The High Court of Delhi (“DHC”) has, by its judgement dated May 21, 2020 (“Judgement”), held thatthe doctrine of frustration under Section 56 of the Indian Contract Act, 1872 (“ICA”) is inapplicable to lease agreements as it can be applied to only “executory contracts” and not “executed contracts”. Facts Brief facts of the case are […]
The National Company Law Appellate Tribunal (“NCLAT”) has, in the case of V. Padmakumar v. Stressed Assets Stabilisation Fund and Others (dated March 12, 2020) held that an entry in balance sheet/ annual return , cannot be treated to be an acknowledgement under Section 18 of the Limitation Act, 1963 (“Limitation Act”). Facts This question […]
The Ministry of Finance has on April 22, 2020 and April 27, 2020 published the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 (“Amendment Rules”) and the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2020 (“Second Amendment Rules”) respectively to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (“NDI Rules”). Foreign Exchange Management […]
The Delhi High Court (“DHC”) has, in the case of M/s. Halliburton Offshore Services Incorporated v. Vedanta Limited and Others (decided on April 20, 2020) temporarily injuncted Vedanta Limited (“Vedanta”) from encashing bank guarantees issued on behalf of Halliburton Offshore Services (“Halliburton”) as the lockdown due to Covid-19 would prima facie amount to force majeure. […]
The Supreme Court (“SC”) in the case of National Agricultural Co-operative Marketing Federation of India (NAFED) v. Alimenta SA (decided on April 22, 2020) held that foreign arbitration awards against NAFED is ex facie illegal, and in contravention of fundamental law, as no export without the requisite permissions was permissible and without the consent of […]
The High Court of Rajasthan (“RHC”) has, by its order dated April 7, 2020 (“Order”), held that an approved resolution plan under the Insolvency and Bankruptcy Code, 2016 (“IBC”) is binding on government authorities and consequently quashed the notices seeking payment of excise duty and services tax issued by the Goods and Service Tax department […]
