Articles and Updates

• Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 20-12-2021

The Hon'ble Supreme Court in a recent decision in Ratnam Sudesh Iyer v. Jackie Kakubhai Shroff1 reiterated that the Arbitration and Conciliation (Amendment) Act 2015 (2015 Amendment Act) is prospective in nature and would apply to only those arbitral proceedings or court proceedings commencing on or after the 2015 Amendment Act coming into force. Therefore, the Apex Court held that the plea of 'patent illegality' was not available for an award that was rendered in an international commercial arbitration post the 2015 Amendment Act. Further, the Apex Court clarified that a generally worded arbitration clause could not constitute an agreement to allow retrospective application of the 2015 Amendment Act contrary to the legislative intent. In this article, we briefly navigate through the facts and findings which led to the aforementioned judgment.

• Jatin Arora , Neha Naik and Madhavi Doshi - 20-12-2021

In a recent judgment1 overturning the order of the NCLT, Ahmedabad (NCLT), the NCLAT New Delhi (NCLAT) held that abandoned imported goods lying in the customs warehouses for several years, cannot be considered a part of the Corporate Debtor's (CD) assets.

• Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 17-12-2021

The Hon'ble Supreme Court in a recent judgment in Welspun Specialty Solutions Ltd. (formerly known as Remi Metals Gujrat Ltd.) v. Oil and Natural Gas Corporation Ltd.1 held that whether time is of the essence in a contract has to be culled out from the reading of the entire contract as well as the surrounding circumstances. Merely having an explicit clause may not be sufficient to make time the essence of the contract. In this article, we briefly discuss the facts and circumstances which led to the aforementioned judgment of the Hon'ble Supreme Court.

• Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 10-12-2021

The Hon'ble Supreme Court in a recent judgment in Tata Consultancy Services Ltd. v. Vishal Ghisulal Jain, Resolution Professional SK Wheels Pvt. Ltd.1 has held that the NCLT by virtue of the residuary jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 ("IBC") is empowered to adjudicate upon contractual disputes that are essential to the success of the CIRP. In this article, we briefly navigate through the facts and findings which led to the Hon'ble Supreme Court to arrive at its decision in the above-mentioned case.

• Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 08-12-2021

In a recent judgment in State of Chhattisgarh and Anr. v. M/s Sal Udyog Pvt. Ltd.1 the Hon'ble Supreme Court held that the ground of 'patent illegality' for setting aside an arbitral award is equally applicable to an appealable order under Section 37 as it is to a petition under Section 34 of the Arbitration and Conciliation Act, 1996 ("Arbitration Act"). In this article, we briefly navigate through the facts and findings which led to the Hon'ble Supreme Court to arrive at its decision in the above-mentioned case.