Category: Blogs
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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…
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CTI Future Corporation v. Ducgiang Chemical & Detergent Powder Joint Stock Company
Decided on 11th August 2022 | High Court of Karnataka The Hon’ble Karnataka High Court (“the Court”) has held that a foreign award rendered between parties that do not carry-on business in India can be enforced by Indian Courts if the assets against which the award is sought to be enforced lies within the territorial…
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Vijay Kumar Ghai v. Pritpal Singh Babbar1
Decided on 4th July 2022 | High Court of Punjab and Haryana In Vijay Kumar Ghai v. Pritpal Singh Babbar, the Hon’ble Punjab and Haryana High Court (“the Court“) held that proceedings initiated under Section 138 of the Negotiable Instruments Act, 1881 (“NI Act“), against a Personal Guarantor (“PG“), shall remain stayed by the virtue…
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Vishnu Oil Mill Pvt. Ltd. v. Union of India
Decided on 25 July 2022 | Rajasthan High Court In Vishnu Oil Mill Pvt. Ltd. vs Union of India, the High Court of Rajasthan (“the Court“) observed that the provision in question i.e., Section 7 of the Insolvency and Bankruptcy Code (“IBC“) as amended by Gazette Notification released on 05.06.2020, allows for no other interpretation…
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Knit Pro International vs State of NCT of Delhi Criminal Appeal No. 807 of 2022
Decided by the Supreme Court of India on May 20, 2022 Facts The Appellant had filed an application under Section 156(3) of the Code of Criminal Procedure (“Cr.P.C.”), seeking instructions from the Chief Metropolitan Magistrate for the filing of a FIR against the Respondent-Accused (“Accused”) for violations of Sections 51, 63, and 64 of the…
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The Art Law Review – India Chapter 2021
India has been synonymous with its arts in various forms. From the time of our earliest civilisation in the Indus valley, the subcontinent has been known to have artisans of extraordinary skill and creativity. Each invader brought with them local traditions and design elements that local artisans assimilated and amalgamated into elements of design that…
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Insolvency Resolution Process Against Personal Guarantors
Shreyas Jayasimha and Tushar Tyagi The Ministry of Corporate Affairs (“MCA“) issued a notification dated 15 November 2019 (“Notification“) that give effect to provisions for conducting the insolvency resolution process against personal guarantors under the Insolvency and Bankruptcy Code, 2016 (“IBCode“) w.e.f. 01 December 2019 (“Commencement Date“).[1] [1] Notification of provisions under the Insolvency and…
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Achieving Net Zero Emissions in the Maritime Sector
By Shreyas Jayasimha and Brendon Pereira INTRODUCTION The call to action for shipping decarbonization has been developed by various stake holders in the shipping industry with the main objective being the commitment of various members from the entire maritime and trade ecosystem including shipping, chartering, finance, ports, technology and fuel production companies to take concrete…