

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Arbitral Tribunal Not Empowered To Pass Ex-Parte Ad-Interim Order: High Court Of Bombay
  • Vasanth Rajasekaran and Harshvardhan Korada - 26-10-2021

In a recent decision in Godrej Properties Ltd. v. Goldbricks Infrastructure Pvt. Ltd.1, the High Court of Bombay (High Court) held that an ex-parte ad-interim order could not be passed by an arbitral tribunal without providing sufficient notice, and subsequently hearing the parties concerned. The High Court observed that the arbitral tribunal may be of the view that some urgent orders need to be passed to protect the interests of the parties, however, procedural fairness would not permit the tribunal to pass an ex-parte ad-interim order without having heard the disputants. In this article, we navigate through the facts and findings of the abovementioned judgment of the High Court.

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Courtroom: No Sadism
  • Vasanth Rajasekaran and Harshvardhan Korada - 22-10-2021

In a recent case, the Supreme Court held that a director of a company could not be “vicariously” held liable for criminal offences of a company In a recent case, Ravindranatha Bajpe Vs Mangalore Special Economic Zone Ltd, the Supreme Court of India held that a director of a company could not be “vicariously” held liable for criminal offences of a company.

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Indian Insolvency Quarterly Roundup (July 2021 – September 2021)
  • Vasanth Rajasekaran and Harshvardhan Korada - 18-10-2021

In recent times, several noteworthy judgments have been rendered by the Indian courts and tribunals in matters involving the insolvency law framework.

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Courtroom: No pedente lite interest
  • Vasanth Rajasekaran and Harshvardhan Korada - 18-10-2021

In a recent case, Garg Builders Vs Bharat Heavy Electricals Ltd, the question before the Supreme Court was whether interest could be levied during the pendency of a litigation (pendente lite interest), when the parties had agreed in the contract to not have any interests awarded.

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Courtroom: No sadism
  • Vasanth Rajasekaran and Harshvardhan Korada - 18-10-2021

In a recent case, Ravindranatha Bajpe Vs Mangalore Special Economic Zone Ltd, the Supreme Court of India held that a director of a company could not be “vicariously” held liable for criminal offences of a company.

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Arbitrator Cannot Grant Pendente-Lite Interest When Barred Contractually By Parties: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 13-10-2021

The Hon'ble Supreme Court in its recent decision in Garg Builders v. Bharat Heavy Electricals1 held that an arbitrator under the Arbitration and Conciliation Act, 1996 (Arbitration Act) was not empowered to award pendente lite interest when the parties had agreed to not have any interests awarded in their contract. In this article, we navigate through the facts and findings in the aforementioned case.

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Directors Cannot Be Held Vicariously Liable For Criminal Offences Of Company: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 08-10-2021

The Hon'ble Supreme Court in a recent case in Ravindranatha Bajpe v. Mangalore Special Economic Zone Ltd. and Ors. Etc.1, held that the chairman, directors, and other key managerial personnel of a company cannot be automatically held vicariously liable for the offences committed by a company unless specific allegations and averments against them are made with respect to their individual role. In this article, we navigate through the facts and findings of the aforesaid judgment.

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Retirement Of Sole Arbitrator Appointed By Designation Not A Valid Ground To Terminate Mandate
  • Vasanth Rajasekaran and Harshvardhan Korada - 04-10-2021

In a recent judgment in M/s Laxmi Continental Construction Co. v. State of U.P. and Anr. the Hon'ble Supreme Court of India held that the mandate of a sole arbitrator who was appointed by designation could not be terminated solely on ground of their retirement. In this case, we navigate through the facts and findings of the Hon'ble Supreme Court in the aforesaid judgment.

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Resolution Professional Not Entitled To Success Fee: NCLAT
  • Vasanth Rajasekaran and Harshvardhan Korada - 04-10-2021

The National Company Law Appellate Tribunal, Delhi (NCLAT) in its recent judgment in Jayesh N. Sanghrajka erstwhile R.P. of Ariisto Developers Pvt. Ltd. v. Monitoring Agency nominated by Committee of Creditors of Ariisto Developers Pvt. Ltd.

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Courts Can Decline Reference Under Section 11 Of Arbitration Act If Disputes Do Not Fall Within The Ambit Of Arbitration Agreement: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 04-10-2021

The Hon'ble Supreme Court in its recent judgment in DLF Home Developers Ltd. v. Rajapura Homes Pvt. Ltd. & Anr.1 reiterated that the courts acting under Section 11 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) are not expected to act mechanically merely to deliver a dispute at the doors of an arbitrator.

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Indian Arbitration Quarterly Roundup (July 2021 – September 2021)
  • Vasanth Rajasekaran and Harshvardhan Korada - 04-10-2021

In recent times, several noteworthy judgments have been rendered by the Indian courts in matters relating to the law of arbitration in India.

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Delhi High Court Reiterates That Choice Of Venue Is Also A Choice Of An Arbitral Seat
  • Vasanth Rajasekaran and Harshvardhan Korada - 01-10-2021

The High Court of Delhi (High Court) in its recent decision in S.P. Singla Constructions Pvt. Ltd. v. Construction and Design Services, Uttar Pradesh Jal Nigam1 reiterated that the choice of a venue in an arbitration agreement is also a choice of the arbitral seat in absence of a contrary indication. In this article, we navigate through the facts and findings of the High Court in the aforementioned judgment.

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Supreme Court Reiterates The Principle Of Judicial Non-Intervention In The Arbitral Process
  • Vasanth Rajasekaran and Harshvardhan Korada - 28-09-2021

The Hon'ble Supreme Court in a recent judgment in Delhi Airport Metro Express Pvt. Ltd. v. Delhi Metro Rail Corporation Ltd.1 reiterated the principle of judicial non-intervention in the arbitral process while upholding the validity of a multi-billion arbitral award rendered in the said matter. In this article, we briefly discuss the facts and circumstances which led to the aforementioned judgment of the Hon'ble Supreme Court.

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Supreme Court To Withdraw Suo Motu Extension Of Limitation Granted On Account Of Covid-19 Pandemic From 2 October 2021
  • Vasanth Rajasekaran and Harshvardhan Korada - 28-09-2021

In a recent order passed in Re: Cognizance for extension of limitation1 the Hon'ble Supreme Court has recalled the suo motu order dated 27 April 2021 that had granted further extension on the limitation period for filing cases in view of the second wave of Covid-19 pandemic. In this article, we briefly navigate through the background of the matter, and the order passed by the Hon'ble Supreme Court.

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Drones: Soaring High With The Drone Rules 2021
  • Vasanth Rajasekaran , Nayantara Narayan and Harshvardhan Korada - 21-09-2021

On 25 August 2021, the Indian Government introduced the Drone Rules 2021 (New Rules) in a swift response to the industry feedback in relation to onerous red tape that was present in the Unmanned Aircraft System Rules, 2021 (Old Rules).

