Articles and Updates

• Gautam Bhatikar , Madhavi Doshi and Sanjeev Sambasivan - 30-04-2021

In a recent judgment1, the Supreme Court of India ("Supreme Court") opined that parties to an arbitration by mutual agreement can change the venue/ place of arbitration and that the new venue/ place of arbitration becomes the 'seat' of arbitration. Thus, when a place of arbitration is mutually chosen by parties, the courts at the agreed place, have exclusive jurisdiction to regulate the arbitration proceedings.

• Sawant Singh and Aditya Bhargava - 19-04-2021

The Reserve Bank of India (RBI) introduced draft directions in December 2020 on call, notice and term money markets with “the objective of bringing consistency across products in terms of issuers, investors and other participants” and to “rationalize existing regulations covering different money market products”. Following feedback from market participants in April 2021, the RBI issued master directions on call, notice and term money markets. Call money means borrowing or lending in unsecured funds on an overnight basis; notice money is borrowing or lending in unsecured funds for up to fourteen days, and term money is borrowing or lending in unsecured funds for more than fourteen days and up to one year.

• Akshay Sachthey and Ushashi Nan (Trainee) - 16-04-2021

The Insolvency and Bankruptcy Code, 2016 (IBC) was amended recently through the Insolvency and Bankruptcy (Amendment) Ordinance, 2021 promulgated by the President of India. The amendment introduces an entirely new regime – the Pre-Packaged Insolvency Resolution Process (PPIRP). The PPIRP aims to provide a quicker, more cost-effective and less invasive insolvency regime for micro, small and medium enterprises (MSMEs).

• Gautam Bhatikar , Sanjeev Sambasivan and Madhavi Doshi - 16-04-2021

In a recent decision1, the Supreme Court of India (Supreme Court) held that a person ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC) to submit a resolution plan, shall be considered ineligible from making a compromise or arrangement under Section 230 of the Companies Act, 2013 (Act).

• Saurabh Babulkar and Anand Chichra - 14-04-2021

The Hon'ble Supreme Court in its recent judgment in Indus Biotech Private Limited v. Kotak India Venture (Offshore) Fund (earlier known as Kotak India Venture Limited) & Ors.1 settled the debate around the arbitrability of disputes once a Section 7 petition under the Insolvency & Bankruptcy Code, 2016 ("Code") is filed. Dealing with the above proposition in the factual matrix detailed hereinbelow, the Hon'ble Supreme Court came to the finding that the trigger point to determine the 'arbitrability' of the dispute is the admission of the Section 7 petition under the Code and not the date of mere filing of such petition.