The Hon'ble Supreme Court in its recent judgment in Gemini Bay Transcription Pvt. Ltd. v. Integrated Sales Service Ltd. & Anr.1 has held that foreign arbitral awards can bind non-signatories to an arbitration agreement and can be enforced against them.
Read MoreOn 13 August 2021, the President of India gave his assent to the Taxation Laws (Amendment) Act, 2021 ("Act") which amends the longstanding controversial retrospective tax law which was brought into effect in the year 2012. The Act has given a go-by to the provisions under the Income Tax Act, 1961 which enabled the tax authorities to impose retrospective capital gains tax on foreign entities selling their shares in India dating back to 1962.
Read MoreIn the recent judgment in Dena Bank v. C. Shivakumar Reddy1, the Hon'ble Supreme Court held that the non-payment of an amount awarded under a decree, judgment, or an arbitral award would be covered under the scope of "financial debt" and give rise to a fresh cause of action to initiate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC).
Read MoreIn a recent decision1, the Bombay High Court (High Court) held that the expenses incurred by P&I Club under its policy and/or under the provisions of the Maritime Labour Convention, 2006 (MLC) cannot be treated to be 'Sheriff's expenses'.
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