Background Arbitration is an alternative dispute resolution mechanism, wherein parties agree to submit their dispute to one or more arbitrators, without resorting to the more conventional way of litigation- through Courts or Tribunals. As striking feature, Arbitration gives freedom to the parties to choose the person(s) or arbitrator(s) to resolve their disputes arising under the …
The Launch Indian policymakers have wrestled for more than a few decades to solve the twin balance sheet problem of overleveraged companies and bad-loan-encumbered banks. Indecisiveness, delays in resolution of bad loans and reaching consensus have resulted in unprecedented challenges. Consequently, banks evergreen non-performing assets (“NPAs”) while credit and investment functions take a back seat. …
Resolving the NPA Conundrum: Bad Bank to the Rescue Read More »
The much-awaited Union budget (“Budget”) for the financial year 2022-2023 was presented in the Parliament on 1 February 2022 by the Hon’ble Finance Minister. The following are 10 key takeaways and highlights from the budget announcements from a direct tax perspective. 1. Tax rates– The Budget does not provide for any changes in the income …
Top-10 key Direct Tax takeaways from Budget 2022 Read More »
Background Dispute Resolution, whether before Civil Courts, Tribunals, or through arbitration, as a process is often daunting and long drawn. The conclusion of any dispute resolution mechanism is with the passing of a final decision, which in the case of an arbitration is an “Arbitral Award”. Often, the party against whom an Arbitral Award is …
Stamp Duty On Enforcement Of Arbitral Awards In India Read More »
The Insurance Regulatory and Development Authority of India (“IRDAI”) recently issued the IRDAI (Surety Insurance Contracts) Guidelines, 2022 (“Guidelines”) to regulate the business of surety insurance (“Business”) in view of the unique risks and features of surety insurance. The Guidelines shall be enforced from 1 April 2022. Surety insurance contract (“Contract”) is a contract of …
IRDAI (Surety Insurance Contracts) Guidelines, 2022 Read More »
Amendments to the Specific Relief Act Introduction It is common knowledge, that in the event of breach of terms of a contract, the aggrieved party may approach a judicial forum, seeking compensation from the party-in-breach. In this case, the compensation sought by the aggrieved party is known as “damages”. An aggrieved party may also seek …
Specific Performance & Substituted Performance of Contract Read More »
Introduction The Law of limitation is one which prevents disturbance or deprivation of what may have been acquired in equity and justice by long enjoyment or what may have been lost by party’s own inaction, negligence or laches1. As a concept, limitation is germane to actions for recovery of money and almost all jurisprudence, even …
Applicability of Limitation Act to IBC Proceedings: Supreme Court settles the dust Read More »
The transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates (“ARRs”) has seen various regulatory interventions and guidance. Regulators are aiming to absorb potential tremors in the financial market and its participants which may emanate from the discontinuance in publication of LIBOR. Treading on these footprints, on 8 December 2021, Shri Shaktikanta …
RBI Handholds LIBOR-Transition for Overseas Borrowing Read More »
Introduction In 2016, with the birth of the Insolvency and Bankruptcy Code, 2016 (“IBC”), for the first time in its history, the country witnessed a comprehensive legislation which provided for a consolidated insolvency regime, whether it be for companies, partnership firms or individuals. This article discusses the applicability of IBC to companies in which the …
The Indian Restructuring Growth Story According to the latest World Bank annual ratings, India is ranked 63 among 190 economies in the “ease of doing business”. In 2021, the Global Innovation Index ranked India 47th in “ease of resolving insolvency”, a position that has remained unchanged since 2020. The Government has been putting in efforts …
