Articles and Updates

• Sawant Singh, Neha Naik, and Madhavi Doshi - 03-01-2020

While the FSP Rules are an ad hoc solution, their notification is welcome as it represents a step in the right direction. These are currently not applicable to all FSPs and are restricted only to "Non-Banking Financing Companies" and "Housing Finance Companies" with asset size of 500 crores or more. All in all, the initiation of the CIRP of DHFL has set the ball rolling for notified FSPs to be liable to undergo a full-fledged CIRP process.

• Vasanth Rajasekaran and Saurabh Babulkar - 03-01-2020

Once an expert body has determined specific tariffs for power, it is not open to courts to interfere ordinarily in such matters, where the determination by such expert body does not suffer from any illegality or infirmity. This position was recently set out by the Supreme Court in Transmission Corporation of Andhra Pradesh Ltd. v. M/s Rain Calcining Ltd. & Ors.1

• Ishaan Chhaya and Biswadeep Chakravarty - 16-12-2019

If a person is ineligible to be appointed as a sole arbitrator due to his interest in the outcome of the arbitration, will that person be entitled to appoint or nominate a sole arbitrator in his place?

• Vasanth Rajasekaran and Saurabh Babulkar - 16-12-2019

The arbitral tribunal competence and appointment of an arbitrator as observed by the Hon'ble Supreme Court when examining section 11 of the #Arbitration and Conciliation Act. The Hon'ble Court reiterated the Kompetenz - Kompetenz principle in the recent judgment of Uttarakhand Purv Sainik Kalyan Nigam Ltd. v. Northern Coal Field Ltd.

• Neha Naik and Madhavi Doshi - 10-12-2019

The Supreme Court ("SC") on December 3, 2019, in an appeal filed in the case of Embassy Property Developments Pvt. Ltd ("Corporate Debtor"), held that though the National Company Law Tribunal ("NCLT") and the National Company Law Appellate Tribunal ("NCLAT") under the Insolvency and Bankruptcy Code, 2016 ("IBC"), would have jurisdiction to enquire into questions of fraud in relation to corporate insolvency resolution process ("CIRP") of a Corporate Debtor, they would not have jurisdiction to adjudicate upon disputes such as those arising under the Mines and Minerals (Development and Regulation Act) 1957, and rules made thereunder.