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Interested Party Not Eligible To Be An Arbitrator: Supreme Court Of India
  • Vasanth Rajasekaran - 21-09-2021

The Hon'ble Supreme Court in its recent judgment in Jaipur Zila Dugdh Utpadak Sahkari Sangh Limited and Ors. v. M/s Ajay Sales and Suppliers1 emphasised upon the impartiality of an arbitrator and held that chairman of one of the disputants would be ineligible to be an arbitrator under the Arbitration and Conciliation Act, 1996 (Arbitration Act). In this article, we briefly discuss the facts and circumstances which led to the aforementioned judgment of the Hon'ble Supreme Court.

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Moratorium Declared Under Section 14 Of The IBC Does Not Apply To Proceedings In Respect Of Directors Or Management Of Corporate Debtor: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 21-09-2021

The Hon'ble Supreme Court in its recent decision in Anjali Rathi and Ors. v. Today Homes & Infrastructure Pvt. Ltd. and Ors.1 has held that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC) applies only to proceedings in respect of the corporate debtor and not its directors or management. In this article, we briefly discuss the facts and circumstances which led to the aforementioned judgment of the Hon'ble Supreme Court.

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Courts Empowered To Continue Adjudication Of Ongoing Section 9 Application Even Post The Constitution Of An Arbitral Tribunal: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 21-09-2021

In a recent judgment, in Arcelor Mittal Nippon Steel (India) Ltd. v. Essar Bulk Terminal Ltd.1, the Hon'ble Supreme Court has settled the law on the interplay between Section 9 and Section 17 of the Arbitration and Conciliation Act, 1996 (Arbitration Act).

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Restricting Discounts Offered By Dealerships Amounts To Resale Price Maintenance: CCI Imposes Penalty Of INR 2 Billion On Maruti Suzuki India Limited
  • Vasanth Rajasekaran and Harshvardhan Korada - 14-09-2021

In the recent decision in Suo Motu Case No. 1 of 20191, the Competition Commission of India (CCI) imposed a penalty of INR 2 Billion (Rupees Two Billion) on Maruti Suzuki India Limited (MSIL). The CCI observed that MSIL indulged in resale price maintenance by imposing a discount control policy (DCP) across dealerships in India causing appreciable adverse effects on competition (AAEC) under Section 3(4)(e) and Section 3(1) the Competition Act, 2002 (Act). The present article briefly analyses the findings of the CCI in the above-mentioned case.

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Needed framework for enforcement of investment treaty arbitration
  • Vasanth Rajasekaran, Nayantara Narayan, and Harshvardhan Korada - 10-09-2021

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Foreign Arbitral Awards Enforceable On Non-Signatories To Arbitration Agreement: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 08-09-2021

The Hon'ble Supreme Court in its recent judgment in Gemini Bay Transcription Pvt. Ltd. v. Integrated Sales Service Ltd. & Anr.1 has held that foreign arbitral awards can bind non-signatories to an arbitration agreement and can be enforced against them.

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From Vodafone To Cairn And Back: A Taxing Journey Towards Making India A Global Investment Hotspot
  • Vasanth Rajasekaran , Nayantara Narayan and Harshvardhan Korada - 02-09-2021

On 13 August 2021, the President of India gave his assent to the Taxation Laws (Amendment) Act, 2021 ("Act") which amends the longstanding controversial retrospective tax law which was brought into effect in the year 2012. The Act has given a go-by to the provisions under the Income Tax Act, 1961 which enabled the tax authorities to impose retrospective capital gains tax on foreign entities selling their shares in India dating back to 1962.

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Non-Payment Of Amount Awarded Under A Judgment, Decree Or An Arbitral Award Gives Fresh Cause Of Action To Initiate Insolvency Proceedings Under The IBC: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 02-09-2021

In the recent judgment in Dena Bank v. C. Shivakumar Reddy1, the Hon'ble Supreme Court held that the non-payment of an amount awarded under a decree, judgment, or an arbitral award would be covered under the scope of "financial debt" and give rise to a fresh cause of action to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC).

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Pre conditions for brining a contract to life must be ensured, fulfilled properly
  • Vasanth Rajasekaran - 23-08-2021

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Supreme Court Refuses To Interfere With Antitrust Proceedings Initiated Against E-Commerce Giants Flipkart And Amazon
  • Vasanth Rajasekaran - 18-08-2021

The Hon'ble Supreme Court on 9 August 2021 passed an order refusing to interfere with the judgment of the High Court of Karnataka (High Court) allowing the Competition Commission of India (CCI) to initiate a probe against e-commerce giants Flipkart and Amazon. The present article briefly evaluates the timeline of proceedings and the judgment of the High Court which was approved by the Apex Court.

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Emergency Arbitral Awards Enforceable: Supreme Court Of India
  • Vasanth Rajasekaran - 10-08-2021

The Hon'ble Supreme Court in the landmark decision of Amazon.com NV Investment Holdings LLC v. Future Retail Ltd. & Ors.1 has held that emergency arbitral awards are orders under Section 17(1) of the Arbitration and Conciliation Act, 1996 (Arbitration Act). The Apex Court also held that an order passed under Section 17(2) of the Arbitration Act in enforcement of an award of an emergency arbitration was not appealable. In this article, we briefly analyze the findings of the Hon'ble Supreme Court which led to the aforementioned conclusions.

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Expedite The Execution Of Decrees: Supreme Court Of India
  • Vasanth Rajasekaran - 10-08-2021

The Hon'ble Supreme Court in the recent matter of Rahul S. Shah v. Jinendra Kumar Gandhi and Ors.1 while deciding upon a property dispute empathetically discussed the plight of the decree holders and the challenges they face in the execution of the decrees. The three-judge bench of former Chief Justice of India S.A. Bobde and Justices L. Nageswara Rao and S. Ravindra Bhatt issued a landmark decision involving 14 (fourteen) directions to all courts that dealt with suits and execution of decrees to expedite the execution of decrees. The directions aim to allow a decree-holder to enjoy the fruits of litigation without any inordinate delay and unnecessary hurdles.

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Letter Of Intent Does Not Create A Binding Contractual Relationship: Supreme Court Of India
  • Vasanth Rajasekaran - 10-08-2021

In a recent decision in South Eastern Coalfields Ltd. & Ors. v. M/s. S. Kumar's Associates AKM (JV)1, the Hon'ble Supreme Court held that mere issuance of a letter of intent would not create a binding contractual relationship amongst the parties. The Apex Court observed that where the mandatory obligations to bring the contract to life were not performed by a party, the letter of intent would not bind them. The present article briefly examines the findings of the Hon'ble Supreme Court.

