The Union Cabinet has recently approved revisions to India’s foreign direct investment (“FDI”) framework governing investments from countries that share a land border with India. The decision introduces targeted relaxations and procedural clarifications to the regulatory framework originally introduced under Press Note 3 of 2020 (“Press Note 3”), which required prior government approval for such […]
The recent judgment of the Bombay High Court in Arbitration Petition No. 785 of 2016 once again reinforces a foundational principle of the Indian arbitration law that courts exercising jurisdiction under Section 34 cannot sit in appeal over an arbitral award. The arbitration petition [1] before the Court was filed under Section 34 of […]
The Bombay High Court, in a recent ruling [1], has reaffirmed India’s pro-arbitration stance by emphasising the limited scope of judicial interference with arbitral awards under Section 34 of the Arbitration and Conciliation Act, 1996 (“Act”), and by underscoring the Arbitral Tribunal’s primacy in matters relating to appreciation and admissibility of evidence. The […]
In a recent order [1], the Hon’ble National Company Law Tribunal, Mumbai Bench (“NCLT”), once again reiterated the settled legal position that the NCLT cannot be invoked as a forum for recovery of money arising out of commercial transactions unconnected with insolvency proceedings. An application under section 60(5) of the Insolvency and Bankruptcy Code, […]
In a recent order [1], the Maharashtra Real Estate Regulatory Authority, Mumbai (“MahaRERA/ Tribunal”) has reaffirmed that promoters cannot evade the Tribunal’s jurisdiction by labelling transactions as having occurred prior to enactment of Real Estate (Regulation and Development) Act, 2016 (“RERA”), unregistered, or mere “investment” arrangements, where the effects of such transactions continue into the […]
The National Company Law Appellate Tribunal (“NCLAT“) has clarified that restoration of a company petition for Corporate Insolvency Resolution Process cannot be denied on a mere technicality. Where a case is withdrawn based on consent terms or a settlement agreement that expressly provides for revival in case of default, the creditor’s right to restoration of […]
India’s arbitration jurisprudence continues to evolve, striking a balance between contractual consent and commercial reality. Two recent decisions illustrate how Indian courts interpret arbitration clauses and extend their scope beyond signatories when justified by commercial conduct. This article examines two key questions: What constitutes a valid arbitration agreement? Can a non-signatory be bound by an […]
The Securities and Exchange Board of India (SEBI), in its board meeting on December 18, 2024, strengthened the regulatory framework for Small and Medium Enterprises (SME) Initial Public Offerings (IPOs). This step has been taken to safeguard investors’ interests, addressing concerns over companies misusing IPO proceeds by diverting funds to shell entities and manipulating financials […]
In a noteworthy ruling, the Bombay High Court addressed an important issue concerning tax liabilities arising after a Corporate Insolvency Resolution Process (CIRP) in Uttam Value Steel Ltd. & Anr. Vs ACIT & Ors[1]. This case illuminates the tension between an approved Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (IBC) and the actions […]
The Amendment Through a circular dated January 23, 2024, the Finance Ministry of India has amended Section 43B of the Income Tax Act, 1961 (“IT Act”). Section 43B of IT Act lists certain deductions which can be claimed only upon payment. The amendment has inserted a new sub-clause (h) which states that payments owed […]