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NCLT Cuttack: Failure to implement the resolution plan cannot reset the clock back to day one to restart the insolvency process

The National Company Law Tribunal (“NCLT”), Cuttack in the case of State Bank of India v. Adhunik Metaliks Limited and Others (decided on July 8, 2019) rejected the resolution plan submitted by the resolution applicant on the ground of delay and ordered for liquidation of the corporate debtor. FACTS State Bank of India (“State Bank”) […]

The fee structure contractually determined for the arbitral tribunal prevails over the fee structure provided under the Arbitration Act

The Supreme Court in the case of National Highways Authority of India v. Gayatri Jhansi Roadways Limited with Gammon Engineers and Contractors Private Limited v. National Highways Authority of India (decided on July 10, 2019) held that the fee structure for the arbitral tribunal previously agreed between the parties under the arbitration agreement, in case […]

Courts can imply a term in a contract only if literal interpretation fails to give the result intended by both the parties

The Supreme Court of India in the case of Adani Power (Mundra) Limited v. Gujarat Electricity Regulatory Commission (decided on July 2, 2019) held that courts can imply terms in a contract only when literal interpretation fails, and has enunciated the scenarios in which such implication is allowed. FACTS Gujarat Urja Vikas Nigam Limited (“GUVNL”), […]

CCI introduces fast track merger approval process – Green Channel route!

Competition Commission of India (‘CCI’) introduces “green channel” for Fast Track approvals of certain combinations – further amends Combination regulations. By way of a notification dated 13 August 2019 (“Notification”), the CCI has further amended the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (‘Combination Regulations’). […]

Court allows simultaneous proceedings against directors for alleged antitrust violation

Introduction On 18 December 2018 the division bench of the Delhi High Court (comprising Chief Justice Rajendra Menon and Justice V K Rao) reconfirmed its earlier decision in Cadila(1) and held that simultaneous inquiries could be undertaken into Monsanto and its directors and officers for their alleged violation of the Competition Act 2002 (for further […]

Madras High Court: Contractual relations between private institutions performing public functions and individuals can be enforced under Article 226 of the Constitution of India

The Madras High Court in case of Jasmine Ebenezer Arthur v. HDFC ERGO General Insurance Company Limited and Others (decided on June 6, 2019) held that a writ petition is maintainable against a private body, if it has a public duty imposed on it. Consequently, an insurance company is amenable to the writ jurisdiction of […]