Emergence of Commercial Justice-Insolvency and Arbitration
- Year of Publication: 2021
- ISBN: 9789390513116
If the 1991 reforms globalized the Indian economy and brought vibrancy to the corporate sector, the year 20152016 can be said to have ushered the concept of ‘commercial justice’ that never existed in India. Prior to this, the legal system was classified between civil and criminal justice only without any concept of commercial justice which has emerged through two significant legislations- The Insolvency & Bankruptcy Code, 2016 and The Arbitration & Conciliation (Amendment) Act, 2015. These legislations are pathbreaking and have far reaching implications for the Indian economy and the business world.
The Supreme Court in a short span of five years has interpreted these legislations in certain important judgements, giving certainty in the scope and application of these laws. These significant judgements of the Apex Court have been analyzed in this book. In the regime prior to the Insolvency & Bankruptcy Code, 2016, the debtors laughed and the creditors cried, in other words, it was a debtors’ paradise and creditors’ hell. The 2016 legislation brings a paradigm shift in favour of creditors and the Apex Court has reinforced the letter and spirit of the law by its judgements as also the democracy in insolvency resolution through the Committee of Creditors (CoC). The nuances of the law have been analyzed in the book through case-law.
The Apex Court has interpreted the Arbitration & Conciliation (Amendment) Act, 2015 to bring the arbitration law in sync with the global arbitration landscape. The principles of fairness in arbitration as also the minimal interference with arbitral awards have been emphasized by the Supreme Court. Vexed questions that took decades to be decided have been settled in record time so as to give clarity to the business world. The book simplifies and demystifies legal complexities through Supreme Court judgements, for the benefit of readers including Law students, young Corporate Lawyers, In-house Corporate Counsel, Company Secretaries and Chartered Accountants.
Vivek Sood is amongst the leading Senior Counsels in India. He is well known for getting engaged in complex legal briefs in diverse branches of law including constitutional, commercial and criminal laws. Apart from a successful law practice spanning about three decades in Delhi, he is a prolific writer who has authored four books. He has written extensively on cybercrime, electronic evidence, immunity to Internet intermediaries, electronic contracts, taxation of Internet entities, intellectual property rights in the virtual world, arbitration and insolvency law among other topics. Sood’s books are pioneering works on the subjects he chooses to write on. He coined the expression “the Fundamental Right to Internet,” the title of one of his books, in 2011. The expression was used, for the first time, by the Supreme Court in the Kashmir Internet shutdown case in 2019. “Emergence of Commercial Justice”, the title of another book, is an expression he coined in the context of the two significant legislations brought into force in 2016, namely, in the arbitration landscape and insolvency law.
Bloomsbury Professional India brings out quality content on tax, accounting and law for professionals in India. Bloomsbury Professional is part of Bloomsbury, a UK based company with offices in London, Oxford, New York, Sydney and New Delhi. The New Delhi based office of the publisher, have over the past few years of operations in India, brought out several market leading books and aims to be the first choice of professionals.
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- Year of Publication: 2021
- ISBN: 9789390513116
If the 1991 reforms globalized the Indian economy and brought vibrancy to the corporate sector, the year 20152016 can be said to have ushered the concept of ‘commercial justice’ that never existed in India. Prior to this, the legal system was classified between civil and criminal justice only without any concept of commercial justice which has emerged through two significant legislations- The Insolvency & Bankruptcy Code, 2016 and The Arbitration & Conciliation (Amendment) Act, 2015. These legislations are pathbreaking and have far reaching implications for the Indian economy and the business world.
The Supreme Court in a short span of five years has interpreted these legislations in certain important judgements, giving certainty in the scope and application of these laws. These significant judgements of the Apex Court have been analyzed in this book. In the regime prior to the Insolvency & Bankruptcy Code, 2016, the debtors laughed and the creditors cried, in other words, it was a debtors’ paradise and creditors’ hell. The 2016 legislation brings a paradigm shift in favour of creditors and the Apex Court has reinforced the letter and spirit of the law by its judgements as also the democracy in insolvency resolution through the Committee of Creditors (CoC). The nuances of the law have been analyzed in the book through case-law.
The Apex Court has interpreted the Arbitration & Conciliation (Amendment) Act, 2015 to bring the arbitration law in sync with the global arbitration landscape. The principles of fairness in arbitration as also the minimal interference with arbitral awards have been emphasized by the Supreme Court. Vexed questions that took decades to be decided have been settled in record time so as to give clarity to the business world. The book simplifies and demystifies legal complexities through Supreme Court judgements, for the benefit of readers including Law students, young Corporate Lawyers, In-house Corporate Counsel, Company Secretaries and Chartered Accountants.
Vivek Sood is amongst the leading Senior Counsels in India. He is well known for getting engaged in complex legal briefs in diverse branches of law including constitutional, commercial and criminal laws. Apart from a successful law practice spanning about three decades in Delhi, he is a prolific writer who has authored four books. He has written extensively on cybercrime, electronic evidence, immunity to Internet intermediaries, electronic contracts, taxation of Internet entities, intellectual property rights in the virtual world, arbitration and insolvency law among other topics. Sood’s books are pioneering works on the subjects he chooses to write on. He coined the expression “the Fundamental Right to Internet,” the title of one of his books, in 2011. The expression was used, for the first time, by the Supreme Court in the Kashmir Internet shutdown case in 2019. “Emergence of Commercial Justice”, the title of another book, is an expression he coined in the context of the two significant legislations brought into force in 2016, namely, in the arbitration landscape and insolvency law.
Bloomsbury Professional India brings out quality content on tax, accounting and law for professionals in India. Bloomsbury Professional is part of Bloomsbury, a UK based company with offices in London, Oxford, New York, Sydney and New Delhi. The New Delhi based office of the publisher, have over the past few years of operations in India, brought out several market leading books and aims to be the first choice of professionals.