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Modification Of Arbitral Awards: Supreme Court Reiterates No Interference Approach
  • Vasanth Rajasekaran - 10-08-2021

In the recent decision of The Project Director, NHAI v. M. Hakeem and Anr., the Hon'ble Supreme Court held that a court is not empowered to modify an award under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act). The present article briefly examines the findings of the Hon'ble Supreme Court in the aforementioned matter.

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A Primer On Pre-Packaged Insolvency Resolution Process Introduced Through The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2021
  • Vasanth Rajasekaran - 09-07-2021

Home India Insolvency/Bankruptcy/Re-structuring CONTRIBUTOR Most Read: Contributor India, May 2021 ARTICLE Share Follow this topic Follow Ask a Question Question Print this Article Print Translate this page Translate India: A Primer On Pre-Packaged Insolvency Resolution Process Introduced Through The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2021 09 July 2021 by Vasanth Rajasekaran (New Delhi) Phoenix Legal Your LinkedIn Connections with the authors 1. INTRODUCTION The Indian insolvency law framework before the year 2016 was highly fragmented and scattered across several legislations that referred matters to different judicial fora. These enactments include the Presidency Towns Insolvency Act, 1909, the Provincial Insolvency Act, 1920, the Sick Industrial Companies Act, 1985, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and the Companies Act, 2013. The multiplicity of adjudicating bodies that handled insolvency cases gave rise to a cobweb of jurisdictional issues and delayed the insolvency resolution process, often leading to the debtor losing its economic value over time. The Indian economy faced a crisis when the non-performing assets were piling up due to the failure of debt recovery laws, leading to more companies shutting their business. In such circumstances, a need was felt for redesigning the entire insolvency resolution landscape instead of making repairs in a bits and pieces fashion. The primary goal of the new insolvency law was to ensure that commercially ailing companies were brought back to their feet to serve the Indian economy.

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Indian Arbitration Quarterly Roundup (April 2021 – June 2021)
  • Vasanth Rajasekaran, Saurabh Babulkar and Nayantara Narayan - 06-07-2021

In recent times, several noteworthy judgments have been rendered by Indian courts in matters involving the law of arbitration in India. Some decisions rendered in the second quarter of 2021 (April - June) that discuss and set out the legal position concerning the interpretation and applicability of provisions of the Arbitration and Conciliation Act, 1996 have been summarised below:

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Indian Insolvency Quarterly Roundup (April 2021 – June 2021)
  • Vasanth Rajasekaran, Saurabh Babulkar and Nayantara Narayan - 06-07-2021

In recent times, several noteworthy judgments have been rendered by the Indian courts and tribunals in matters involving the insolvency law framework. Some of the decisions that discuss and set out the legal position concerning the interpretation and applicability of provisions of the Insolvency and Bankruptcy Code, 2016 in the second quarter of 2021 (April 2021 – June 2021) are summarised below:

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Sovereign Immunity Not A Defence Against Enforcement Of Arbitral Awards: High Court Of Delhi
  • Vasanth Rajasekaran - 06-07-2021

In a recent decision in KLA Const. Technologies Pvt. Ltd. and Ors. v. The Embassy of Islamic Republic of Afghanistan and Ors.1 the High Court of Delhi (High Court) held that the prior consent of the Central Government under Section 86(3) of the Code of Civil Procedure, 1908 (Code of Civil Procedure) was not required for the enforcement of arbitral awards passed against a foreign State. The present article briefly summarises the findings of the High Court in the decision mentioned above.

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Free Speech v. Regulation: New Rules For Broadcasters
  • Vasanth Rajasekaran and Nayantara Narayan - 06-07-2021

After setting up a three-tier grievance redressal mechanism for digital media, the Central Government has now incorporated a similar structure for broadcasters and advertisers. The Ministry of Information and Broadcasting ("IB Ministry") has amended the grievance redressal mechanism through the Cable Television Networks (Amendment) Rules 2021 ("New CN Rules"). This article analyses the New CN Rules and its impact.

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Dissenting Financial Creditor Vs. The Committee Of Creditors: Who Prevails?
  • Vasanth Rajasekaran (New Delhi) - 28-06-2021

In a recent decision in India Resurgence ARC Pvt. Ltd. v. M/s Amit Metalinks Ltd. & Anr.1, the Hon'ble Supreme Court held that a security interest available to a dissenting financial creditor over the assets of the corporate debtor does not give it a right over and above other financial creditors. Thus, the dissenting financial creditor cannot enforce the entire security interest and bring about an inequitable scenario by receiving amounts beyond the receivable liquidation value proposed for the same class of creditors. The present article briefly summarises the findings of the Hon'ble Supreme Court in the decision mentioned above.

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Recognising Emergency Arbitrations In India: The Need Of The Hour?
  • Vasanth Rajasekaran - 28-06-2021

Emergency arbitrations are conducted in pursuance of an agreement between the disputants, often on short notice due to the scarcity of time and urgency of the relief sought. Parties prefer invoking provisions for emergency arbitration for seeking interim reliefs, which would prevent the frustration of the subject matter of the dispute. Emergency arbitration has gained prominence in the context of the Indian arbitral regime as the Amazon-Future group dispute made it to the headlines. The present article briefly discusses the important aspects of emergency arbitrations and their current status in India.

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New Rules For Digital Media: Taming A Wild Horse?
  • Vasanth Rajasekaran and Nayantara Narayan - 21-06-2021

The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 ("New Rules") were notified by the Ministry of Electronics and Information Technology on 25th February 2021. Part III of the New Rules introduce provisions for the regulation of digital media along with a code of ethics. This article analyses the impact of Part III of the New Rules. In the first article of a two-part series, we analysed Part II of the New Rules.1

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Supreme Court: Powers Under Section 482 Code Of Criminal Procedure Cannot Be Exercised To Defeat The Statutory Mandate Of The Insolvency And Bankruptcy Code
  • Vasanth Rajasekaran, Saurabh Babulkar and Anand Chichra - 09-06-2021

In its recent decision of Sandeep Khaitan, Resolution Professional for National Plywood Industries Ltd. v. JVSM Plywood Industries Ltd.1, the Supreme Court ruled that the inherent powers of a court under Section 482 of the Code of Criminal Procedure ("CRPC") cannot be exercised to defeat or undermine the statutory dictate of Sections 14 & 17 of the Insolvency and Bankruptcy Code, 2016 ("IBC").

