“AMBITION WITHIN OUR PROFESSION CLEARLY HAS THE POTENTIAL TO TAKE ON AN ADDICTIVE NATURE.”
ALTERNATIVE DISPUTE RESOLUTION
SSIPL Lifestyle Private Limited v. Vama Apparels (India) Private Limited & Anr
Applications under Section 8 of Arbitration and Conciliation Act governed by Limitation Act – Delhi High Court
The Delhi High Court held that applications filed under Section 8 of the Arbitration and Conciliation Act, 1996 are governed by the provisions of the Limitation Act.
The Court observed that filing of written statements and related proceedings under Section 8 must comply with prescribed limitation requirements.
The Judgement can be accessed at:
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CORPORATE
K Virupaksha & Anr v. The State of Karnataka & Anr
Actions under SARFAESI Act are not beyond judicial scrutiny – Supreme Court
The Supreme Court observed that actions taken by banks under the SARFAESI Act are not unquestionable or immune from judicial review.
The Court clarified that where discrepancies or irregularities exist in bank proceedings, affected parties may challenge such actions before appropriate forums including DRT, DRAT and High Courts.
The Bench further held that criminal proceedings initiated as an intimidation tactic after exhaustion of statutory remedies would amount to abuse of process of law.
The Supreme Court warned that permitting such proceedings would adversely affect the banking system and undermine orders passed under the SARFAESI framework.
The Judgement can be accessed at:
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INFORMATION TECHNOLOGY
Zee Telefilms Ltd v. Suresh Productions
Civil suit maintainable only when there is clear and unequivocal threat to legal rights – Supreme Court
The Supreme Court held that a civil suit can be entertained only when there exists a clear and unequivocal threat to the plaintiff’s legal rights.
The Court observed that a cause of action arises only when infringement or immediate threat of infringement of rights is established.
The Judgement can be accessed at:
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PROPERTY
Internet and Mobile Association of India v. Reserve Bank of India
Supreme Court permits dealing in virtual currencies and recognizes RBI’s regulatory powers
The Supreme Court set aside the Reserve Bank of India circular prohibiting banks and financial institutions from dealing in virtual currencies such as Bitcoin.
The Court rejected the argument that virtual currencies are merely goods or commodities and observed that they possess the capacity to function as a medium of exchange similar to real money.
The Bench nevertheless clarified that the Reserve Bank of India retains regulatory authority over virtual currency activities within the financial system.
The Judgement can be accessed at:
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