Summary: This article examines the legal principles which allow for discharge of contractual performance, in the context of the ongoing war in West Asia and the blockade of the Strait of Hormuz.
Continue Reading Blocked at Hormuz: Contractual performance during war
Summary: The Companies Act, 2013, under Section 66, permits the reduction of share capital by a company “in any manner”, subject to passing a special resolution and attaining a confirmation from the National Company Law Tribunal. Whether this flexibility can be extended to permit selective reduction of share capital wherein the shares of only a particular class/category of shareholders is reduced is a question the High Courts and the tribunals have answered in the past, albeit with some contradictions. The Supreme Court in its recent judgment in Pannalal Bhansali v. Bharti Telecom Limited & Ors. has conclusively settled this issue and upheld the validity of selective capital reduction.
Continue Reading From Ambiguity To Authority: Supreme Court Affirms Selective Capital Reduction
Summary: The recent decision of the Supreme Court in B. Prashanth Hegde v. State Bank of India recognises that an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), that substantially complies with the requirements cannot be rejected merely due to insignificant errors or omissions. Further, debt restructuring can amount to acknowledgement of debt by the Corporate Debtor, extending the limitation period for filing such an application.
Continue Reading Supreme Court Gives Insolvency Claims a Fresh Lease of Life: Debt Restructuring and Substantive Compliance
Summary: This article traces the Supreme Court’s resolution of the long-standing conflict between State rent control legislations and the Public Premises Act (Eviction of Unauthorised Occupants) Act, 1971 (“PP Act”). In 2014 a division bench of the Supreme Court in Suhas H. Pophale v. Oriental Insurance Company Ltd. and its Estate Officer (2014) 4 SCC 657 created specific carve-outs of a Constitution Bench decision that held the PP Act had overriding effect over State rent control legislation. Following a reference to resolve the conflict, the Supreme Court has, in Life Insurance Corporation of India & Anr. v. Vita, 2025 INSC 1419, settled the position and set aside Suhas Pophale. The ruling restores clarity and marks a significant reaffirmation of stare decisis as a cornerstone of judicial consistency.
Continue Reading Settling The Clash Between The Public Premises Act And State Rent Control Laws
Summary: This two-part series uses the WazirX cyberattack of July 18, 2024, in which crypto assets worth approximately USD 230 million were stolen from a multisig wallet, as a factual anchor to map the full spectrum of legal remedies available to Indian crypto users whose assets have been frozen, eroded, or subjected to proposed “socialisation” haircuts following a platform breach. Part I examines the criminal, cyber law, and data protection remedies available to crypto users following a platform breach and explains how a layered strategy combining these remedies offers the most effective path.
Continue Reading Frozen Wallets and Fading Trust: Legal Remedies available in cases of Cryptocurrency frauds and data breach (Part 1)
Summary: This article examines the necessity of furnishing an electronic evidence certificate for proving the contents of documents in electronic form during arbitration proceedings. While an electronic evidence certificate has been held as a mandatory requirement in court proceedings, some courts have relaxed the said requirement for arbitrations. However, in certain cases, it has been observed that arbitrators have considered the absence of such an electronic evidence certificate as a factor for holding certain documents as inadmissible. Subsequently, given the restricted scope of judicial review concerning arbitral awards, such observations are typically insulated from challenge, thereby raising risks during litigation.
Continue Reading Navigating the Muddled Requirement of an Electronic Evidence Certificate in Arbitration Proceedings
Summary: The Supreme Court has held that entries in a corporate debtor’s balance sheet, when read alongside corroborative materials including cash flow statements, constitute a valid acknowledgement of debt under Section 18 of the Limitation Act, 1963, thereby resetting the period of limitation for creditors to initiate insolvency proceedings. This ruling strengthens the position of creditors under the Insolvency and Bankruptcy Code, 2016, ensuring that procedural technicalities do not frustrate their rights to take recourse through insolvency proceedings. It also places greater responsibility on auditors and accountants, as financial statements may now carry significant consequences for both debtors and creditors by operating as binding acknowledgements of liability.
Continue Reading Fresh Start: Balance Sheet Entries Read With Supporting Records Constitute Debt Acknowledgement, Resets Limitation
Summary: This article examines the Bombay High Court’s ruling that foreign decrees from reciprocating territories are executable as domestic decrees, provided they satisfy Section 13 of the CPC, affirming the position that executing courts retain discretion to permit evidence in ‘exceptional’ cases.
Continue Reading Efficiency Versus Procedural Fairness – Bombay High Court Reaffirms Governing Principles for Execution of Foreign Decrees
The Companies Act, 2013 (“CA 2013”), and the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 (“2016 Rules”), allow companies to jointly or separately file an application for merger or amalgamation before the National Company Law Tribunal (“NCLT”). However, companies with registered offices in two different States must file two separate applications (unless a specific exemption has been obtained to file a joint petition) as the scheme will have to be approved by the two NCLTs having jurisdiction over the companies.
Continue Reading Two States: Stamp Duty On Merger Orders Passed By Two Different Tribunals
Summary: This article analyses the Supreme Court’s decision in Ankhim Holdings Pvt. Ltd. & Anr. v. Zaveri Construction Pvt. Ltd., which reiterates the limited role of courts under Section 15(2) of the Arbitration and Conciliation Act, 1996. The Supreme Court held that substitution of an arbitrator does not permit courts to revisit or nullify prior arbitral proceedings, reaffirming the Act’s self‑contained structure and its emphasis on minimal judicial intervention.
Continue Reading Judicial Restraint In Arbitral Substitution: Key Takeaways From Ankhim Holdings V. Zaveri Construction