Articles and Updates

• Phoenix Legal - 17-11-2015

In a recent ground-breaking decision in Sasan Power Limited vs. North American Coal Corporation India Private Limited1, a division bench of the Madhya Pradesh High Court has held that an arbitration agreement requiring two Indian parties to arbitrate disputes by way of a foreign seated arbitration and in accordance with the substantive laws of a country other than India is valid and legal.

• Phoenix Legal - 11-11-2015

In a recent decision in Kotak Mahindra Ltd. vs. Trupti Sanjay Mehta of Bombay1, a division bench of the Bombay High Court (V.M. Kanade & A.R. Joshi, JJ.) has held that loans granted by a Non-Banking Financial Company (NBFC) cannot be recovered by instituting proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), even if the loan is assigned by the NBFC to a bank or securitisation company.

• Sawant Singh and Aditya Bhargava - 06-11-2015

Following up on the government's initiative to encourage Indians to move to electronic payment methods, the Reserve Bank of India (RBI) has issued guidelines on the use of "prepaid payment instruments" (PPIs). A PPI facilitates the purchase of goods and services against value stored on it.

• Phoenix Legal - 16-07-2015

Prime Minister Modi recently compared the signing of the seminal land boundary agreement with Bangladesh as the equivalent of bringing down the "Berlin Wall". A prominent op-ed commentator noted this comparison and attributed it as the Prime Minister's reaction to "insufficient public appreciation of the unfolding transformation in India's relations with Bangladesh".

• Phoenix Legal - 16-07-2015

A constitution bench of the Supreme Court of India in its recent judgment in Madras Bar Association vs. Union of India and Another1 has paved the way for the establishment of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) under the provisions of the Companies Act, 2013. The NCLT and the NCLAT will act as a comprehensive and overarching quasi-judicial body which will adjudicate all disputes relating to companies in India.