Emergence of Commercial Justice: Insolvency & Arbitration

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If the 1991 reforms globalized the Indian economy and brought vibrancy to the corporate sector, the year 2015-2016 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 path-breaking 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.

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About Author

Vivek Sood is amongst the leading Senior Counsels in India with three decades of experience in diverse areas such as Criminal laws, Commercial Disputes, Arbitration, Insolvency, Information Technology, Media laws and Constitutional law. Vivek Sood is known for arguing the most complex briefs in the High Courts, Tribunals, and the Supreme Court.

Amongst the innumerable briefs that he has argued, many have received wide media coverage and are cited as precedents. His excellence is manifested through the quality of his arguments in the Courts.

Apart from being a busy Senior Counsel, he has authored four books and is amongst the leaders of the Indian Bar who is frequently called upon to speak on legal issues of significance. Sood coined the concept of the ‘Fundamental Right to Internet’ in his book released in 2011 and the Supreme Court recognized the expression in 2019 while deciding the J&K Internet shutdown case.

Vivek Sood is a multifaceted personality. Apart from a successful law practice, he strongly believes in espousing causes that have a strong social impact, such as, appearing in important Public Interest Litigations as well as assisting the Court as Amicus Curiae in various matters and promoting DNA evidence in the criminal justice system partnering with Ogilvy (India) and Honeywell (USA).

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