Resources
  • Mondaq:
    January 2024
  • The Supreme Court settles the law on the validity of arbitration agreements.

    A 7 – judge bench of the Supreme Court held that deficiency in stamping is a curable defect, and an arbitral tribunal is empowered to adjudicate on such objections. Tuli & Co has summarised the Supreme Court’s judgment on “Re Interplay Between Arbitration Agreements Under The Arbitration And Conciliation Act 1996 And The Indian Stamp Act 1899”.

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  • Mondaq:
    October 2023
  • Reinsurance Regulations Of India: Changes in 2023

    Tuli & Co has published an article on the IRDAI (Re-insurance) (Amendment)Regulations 2023 (Amendment Regulations), which was notified on 23 August 2023

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  • Mondaq:
    September 2023
  • Development of Insurance Landscape in GIFT City India

    The article summarises the key developments in GIFT City at Gujrat, which various industry stakeholders believe, offers a potential for global insurers and reinsurers to open their operations.

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  • Mondaq:
    September 2023
  • Insurance Comparative Guide

    Tuli & Co has published Insurance Comparative Guide: India.

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  • Law Review:
    September 2023
  • Insurance and Reinsurance Law Review

    Tuli & Co has authored The Eleventh Edition of the Insurance and Reinsurance Law Review. The Review provides a practical overview of the legal and regulatory framework governing the insurance and reinsurance industry across major jurisdictions worldwide and has been authored by leading insurance lawyers around the world.

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  • Mondaq:
    September 2023
  • Paschimanchal Vidyut Vitran Nigam Ltd v Raman Ispat Pvt Ltd

    The Supreme Court has held that §238 of the Insolvency Act overrides the Electricity Act, and that government and operational debts rank lower in priority than sums owed to unsecured financial creditors.

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  • Mondaq:
    August 2023
  • ARG Outlier Media Pvt Ltd v HT Media Ltd.

    The Delhi High Court has held that the jurisdiction of a Court hearing a challenge under §34 of the Arbitration Act is limited.

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  • Mondaq:
    August 2023
  • IDFC First Bank Ltd v Hitachi MGRM Net Ltd

    The High Court of Delhi has held that the writ petition remedy under Articles 226 and 227 of the Constitution of India is only available against orders passed by an Arbitral Tribunal in exceptional circumstances.

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  • Mondaq:
    August 2023
  • Guidelines on the Remuneration of Non-Executive Directors and Key Managerial Persons of private sector Insurers

    The IRDAI has issued its Guidelines on the Remuneration of Non-Executive Directors and Key Managerial Persons of private sector Insurers, which supersedes its previous guidance of 5 August 2016.

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  • Mondaq :
    June 2023
  • India: Information And Cybersecurity Guidelines 2023

    Tuli & Co has provided its analysis on the Information And Cybersecurity Guidelines 2023.…

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  • Lexology GTDT :
    2023
  • Guide: Insurance & Reinsurance: India

    Tuli & Co has authored the India Chapter of Lexology GTDT Insurance & Reinsurance Guide 2023.…

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  • Legal 500 :
    2023
  • Country Comparative Guide: Insurance & Reinsurance: India

    Tuli & Co has authored the India Chapter of the Legal 500 Insurance & Reinsurance Comparative Guide 2023.…

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  • International
    Law Office:
    May 2023
  • Commission Limits Lifted: IRDAI regulations on commission and EOM

    The article summarizes the key provisions in the IRDAI (Payment of Commission) Regulations 2023 (the Commission Regulations), IRDAI (Expenses of Management of Insurers Transacting Life Insurance Business) Regulations 2023 (the EOM Life Regulations) and IRDAI (Expenses of Management of Insurers Transacting General & Health Insurance Business) Regulations 2023.

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  • Mondaq :
    April 2023
  • India: Insurance Comparative Guide

    Tuli & Co has authored the Insurance Comparative Guide: India.

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  • Mondaq :
    April 2023
  • India: Delhi High Court Applies The Group Of Companies Doctrine In A Reference To Arbitration: Aditya Birla Finance Ltd V Siti Networks Ltd

    The Delhi High Court has recently invoked the "group of companies" doctrine and referred the disputes between a lender and borrower (as well as the borrower's sister concerns) to arbitration.

