Emergency Arbitration: A Necessity for Legislative Clarifications?

By Saumya Vanwari, Fourth Year Student at Institute of Law, Nirma University

The long-awaited dispute on the enforceability of “Emergency Award” was finally settled by the Supreme Court in ‘Amazon.com NV Investment Holdings LLC v. Future Retail Limited & Ors. The two-judge bench ruled in favour of Amazon and declared the Emergency Arbitration (“EA”) passed by the Singapore Arbitrator as enforceable in India. It also concluded that except SLP, the single judge’s order on emergency award was not appealable within Section 37(2) of the Arbitration and Conciliation Act (“A&C Act”).

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The Orator Saga: Validity of Interest-Free Loans as Financial Debt

By Ankur Mishra, Fourth Year Student at Institute of Law, Nirma University

On 26 July 2021, the Hon’ble Supreme Court in M/s. Orator Marketing Pvt. Ltd. v. M/s. Samtex Desinz Pvt. Ltd. analyzed the status of interest-free loans as financial debt. The SC categorically observed that an interest-free loan, which is advanced to finance the business operations of a corporate body, qualifies as financial debt under Section 5(8) of the Insolvency and Bankruptcy Code 2016 (the Code). The Court remarked that lenders of such debt would qualify as Financial Creditors and would be competent to initiate Corporate Insolvency Resolution Process (CIRP) against the defaulting debtors under Section 7 of the Code. This article seeks to analyse the Supreme Court’s judgment vis-a-vis the NCLT and NCLAT’s decision in the same case while highlighting the other significant rulings in this regard.

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Reviewing Taxation (Laws) Amendment, 2021 in Times of Global Capital Code

By Anmol Ratan, Fourth Year Student at NLSIU Bangalore

Back in 2010, Dani Rodrik, a renowned economist at Harvard proposed the idea of the political trilemma and hyper-globalisation in his book, The Globalisation Paradox: Democracy and the Future of the World Economy (W.W. Norton, 2010). Over the course of his book Rodrik hinted at the latent yet potent tension amidst national sovereignty, democracy and hyper-globalisation’. Calling the trio the Political Trilemma of the World Economy, he argued that a nation cannot have all the three constituent phenomena all at once. It was also put forth by him that the neoliberal agenda of hyper-globalisation is not just hostile to the ideals of sovereignty and democracy but is also counterintuitive to their project. While some have disputed Rodrik’s bold claim for being abstract, there is more to it than what meets the eye. Rodrik has illustrated his thesis and meta-argument well in his book, however, his proposed idea of the sheer incongruity of hyper-globalisation with sovereignty and democracy seems to have been reinforced yet again by the recent developments in the laws of taxation.

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SPACs in India: A Hostile Environment?

By Sharvari Manapure and Priya Ganotra, Students at National Law University of Nagpur


The capital market around the globe has been scaling up and the American notion of Special Purpose Acquisition Companies (“SPACs”) has emerged into the limelight for investors. The SPACs are characterized as shell companies incorporated for the sole purpose of raising capital for acquisition of operational target companies without following the traditional process of initial public offering (“IPO”). This makes SPACs the foremost means for the operational target company to go public since the traditional method is often burdened with indirect expenses and delays, and SPAC counters this with quick execution and fewer expenditures. Additionally, SPACs are appealing because they are typically branded by reputed and high-profile founders and experienced management that leverage their expertise and hold credibility to create synergy.

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Predicate Offence Under PMLA Proceedings: A Myth or Reality?

By Mr. Nishant Shankar, Senior Associate at Chambers of MS Kalra (Gurgaon), and Mr. Vishal Singhal, Advocate at Supreme Court of India


In today’s globalizing world, money laundering has become a catchphrase and a common area of concern for both developing as well as developed economies. Consequentially, the U.N. General Assembly has condemned the practice of money laundering in any form, urging all States to implement provisions against such crimes.

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The Conundrum of Arbitrability of Insolvency Disputes: Need for a legal framework and proactive role of appropriate forum [Part I]

By Anushka Rungta, Student at Maharashtra National Law University Mumbai, and Pratik Irpatgire, Alumnus of Maharashtra National Law University Mumbai and Advocate


At the outset, the unprecedented times in lieu of COVID-19 has casted a lot of skeptical approaches in the backdrop especially during the adjudication of insolvency proceedings, thus placing it notably and inevitably upon the adjudicatory authorities to preclude inadvertent interpretation of statutory remedies.    

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Regulatory Roadblocks in SPAC Listings in India

By Sourav Paul, Student at National University of Juridical Sciences


Over the past few years, there has been a revival of Special Purpose Acquisition Companies [“SPAC”] in the international capital markets paradigm. As per SPAC Insider data, since 2009, out of 755 such Initial Public Offerings [“IPO”] by SPACs, 248 happened in 2020 and 281 in 2021 to date. The gross proceeds raised by SPACs in 2020 amounted to over $83 billion, whereas in 2021, it amounted to $91.65 billion as of now. In 2020, around $80 billion was raised in the US by 247 SPACs representing almost 50% of the raised capital of about $174 billion.  This resurgence of SPACs can be attributed to the pandemic-induced slowdown and extensive celebrity involvement. Some critics argue that the SPAC bubble is about to burst soon.

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The Locus Standi Conundrum: NCLAT, Competition Commission, and the Supreme Court

By Devashish Srivastava, Student at National Law University Odisha

The locus to approach or file an information before the Competition Commission of India (CCI) has been unclear in recent times. It was complicated further by the National Company Law Appellate Tribunal’s (NCLAT) judgment in the matter of Samir Agrawal vs. CCI (Samir Agarwal case). Following the NCLAT’s judgment, the CCI got involved and changed the judicial stance to reflect the fundamental objective of the Competition Act, 2002 (the Act) in Harshita Chawla vs WhatsApp and Facebook (WhatsApp Case). Soon after CCI’s judgment in the WhatsApp Case, the Supreme Court settled the issue vide its order in the Samir Agrawal case in an appeal against the NCLAT’s order. The current article is a chronological study which seeks to analyse the aforesaid judgments passed by the judicial authorities.

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Regulation of Online Content Creators in India- The Way Forward

By Chirag Jain, Advocate, Supreme Court of India

On 9th November 2020, the Government of India issued a gazette notification bringing the ‘films and audio-visual programmes made by online content providers’ and ‘news and current affairs content on online platforms’ both of which hitherto were free of supervision, under the ambit of Ministry of Information and Broadcasting.

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Structuring Distressed M&A Deals: Regulating the Unregulated Opportunistic Behaviour

Tanuj Agarwal, Institute of Law, Nirma University, Ahmedabad

All intelligent investing is value investing, acquiring more that you are paying for.

-Charlie Munger

(Vice-Chairman, Berkshire Hathaway)

Merger & Acquisition (M&A) deals have witnessed robust challenges, firmly because of financial distress posed due to the Covid-19 outbreak. Where the companies have observed their all-time high valuations and market capitalisation in a momentous bull market, the Covid-19 pandemic has led to the deterioration of the commercial activities and financial market to a great extent. Many desirable and credit-worthy companies are unable to discharge their financial obligation owing to the economic fallout. This will surge the M&A activity in these financially distressed companies.

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