Between the Lines | Supreme Court: Neither the NCLT nor the NCLAT have an unchartered jurisdiction in equity in dealing with resolution plans approved by the CoC.

The Hon’ble Supreme Court (“SC”) has in its judgement dated August 10, 2021, in the matter of Pratap Technocrats (P) Limited and Others v. Monitoring Committee of Reliance Infratel Limited and Another [Civil Appeal No 676 of 2021] held that the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”) are […]

Between the Lines | Supreme Court: A foreign award is enforceable against non-signatories under Part II of the Arbitration and Conciliation Act, 1996

The Hon’ble Supreme Court (“SC”) has in the matter of M/s Gemini Bay Transcription Private Limited v. M/s Integrated Sales Services Limited and Others (Civil Appeal No. 8343-8344 OF 2018), held that the foreign arbitral awards are binding on non-signatories under Part II of the Arbitration and Conciliation Act, 1996 (“Act”). Facts M/s Integrated Sales […]

Between the Lines | Supreme Court: Application to initiate corporate insolvency resolution process will be rejected so long as a dispute truly exists in fact and is not spurious, hypothetical or illusory

The Supreme Court (“SC”) has, by an order passed in the matter of Kay Bouvet Engineering Limited v. Overseas Infrastructure Alliance (India) Private Limited [Civil Appeal No. 1137 of 2019], decided on August 10, 2021 (“Judgement”), upheld the order passed by the National Company Law Tribunal (“NCLT”) on July 26, 2018, wherein the SC concluded […]

Between the Lines | Supreme Court: An emergency award passed under the SIAC rules can be enforced in India under Section 17 of the Arbitration Act.

The Hon’ble Supreme Court (“SC”) has in its judgment dated August 06, 2021 (“Judgement”), in the matter of Amazon.com NV Investment Holdings LLC v. Future Retail Limited & Others [Civil Appeal No.4492-4493/2021], held that, the emergency award passed under the arbitration rules of Singapore International Arbitration Centre (“SIAC Rules”) can be enforced in India under […]

Between the Lines | Delhi High Court: Arbitral award is liable to be set aside when there is no proper notice of the tribunal’s appointment or of the institution of arbitral proceedings

The Delhi High Court (“DHC”) has in its judgement dated July 15, 2021 in the matter of Komal Narula v. DMI Finance Private Limited and Another [O.M.P. (COMM.) 166/2019 and IA Nos. 6024/2019 & 11657/2020], (“Judgement”) laid down that an arbitral award is liable to be set aside when there is no proper notice of […]

Between the Lines | NCLAT: Rejects application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 on grounds of collusion between the corporate debtor and the financial creditor

The National Company Law Appellate Tribunal, Principal Bench, New Delhi (“NCLAT”) has in its judgment dated June 30, 2021 (“Judgement”), in the matter of Hytone Merchants Private Limited v. Satabadi Investment Consultants Private Limited [Company Appeal (AT) (Insolvency) No. 258 of 2021], relied on Section 65 of the Insolvency and Bankruptcy Code, 2016 (‘’IBC”), to […]