Resources
  • Mondaq:
    OCTOBER 2021
  • India: Delays Under The Insolvency and Bankruptcy Code 2016: National Spot Exchange Ltd v Mr Anil Kohli, Resolution Professional For Dunar Foods Ltd

    The Supreme Court has held that the National Company Law Appellate Tribunal (NCALT) does not have the jurisdiction or power to condone a delay exceeding 15 days in any appeal field against a decision of the National Company Law Tribunal (NCLT)…

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  • Mondaq:
    SEPTEMBER 2021
  • Surety Insurance Contracts In India: IRDAI

    The worldwide surge in financial activities over the past decade or so has led to increased popularity of instruments such as surety bond and other forms of guarantees as creditors/owners increasingly look to rely upon these kinds of risk management mechanisms for certainty in the performance and fulfilment of the other party’s contractual obligations…

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  • Mondaq:
    AUGUST 2021
  • Interpreting A Letter of Intent: South Eastern Coalfields vs Kumar Associates AKM [Civit Appeal 4358 of 2016]

    The Supreme Court has held that a Letter of Intent (LOI) cannot be construed as a binding contract unless an intention to bind is clear from its terms and the conduct of the parties…

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  • Mondaq:
    JULY 2021
  • Indian Insurance Companies Amendment Regulations 2021

    Following the finance minister’s budget speech, the Insurance (Amendment) Act of 2021 (Amendment Act) was notified earlier this year to increase the foreign direct investment limit in Indian insurance companies to 74%. Pursuant to this, the Ministry of Finance issued the Indian Insurance Companies (Foreign Investment)…

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  • Mondaq:
    June 2021
  • The Insolvency And Bankruptcy Code 2016: Arbitral Award Holder's Claim And Award Debtor's Resolution Plan: Sirpur Paper Mills Ltd v IK Merchants Pvt Ltd

    The Calcutta High Court has held that an award holder's claim against an award debtor will be extinguished once the latter's Resolution Plan (RP) is approved, if the award holder has not pressed his claim during Corporate Insolvency Resolution Process (CIRP). The award debtor challenged the Arbitral Award under §34 of the Arbitration & Conciliation Act 1996…

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  • International
    Law Office:
    June 2021
  • Insurance Companies (Foreign Investment) Amendment Rules enter into force

    Following the announcement in the central budget speech for the financial year 2021–2022 that the foreign investment ceiling for insurance companies will increase from 49% to 74%, the Insurance (Amendment) Act 2021 (the Amendment Act) was notified with effect from 1 April 2021…

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  • Mondaq:
    May 2021
  • Insurance Companies (Foreign Investment) Amendment Rules 2021

    Following the announcement of the increase in the foreign investment ceiling in Indian insurance companies from 49% to 74% in the central budget speech for the financial year 2021-22 (Budget Speech), the Insurance (Amendment) Act of 2021 (2021 Amendment) was notified with effect from 1 April 2021…

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  • Mondaq:
    May 2021
  • Employee Stock Options: Clarifications Issued By The IRDAI

    The issuance of Employee Stock Options (ESOPs) to Chief Executive Officer/Whole-time Director/Managing Director of Insurers has been expressly recognized since 2016 when the IRDAI issued the Guidelines on Remuneration of Non-executive Directors and Managing Director/Chief Executive Officer/Whole-time Directors of Insurers of 05 August 2016 (Guidelines)…

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  • Mondaq:
    May 2021
  • Supreme Court Renews Its Covid-19 Related Extension To Periods Of Limitation: Suo Motu Writ Petition (Civil) No 3 Of 2020

    In March 2020, the Supreme Court took suo motu cognizance of the impact of the Covid-19 restrictions on compliance with limitation periods, and the led to Suo Motu Writ Petition (Civil) No 3 of 2020. The Supreme Court’s order of 23 March 2020 “extended” limitation periods from 15 March 2020 until further orders…

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  • Mondaq:
    May 2021
  • Indian Parties Can Arbitrate Outside India: PASL Wind Solutions Pvt Ltd v GE Power Conversion India Pvt Ltd

    The Supreme Court has recently ruled that two Indian parties can arbitrate outside India and the resulting award will be valid and enforceable in India. Disputes arose between the parties under an agreement for the purchase of convertors. A settlement agreement was executed which provided for ICC arbitration with Zurich as the seat of arbitration…

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  • Mondaq:
    May 2021
  • The Impact of Accounting Entries on Limitation Periods Under The IBC: Asset Reconstruction Company (India) Limited v Bishal Jaiswal & Anr

    According to §18 of the Limitation Act 1963, an acknowledgment of liability in writing before the expiry of the limitation period will reset the limitation clock to the date of the acknowledgment. The Supreme Court has held the entries in the books of account of a company, including a balance sheet, can amount to the acknowledgement of a debt and so reset the limitation period under §18…

