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Making India a Hub for Institutional Arbitration: Is it a Dream Too Far from Reality?

[Aditya Sethi is a student at School of Law, Christ University.] The arbitration regime in India has had a chequered past. The three decisions of the Supreme Court of India (Supreme Court) in Bhatia, Saw Pipes and Western Geco caused the arbitration scenario to suffer severe backlash from both international community and significant stakeholders in India. That being said, there have been various endeavours from both legislature and judiciary to promote arbitration with the expectation of making India a preferred seat of arbitration as also endorse it for a cogent mechanism of alternative dispute resolution for convenient and faster legal dispensation. The Arbitration and Conciliation (Amendm

Applicability of Moratorium to Attachment Proceedings: Reverse Engineering Section 32A at the Backdr

[Shivani Shenoy and Yashwardhan Rajawat are students at Symbiosis Law School, Pune.] The provisions of the Insolvency and Bankruptcy Code 2016 (IBC) became, in the course of operation, repugnant to provisions contained in a number of other laws. However, due to its quasi-criminal nature which provides for two simultaneous proceedings viz. a proceeding for attachment of property and a criminal prosecution for determination of guilt, reconciling provisions of the IBC with the Prevention of Money Laundering Act 2002 (PMLA) has not been a straightforward exercise. Courts and tribunals at multiple levels have adjudicated upon the issue, but with a number of judicial authorities exercising their c

The Insufficient Impact of Kotak Committee Recommendations on Indian Corporate Governance

[Vishu Surana is a third-year student at National Law School of India University.] An independent director (ID) is a non-executive director without any kind of interest in the company that may affect his / her independence. The role of IDs is to improve corporate credibility and governance practices by acting as a watchdog and playing a vital role in risk management. In India, Section 149(6) of the Companies Act 2013 and Regulation 16(1)(b) of the SEBI Listing Obligation and Disclosure Requirement Regulations 2015 (LODR) set out the eligibility criteria for an ID. The practice of appointing IDs started in 1990s in the USA, which follows the ‘outsider’ model of corporate governance. In this m

Implication of Unstamped Documents on Arbitration Agreements

[Mrudula Dixit is a student at Symbiosis Law School, Pune.] In dispute resolution circles, the Supreme Court of India’s judgment in Garware Wall Ropes v. Coastal Marine Constructions and Engineering Company (Garware) is (in)famous. Although the decision to impound unstamped documents before proceeding with Section 11 applications has been analyzed earlier, it is relevant to study it from a fresh perspective. This can be done by outlining the clear inconsistency in opinion between Section 9 and Section 11 of the Arbitration Act 1996 (Act) created by this judgment, and by examining whether this judgment can extend beyond arbitration and cover summary suits as well. Facts Before proceeding with

Personal Guarantors to Corporate Debtors - New Regime Unfolding New Issues

[Dhiraj Yadav and Barkha Dwivedi are students at Ram Manohar Lohia National Law University.] The Indian Parliament enacted the Insolvency and Bankruptcy Code (IBC) in 2016. The objective was to create a comprehensive and efficacious framework for reorganization and resolution of defaulting firms. The IBC deals with the insolvency and bankruptcy process of both corporates and individuals and provides a separate framework for both of them. The legislature intended phased implementation of the IBC and, therefore, inserted Section 1(3) to empower the Central Government to implement different provisions of the IBC on different dates. Pursuant to this, the Central Government notified only the part

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