“GOOD LAWS MAKE IT EASIER TO DO RIGHT AND HARDER TO DO WRONG.”
ALTERNATIVE DISPUTE RESOLUTION
Noy Vallesina Engineering Spa v. Jindal Drug Limited & Ors
Proceedings under Section 34 of Arbitration & Conciliation Act not maintainable against foreign award – 26 November 2020
The Supreme Court held that Part I of the Arbitration and Conciliation Act, 1996 applies only to arbitrations seated within India.
The Court observed that international commercial arbitrations conducted outside India would be governed under Part II of the Act when enforcement is sought in India.
The Court further clarified that there can be no overlapping between provisions contained in Part I and Part II of the Arbitration Act.
The Judgement can be accessed at:
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Dholi Spintex Pvt Ltd v. Louis Dreyfus Company India Pvt Ltd
Indian parties are free to choose foreign law to govern arbitration between them – 24 November 2020
The Court held that Indian parties may choose foreign law and a foreign seat to govern arbitration proceedings where the agreement contains a foreign element.
The Court emphasized that arbitration agreements are independent from the substantive contract and party autonomy remains a fundamental principle in arbitration law.
The Judgement can be accessed at:
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COMPETITION & UNFAIR TRADE PRACTICE
Mr Deepak Sultania v. Security Printing and Minting Corporation of India
CCI rejects complaint alleging unfair practices by SPMCIL and Security Paper Mill – 12 November 2020
The Competition Commission of India rejected allegations of abuse of dominant position concerning tender conditions imposed by Security Printing and Minting Corporation of India Ltd and Security Paper Mill.
The Commission observed that the relevant market for industrial bearings in India was fragmented and the opposite parties were not dominant buyers in the market.
The Order can be accessed at:
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CORPORATE
State Bank of India v. Athena Energy Ventures Pvt Ltd
Simultaneous CIRP proceedings against Principal Borrower and Corporate Guarantor are permissible – 24 November 2020
The NCLAT held that simultaneous initiation of Corporate Insolvency Resolution Process against a principal borrower and its corporate guarantor is permissible under the Insolvency & Bankruptcy Code.
The Tribunal observed that creditors may file claims in CIRP proceedings against both entities and necessary adjustments can be made at the stage of disbursement.
The Tribunal further clarified that insolvency proceedings involving guarantors may be transferred to the NCLT handling the corporate debtor’s insolvency proceedings.
The Judgement can be accessed at:
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