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  • Mondaq:
    May 2021
  • The Changed “Venue” of Arbitration Becomes The “Seat”: Inox Renewables Ltd v Jayesh Electricals Ltd

    The Supreme Court has ruled on the “seat” and “venue” of an arbitration, and the impact that a change in venue has upon the seat and the subsequent challenge proceedings. Arbitration commenced under a purchase order which named Jaipur as the venue, but the parties agreed to hold the proceedings at Ahmedabad…

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  • Mondaq:
    May 2021
  • Expedited Enforcement Proceedings: Rahul S Shah v Jinendra Kumar Gandhi & Ors

    Nothing the difficulties that can be faced in enforcing judgements, the Supreme Court has issued directions for enforcement proceedings to be expedited. In a property related suit, the judgement debtors obstructed enforcement by creating conflicting rights over the property, filing objections, appeals, criminal proceedings, etc…

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  • International
    Law Office:
    April 2021
  • 74% FDI allowed in insurance sector: Amendment to Insurance Act

    For several years, stakeholders in the Indian insurance sector have wanted the foreign direct investment (FDI) limit for Indian insurers to be increased to 74% in parity with the FDI limit applicable to the private banking sector. On 1 February 2021, pursuant to the central budget speech for the financial year 2021-2022, the finance minister announced that the FDI cap for Indian insurers will be increased from 49% to 74%. In addition, it was announced that under the new framework…

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  • Mondaq:
    April 2021
  • Timelines for Deciding Jurisdictional Objections under §16 of The Arbitration & Conciliation Act 1996: Surender Kumar Singhal v Arun Kumar

    §16 of the Act provides that a Tribunal is empowered to decide questions relating to its own jurisdictions. §16(5) of the Act provides that a Tribunal “shall decide on a plea” regarding its jurisdictions, but does not say when jurisdictional objections have to be decided, and the timing issue has recently been clarified by the Delhi High Court…

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  • Mondaq:
    March 2021
  • Reasoning In Arbitral Awards & Challenges To The Award: Hindustan Petroleum Corp Ltd v Banu Constructions & Anr

    A Division Bench of the Madras High Court has set out the duties of a Single Judge considering the validity of an unreasoned arbitral award following a challenge to the award §34 of the Arbitration & Convilitation Act 1996. The first instance Single Judge upheld an arbitration award containing concise reasons based on an admission made by one of the parties…

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  • Mondaq:
    March 2021
  • The Supreme Court Announces The End Of Its Covid-19 Related Extension Of Limitation Periods: Suo Motu Writ Petition (Civil) No 3 Of 2020

    In March 2020, the Supreme Court took suo motu cognizance of the impact of the Covid-19 restrictions on compliance with limitation periods, and this led to Suo Motu Writ Petition (Civil) No 3 of 2020. The Supreme Court's order of 23 March 2020 "extended" limitation periods from 15 March 2020 until further orders. The Supreme Court periodically revisited its order and largely kept the extension in place, until now…

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  • Mondaq:
    March 2021
  • Refusal To Condone Delay In Filing A Challenge To An Arbitral Award Under §34 Of The Arbitration & Conciliation Act 1996 Is Appealable: Chintels India Ltd v Bhayana Builders Pvt Ltd

    §34 of the Act permits a challenge to an arbitral award on limited grounds within 3 months from the date on which the award is received. A 30 day extension can be sought on showing "sufficient cause". §37(1)(c) permits an appeal from orders "setting aside or refusing to set aside" an award under §34. In BGS SGS Soma, the Supreme Court had held that an order condoning delay in filing a §34 challenge is a preliminary order and so not appealable…

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  • International
    Law Office:
    Febuary 2021
  • GIC Re's revision of reinsurance rates and exclusion of contagious disease losses does not violate Competition Act

    In 2019 several pharmaceutical companies proceeded against General Insurance Corporation of India (GIC) Re before the Delhi High Court to challenge the revision of reinsurance premium rates. They claimed that the revisions were arbitrary and unreasonable. The court held that GIC Re's rate revisions were within its commercial wisdom and accordingly dismissed the writ petitions…

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  • Mondaq:
    February 2021
  • The Treatment Of Unfair Contract Terms Under The Consumer Protection Act 1986: IREO Grace Realtech Private Limited v. Abhishek Khanna & Ors [Civil Appeal No 5785 Of 2019]

    The Supreme Court of India has confirmed that the consumer fora has the power under the Consumer Protection Act 1986 to set aside one-sided terms in contracts if this amounts to an unfair trade practice. Facts: The plaintiff was developing a residential project called The Corridors in Gurgaon. Several purchasers filed complaints before the National Commission seeking a refund of the instalments they had paid, plus interest, because the plaintiff had failed to give possession within…

