MONTHLY NEWSLETTER SERIES AUGUST, 2024 | VOL. XV VAISH ASSOCIATES ADVOCATES LEGALAXY WWW.VAISHLAW.COM LEGAL MAXIM Volenti Non Fit Injuria: “No wrong is done to one who consents.” MONTHLY NEWSLETTER SERIES AUGUST, 2024 | VOL.
March, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * NCLT: Corporate insolvency resolution process cannot be initiated under Section 7 of IBC based on transfer agreement for purchase of debentures from financial creditors. ⁎ NCLAT: Security for refund of advance amount cannot change the nature of transaction for supply of goods into financial debt.
MONTHLY NEWSLETTER SERIES MARCH, 2024 | VOL. X VAISH ASSOCIATES ADVOCATES LEGALAXY WWW.VAISHLAW.COM LEGAL MAXIM Delegatus non potest delegare: ‘A delegate cannot further delegate’ MONTHLY NEWSLETTER SERIES MARCH, 2024 | VOL.
February, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Supreme Court: Nomination process under the Companies Act, 1956/ Companies Act, 2013 does not override succession laws. ⁎ Supreme Court: Statutory set-off or insolvency set-off inapplicable to Corporate Insolvency Resolution Process. ⁎ Bombay High Court: High Court upholds the termination of an employee stating that freedom of speech and expression cannot be allowed beyond reasonableness.
January, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * Supreme Court: Arbitration clauses in unstamped agreements enforceable, seven-judge bench overrules ‘NN Global’ decision. ⁎ Supreme Court: Non-signatories to an arbitration agreement can be made parties to an arbitration proceeding under the group of companies doctrine.
December, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Supreme Court: Rents receivable can be assigned by a debtor to a creditor as actionable claim. ⁎ Supreme Court: The constitutional validity of provisions of IBC pertaining to the personal guarantors upheld. ⁎ NCLAT: An operational creditor who is a participant in meetings of the CoC has no right to seek a copy of the information memorandum.
November, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS ⁎ Delhi HC: Claims settled under a resolution plan become non-arbitrable and a reference of those claims would amount to reopening of the resolution plan. ⁎ Delhi HC: Transfer of liabilities from a previous loan agreement makes the arbitration clauses in subsequent agreements, binding. * NCLAT: No bar on the initiation of CIRP, if default is committed prior to Section 10A Period and continues during the Section 10A Period.
October, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * Supreme Court: Dissenting opinion of an arbitrator cannot be treated as an award if the majority award is set aside. * Delhi High Court: When there are two interconnected agreements with conflicting arbitration clauses, the clause contained in the main agreement should be given primacy. * Supreme Court: Admission of claims after the resolution plan has been accepted by CoC would result in making CIRP prolonged and inefficacious.
April, 2024 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * Bombay High Court: NCLT has jurisdiction to direct Directorate of Enforcement to release attached properties of a corporate debtor. ⁎ Delhi High Court: Designation of seat of arbitration is similar to an exclusive jurisdiction clause. ⁎ Bombay High Court: Orders issued by banks and financial institutions while declaring a wilful defaulter must be reasoned orders.
September, 2023 For Private Circulation - Educational & Informational Purpose Only A BRIEFING ON LEGAL MATTERS OF CURRENT INTEREST KEY HIGHLIGHTS * Bombay High Court: Secured creditor may initiate recovery proceedings against secured asset owned by guarantor even if principal borrower is placed under moratorium. ⁎ Calcutta High Court: Application for removal of arbitrator must be made before the same court as envisaged in Sections 2(i)(e) and 42 of the Arbitration and Conciliation Act, 1996.