ZBA

The recent judgment by the Delhi High Court regarding the Go Air insolvency marks a significant milestone in Indian aviation and insolvency law. The Delhi High Court deliberated on whether the Directorate General of Civil Aviation (DGCA) could deregister aircraft amidst Go Air's pending insolvency proceedings. #DelhiHighCourt #DGCA #GoAir #insolvency #aviationlaw #legalprecedent #CapeTownConvention #CapeTownProtocol #internationalobligations #indianlaw #indianlawfirm

The Bombay High Court ruled that the vessels owned by a time charterer can be arrested to satisfy maritime claims under the Admiralty Act. The judgment aligns with international conventions, extending liability to time charterers, but the ruling may face challenges due to legislative ambiguities. #BombayHighCourt #AdmiraltyLaw #MaritimeClaims #TimeCharterers #LegalJudgment #MaritimeLaw #InternationalConventions #VesselArrest #ShippingLaw #LegalNews #MaritimeLiability #CourtRuling #LegislativeAmbiguities #IndiaLaw #Shipowners #MaritimeIndustry

Unstamped (or insufficiently stamped) documents have been litigated by parties under multiple acts. The Supreme Court tried to address the issue in N N Global. But the challenge still remains and mostly in insolvency proceedings where time is an essence, the unsettled law on the admissibility of unstamped agreements clogs tribunals. It is time for the legislature to intervene and find a solution. #indianlawyers #indianlaw #stampduty #agreements #disputes #litigation

The enduring issue at hand revolves around the authority of courts to alter an award in proceedings under Section 34 of the Arbitration and Conciliation Act, 1996, which deals with applications for setting aside arbitral awards. On February 20, 2024, a three-judge bench of the Supreme Court referred the question of whether the Court's powers under Section 34 of the Arbitration Act extend to modifying an arbitral award to a larger bench. Our team analyses the issue of courts modifying arbitral awards. #arbitrationact #indianlaw #disputeresolution #indiancourts

The constitution bench of the Supreme Court of India approved the 'Group of Companies' doctrine in the Indian arbitral law. But the judgment authored by Justice Chandrachud in Cox and Kings, poses difficulties. It appears that the Court has attempted to ‘shoe horn’ the 'doctrine' in the Arbitration Act and find the legislative intent where none exist. Our analysis of the judgment. #supremecourt #indianlaw #indianconstitution #arbitration

The classification of wilful defaulters under the RBI Wilful Defaulters Circular has been under some controversy and subject to scrutiny by the courts. A bunch of writ petitions challenging the RBI circular is pending before the Bombay High Court. RBI has now come up with a draft RBI (Treatment of Wilful Defaulters and Large Defaulters) Directions, 2023 with an aim to overhaul the entire process. A brief analysis of this new draft.

In a recent ruling, the National Company Law Appellate Tribunal ("NCLAT") has delved into significant legal inquiries surrounding the admission of a Corporate Insolvency Resolution Process ("CIRP") under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC"). The NCLAT emphatically clarified that the initiation of a Corporate Insolvency Resolution Process (CIRP) under Section 9 of the IBC cannot solely rely on barter agreements or transactions. It underscored the incongruity of such proceedings with the IBC's framework and deemed the NCLT's admission order as unsustainable. This landmark decision establishes a clear precedent, outlining the limitations of initiating CIRP under Section 9 of the IBC in the context of barter agreements.

Restructuring of debts is often done by banks and financial institutions to resolve a stressed asset. The security position post the restructuring is also a complex situation that parties negotiate during restructuring. Whether post restructuring of a stressed debt, the security interest is modified and needs to be registered with the registrar of companies under section 79(b) of the companies act? And if not done, then can a liquidator treat such restructured debt as “unsecured”? The NCLT, Mumbai answered this question in negative in a very well-reasoned judgement. ZBA team advised and represented SBI in settling this interesting question of law in favour of the lenders.

Our Managing Partner, Zarir Bharucha was a speaker on the panel on Asset Recovery and Asset Tracing at the India Disputes Mumbai Conference organised by ThoughtLeaders4 Disputes on the 1st and 2nd of December 2023 at the Sofitel Mumbai BKC. #thoughtleadership #indianlawyers #indiadisputes #indianlaw

Our Managing Partner Zarir Bharucha will be a speaker on the Asset Recovery and Asset Tracing panel along side Sanjay Nambiar, Edward Palmer, Naief Yahia, Prashan Patel, Thomas Rodwell and DK Singh at the India Disputes Mumbai Conference organised ThoughtLeaders4 Disputes on the 1st and 2nd of December 2023 at the Sofitel Mumbai BKC. Register using the link below: https://lnkd.in/eH4yfSj6