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  • Mondaq:
    February 2021
  • Immediate Annuity Product: Standard Wordings Introduced

    The recent trend of simple, standardised products being introduced for various forms of life and health insurance business has continued with the introduction of a standard immediate annuity product. On 25 January 2021, the IRDAI issued the “Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension”” (Guidelines)…

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  • Mondaq:
    Febuary 2021
  • Stamp Duty On An Arbitral Award: Mohini Electricals Limited v Delhi Jal Board

    The Delhi High Court has clarified that:
    (i) stamp duty is only to be paid on an arbitral award at the time of enforcement, and
    (ii) a photocopy of an award is not an “instrument” under the Indian Stamp Act 1899, and therefore cannot be impounded…

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  • International
    Law Office:
    February 2021
  • Entry and exit options in Indian insurers

    The control and acquisition of entities in India by foreign investors and private equity (PE) funds is regulated by: the foreign investment norms specified by the Reserve Bank of India; the norms specified by the Securities Exchange Board of India (where the entity is a listed entity); and any other laws or regulations governing the business of the target entity. Entities engaged in insurance business must follow additional norms regarding foreign investment as specified by the Insurance Regulatory and Development Authority of India (IRDAI)…

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  • Chambers Insurance
    and Reinsurance:
    February 2021
  • Chambers ‘Insurance and Reinsurance 2021’ Global Practice Guide

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  • Lexology: February 2021
  • Lexology Getting The Deal Through: Insurance Litigation 2021

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  • The Insurance Disputes Law Review: January 2021
  • The Insurance Disputes Law Review (3rd edition)

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  • India
    Business Law
    Journal:
    January 2021
  • Digital edition - October issue Volume 14, Issue 4

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  • Chambers
    Asia-Pacific: January 2021
  • Chambers Asia-Pacific 2021 Guide E-edition

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  • Practical Law: January 2021
  • Practical Law - Insurance and Reinsurance Global Guide: - India update 2020

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  • International
    Law Office: January 2021
  • Insurance regulatory round-up: 2020

    With the widespread impact of the COVID-19 pandemic and several regulatory changes having been introduced (as well as proposed) by the Insurance Regulatory and Development Authority of India (IRDAI), 2020 was a busy year for the Indian insurance sector. This article provides an overview of some of the key developments of 2020…

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  • Mondaq:
    January 2021
  • False Or Misleading Advertisements: Francis Vadakkan v The Propreitor, A-One Medicals & Ors

    Because of deficiency in service and misleading ads, the Kerala District Commission has fined the manufacturer of a hair growth cream and the cream's brand ambassador. The store owner that sold the cream has been directed to pay the costs of the proceedings to the Complainant…

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  • Mondaq:
    January 2021
  • The Calculation Of Compensation In The Case Of Non-Earning Deceaseds: Kirti v Oriental Insurance

    The Supreme Court has recently clarified that a "notional" income should be considered for deceased, non-earning victims (including homemakers) of motor vehicle accidents, and that future prospects should be assessed based on such notional income in order to arrive at fair, just, and reasonable compensation…

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  • Mondaq:
    January 2021
  • Does The Non-Payment Of Stamp Duty Render An Arbitration Agreement Unenforceable? Supreme Court Refers Question To A Larger Bench: NN Global Mercantile Pvt Ltd v Indo Unique Flame Ltd & Ors

    The Supreme Court has held that the non-payment or underpayment of stamp duty does not invalidate an arbitration agreement contained in a contract, but because of a conflict with an earlier Supreme Court judgment, the question has been referred to a larger bench…

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  • Mondaq:
    January 2021
  • A Foreign Award Cannot Be Challenged Under §34 Of The Arbitration & Conciliation Act 1996: Supreme Court Of India - Noy Vallesina Engineering SpA v Jindal Drugs Ltd & Ors.

    In Noy Vallesina, the Supreme Court has ruled that even under the pre-BALCO regime, if parties have agreed that the seat of arbitration will be outside India, then Part – I of the Arbitration & Conciliation Act 1996 will not be applicable…

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  • Mondaq:
    January 2021
  • Indian Parties Free To Choose Foreign Law For Arbitration: Delhi High Court - Dholi Spintex Pvt Ltd v Louis Dreyfus Company India Pvt Ltd

    The Delhi High Court has held that two Indian parties may normally choose foreign law to govern the substantive dispute between them in arbitration proceedings, and the Court's right to set aside the choice of foreign law should be used sparingly and only when the choice amounts to a “flagrant and gross breach” of principles of morality and justice…

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