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Calcutta High Court: Claims Of Arbitral Award Holder Not Filed Under The IBC Rendered Infructuous Upon Approval Of Resolution Plan
  • Vasanth Rajasekaran, Saurabh Babulkar and Anand Chichra - 09-06-2021

The Calcutta High Court ("High Court") in its recent judgement of Sirpur Paper Mills Limited v. I. K. Merchants Pvt. Ltd.1 settled the debate on an integral point of law on the interplay between the Insolvency and Bankruptcy Code, 2016 ("IBC") and the Arbitration and Conciliation Act, 1996 ("Arbitration Act"). The High Court held that the approval of a resolution plan under the IBC in relation to a corporate debtor, would extinguish the claims of the award holder under the Arbitration Act against such corporate debtor.

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IBC: Balance & Security Confirmation Letters Sufficient Acknowledgment Of Debt For Extending Limitation Under Section 18 Of The Limitation Act
  • Vasanth Rajasekaran , Saurabh Babulkar and Anand Chichra - 09-06-2021

The National Company Law Appellate Tribunal, Chennai Bench ("NCLAT") in its recent judgement 'Lakshmi Narayan Sharma v. Punjab National Bank'1, held that 'balance and security confirmation letters' would amount to sufficient 'acknowledgment of debt' to extend limitation under Section 18 of the Limitation Act, 1963 ("Limitation Act") for initiating insolvency proceedings.

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Winding-up In Pendency Of Arbitration And Criminal Proceedings: NCLT Orders For Winding Up Of Devas Multimedia For Operating Fraudulently Since Incorporation
  • Vasanth Rajasekaran - 02-06-2021

In the recent decision of Antrix Corporation Ltd. v. Devas Multimedia Pvt. Ltd. and Anr.1 the Bengaluru Bench of the National Company Law Tribunal (NCLT) passed an order for the winding-up of Devas Multimedia Pvt. Ltd. (Devas). The NCLT concluded that Devas had been operating fraudulently since its inception while passing an order under Section 273 of the Companies Act, 2013 (Companies Act). The present article briefly examines the findings of the NCLT in the matter mentioned above.

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Redefining Intermediary Safe Harbour: Free Speech And Privacy Concerns In India
  • Vasanth Rajasekaran and Nayantara Narayan - 02-06-2021

The Information Technology (Intermediaries Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021 ("New Rules") were notified by the Ministry of Electronics and Information Technology on 25 February 2021. The Part II of New Rules marks a paradigm shift in the treatment of safe harbour provided to intermediaries and significantly overhauls the obligations cast on them. This article analyses the Part II of New Rules and its impact on intermediaries, free speech and privacy.

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Enforcement Of Anti Suit Injunction: Indian Court Lays Down The Parameters For Grant Of Anti-enforcement Injunction Against An Order By A Foreign Court
  • Vasanth Rajasekaran and Nayantara Narayan - 27-05-2021

In a recent case, titled Interdigital Technology Corporation & Ors. v. Xiaomi Corporation and Ors.1, the Hon'ble Delhi High Court, ("Indian Court") stayed the enforcement of an anti-suit injunction order of the Wuhan Intermediate People's Court ("Wuhan Court"). This article briefly examines this unprecedented ruling and findings of the Indian Court in the abovementioned matter.

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Enforcement Of Anti Suit Injunction: Indian Court Lays Down The Parameters For Grant Of Anti-enforcement Injunction Against An Order By A Foreign Court
  • Vasanth Rajasekaran and Nayantara Narayan - 27-05-2021

In a recent case, titled Interdigital Technology Corporation & Ors. v. Xiaomi Corporation and Ors.1, the Hon'ble Delhi High Court, ("Indian Court") stayed the enforcement of an anti-suit injunction order of the Wuhan Intermediate People's Court ("Wuhan Court"). This article briefly examines this unprecedented ruling and findings of the Indian Court in the abovementioned matter.

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Indian Proprietors Habitually Residing In Foreign Nations Subject To Provisions For International Commercial Arbitration: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar and Anand Chichra - 27-05-2021

In its recent judgment of Amway India Enterprises Pvt. Ltd. v. Ravindranath Rao Sindhia & Anr.1, the Supreme Court ruled that if a proprietor is a habitual resident of a foreign country, the arbitration involving such sole proprietorship would be classified as international commercial arbitration.

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Indian Proprietors Habitually Residing In Foreign Nations Subject To Provisions For International Commercial Arbitration: Supreme Court Of India
  • Vasanth Rajasekaran (New Delhi) , Saurabh Babulkar (New Delhi) and Anand Chichra (Mumbai) - 27-05-2021

In its recent judgment of Amway India Enterprises Pvt. Ltd. v. Ravindranath Rao Sindhia & Anr.1, the Supreme Court ruled that if a proprietor is a habitual resident of a foreign country, the arbitration involving such sole proprietorship would be classified as international commercial arbitration.

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Interference By The Courts In Arbitral Awards: Supreme Court Reiterates The Minimal Intervention Principle
  • Vasanth Rajasekaran - 26-05-2021

In a recent decision in NTPC Ltd. v. M/s Deconar Services Pvt. Ltd.1, the Hon'ble Supreme Court reiterated that the Courts do not sit in appeal over the arbitral award and must give way to a possible view taken by the arbitrator. The present article briefly examines the findings rendered by the Hon'ble Supreme Court in the matter mentioned above.

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Personal Guarantors To Corporate Debtors Liable Under The Insolvency And Bankruptcy Code, 2016: Supreme Court Of India
  • Vasanth Rajasekaran and Harshvardhan Korada - 26-05-2021

In a recent decision of the Hon'ble Supreme Court in Lalit Kumar Jain v. Union of India1, the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) concerning the liability of the personal guarantors to the corporate debtors were upheld. With the decision in place, the creditors can now initiate insolvency proceedings against individuals such as promoters, managing directors and chairpersons who stand as personal guarantors on the monies lent or goods and services extended to the corporate debtors. The decision concerns the challenge brought to the notification (Notification) dated 15 November 2019 issued by the Ministry of Corporate Affairs, which introduced a host of provisions2 making personal guarantors liable to insolvency proceedings under the IBC. The present article briefly summarises the findings of the Hon'ble Supreme Court in the decision mentioned above.

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Contractual Disputes Amenable To Writ Jurisdiction Despite The Existence Of Arbitration Agreement: Supreme Court Of India
  • Vasanth Rajasekaran , Saurabh Babulkar , Anand Chichra and Harshvardhan Korada - 26-05-2021

The Supreme Court in its recent judgement of 'Uttar Pradesh Power Transmission Corporation Ltd. v. CG Power and Industrial Solutions Ltd. & Anr.'1 held that the courts can entertain writ petitions in contractual disputes, despite existence of arbitration clauses. The Supreme Court enunciated the said point of law in the factual matrix detailed below.

