India – Dispute Resolution Updates.

SC Withdraws Suo-Motu Extension of Limitation Period

The Supreme Court in Re: Cognizance for Extension of Limitation has inter alia issued the following directions in view of the normalcy being restored and reduction in the prevalence of…

SC holds that Consent of SEBI is Not Mandatory for Offence to be Compounded

In the case of Prakash Gupta v. SEBI, the Supreme Court held that under Section 24A of the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’), prior consent of SEBI is not a pre-requisite for compounding an offence…

SC holds that a Letter of Intent is not Binding Contract Unless Such Intention is Evident From its Terms

The Supreme Court in South Eastern Coalfields Ltd. v. S. Kumar's Associates AKM (JV), held that a Letter of Intent (‘LoI’) merely indicates parties’ intention to enter into a contract in future. Therefore, no binding relationship emerges at the stage of LoI…

SC holds that Court is not Empowered to Modify an Award under Section 34 of the Arbitration Act

The Supreme Court in The Project Director, NHAI v. M. Hakeem held that Section 34 of the Arbitration and Conciliation Act, 1996 (‘Arbitration Act’) does not empower the Court to modify an arbitral award…

SC holds that Foreign Award is Enforceable against Non-Signatories to Arbitration Agreement

The Supreme Court in Gemini Bay Transcription Pvt. Ltd. v. Integrated Sales Service Ltd. held that a foreign award can be binding on non-signatories to the arbitration agreement and thus can be enforced against them…

SC holds that Arbitration Award Not Based on Evidence would be Patently Illegal

The Supreme Court in PSA SICAL Terminals Pvt. Ltd. v. Board of Trustees V.O. Chidambranar Port Trust Tuticorin held that a Court is not expected to re-appreciate evidence or take on the role of an appellate Court under Section 34 of the Arbitration Act…

SC rules regarding Equity-Based Jurisdiction of NCLT & NCLAT for IBC Matters

In Pratap Technocrats (P) Ltd. v. Monitoring Committee of Reliance Infratel Limited, the Supreme Court held that the NCLT or the National Company Law Appellate Tribunal (‘NCLAT’) cannot interfere with the commercial wisdom…

SC holds that Issuance of Judgement/Decree for Money Gives Rise to Fresh Cause of Action under IBC

In Dena Bank v. C. Shivakumar Reddy, the Supreme Court inter alia held that issuance of a judgment/decree for money or a certificate of recovery in favour of the financial creditor gives rise to a fresh cause of action for such financial creditor to initiate proceedings under Section…

SC holds that a Successful Resolution Applicant Cannot Modify or Withdraw Resolution Plan Approved by CoC

The Supreme Court in Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited held that once a resolution plan submitted by a resolution applicant is duly approved by the CoC…