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  • Mondaq :
    April 2023
  • Clause Stipulating that Parties “may be referred to arbitration” is not binding

    The Bombay High Court has held that a clause which contains the words “may be referred to arbitration” takes away from the mandatory and binding nature of an arbitration agreement.

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  • International
    Law Office:
    March 2023
  • IRDAI's revamped guideline for cross border re-insurers

    Our article on the IRDAI’s “Guidelines on Issuance of File Reference Numbers to Cross Border Re-insurers” has been published by International Law Office.…

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  • Mondaq :
    March 2023
  • IRDAIs revamped guideline for cross boarder re-insurers

    Our article has been published on Mondaq on our analysis of the IRDAI’s “Guidelines on Issuance of File Reference Numbers to Cross Border Re-insurers”.…

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  • ICLG :
    Insurance & reinsurance
    Guide 2023
  • ICLG Insurance & reinsurance Guide 2023 – India

    We have authored the India Chapter of the International Comparative Legal Guide – Insurance & Reinsurance 2023. The pdf version of the Chapter is attached.…

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  • Lexology :
    GTDT Insurance Litigation February 2023
  • Lexology GTDT Insurance Litigation 2023

    We have authored the India Chapter of Lexology GTDT Insurance Litigation 2023. The pdf of the Chapter is attached.…

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  • Mondaq:
    February 2023
  • Privilege over lawyer and client communications: Anil Vishnu Anturkar v Chandrakumar Popatlal Baldota

    The Bombay High Court has passed a judgment holding that the communications between a lawyer and client are privileged and cannot be disclosed to a third party without their express consent.…

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  • International
    Law Office:
    January 2023
  • Government issues the Insurance Laws Amendment Bill 2022: what you need to know

    On 29 November 2022, following a comprehensive review of the insurance legislative framework in India by the Finance Ministry, the government of India issued a draft bill titled the Insurance Laws (Amendment) Bill 2022.

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  • International
    Law Office:
    January 2023
  • IRDAIs second exposure draft on reinsurance 2022

    Our article on the IRDAI’s “Exposure Draft for Reinsurance 2022” been published on Insurance Newsletter.…

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  • International
    Law Office:
    January 2023
  • IRDAI (Registration Of Indian Insurance Companies) Regulations 2022: Revamp Of Old Regime

    Our article on the IRDAI (Registration Of Indian Insurance Companies) Regulations 2022 has been published on Insurance Newsletter.…

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  • Mondaq:
    January 2023
  • Award Relying On Evidence Filed After Conclusion Of Arguments Is Patently Illegal: Secretary To The Government Of India, Ministry Of Shipping, Road Transport And Highways v The Additional Commissioner, Nagpur

    The Bombay High Court has ruled that an award that relies on documents produced after the conclusion of arguments is patently illegal.…

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  • Mondaq:
    January 2023
  • Arbitration Clause Binding Even If Subsequent Agreements Do Not Contain It: Omega Finvest LLP v Direct News Pvt Ltd

    The Delhi High Court has held that an arbitration clause in an earlier agreement remains binding on the parties even after they enter into subsequent agreements which do not contain an arbitration clause.

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  • Mondaq:
    January 2023
  • India: The Insurance Laws (Amendment) Bill 2022

    Our analysis of the draft Bill titled "The Insurance Laws (Amendment) Bill, 2022" ("Draft Bill") released by the Government of India on 29 November 2022.…

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  • Mondaq:
    December 2022
  • Arbitration Notice Mandatory Before Approaching Court For Appointment Of Arbitrator: West Bengal Power Development Corporation Ltd V Sical Mining Ltd

    The Calcutta High Court has held that an arbitration clause must be invoked before approaching the Court for the appointment of an arbitrator.…

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  • Mondaq:
    December 2022
  • IRDAI (Registration Of Indian Insurance Companies) Regulations 2022: A Revamp Of The Old Regime

    Our comments on the exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022 ("Draft Regulations") issued on 13 October 2022 by the Insurance Regulatory and Development Authority of India ("IRDAI").