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Granting Anti-arbitration Injunctions: Madras High Court Reiterates The Threefold Test
  • Vasanth Rajasekaran and Harshvardhan Korada - 26-05-2021

The Madras High Court (High Court), in a recent decision in ADM International Sarl v. Sunraja Oil Industries Pvt. Ltd. and Ors.1, had the opportunity to discuss the principal conditions for granting an anti-arbitration injunction. The High Court reiterated the findings of the Delhi High Court in McDonald's India Pvt. Ltd. v. Vikram Bakshi and Ors.,2 wherein it was held that the court would grant an anti-arbitration injunction only when the arbitration agreement is (i) null and void, (ii) inoperative or (iii) is incapable of being performed. The present article briefly examines the findings of the High Court in the matter mentioned above.

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Termination Of A Power Purchase Agreement: Jurisdiction And The Powers Of The NCLT During The Insolvency Resolution Process
  • Vasanth Rajasekaran and Saurabh Babulkar - 04-05-2021

The Hon'ble Supreme Court in the recent judgment in Gujrat Urja Vikas Nigam Ltd. v. Amit Gupta and Ors.1held that the National Company Law Tribunal would have jurisdiction to adjudicate all matters relating to the insolvency resolution and the liquidation of the corporate debtor. However, for adjudication of disputes that do not have any connection with the insolvency of the corporate debtor, the relevant authority must be approached. The instant decision was rendered while the Hon'ble Supreme Court decided whether a Power Purchase Agreement (PPA) could be terminated during the subsistence of a moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC). The present article briefly examines how the Hon'ble Supreme Court construed the key provisions of law to arrive at its judgment.

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Indian Parties Can Elect A Foreign Seat Of Arbitration: Supreme Court Of India
  • Vasanth Rajasekaran and Saurabh Babulkar - 04-05-2021

In the recent decision of PASL Wind Solutions Pvt. Ltd. v. GE Power Conversion India Pvt. Ltd.,1 a three-judge bench of the Hon'ble Supreme Court was faced with the issue of whether two Indian parties could elect a foreign seat in an arbitration. The Hon'ble Supreme Court, answering in the affirmative, held that nothing stood in the way of party autonomy in designating a seat of arbitration outside India, even when both parties happened to be Indian nationals. The present article briefly examines the findings rendered by the Hon'ble Supreme Court in the aforementioned matter.

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A Change In The Venue Is A Change In The Seat Of The Arbitration: Supreme Court Of India
  • Vasanth Rajasekaran and Saurabh Babulkar - 04-05-2021

In a recent case titled M/s Inox Renewables Ltd. v. Jayesh Electricals Ltd.1, the Hon'ble Supreme Court of India held that where the parties to a dispute change the venue of the arbitration by mutual agreement, such venue will become the seat of the arbitration. This article briefly examines the findings of the Hon'ble Supreme Court rendered in the matter mentioned above.

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Indian Arbitration Quarterly Roundup 2021 (January 2021 To March 2021)
  • Vasanth Rajasekaran and Saurabh Babulkar - 14-04-2021

In recent times, several noteworthy judgments have been rendered by the Indian Courts in matters involving the arbitration law. Some decisions of the Hon'ble Supreme Court that discuss and set out the legal position concerning the interpretation and applicability of provisions of the Arbitration and Conciliation Act, 1996 rendered in the first quarter of 2021 have been summarised below: Bhaven Construction through Authorised Signatory Premjibhai K. Shah v. Executive Engineer Sardar Sarovar Narmada Nigam Ltd. and Anr.

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Indian Insolvency Quarterly Roundup 2021 (January 2021 To March 2021)
  • Vasanth Rajasekaran and Saurabh Babulkar - 08-04-2021

The year began on a high note, with several noteworthy judgments being delivered by the Indian Supreme Court in matters involving the Insolvency and Bankruptcy, Code 2016. Some recent decisions of the Hon'ble Supreme Court rendered in the first quarter of 2021 that discuss and set out the legal position concerning the interpretation and applicability of provisions of the Insolvency and Bankruptcy Code, 2016 have been summarised below: Manish Kumar v. Union of India (UoI) and Ors.

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Section 14 Of The Insolvency And Bankruptcy Code, 2016 Vis-à-vis Section 138 Of The Negotiable Instruments Act, 1881: What Prevails?
  • Vasanth Rajasekaran and Saurabh Babulkar - 23-03-2021

The Hon'ble Supreme Court in the recent decision of P. Mohanraj & Ors. v. M/s Shah Brothers Ispat Pvt. Ltd.1has resolved the conundrum of whether the proceedings under Sections 138 and 141 of the Negotiable Instruments Act, 1881 (NI Act) can be said to be covered by the moratorium provision, under Section 14 of the Insolvency and Bankruptcy Code, 2016 (IBC). This article briefly examines how the Hon'ble Supreme Court analysed the scope of Section 14 of the IBC to arrive at its judgment.

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Time Is The Essence Of The Corporate Insolvency Resolution Process: Supreme Court Of India.
  • Vasanth Rajasekaran and Saurabh Babulkar - 23-03-2021

In its recent judgment in the case of Kridhan Infrastructure Pvt. Ltd. v. Venkestesan Sankaranarayan & Ors.1, the Hon'ble Supreme Court reflected upon the importance of timelines in the insolvency resolution process. The Apex Court held that is essential to resolve corporate insolvencies and the corporate debtor's liquidation should be the last resort in the broader public interest. However, the resolution of corporate insolvency could not suffer from an indefinite delay in complete abeyance of the fixed timelines. The present article briefly examines the findings of the Hon'ble Supreme Court.

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Liability Of A Dealer's Wrongful Acts In A Principal-to-principal Contract Cannot Be Fastened On The Manufacturer Where No Special Knowledge Can Be Attributed To It: Supreme Court Of India.
  • Vasanth Rajasekaran and Saurabh Babulkar - 23-03-2021

It is common for automobile manufacturers to enter into dealership agreements with dealers or showroom operators on a principal-to-principal basis. A principal-to-principal arrangement proves advantageous since it makes the dealer solely liable for his transactions with the buyers. The Hon'ble Supreme Court in a recent decision in Tata Motors Ltd. v. Antonio Paulo Vaz and Ors.1, held that the liability of the deficiency of service of a dealer could not be fastened onto a car manufacturer when the contract was on a principal-to-principal basis, and no knowledge of the dealer's wrongful acts was attributable to the car manufacturer. The present article briefly summarises the findings of the Hon'ble Supreme Court.

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Presence Of An Arbitration Agreement In A Dispute Involving The State Would Not Absolutely Oust Writ Jurisdiction Under Article 226: Supreme Court Of India
  • Vasanth Rajasekaran and Saurabh Babulkar - 05-03-2021

Our partner Vasanth Rajasekaran and senior associate Saurabh Babulkar analyze the Supreme Court judgment on the scope of invoking writ jurisdiction in contractual disputes containing an arbitration clause.

