Common Law

Since the passing of the Arbitration & Conciliation Act of 1996, many difficulties and shortcomings came to be noticed in the said Act; and with a view to overcome those shortcomings and difficulties, and with a view to facilitate quick enforcement of contracts, easy recovery of monetary claims, and award of just compensation for damages suffered, and reduce the pendency of cases in Courts and hasten the process of dispute resolution through Arbitration, and to encourage and strengthen the alternate medium of dispute resolution, and to encourage investment and economic activities, extensive Amendments have been made in the present Arbitration & Conciliation aCT, 1996. The amended provisions would be applicable to Arbitration proceedings which have commenced, in accordance with the provisions of section 21 of the Act, on or after 23.10.2015, unless the parties otherwise agree to application of amended provisions. The important Amendments are – 1.   ...

The Parliament of India in the year 2016 have enacted a historic legislation.  Corporate Insolvency under Insolvency and Bankruptcy Code, 2016, which among other things, replaces the Winding up jurisdiction of High Courts, with "Insolvency Resolution Application" to be filed before National Company Law Tribunal (NCLT).  In the new regime,  among other irrational things,  the law expects that an aggrieved person would be invoking the jurisdiction of the Court for the benefit of his adversary. Just imagine the absurdity of the law. May read further – A first look at the new Regime marched from 15.12.2016, under the Insolvency and Bankruptcy Code, 2016, replacing thereby the erstwhile regime of Winding up of Company Petitions which were filed under Companies Act, 1956. The amount of debt for which the new jurisdiction can be invoked: Rs.1.00 Lakh. (Section 4) Who can file: Financial creditor, Operational creditor, or the Corporate debtor itself. (Secti...