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Between the Lines | Supreme Court: Insolvency process maintainable against Corporate Guarantor even if principal borrower is not a ‘Corporate Person’

The Supreme Court (“SC”) has in its judgment dated March 26, 2021, in the matter of Laxmi Pat Surana v. Union Bank of India and Another [Civil Appeal No. 2734 of 2020], held that a principal borrower need not be a ‘corporate person’ where insolvency proceedings are initiated against a company which acted as the […]

Between the Lines | Supreme Court: An application seeking reference to arbitration under Section 8 of the Arbitration and Conciliation Act is not maintainable, if filed after admission of an insolvency resolution petition under Section 7 of the Insolvency and Bankruptcy Code

The Hon’ble Supreme Court (“SC”) has in its judgment dated March 26, 2021 (“Judgement”), in the matter of Indus Biotech Private Limited v. Kotak India Venture (Offshore) Fund and Others [Arbitration Petition No.48 of 2019 with Civil Appeal No.1070/2021 arising out of SLP (C) NO. 8120 OF 2020], held that an application seeking reference to […]

Between the Lines | Supreme Court: The parties to a contract who are Indian nationals or companies incorporated in India can choose a forum for arbitration outside India

The Hon’ble Supreme Court (“SC”) has in its judgment dated April 20, 2021 (“Judgement”), in the matter of PASL Wind Solutions Private Limited v. GE Power Conversion India Private Limited [CIVIL APPEAL NO. 1647 OF 2021], held that the parties to a contract who are Indian nationals or companies incorporated in India can choose a […]

Between the Lines | Supreme Court: The provisions of the Limitation Act would apply mutatis mutandis to proceedings under the IBC in the NCLT or NCLAT

The Supreme Court (“SC”) has in its judgement dated March 22, 2021, in the matter of Sesh Nath Singh & Another v. Baidyabati Sheoraphuli Co-Operative Bank Limited and Another [Civil Appeal No. 9198 of 2019] (“Judgement”) held that provisions of the Limitation Act, 1963 (“Act”) would apply mutatis mutandis to proceedings under the Insolvency and […]

Between the Lines | NCLT, Mumbai: Allows application seeking reliefs essential to run a corporate debtor sold as ‘going concern’ during liquidation

The National Company Law Tribunal, Mumbai bench (“NCLT”) has in its order dated March 09, 2021 (“Judgement”), in the matter of Gaurav Jain v. Sanjay Gupta [IA No. 2264 of 2020 in C.P.(IB)No. 1239/MB/2018], allowed an application seeking reliefs essential to run a corporate debtor sold as ‘going concern’ during liquidation. Facts The Bank of […]

Between the Lines | Bombay High Court: Reiterated that a choice of seat is itself an expression of party autonomy and carries with it the legal effect of conferring exclusive jurisdiction on the courts of the seat

The Hon’ble Bombay High Court (“BHC”) has in its judgment dated January 29, 2021 (“Judgement”), in the matter of Aniket SA Investments LLC v. Janapriya Engineers Syndicate Private Limited and Others [Commercial Appeal No. 504/2019], held that a choice of seat is itself an expression of party autonomy and carries with it the legal effect […]