Every financial institutions want someone to stand guarantee to the loan they are about to provide. One of such common ways is that a subsidiary company stands as a guarantor for the parent company against the loan obtained by the latter. The question now arises is whether a Foreign Creditor can initiate Corporate Insolvency Resolution …
Author Archives: Pushkar Taimni
Strict adherence to limitation in filing an application for setting aside of an arbitral award in India
The Arbitration and Conciliation Act, 1996 (“Act”) under Section 34(3) provides for a specific statutory limitation of filing an application for setting aside of an arbitral award. Section 34(3) provides that an application for setting aside an arbitral award may not be made after the lapse of three months (90 days) from the date of …
Limitation for challenging arbitral award begins from the time the signed copy of the award is delivered/received to/by the party
The Supreme Court in the matter of Anilkumar Jinabhai Patel (D) Thr. Lrs. vs. Pravinchandra Jinabhai Patel and Ors by upholding the decision of the High Court of Judicature at Bombay Bench at Aurangabad has reaffirmed that the limitation to file an application for setting aside of an arbitral award begins from the date on which …
Can an interim arbitral award deciding an issue of limitation be set aside by the Court?
The bench of Justice R. F. Nariman and Justice Navin Sinha, vide their judgement dated 23.01.2018 in the matter of M/s Indian Farmers Fertilizer Co-operative Limited v M/s Bhadra Products, thrown light on two questions, (a) whether an award delivered by an Arbitrator, which decides the issue of limitation, can be said to be an …
Neelkanth Township & Construction Pvt. Ltd versus Urban Infrastructure Trustees Ltd..: NCLAT answers simple yet important questions
The judgment was pursuant to an appeal filed by the Corporate Debtor (Neelkanth Township & Construction Pvt. Ltd.) against the order of the National Company Law Tribunal, Mumbai Bench (“NCLT”) directing the commencement of insolvency proceedings against the Financial Creditor. The NCLAT has cleared the answer to several grounds, predominantly dealt with the following: Is …
Law Chambers of Pushkar Taimni 