Indian Insolvency Yearly Review 2022

In recent years, several noteworthy judgments have been rendered by the Indian Courts in matters pertaining to the law of insolvency in India and in particular the Insolvency and Bankruptcy Code, 2016. This article covers ten such significant decisions rendered by the Supreme Court of India in the year 2022.1. Vidarbha Industries Power Ltd. v. Axis Bank Ltd. The power to admit a Section 7 application filed under the IBC is discretionary in nature. Therefore, it is not mandatory for the ...

"Law of Wills" For Common Man

Q1. What is a Will? Is there any enactment which governs the law relating to the Wills? The Indian Succession Act, 1925 (ISA) is the law governing Wills and matters relating thereto. It applies, inter alia, to Hindus. It is also relevant to mention that in terms of Section 30 of the Hindu Succession Act, 1956 (HSA), any Hindu may dispose of by Will or other testamentary disposition, such as Family Trust Deed, assignment of right to manage temples etc., any property, which is...

Ten Landmark Judgments On Arbitration In The Year 2022

In recent years, several noteworthy judgments have been rendered by the Indian Courts in matters pertaining to the law of arbitration in India. This article covers ten such significant decisions rendered by the Supreme Court of India in 2022 1. INDIAN OIL CORPORATION LTD. Vs. NCC LTD. While a Court acting under Section 11 of the Arbitration Act can consider the aspect of accord and satisfaction of claims of the arbitrating parties. However, cases with debatable facts and reasonably...

The Dilemma Around Round Tripping

Until very recently, the regulatory approach in India was to restrict foreign investments made in India through "round tripping". The concept of "round tripping" has not been defined or laid down in any laws in India. As a concept, round tripping occurs when money circles back to the country of origin from where the investment was initially made. For e.g., an individual sets up a company overseas, and that company proceeds to make acquisitions in India. Such investments were largely...

Criminal Identification Or Disapropriation

When a person's identity with an ascertained person is an issue then it may be proved and disproved presumptively by similarity or dissimilarity of characteristics like weight, size, hair, voice, etc.[1]The identity of a person or thing is necessary to prove relevant facts of the case, and the identification test is not a substantive piece of evidence.[2] This makes the identification of criminals all the more necessary to render justice to the people. For this, an appropriate method...

Two Steps Back?: Dismissal Of Review Petition Before Supreme Court In Vidarbha Industries Vs Axis Bank Ltd

The Supreme Court recently dismissed the review petition filed by Axis Bank Ltd.[1] against its decision rendered in Vidarbha Industries[2] and upheld the Apex Court's ruling that the Adjudicating Authority and the Appellate Authority under the Insolvency and Bankruptcy Code ('the Code') need to be mindful of the corporate debtor's financial health and viability while admitting a petition under Section 7 of the Code and that they should exercise reasonable discretion while admitting or...

Playing Catch Up With Big Tech In Antitrust Regulation

Post the Covid-19 pandemic, trade norms in India have been rewritten due to the advent of big data and internet commerce platforms. Start-ups with significant financial backing are willing to suffer short-term setbacks to capture India's demographic dividend. In addition, the establishment of a digital ecosystem has led to the introduction of disruptive marketing tactics and other innovations that frequently fall in a grey area under the current antitrust jurisprudence. This is especially...

Interpretation And Application By Courts - Section 11(6a) Of The Arbitration And Conciliation Act, 1996

Party autonomy being the backbone of arbitration, an agreement between parties may provide for arbitration as the dispute resolution mechanism. Section 11 of the Arbitration and Conciliation Act, 1996 ('the Act') deals with provisions for appointment of arbitrator. The procedure for appointment of arbitrator may freely be decided by the parties themselves under Section 11(2) of the Act. The procedure may be provided for under the arbitration agreement. On the failure of the parties to...

Maintainability Of Appeals Under The Commercial Courts Act, 2015: A Predicament

The High Court of Delhi has recently commented on the maintainability of appeals under the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015 ("CC Act") in many cases. However, the varying views taken by the Hon'ble Court in the different cases has added to the growing culture of legal predicament in India. The CC Act: A question of Interpretation The CC Act, which has a fairly long legislative history, was finally introduced in 2015...

Arbitral Fee Under The Fourth Schedule Of A&C Act, Supreme Court Settles The Issue

On August 30, 2022, the Supreme Court in the case of ONGC v. Afcons Gunanusa JV[1] whilst dealing with critical issues pertaining to the interpretation of the Fourth Schedule to the Arbitration and Conciliation Act, 1996 ('Act') and unilateral fixation of arbitral fee, emphasised on party autonomy in arbitration proceedings and crystalized the law relating to arbitrator's fees. The Court determined the following issues: (i)Whether arbitrator(s) are entitled to unilaterally determine...

Insolvency And Bankruptcy Code, 2016: Vision 2025

The Insolvency and Bankruptcy Code, 2016 ("Code") was enacted by the legislature as a key mechanism for addressing the companies/ partnership firms/ individuals ("Corporate") in distress through reorganisation and process of insolvency resolution. The new Code replaced all the foregoing debt recovery laws and created a single procedure to resolve the corporate distress pertaining to insolvency and bankruptcy. The Code empowered the creditors to examine and inspect the viability of the...

Pre-Litigation Mediation Under The Commercial Courts Act – Mandatory?

Various forms of Negotiation have existed before history started to record it for posterity. In ancient times, people adapted the negotiation methodology to settle their disputes amicably. According to the Black's Law Dictionary,[1] Negotiation is a consensual bargaining process in which the parties attempt to reach an agreement on a disputed or potentially disputed matter. It involves communication in the form a dialogue between the parties to reach a mutually acceptable solution. It is a...