Author: aarnalawadmin
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Desh Raj and Ors. v. Rohtash Singh
Add Your HeadingDecided on 14/12/2022 Supreme Court of India Text Here Brief Facts: The Appellants and the Respondents entered into two separate agreements to sell wherein the Appellants agreed to sell the Schedule Property to the Respondent. The sale consideration was agreed at Rs. 79,00,000/- per acre and the Respondent paid a sum of Rs.…
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Trans Sea Transport B.V. v. Lords Polymer (India) Private Limited
Decided on 28October 2022 | National Company Law Tribunal, Kolkata Facts of the case A company petition was filed by Trans Sea Transport B.V. under section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC“) for initiation of a Corporate Insolvency Resolution Process (“CIRP“) against Lords Polymer [India] Private Limited (“Corporate Debtor/CD“) before National Company…
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Emaar India Limited v. Tarun Aggarwal Projects LLP
Citation: 2022 SCC OnLine SC 1328. Court: The Supreme Court of India. Coram: Mukesh R Shah, J. Date: 30th September 2022 Facts: Tarun Aggarwal Projects LLP (“Petitioner”) entered into a collaboration agreement dated 07.05.2009 (“the Agreement”) for the development of a residential colony with Emaar India Limited (“Defendant”). Subsequently, they entered into an addendum agreement…
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Decoding 5th report of insolvency law committee – may 2022
Mandating reliance on Information Utility for certain Financial Creditors Time being the essence of the Corporate Insolvency Resolution Process (“CIRP“), recommendations were made by the Insolvency Law Committee (“Committee“) constituted by the Ministry of Corporate Affairs (“MCA“) for speedy disposal of cases by the Hon’ble National Company Law Tribunal (“NCLT“) . One such recommendation involved…
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Climate change and business solvency risk: An overview
Climate change has been at the forefront of most discussions over the past 5 years due to its impact on the environment and on people. However, we commonly overlook the effects of this change on businesses, their finances and solvency. The above entails the “physical risks” caused by climate change on the financial stability of…
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LIC v. SANJEEV BUILDERS PRIVATE LIMITED
The Appeal was filed by the Respondent (Plaintiff) for the specific performance of contract based on an agreement dated 08.06.1979 and damages of about Rs. 1,01,00,000/-. However, after 30 years after the institution of the suit, the Respondent (Plaintiff) filed an application under Order 6 Rule 17 of the Code of Civil Procedure, 1906 (“CPC”)…
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ESSAR HOUSE PRIVATE LIMITED V. ARCELLOR MITTAL NIPPON STEEL INDIA LIMITED (2022 SCC Online SC 1219)
Decided on 14th September 2022 | Supreme Court of India FACTS – On or about 24th January 2012, Essar Services and Essar Steel entered into a Support Services Agreement. Essar Steel deposited a total sum of Rs. 47.41 Crores with Essar Services as security deposit in terms of the support services. In March 2018, Essar…
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The challenges of bringing claims over digital currencies
Shreyas Jayasimha, Co- founder ,Aarna Law, recently spoke at a webinar hosted by the International Centre for Dispute Resolution – American Arbitration Association (“ICDR- AAA”) on “Disputes Involving Blockchain and Crypto Assets: Recent Strides”. The webinar was moderated by Srikanth Navale, Director, Simha Law. Also speaking were Akshata Namjoshi partner at KARM Legal in the…
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Vidarbha Industries Power Ltd. vs Axis Bank Limited
Decided on 12 July 2022 | Supreme Court of India In Vidarbha Industries Power Ltd. vs Axis Bank Limited, the Supreme Court (“the Court”) observed that it is not mandatory for the Adjudicating Authority (“NCLT“) to admit an application to initiate Corporate Insolvency Resolution Process (“CIRP“) even if a debt existed and the Corporate Debtor…
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How India’s new draft law will impact cross-border insolvencies
In the recent Union Budget Session of 2022- 2023, an announcement was made to extend the jurisdiction of India’s Insolvency and Bankruptcy Code, 2016 (IBC) to cross-border insolvency. The current Draft Part Z is based on the UNCITRAL Model Law, developed by the United Nations Commission on International Trade Law. The UNCITRAL Model Law is…