Category: News
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Case Update:
Kay Bouvet Engineering Ltd. vs. Overseas Infrastructure AllianceDecided on 10 August 2021| Supreme Court of India The division bench of the Hon’ble Supreme Court (“the Court”) comprising of Justice RF Nariman and Justice BR Gavai in Kay Bouvet Engineering Ltd. vs. Overseas Infrastructure Alliance (India) Private Limited. [2021 SCC OnLine SC 570] allowed an appeal against the order of the NCLAT that…
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Case Update – The Project Director, National Highways No.45 E And 220 National Highways Authority of INDIA V. M Hakeem & Anr
Factual Background The appeals in the case relate to notifications issued under the provisions of National Highways Act and awards passed under the Act. The notifications were issued from 2009 onwards and the concerned awards were made based on a ‘guideline value’ of the lands in question and not on the basis of sale deeds…
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The EU’s Accession to the 2019 Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters
On 16 July 2021, the European Commission adopted a proposalfor the European Union (“EU”) to accede to the 2019 Hague Judgments Convention (“the Convention”), an international treaty to generally facilitate the mutual recognition and enforcement of judgments in civil and commercial matters, subject to enumerated exceptions (explained below). The proposal will then have to be…
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Case Update- Amazon.com NV Investment Holdings LLC v. Future Retail Ltd and Ors,
Decided on 6 August 2021| Supreme Court of India On 6 August 2021, a bench of the Hon’ble Supreme Court presided by Hon’ble Justice R.F Nariman and Hon’ble Justice B.R. Gavai upheld the judgment dated 18 March 2021 of the Single Judge Bench of Delhi High Court and set aside the judgment dated 22 March…
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Case Update:Orator Marketing Pvt. Ltd. v. Samtex Desinz Pvt. Ltd.
Decided on 26 July 2021| Supreme Court of India Whether an interest free term loan can be constituted as “Financial Debt” under Insolvency & Bankruptcy Code, 2016 The division bench of the Hon’ble Supreme Court (“the Court”) comprising of Justice Indira Banerjee and V. Ramasubramanian in Orator Marketing Pvt. Ltd. v. Samtex Desinz Pvt.…
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Case Update: M/s IMZ Corporate Pvt. Ltd.V. MSD Telematics Pvt. Ltd.
A Memorandum of Understanding (MoU) was entered into between the Parties in January, 2020 to promote business interests and profitability. The MoU provided, inter alia, that the Parties shall not attempt to solicit or contact employees of the other. Disputes arose between the Parties as MSD Telematics Pvt. Ltd. (“MSD”) allegedly breached the non-solicitation clause.…
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ANALYSIS OF THE PROVISIONS FOR INSOLVENCY PROCESS AGAINST PERSONAL GUARANTORS UNDER THE CODE
The Hon’ble Supreme Court in a landmark judgment dated May 21, 2021 in Lalit Kumar Jain vs. Union of India & Ors. 1 has decided on the constitutionality of the provisions of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) that allow insolvency process to be initiated against personal guarantors, including promoters, of a corporate debtor…
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Case Update – Steel Authority of India Limited (SAIL) v. Jaldhi Overseas PTE Ltd. (JOPL)
Factual Background SAIL executed a Charter Party (“CP”) with JOPL (an international entity) for delivery of coking coal. Separately, it had also entered into a Contract of Affreightment (COA) with JOPL for a period of 12 months, to deliver limestone. SAIL claimed that because JOPL failed to provide a vessel under the COA (a claim…
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Pre Package Insolvency Resolution Process
PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS The Central government on 04th April 2021, notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021. The said ordinance was introduced to amend the Insolvency and Bankruptcy Code, 2016 (“Code”) by inserting chapter III-A (Section 54A to 54P) which will deal with the procedure for pre-packaged insolvency resolution. Pre-Package Insolvency is…
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Comparative Analysis of the Conflict Between Insolvency and Bankruptcy Laws & Money Laundering Laws for Attachment of Properties
COMPARATIVE ANALYSIS OF THE CONFLICT BETWEEN INSOLVENCY AND BANKRUPTCY LAWS & MONEY-LAUNDERING LAWS FOR ATTACHMENT OF PROPERTIES The Hon’ble National Company Law Appellate Tribunal (‘NCLAT’) has passed a landmark judgment dated April 9, 2021 in the case of ‘Directorate of Enforcement v. Manoj Kumar Agarwal & ors.’i holding that the provisions of the Insolvency and…