Urja Dhapre, Institute of Law, Nirma University
The Indian Supreme Court has ironed out the position of limitation period governing foreign decrees from reciprocating territories. The recent case of Bank of Baroda (“Appellant”) v/s Kotak Bank Ltd (“Respondent”)[i] has broken new ground by categorising limitation as a substantive requirement rather than being merely procedural. The upshot is the period of limitation for enforcing a foreign judgement in a reciprocating territory is now no longer determined by Indian law but instead depends on the law of limitation of the foreign country.
Continue reading “Supreme Court’s Ruling on Limitation Period of Foreign Decrees: Untangling the Knots”
Chetan Saxena, 4th-year student, Institute of Law, Nirma University.
The National Company Law Tribunal [NCLAT] on February 28th, 2020 in Pacific World Shipping PTE Ltd. v. Dadi Impex Pvt. Ltd. and Ors. ruled that the tribunal cannot examine the commercial wisdom of the Committee of Creditors [CoC] and refuted the appellants’ argument of discriminatory treatment of the Operational Creditors as supposed to that of the Financial Creditors.
Continue reading “To Discriminate or Not to Discriminate: NCLAT’s ruling on differential treatment of the creditors”
Siddharth Chechani, Advocate, Supreme Court of India
International arbitration with its global and distinctly adaptive nature has continued to grow amongst major business transactions. Multinational companies are opting for International Commercial Arbitration considering its speedy disposal mechanism and its expertise to resolve the complex business matters in a time bound manner. It started in the early years of twenty first century from Australia, and subsequently this practice has been adopted in United Kingdom, and in United States of America (‘USA’) respectively.
Continue reading “STATUS QUO OF THIRD-PARTY FUNDING IN INDIA”
Tanuj Agarwal, Institue of Law, Nirma University
Covid-19 pandemic has raised serious apprehensions surrounding health and safety causing a lockdown in India. The pandemic has caused a worldwide recession and has spooked investors’ sentiment. Prior to the coronavirus outbreak, the Indian stock market was in full positive swing as Sensex and Nifty had reached their all-time intraday peak of 42,273.87 and 12,430.50 respectively in January, 2020. Even after attaining such progress, the Indian stock market is witnessing the most difficult period for the past few months. The stock market has observed lower circuit levels after 12 years on March 13, 2020. Afterward, the equity index discerning a continuous downfall. On March 19, 2020, Sensex crashed below 27,000 and Nifty breached the level of 7,900, thereby attained their five-year closing low levels. Consequently, an approximate downfall of 37% is evident in both the equity indices within a period of just 2 months. The stock market has seen a considerable collapse due to high market volatility. This downfall has degraded the financial market and faded the interest of investors and corporates. Thereby, the concern is whether such a market downturn can be controlled by restricting short-selling.
Continue reading “COVID-19 AND STOCK MARKET CRASH: SHOULD SEBI BAN SHORT-SELLING?”
Nitya Jain, 4th year law student, Nirma University
The world position at a standstill, for an unforeseeable force disrupts lives across boundaries. Covid – 19 has emerged as a pandemic whose expiration is still a blurry vision. As a retort to the deadly virus, the governments of various nations have put strict travel restrictions with almost nil movements of goods and people, leading to severe disruptions in the supply chains all over the world. Consequently, various contracts are being assailed or tend to be violated because of late or no delivery. This article assembles and then, analyses the answers of various governments to the question – Whether Covid -19 pandemic can amount to a force majeure event, excusing parties of their contractual obligations for time being?
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Urmil Shah, 3rd year law student, Auro University Surat
There has been quite deliberations on distributed ledger technology and its application with smart contracts on utilizing it as a mode of dispute resolution, from a conflict management standpoint. Although, smart contracts provide endless potential to assist disputing management, particularly in the field of international arbitration due to its delocalized nature; however, the compliance of such contracts with the domestic legal regime of states is imperative to ascertain the validity, from legal certainty standpoint.
Continue reading “Enhancing Dispute Resolution Through DLT: A Case For Regulatory Framework Of “Smart” Contracts”