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  • Mondaq:
    November 2022
  • IRDAI's Exposure Drafts On Commission And EOM

    IRDAI has recently released further exposure drafts of 23 November 2022 on (i) the IRDAI (Payment of Commission) Regulations 2022 (ii) the IRDAI (Expenses of Management of Insurers Transacting Life Insurance Business) Regulations 2022 and (iii) the IRDAI (Expenses of Management of Insurers Transacting General & health Insurance Business) Regulations 2022.

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  • The Law Reviews:
    Fifth Edition
  • Insurance Disputes Law Review

    Tuli & Co has contributed to the India Chapter of the Insurance Disputes Law Review.…

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  • Mondaq:
    November 2022
  • Rigours Of Attachment Prior To Judgment Not Strictly Applicable To §9 Of The Arbitration And Conciliation Act 1996: Essar House Pvt Ltd V Arcelor Mittal Nippon Steel India Ltd

    The Supreme Court has held that the procedural rigours of Order 38 Rule 5 (attachment prior to judgment) of the Code of Civil Procedure 1908 are not strictly applicable while deciding a pre-arbitration 9 Petition to secure the amount in dispute.…

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  • Mondaq:
    November 2022
  • Exposure Draft On The IRDAI Registration Regulations: An Overhaul Of Existing Regulations

    The IRDAI has released an exposure draft on the IRDAI (Registration of Indian Insurance Companies) Regulations 2022. The article analyses the proposed amendments in the Regulations.…

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  • Mondaq:
    November 2022
  • Mondaq Insurance Comparative Guide.

    The primary legislation regulating the Indian insurance sector is the Insurance Act 1938 and the InsuranceRegulatory and Development Authority Act 1999.

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  • Mondaq:
    November 2022
  • IRDAI has issued an Exposure Draft For Reinsurance 2022.

    The IRDAI has issued an exposure draft on the IRDAI (Re-insurance) (Amendment) Regulations 2022 of 21 October 2022…

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  • Mondaq:
    October 2022
  • The IRDAI has notified the AML/CFT Guidelines For Insurers 2022.

    In exercise of its powers as a regulatory authority under the Prevention of Money Laundering Act 2002 and Prevention of Money- Laundering (Maintenance of records) Rules 2005, the IRDAI has notified Master Guidelines on Anti-Money Laundering/ Counter Financing of Terrorism (AML/CFT) 2022”.

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  • International
    Law Office:
    September 2022
  • India: IRDAI issues exposure draft on commissions and remuneration in Indian insurance sector.

    The IRDAI on 23 August 2002 has issued a exposure draft of the IRDAI (Payment of Commission or Renumeration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022, which, amongst other things, proposes to lift the strict commission and regulation limits specified under the applicable Regulations and permit insurance companies to effectively self-regulate the amounts payable to insurance agents and insurance intermediaries through the policy approved by their board of directors.

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  • Mondaq:
    September 2022
  • India: Insurance Ombudsman's Award Can Be Assailed In Writ Jurisdiction: Aditya Birla Sun Life Insurance Co Ltd v Fatema F Chhatriwala

    In a recent landmark decision, the Bombay High Court has held that an Insurance Ombudsman's Award can be set aside in a writ petition on the ground of perversity…

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  • Mondaq:
    September 2022
  • India: Use Of Words "Every Effort To Arbitrate" Constitutes A Valid Arbitration Clause: Manika Sett v Sett Iron Foundry & Ors

    The Calcutta High Court has held that a contractual clause stipulating that parties should make "every effort" to arbitrate constitutes a valid arbitration clause…

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  • Mondaq:
    August 2022
  • India: IRDAI's Exposure Draft On Insurance Commissions And Remuneration Of 2022

    The IRDAI has recently released an exposure draft on "IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations, 2022" of 23 August 2022 to promote the "development of new business models, products, strategies and internal processes", and to provide flexibility to Insurance Companies "to manage their expenses" along with the long-standing objective of improving insurance penetration…

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  • Mondaq:
    August 2022
  • India: Designation Of Venue Of Arbitration In Its Entirety Implies That It Shall Also Be The Seat Of Arbitration: (Priya Malay Sheth v VLCC Heath Care Ltd)

    The Bombay High Court has recently held that if a place is designated as the venue” at which the arbitration proceeding shall be held in its entirety, then that venue is implicitly also the seat” of the arbitration proceedings

