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Following this, RBI announced the revised framework on July 24, 2024[2], to be effective from November 1, 2024 (“Revised Framework”), aimed at enhancing the DMT system established in 2011. Under the Revised Framework, RBI noted that since the DMT Framework, there has been a notable increase in the number of banking outlets, advancements in payment systems for fund transfers, and ease in fulfilling of Know Your Customer (KYC) requirements.
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The ruling in CORE 1 does not align with the objective of ensuring independence. Furthermore, in law, there is a fundamental difference between “actual” bias and “justifiable apprehensions” of bias.
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This article charts the judicial trend in respect of modification or variance of arbitral awards by courts under the Indian arbitration regime and comments on the need for legislative amendments to avoid divergent views taken by courts.
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Bench comprising Justice Sanjiv Khanna and Justice R. Mahadevan heard a batch of pleas wherein the question before the Court was whether an application for extension of time under Section 29A of the Arbitration and Conciliation Act, 19961 can be filed after the expiry of the period for making of the arbitral award
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The Court emphasised that the Arbitral Tribunal is required to render a decision having regard to the terms of the agreement. It was held that in the present case, the award of damages on account of loss of profits was contrary to the terms of the agreement and thus the Award was held to be vitiated by patent illegality
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RBI issues a new framework for fraud risk management incorporating the Supreme Court ruling and striking a balance between early fraud detection and principles of natural justice
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In this conversation with BW Legal World, Raj R. Panchmatia talks about judiciary's role in promoting Arbitration as a mode of dispute resolution, challenges in enforcement of arbitral awards and much more
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Arbitrator can add companies as parties basis GoC doctrine even during arbitration, the High Court held
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Authored by: Gunita Pahwa, Joint Managing Partner & Shikhar Agarwal, Principal Associate, S&A Law Offices
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After ten years of persistence in making India a global hub for Arbitration in commercial disputes, the incumbent Government has suddenly changed its policy. It now wants public enterprises and departments to adopt Mediation for dispute resolution involving large contracts. Is it a wrong move? Records show that 99 per cent of Mediation cases land up in courts
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