A Critique of the Umesh Goel v. Himachal Pradesh Cooperative Housing Society Case

By Mili Budhiraja, student at the Faculty of Law, University of Delhi

Introduction

Under the Indian Partnership Act (“Act”), 1932, registration of partnership is not mandatory. But there are important repercussions of the non-registration of firms, as prescribed in Section 69 of the Act, which practically necessitates the registration at one time or the other. Section 69(3) of the Act has attracted much discourse because of the ambiguity in relation to the interpretation of the phrase “other proceedings”. The Supreme Court in the case of Umesh Goel v. Himachal Pradesh Cooperative Housing Society Ltd., held that the arbitration proceedings do not fall within the ambit of “other proceedings” and therefore, arbitration proceedings are not hit by the bar of Section 69. Through this piece, the application of the ingredients of the section will be analysed in the light of the decision of the Supreme Court in the case of Umesh Goel.

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Unpacking YES BANK AT-1 Bond Saga

By Tarun Agarwal, Student at Institute of Law, Nirma University

Introduction

The Additional Tier 1 (AT 1) Bondholders of Yes Bank have filed a case in the Madras High Court challenging the legal validity of the Master Circular issued by the RBI. The circular allowed to write down the AT 1 bonds worth Rs 8,415 crore completely after a scheme of reconstruction of Yes bank was approved by the government and the RBI.

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