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Discretionary Powers Under Article 226 Of The Constitution Are Not To Be Invoked To Interfere In The Arbitral Process Under The Arbitration Act Under Ordinary Circumstances: Supreme Court Of India
  • Vasanth Rajasekaran and Saurabh Babulkar - 05-03-2021

Our partner Vasanth Rajasekaran and senior associate Saurabh Babulkar examine the recent ruling by the Supreme Court of India on the extent of judicial intervention through Articles 226 and 227 in the arbitral process.

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Lockdown Constitutes A Force Majeure Event: Madras High Court Waives A State-owned Shop's License Fee For The Entire Lockdown Period
  • Vasanth Rajasekaran and Saurabh Babulkar - 02-03-2021

Vasanth Rajasekaran and Saurabh Babulkar discuss the recent judgment of Madras High Court on the scope of treating lockdown events as force majeure events while interpreting the provisions of a lease agreement.

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Supreme Court To Decide On The Limitation Period Applicable To Appeals Filed Under Section 37 Of The Arbitration Act
  • Vasanth Rajasekaran and Saurabh Babulkar - 24-02-2021

Vasanth Rajasekaran and Saurabh Babulkar deliberate on the issue of the limitation period applicable for filing appeals under Section 37 of the Arbitration Act.

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The Evolving Jurisprudence Of 'arbitrability Of Fraud' In India – Where Do We Stand?
  • Vasanth Rajasekaran and Saurabh Babulkar - 24-02-2021

Vasanth Rajasekaran along with Saurabh Babulkar and Reshma Ravipati discuss some critical developments in the legal position on 'arbitrability of fraud' both on the legislative and the judicial front.

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Indian Arbitration – Yearly Review (Landmark Judgments Rendered In The Year 2020)
  • Vasanth Rajasekaran , Saurabh Babulkar and Reshma Ravipati - 10-02-2021

Vasanth Rajasekaran along with Saurabh Babulkar and Reshma Ravipati discuss the most significant judgments rendered by various Indian courts in relation to the arbitration law for the year 2020.

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The Legal500 Country Comparative Guides - India: Public Procurement
  • Manjula Chawla, Vasanth Rajasekaran, Kripi Kathuria, and Chandni Chawla. - 09-02-2021

Overview of the legal and regulatory framework governing public procurement in India

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Indian Arbitration - Quarterly Review (October - December 2020)
  • Vasanth Rajasekaran, Saurabh Babulkar and Reshma Ravipati - 09-02-2021

Our partner Vasanth Rajasekaran along with senior associate Saurabh Babulkar and associate Reshma Ravipati discusses some of the most significant judgments rendered in relation to the #Arbitration law in the fourth quarter of 2020 (October to December 2020).

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Insolvency & Bankruptcy Code - Quarterly Judgments (July to September 2020)
  • Vasanth Rajasekaran, Saurabh Babulkar and Reshma Ravipati - 21-10-2020

We discuss some of the most significant judgments rendered in relation to the Insolvency and Bankruptcy Code, 2016 in the third quarter of 2020 (July - September).

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Arbitrability Of Fraud Disputes: Supreme Court Reaffirms Arbitrability Of Disputes Involving Allegations Of Fraud
  • Vasanth Rajasekaran and Reshma Ravipati - 16-09-2020

Our partner Vasanth Rajasekaran and associate Reshma Ravipati discuss a recent decision of the Supreme Court of India wherein the apex court has reaffirmed the arbitrability of disputes involving allegations of fraud.

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Winding-Up under The Companies Act vis-à-vis CIRP under the IBC: Conflicting or Concurrent Jurisdiction?
  • Vasanth Rajasekaran , Biswadeep Chakravarty and Sanjeev Sambasivan - 03-09-2020

Our partner Vasanth Rajasekaran along with senior associate Biswadeep Chakravarty, and associate Sanjeev Sambasivan analyze the recent judgment of the High Court, Calcutta wherein the court dealt with the issue of concurrent jurisdiction and preferred that the pending winding-up petition of a company should be referred to the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

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Insolvency And Bankruptcy Code: Quarterly Review Of Significant Judgments
  • Vasanth Rajasekaran and Reshma Ravipati - 01-09-2020

Our partner Vasanth Rajasekaran along with associate Reshma Ravipati discusses some of the most significant judgments rendered in relation to the Insolvency and Bankruptcy Code, 2016 in the second quarter of 2020.

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Personal Guarantor Insolvency Provisions of IBC Under Challenge
  • Vasanth Rajasekaran and Reshma Ravipati - 01-09-2020

In this article, our partner Vasanth Rajasekaran and associate Reshma Ravipati have discussed the impending challenge to provisions of the Insolvency and Bankruptcy Code, 2016 dealing with personal guarantee and bankruptcy, and it's implications for lenders.

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Anti-Arbitration Injunctions Against Foreign Seated Arbitrations: The Indian Perspective
  • Vasanth Rajasekaran and Reshma Ravipati - 20-08-2020

Our partner Vasanth Rajasekaran and associate Reshma Ravipati discuss a recent judgment of the High Court of Calcutta which clarifies that courts in India have the power to issue anti-arbitration injunctions against foreign seated arbitrations.

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Indian Arbitration (Quarterly Roundup)
  • Vasanth Rajasekaran, Saurabh Babulkar and Reshma Ravipati - 19-08-2020

Some of the most significant judgments rendered in relation to arbitration law, in the second quarter of 2020.

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The Next Leg of Privatisation: Indian Railway opens doors for the Private Sector
  • Vasanth Rajasekaran and Aditi Halder - 30-07-2020

A high-level overview of the key features of the bidding documents issued by the Ministry of Railways to permit private entities to undertake passenger trains operations on select routes in India on a public-private partnership basis. The write-up also highlights the factors that may be relevant for interested private players and the likely impact on the railway ecosystem.

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Competition Watchdog turns its Attention to the Online Hotel Booking Sector
  • Vasanth Rajasekaran and Reshma Ravipati - 22-07-2020

The recent decisions of the Competition Commission of India in relation to online hotel bookings service providers such as Oyo, Goibibo, and MakeMyTrip, have been analysed in this article published in the July 2020 issue of Asian-Mena Counsel, a magazine for the In-House Community.

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Implications of India-China tensions for international trade and commerce
  • Vasanth Rajasekaran and Reshma Ravipati - 17-07-2020

Implications of the recent border tensions between China and India on trade and commerce in these countries, and the impact of retaliatory measures taken by India on the Indian economy.

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Supreme Court Enforces A Foreign Arbitral Award Rendered Under Two-tier Arbitration Agreement
  • Vasanth Rajasekaran , Saurabh Babulkar and Reshma Ravipati - 17-06-2020

The series of judgments by the Supreme Court of India in the matter of Centrotrade Minerals and Metals Inc. v. Hindustan Copper Ltd. whereby the foundation has been set for enforcement of a foreign arbitral award rendered under a two-tier arbitration structure.