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  • Mondaq:
    August 2022
  • India: Courts Can Only Set Aside An Award And Remit The Matter Back To The Tribunal: (National Highways Authority Of India v Sri P Nagaraju & Anr)

    The Supreme Court has recently held that if challenges under §34 §37 of the Arbitration and Conciliation Act 1996 and are successful, then the Court cannot modify the award but only set aside the award and remand the matter back to the Tribunal

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  • Mondaq:
    August 2022
  • India: Supreme Court Sets Aside Tribunal's Order Which Fails To Consider Group Of Companies Doctrine: (ONGC v Discovery Enterprises Pvt Ltd & Anr)

    A three-judge Bench of the Supreme Court has set aside an arbitral tribunal's 16 order on the ground that it failed to consider the applicability of the "group of companies" doctrine…

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  • Mondaq:
    August 2022
  • India: An Order Of The Tribunal Passed Pursuant To The Matter Being Remitted Back To It By The Court Is Not A Fresh Award: (UEM India PVT Ltd V ONGC Ltd)

    The Delhi High Court has held that an order passed by an arbitral tribunal pursuant to the matter being remitted back to it cannot be treated as a fresh arbitral award

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  • Mondaq:
    July 2022
  • India: Decree Holders are not Financial Creditors under the IBC: Subhankar Bhowmik v Union of India & Anr

    The Delhi High Court has held that an order passed by an arbitral tribunal pursuant to the matter being remitted back to it cannot be treated as a fresh arbitral awardhe Supreme Court has dismissed a writ petition seeking the equal treatment of a “decree holder” with a “financial creditor”.…

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  • Mondaq:
    July 2022
  • India: Enforcement Of An Arbitral Award Should Be As Per 42 Of The Arbitration And Conciliation Act 1996: (India Media Services Pvt Ltd v SBPL Infrastructure Ltd)

    The Telangana High Court has held that the enforcement of an arbitral award should be as per §42 of the Arbitration and Conciliation Act 1996.…

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  • Mondaq:
    July 2022
  • India: Arbitration Cannot Be Invoked After the Insured Has Executed a Discharge Voucher Without Protest: (Balkrishna Spintex Pvt Ltd v The New India Assurance Company Ltd)

    The Gujrat High Court has held that the insured cannot invoke arbitration after the execution of the discharge voucher without protest.…

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  • Mondaq:
    July 2022
  • India: Another decision on the importance of following the contractual dispute resolution mechanism before arbitration: Sobha Ltd v Nava Vishwa Shashi Vijaya & Ors

    The Karnataka High Court has held that contractually agreed upon dispute resolution steps by the parties must be followed prior to invocation of arbitration.…

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  • Mondaq:
    June 2022
  • India: High Courts Without Original Civil Jurisdiction Require A Commercial Division To Decide International Arbitration Cases: ITI Ltd V Alphion Corporation & Anr

    The Karnataka High Court has recently held that the challenge to an international commercial arbitration award in a High Court not having ordinary original civil jurisdiction is to be considered by the Commercial Division of that High Court, and has directed that a Commercial Division be setup for this purpose.

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  • Mondaq:
    June 2022
  • India: Supreme Court Refers Aspects Of The ‘Group Of Companies' Doctrine To A Larger Bench: Cox & Kings Ltd v Sap India Pvt Ltd & Anr

    A three-judge Bench of the Supreme Court examining the 'group of companies' doctrine has referred the question of its correctness and application to a larger Bench.…

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  • Mondaq:
    June 2022
  • India: The Supreme Court has refused to interfere with the NCLAT's ruling that the NCLT can hear matters against a personal guarantor where the company is not undergoing CIRP: Mahendra Kumar Jajodia v State Bank of India Stressed Asset Management Branch

    The Supreme Court had refused to interfere with an NCLAT decision holding that the NCLT has jurisdiction to entertain insolvency proceedings against a personal guarantor even if the company on behalf of whom the guarantee was issued is not undergoing CIRP or liquidation.…

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  • Mondaq:
    June 2022
  • India: No arbitration until a clear right is denied: Southern Railway v Cherian Construction Co Pvt Ltd

    The Division Bench of the of Kerala High Court has held that the cause of action to initiate arbitration upon a clear and unequivocal denial of a right asserted by one party.

