NCLAT

Devas v Antrix: fraud as a ground for setting aside an arbitral award: unique outlier or a sign of things to come?

INTRODUCTION

‘Fraud vitiates all’ is a legal principle firmly embedded in the Indian jurisprudence. An iteration of this principle also finds place in the provisions of the Arbitration and Conciliation Act, 1996 (“Act”), in Section 34(2)(b)(ii), whereunder an arbitral award can be challenged for being in ‘conflict with public policy of Indian Law’, inter alia if “the making of the award was induced or affected by fraud”.Continue Reading Devas v Antrix: fraud as a ground for setting aside an arbitral award: unique outlier or a sign of things to come?

Group Insolvency: Introduction

Group means two or more enterprises, which directly or indirectly are in a position to exercise 26% or more voting rights in other enterprise or appoint more than 50% members of the Board of Directors in the other enterprise or control the management or affairs of the other enterprise.[1]Continue Reading High Time for Group Insolvency Framework?!

SUPREMACY OF THE IBC VIS-A-VIS THE ELECTRICITY ACT[1]

INTRODUCTION:

In a recent judgement of Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat Private Ltd. and Ors. (being Civil Appeal No.7976 of 2019), the Hon’ble Supreme Court has held that Section 238 of the Insolvency and Bankruptcy Code, 2016 (“IBC/Code”) overrides the provisions of the Electricity Act, 2003, despite the latter containing two specific provisions being Section 173 and 174 which have overriding effect over all other laws.Continue Reading Supremacy of the IBC vis-a-vis The Electricity Act [1]