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Domestic Arbitral Award Can Be Set Aside On Patent Illegality - Supreme Court Reaffirms
  • Vasanth Rajasekaran and Shweta Vashist - 30-05-2020

In this article, we analyze the decision rendered by a three-judge bench of the Supreme Court of India (Supreme Court) in Patel Engineering Ltd. v. North Eastern Electric Power Corporation Ltd.1, where the ground of patent illegality for challenging a domestic award, post the amendment to the Arbitration and Conciliation Act, 1996 (Arbitration Act) in the year 2015, has been reaffirmed.

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Force Majeure, Lockdown & Lease Rent: Delhi High Court Provides Clarity
  • Vasanth Rajasekaran and Shweta Vashist - 29-05-2020

COVID-19 and the lockdown that followed this pandemic has not just created large-scale implications for businesses across the globe, but has also severely affected contractual relationships. An important question that has arisen during these unprecedented times is whether this lockdown would entitle tenants to claim waiver or suspension of rent.

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Supreme Court Sets Aside Arbitral Award For Perverse Interpretation Of Contract
  • Vasanth Rajasekaran , Saurabh Babulkar and Shweta Vashist - 26-05-2020

It is settled law that courts should not interfere with awards merely because an alternative view on the facts or interpretation of the contracts exists. The Supreme Court of India (Supreme Court) has consistently held that courts should not interfere with the view taken by an arbitral tribunal, unless an award portrays perversity unpardonable under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act).

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Enforcement Of Foreign Awards: An Ever-Expanding Scope Of Judicial Review
  • Vasanth Rajasekaran , Saurabh Babulkar and Shweta Vashist - 23-05-2020

The approach of the Indian judiciary has consistently been pro-enforcement, particularly in respect of foreign arbitral awards. Indian courts have, time and again, construed the parameters for resisting enforcement of foreign awards narrowly, as a reflection of its pro-arbitration/enforcement approach. However, the recent decision of the Supreme Court of India (Supreme Court), in National Agriculture Cooperative Marketing Federation of India v. Alimenta S.A.1 , appears that the scope of judicial intervention is ever expanding.

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A Foreign Law Firm's Relationship With Its Indian Client Is 'Commercial' In Nature: High Court Of Delhi
  • Vasanth Rajasekaran and Reshma Ravipati - 14-05-2020

The High Court of Delhi (Court) in Spentex Industries Ltd. v. Quinn Emanuel Urquhart & Sullivan LLP has ruled that the contractual relationship between a client and foreign law firm is a commercial relationship for the purpose of Section 44 of the Arbitration and Conciliation Act, 1996 (Arbitration Act). The Court has also recorded its observations on the scope of interference that may be exercised by a court when it is presented with an application for reference to arbitration under Section 45 of the Arbitration Act.

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Evasion Of Arbitration Proceedings Amounts To A Deemed Waiver Of Right To Object: Supreme Court
  • Vasanth Rajasekaran and Shweta Vashist and Reshma Ravipati - 04-05-2020

An arbitral tribunal has been bestowed with the power to rule on any objection raised by parties with respect to the existence or validity of an arbitration agreement, under Section 16 of the Arbitration and Conciliation Act, 1996 (Act).

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Non-Commercial Suits To Be Governed By The Unamended Provisions Of The Code Of Civil Procedure, 1908: Supreme Court
  • Vasanth Rajasekaran and Shweta Vashist - 30-04-2020

The Commercial Courts Act, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 (Commercial Courts Act) has amended the Code of Civil Procedure, 1908 (Code of Civil Procedure) in its application to commercial disputes. In this article, we analyse whether non-commercial suits will fall under the ambit of the amended provisions of the Code of Civil Procedure.

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Supreme Court On Whether The Parties Can Abrogate The Arbitration Clause
  • Vasanth Rajasekaran , Shweta Vashist and Reshma Ravipati - 30-04-2020

In this article, we analyse the legal possibility of whether the arbitration agreement, which is a part of the original contract, can be abrogated by the parties by way of amending the contract which will perish along with the said contract.

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Insolvency And Bankruptcy Code : Quarterly Review Of Landmark Judgments
  • Vasanth Rajasekaran and Shweta Vashist and Reshma Ravipati - 23-04-2020

In the years since introduction of the Insolvency and Bankruptcy Code, 2016 (Code), courts and tribunals have paved the way for a new insolvency and bankruptcy regime in India through effective interpretation and enforcement of the Code. Since the Code is still in its nascent stages of implementation, judicial pronouncements play a very important role in clarifying the legislative intent of provisions of the Code, and the manner in which they are to be interpreted.

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The Force Majeure Exemption Not Applicable To Essential Services: Bombay High Court
  • Vasanth Rajasekaran and Reshma Ravipati - 20-04-2020

A lot of information is available on the internet today, regarding applicability of 'force majeure' clauses to the disruptions caused in business activities due to the prevailing COVID-19 crisis. In the wake of this pandemic, while it is important to understand the general legal position in this regard, it is equally important to follow and understand how courts are actually handling cases where the 'force majeure' exemption is being raised.v

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The Force Majeure Exemption Not Applicable To Essential Services: Bombay High Court
  • Vasanth Rajasekaran and Reshma Ravipati - 20-04-2020

A lot of information is available on the internet today, regarding applicability of 'force majeure' clauses to the disruptions caused in business activities due to the prevailing COVID-19 crisis. In the wake of this pandemic, while it is important to understand the general legal position in this regard, it is equally important to follow and understand how courts are actually handling cases where the 'force majeure' exemption is being raised. The High Court of Bombay (Court) recently dismissed a plea invoking the 'force majeure' exemption, in a contract involving steel importers.

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Indian Arbitration – Quarterly Roundup: 20 Important Judgments
  • Vasanth Rajasekaran , Saurabh Babulkar and Reshma Ravipati - 13-04-2020

Vasanth Rajasekaran along with Saurabh Babulkar and Reshma Ravipati discusses twenty of the most significant judgments rendered by various Indian courts in relation to arbitration law, in the first quarter of 2020.

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Execution Of Foreign Decree In India: Supreme Court Settles Law On The Limitation Period
  • Vasanth Rajasekaran, Saurabh Babulkar and Reshma Ravipati - 19-03-2020

Supreme Court in the recent judgment of Bank of Baroda v. Kotak Mahindra Bank Ltd. has discussed the evolving international jurisprudence on the law of limitation. Phoenix Legal analyze the findings recorded in the judgment, and the limitation period applicable to the execution of foreign decrees in India.

