financial creditors

Reverse Corporate Insolvency Resolution Procedure [Reverse CIRP]: A Novel Experiment Conducted By The NCLAT

The Insolvency and Bankruptcy Code, as mentioned in the objects and reasons, was enacted to provide effective resolution procedure for timely resolution of debtors, and to maximise the value of the debtor’s assets. To pursue these objects, it provides...

NCLAT: Is following the Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code a viable option when the defaulter is an Infrastructure and Real...

This question was addressed by the National Company Law Appellate Tribunal (NCLAT) in the case of in Flat Buyers Association v. Umang Realtech Pvt. Ltd. The case was concerned between the Flat Buyers Association of the Umang Realtech Pvt. Ltd.’s...

Are Home Buyers Financial Creditors? Supreme Court rules in favour of Jaypee Infra Home Buyers

The Supreme Court in the case of Chitra Sharma v. Union Of India decided on 6 November 2019 that the home buyers shall be included in the list of financial creditors. Also, as a matter of fact, after the amendment...

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Understanding Contingent Contracts Under the Indian Contract Act

A contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.

Analysing the Central Vista Project: India’s New Parliament

The government will spend around Rs. 1000 Crore for the new parliament building, right in the center of India’s capital.

Explained: Farm Laws 2020 and its Effect on Indian Farmers

In the recent past, our government has come up with three different ordinances related to agriculture which has infuriated the farmers of our nation.

Job Post: Vacancy for Associate at Sony Pictures Networks India Private Limited, Mumbai

Sony Pictures Networks India Private Limited is looking to hire an Associate with 3-5 years of PQE from Media and Entertainment Industry, preferably with...

Analysing the Enforcement Of Foreign Arbitral Awards In Light Of the Vijay Karia Case

Section 34 of the Arbitration and Conciliation Act, 1996 (Hereinafter “Act”) lays down the basis for setting aside arbitral awards made in domestic and foreign arbitrations held in India. Though international awards cannot be contested in India, the compliance of such awards in India may be validly challenged by the award debtor on the grounds set out in Section 48 of the Act. The grounds set under both these sections are almost similar, one of the grounds being that the arbitral award is found contrary to the “public policy of India”. The question of the constituent elements of “public policy” have been discussed in a number of cases, however, in a recent case of Vijay Karia & Ors. V. Prysmian Cavi E Sistemi Srl & Ors, the SC drew attention to this point viz-a-viz foreign award.