Enforcement Of Arbitral Awards In India: The Paradox

The Arbitration and Conciliation Act, 1996 (“the Arbitration Act”) is like that scripture that never stops giving. Every time you read it, you discover a new meaning, a new interpretation and a new paradox. Speaking of paradoxes, it is a fact that success of any dispute resolution system largely depends on the effectiveness of the enforcement mechanism provided in it. The Arbitration Act provides that an arbitral award will be enforced “in accordance with the provisions of the Code of Civil...

Guidelines On First Loss Default Guarantee: Brief Summary And Takeaways

Preface and regulatory developmentsWith increased penetration of internet and technological innovation, there has been a surge of FinTech players. Especially in digital lending space, there has been an increased reliance placed by the regulated entities (i.e., the banks and non-bank financial companies who are permitted to carry out lending business) (“RE”) upon third party lending service providers (“LSPs”). The LSPs (mostly unregulated) are essentially technology-centric entities which have...

CIRP: Preparation Of A Resolution Plan And Its Approval

The object of the Insolvency and Bankruptcy Code, 2016 (“the Code”) is to provide an institutional framework for resolving debt-ridden companies, partnerships and individuals through a time bound process.In the case of a company, an application can be filed by a creditor under Section 7 / 9 of the Code or by the company in distress, i.e., corporate debtor, under Section 10 of the Code before the National Company Law Tribunal (“NCLT”) for initiating the Corporate Insolvency Resolution Process...

Navigating Risks And Opportunities Of AI In Legal Practice

Deciding whether to leverage Artificial Intelligence for better legal outcomes may not be as long-standing a case as the petition involving Berhampore Bank’s liquidation. This petition took nearly seven decades to reach its logical conclusion. The use of AI, comparatively, may find acceptance faster in the legal industry although currently the practice of AI is a paradox of sorts. Artificial Intelligence (AI) has already emerged as a transformative force in several sectors such as...

Amit Meharia, Managing Partner, MCO Legals As External Expert Faculty In Petrolex 2023

MCO Legals, one of the leading law firms of India, was the designated Knowledge Partner of Petrolex 2023 organised by Indian Oil Corporation Limited on 19th & 20th June, 2023 at Ramada, Kochi and attended by Bharat Petroleum Corporation Limited & Hindustan Petroleum Corporation Limited. Petrolex 2023 was a 2-day conference event – a platform for the legal fraternity of the 3 Oil Marketing Companies to interact, share & strategize legal matters in oil and gas sectors &...

CIRP Of Real Estate Companies - Project Specific Resolution

In India, there was a need to enact a single statute encompassing provisions to resolve insolvency for companies, limited liability partnerships, partnership firms and individuals. In light of the same, the Insolvency & Bankruptcy Code, 2016 (“Code”) was passed and notified in the Gazette of India on 28 May 2016 thereby consolidating all of the insolvency laws pertaining to companies, limited liability partnerships, partnership firms and individuals. Under the Code, through a...

The Conundrum Relating To Levy Of Trade Remedial Duties

Trade Remedial Duties, usually in the form of Anti-dumping, Countervailing or Safeguard duty, are imposed by the Ministry of Finance, on the basis of the recommendation of the Designated Authority, DGTR, Ministry of Commerce. These duties are imposed to protect the Indian domestic industries from the ill-effect of imports. While Safeguard duty is a protectionist measure imposed to safeguard Indian industries from sudden surge in imports, Anti-dumping and Countervailing duty are punitive duties...

India Unleashing Reforms In Space Domain

India’s formal entry into space industry was largely in 1962 when Indian National Committee for Space Research (“INCOSPAR”) was established by Government of India (“GoI”) under the aegis of Dr. Vikram Ambalal Sarabhai. Later in 1969, to harness space technology, Indian Space Research Organisation (“ISRO”) was established. Upon its creation, ISRO subsumed the role and responsibilities of INCOSPAR. Thereafter, sometime in 1972 Department of Space was established and ISRO was brought under the said...

Synergy Of Section 47, 57 &124 Of The Trademarks Act In Light Of Anubhav Jain Case

The landmark judgment Patel Field Marshal Agencies v. P.M. Diesels Ltd which was decided in 2021 by the Hon’ble Supreme Court, laid down the process followed in the rectification pleadings and as well rested the anomalies concerning the issue of invalidity and the recourse available remedies S.47, S.57 and S. 124 of the Trademarks Act,1999 in an infringement suit. However, quite recently the decision given by the Delhi High Court in Anubhav Jain’s case was prima facie running contrary to the...

Don’t Be Stamped Out: Unstamped Arbitration Agreement Becomes Invalid

The Indian Stamp Act, 1889 (referred to as “Stamp Act”) lays down the requirement of the instruments which are required to be stamped[1] and it is duty of the Courts to examine whether every instrument which necessarily is to be stamped, has been duly stamped and if the same is not, then the Court may impound any such instrument which appear to not be duly stamped.[2] Though, the Arbitration agreements by themselves are not required to be stamped under the Stamp Act, and as a general practice,...

Guidelines For Social Media Influencers: It’s Hard To Influence Anymore!

In the age of social media, influencers have become a powerful force in shaping consumer behaviors. Undeniably, influencers are able to connect with their audiences and impact customer choices. This sphere of influence is shaped by the trust placed on influencers by consumers. As a result, when influencers promote a product or service, it can have a significant impact on the purchasing decisions of their followers. A product can quickly gain popularity and become a trend among their followers....

Looking Into What’s Inside And Beyond The New Online Gaming Rules

With an objective to regulate the fast growing ‘online gaming’ ecosystem in India, the Ministry of Electronics and Information Technology, (“MeitY”) on April 6, 2023, notified amendments to Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (the “Rules”). While the Rules are largely in line with the draft rules issued for public consultation in January 2023, there are certain noticeable tweaks in the final Rules which have a noteworthy impact. ...