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Limitation Period For Applications Under Section 8 Of The Arbitration Act: How Late Is Too Late?
  • Vasanth Rajasekaran and Reshma Ravipati - 12-03-2020

A recent judgment of the Delhi High Court in SSIPL Lifestyle Pvt. Ltd. v. Vama Apparels (India) Private Ltd. & Anr., wherein limitation on the filing of applications under Section 8 of the Arbitration and Conciliation Act, 1996 has been discussed.

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Enforcement Of Foreign Arbitral Awards: Supreme Court Promotes A "Minimal Interference" Approach
  • Vasanth Rajasekaran and Reshma Ravipati - 28-02-2020

The current judicial climate in India fosters a "minimal interference" model for courts, when it comes to matters of arbitration. Be it domestic or international arbitrations, the Supreme Court is making every effort to ensure that courts do not interfere with the arbitral process, without good reason.

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India: Enforcement Of Foreign Arbitral Awards: Supreme Court Promotes A
  • Vasanth Rajasekaran and Reshma Ravipati - 28-02-2020

The current judicial climate in India fosters a "minimal interference" model for courts, when it comes to matters of arbitration. Be it domestic or international arbitrations, the Supreme Court is making every effort to ensure that courts do not interfere with the arbitral process, without good reason. India is therefore bringing its arbitration regime in line with international practice, which over the years has radically shifted in favour of respecting and preserving the autonomy of the arbitral process.

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The Legal 500 (Legalease) - Overview of Legal and Regulatory framework governing Public Procurement in India
  • Manjula Chawla, Vasanth Rajasekaran, Kripi Kathuria, and Chandni Chawla - 04-02-2020

This country-specific Q&A provides an overview of Public Procurement laws and regulations that may occur in India.

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Seat V/S Venue Debate: Supreme Court Reiterates The BALCO Position
  • Vasanth Rajasekaran and Reshma Ravipati - 04-02-2020

There have been several sweeping developments in the law of arbitration in India, through judicial pronouncements in 2019. Indian courts have moved back and forth; at times even reviving old legal positions to restore and reiterate the core objectives of arbitration. We have seen one such instance in the recent past.

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Clash Of Titans: Prevention Of Money Laundering Act, 2002 vs. Insolvency And Bankruptcy Code, 2016
  • Vasanth Rajasekaran and Shweta Vashist - 14-01-2020

Liability Of The Corporate Debtor And Resolution Applicant For Offences Committed Prior To The Corporate Insolvency Resolution Process

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Clash Of Titans: Prevention Of Money Laundering Act, 2002 vs. Insolvency And Bankruptcy Code, 2016 - Liability Of The Corporate Debtor And Resolution Applicant For Offences Committed Prior To The Corporate Insolvency Resolution Process
  • Vasanth Rajasekaran and Shweta Vashist - 14-01-2020

The Union Cabinet, on December 24,2019 approved the proposal to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 (Ordinance) to amend the Insolvency and Bankruptcy Code, 2016 (Code). Introduced to further ease of doing business in India, the Ordinance seeks to clarify various issues and streamline the insolvency resolution process. One of the significant changes pertains to the insertion of Section 32A to the Code (Section 32A), by way of which successful resolution applicants will be ring-fenced from the threat of criminal proceedings for offences committed by the former promoters of the corporate debtor.

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Arbitration Agreement Contained In An Unstamped Document Must Be Impounded: Supreme Court Clarifies The Law
  • Vasanth Rajasekaran and Srijata Majumdar - 10-01-2020

The Supreme Court by a significant judgment on 10 April 2019, clarified that the power of the court to impound an unstamped document containing an arbitration clause, at the stage of appointment of an arbitrator, remains unchanged with the introduction of Section 11 (6A) of the Arbitration and Conciliation Act ("Act").

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10 Landmark Judgments On Arbitration By Supreme Court Of India In The Year 2019
  • Vasanth Rajasekaran and Saurabh Babulkar - 07-01-2020

The landmark judgments of the year 2019 as ruled by the Supreme Court in the Arbitration matters.

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Supreme Court Declares That Courts Cannot Interfere In Power Tariffs Determined By Expert Bodies
  • Vasanth Rajasekaran and Saurabh Babulkar - 03-01-2020

Once an expert body has determined specific tariffs for power, it is not open to courts to interfere ordinarily in such matters, where the determination by such expert body does not suffer from any illegality or infirmity. This position was recently set out by the Supreme Court in Transmission Corporation of Andhra Pradesh Ltd. v. M/s Rain Calcining Ltd. & Ors.1

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Kompetenz Kompetenz Principle Reiterated By Supreme Court Of India : Issue Of Limitation Is Not To Be Examined At The Section 11 Stage
  • Vasanth Rajasekaran and Saurabh Babulkar - 16-12-2019

The arbitral tribunal competence and appointment of an arbitrator as observed by the Hon'ble Supreme Court when examining section 11 of the #Arbitration and Conciliation Act. The Hon'ble Court reiterated the Kompetenz - Kompetenz principle in the recent judgment of Uttarakhand Purv Sainik Kalyan Nigam Ltd. v. Northern Coal Field Ltd.

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Supreme Court of India applies the Doctrine of "Manifest Arbitrariness" to strike down Section 87 of the Arbitration Act
  • Vasanth Rajasekaran and Reshma Ravipati - 05-12-2019

In an attempt to vitiate the negative effects of some archaic provisions governing arbitrations in India, the Parliament of India had introduced the Arbitration and Conciliation (Amendment) Act, 2015 (2015 Amendment).

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Supreme Court Of Indıa Applies The Doctrine Of "Manifest Arbitrariness" To Strike Down Section 87 Of The Arbitration Act
  • Vasanth Rajasekaran and Reshma Ravipati - 05-12-2019

In an attempt to vitiate the negative effects of some archaic provisions governing arbitrations in India, the Parliament of India had introduced the Arbitration and Conciliation (Amendment) Act, 2015 (2015 Amendment). Among other things, the 2015 Amendment sought to minimise interference of courts in the arbitral process, and for speedy resolution of disputes which go to arbitration. In Section 26 of this 2015 Amendment, it is clarified that amended provisions shall not apply to arbitral proceedings commenced prior to 23 October 2015 (cut-off date) i.e., the date of commencement of the 2015 Amendment. However, the applicability of amended provisions to court proceedings, in relation to arbitral proceedings which commenced before the cut-off date, was unclear.

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Opportunities In Defense Manufacturing As Government Unveils Strategic Partnership Model
  • Vasanth Rajasekaran and Sukrit Seth and Saurabh Babulkar - 16-09-2017

Fostering constructive partnership with the Indian private defense industry is considered not just a sound economic option but a strategic imperative to minimize dependence on imports and infuse self-sufficiency in defense manufacturing; however, only time will tell if the strategic partnership model has the desired effect

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