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  • Mondaq:
    June 2022
  • India: Arbitrator cannot rewrite the contract between the parties: Union of India, Ministry Of Railways, Railways Board & Anr v Jindal Rail Infrastructure Ltd

    The Delhi High Court has held that arbitral tribunal can interpret the terms of a contract, but it cannot re-work the contractual bargain struck between parties.

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  • Mondaq:
    May 2022
  • India: Appellate Orders of the National Consumer Dispute Redressal Commission can be challenged in the High Court through a Writ Petition: Ibrat Faizan v Omaxe Buildhome Pvt Ltd

    The Supreme Court has held that appeals against the NCDRC’s appellate orders are maintainable in High Courts through a Writ Petition.…

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  • Mondaq:
    May 2022
  • India: Registration Of Insurance Companies In India- Changes Proposed Could Be The Next Big Milestone Towards Ease Of Doing Business

    The IRDAI Issued a press release on 26 April 2022 wherein they stated that with the objective of ensuring ease of doing business in the insurance sector, for both global and domestic investors, they have taken a major step in setting out a new mechanism for processing the…

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  • Mondaq:
    May 2022
  • India: The Importance Of Following The Contractual Dispute Resolution Mechanism Before Arbitration: Devanshi Construction v. Central Public Works Department, Region Bhopal

    The Chhattisgarh High Court has held that a claimant must exhaust any contractually specified dispute resolution mechanism leading up to arbitration before seeking a reference to arbitration…

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  • Mondaq:
    May 2022
  • India: Insolvency Proceedings Cannot Be Commenced Against The Legal Heirs Of A Personal Guarantor Under The Insolvency And Bankruptcy Code 2016:

    Insolvency Proceedings Cannot Be Commenced Against The Legal Heirs Of A Personal Guarantor Under The Insolvency And Bankruptcy Code 2016: Bank Of Baroda, Stressed Asset Management Branch (Samb) V Ms Divya Jalan, Legal Heir Of Personal Guarantor Late Sandeep Kumar Jalan1…

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  • Mondaq:
    April 2022
  • Consumer Protection (Direct Selling) Rules 2021

    In exercise of its powers under §94 and §101(2)(zg) the Consumer Protection Act 2019 (Act), the Central Government notified the Consumer Protection (Direct Selling) Rules 2021 (Rules) on 28 December 2021…

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  • Mondaq:
    April 2022
  • An Award Cannot Be Remitted To The Tribunal If It Suffers From Perversity Or Illegality: 34(4) Of The Arbitration And Conciliation Act 1996

    §34(4) of the Arbitration and Conciliation Act 1996 gives the Court discretion, and if requested by a party, to refer an award back to the Tribunal because of, inter alia, a lack of reasoning or gaps in the reasoning. The Supreme Court of India has held that the Court cannot exercise the §34(4) discretion where there is an absence of a finding on an issue before the Tribunal…

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  • International
    Law Office:
    April 2022
  • New Surety insurance contracts guidelines come into force

    On 1 April 2022, the Insurance Regulatory and Development Authority (IRDAI) (Surety Insurance Contracts) Guidelines 2022 came into force. The 2022 Guidelines follow the issuance of the Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines 2021 on 8 September 2021, which aimed to promote and regulate surety insurance businesses in India and invited comments from stakeholders (for further details please see "IRDAI drafts surety insurance guidelines")…

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  • Mondaq:
    March 2022
  • India: IRDAI (Surety Insurance Contracts) Guidelines 2022

    On 8 September 2021, the IRDAI had issued an “Exposure Draft on IRDAI (Surety Insurance Contracts) Guidelines 2021” (Draft Guidelines) with the objective of promoting and regulating surety insurance business in India, and invited comments from all stakeholder…

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  • CHAMBERS INSURANCE AND REINSURANCE:
    FEBRUARY 2022
  • Chambers ‘Insurance and Reinsurance 2022’ Global Practice Guide

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  • LEXOLOGY:
    FEBRUARY 2022
  • Lexology Getting The Deal Through: Insurance Litigation 2022

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  • 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 ministers 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 nancial 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 Courts 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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