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15 Jan '20
On December 28, the President of India promulgated an ordinance to amend the Insolvency and Bankruptcy Code. A corporate debtor will no longer be liable for any offence committed before the corporate insolvency resolution process. No action including attachment, seizure, retention or confiscation of property of the corporate debtor can be taken in relation to […]
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15 Jan '20
A report released by the UK-based Centre for Economics and Business Research places India as the fifth largest economy in the world. It may even overtake Germany if it surpasses USD 5 trillion in gross domestic product by 2026. One of the key contributors to this target would be the government’s Digital India Programme. In […]
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17 Dec '19
At the centre of attention in the world of Indian arbitration was a provision inserted into the Arbitration and Conciliation Act by the 2019 amendment. The challenge to Section 87, under attack from struggling infrastructure companies, highlights some contradiction between the arbitration and insolvency laws. The provision stays all arbitral awards in which arbitral proceedings commenced before October […]
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02 Dec '19
India has moved up from the 77th to the 63rd rank in the World Bank’s 2020 Report on ease of doing business and the government of India aims to move further up the ladder through regulatory reforms. Recently, the Company Law Committee comprising representation from the government, lawyers, chartered accountants, banks and the corporate sector released a report recommending several amendments […]
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11 Nov '19
Once again, the conversation around arbitration in India remained focused on the 2019 amendment. Would it lead to a complete exclusion of foreign arbitrators? Does the exception in Section 42A for the confidentiality of arbitration proceedings ignore several other circumstances that would require the disclosure of proceedings? A pragmatic interpretation of the newly incorporated provision would be that […]
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10 Sep '19
Welcome back to our updates from the world of arbitration. The 2019 Amendment to the Arbitration & Conciliation Act, 1996 came into effect earlier this month. As we had noted in a previous edition, the law aims to establish an independent body called Arbitration Council of India (ACI), which will (among other things) frame policies […]
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19 Aug '19
We hope that you had a happy and peaceful Indian Independence Day! The Parliament has approved amendments to India’s bankruptcy law that will restore the primacy of secured creditors over unsecured creditors in the insolvency process. Finance Minister Nirmala Sitharaman said that the amendment was in response to an NCLAT ruling in the Essar case […]
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02 Aug '19
Welcome back to our updates from the world of arbitration. Last month, we were eagerly anticipating the government’s moves in the arbitration space. The wait is now over. The most important news of the past month is from India’s lawmakers. After it received legislative assent, the Union Government has notified The New Delhi International Arbitration Centre Act, 2019. […]
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23 Jul '19
Two recent judgments were heavily criticized for the impact they may have on India’s credit system. The IL&FS case has had the less charged response. In that case, the NCLT held that provident funds, even if they are not secured or senior creditors, should be paid their dues at par with or even over secured […]
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17 Jul '19
Welcome back to our updates from the world of arbitration. We were eagerly anticipating signs of the new government’s approach to arbitration and so far, we are not disappointed. The Union Cabinet has approved a bill that if passed by Parliament, will create an independent and autonomous regime for institutionalised domestic and international arbitration. The […]
