Articles and Updates

• Saurabh Babulkar and Anand Chichra - 18-05-2021

The Hon'ble Supreme Court in its recent judgment Chintels India Ltd. v. Bhayana Builders Pvt. Ltd.1 settled the debate around the question, 'whether an order refusing to condone the delay in filing an application under Section 34 of the Arbitration and Conciliation Act, 1996 ("Act") is an appealable order under Section 37 (1) (c) of the Act'.

• Saurabh Babulkar and Anand Chichra - 18-05-2021

The Supreme Court in its recent judgment settled a live issue pertaining to the interplay between the Insolvency and Bankruptcy Code, 2016 ("Code") and the Limitation Act, 1963 ("Limitation Act"). The primary issue the Supreme Court was tasked with in the matter titled, 'Asset Reconstruction Company (India) Limited v. Bishal Jaiswal & Anr.'1, was to adjudicate whether an entry made in the balance sheet of a corporate debtor would amount to an acknowledgment of liability under Section 18 of the Limitation Act.

• Sawant Singh and Aditya Bhargava - 17-05-2021

In November 2020, the Securities and Exchange Board of India (SEBI) issued a circular on due diligence to be carried out by debenture trustees on security for listed debentures. The circular prescribed additional obligations and compliance requirements for trustees and issuers of secured debentures. The implementation of this circular was brought forward to 1 April 2021.

• Rajat Pradhan and Siddhant Kumar - 14-05-2021

On 9 April 2021, the National Company Law Appellate Tribunal, Delhi (NCLAT) passed a landmark judgment in The Directorate of Enforcement v. Sh. Manoj Kumar Agarwal and Ors. 1 (Manoj Kumar Agarwal) on the interplay between the provisions of The Prevention of Money Laundering Act, 2002 (PMLA) and The Insolvency and Bankruptcy Code, 2016 (IBC). The issue before the NCLAT was whether an attachment of property made under the PMLA would be impacted by the imposition of moratorium following the initiation of the corporate insolvency resolution process (CIRP) under the IBC. The NCLAT held that there is no conflict between the PMLA and the IBC and a property attached under the PMLA which belongs to the corporate debtor should become available to fulfil the objects of the IBC following the commencement of the CIRP.

• Gautam Bhatikar and Biswadeep Chakravarty - 14-05-2021

In a landmark decision1, the Supreme Court of India ("Supreme Court") held that delay beyond 120 days in filing an appeal under section 37 of the Arbitration and Conciliation Act, 1996 ("Arbitration Act") was condonable. In doing so, the Supreme Court overruled its decision in N.V. International v. State of Assam2.