Artificial Intelligence (AI) is significantly transforming India’s judicial system. AI’s integration into the judiciary is addressing the critical issue of case backlogs and inefficiencies by streamlining routine tasks such as case management, scheduling, and legal research.
As per the black law dictionary, the arbitrator is a “private, disinterested person, chosen by the parties to a disputed question, for the purpose of hearing their contention, and giving judgment between them; to whose decision(award) the litigants submit themselves either voluntarily, or, in some cases, compulsorily, by order of a court”.
Alternative dispute resolution (ADR) refers to the different ways people can resolve disputes without a trial. Common ADR processes include mediation, arbitration, and neutral evaluation.
When disputes arise between parties in a business or legal context, there are various ways to resolve them. One effective method is arbitration, where an impartial and independent body, known as an arbitral tribunal, is appointed to settle the dispute outside of traditional court proceedings.
Insolvency and Bankruptcy Code, 2016 brings in the concept of Interim Moratorium, which offers protection to individuals during the insolvency process.
Interpreting the Insolvency and Bankruptcy Code 2016 and sheds light on its significance in shaping the insolvency and bankruptcy landscape in India.
Mittal v Westbridge Ventures, the Singapore Court of Appeal reviewed several fundamental arbitration law issues, including the proper law of arbitration agreements and determining whether law determines whether a particular case is arbitrable.
Specifically in insolvency proceedings, mediation as a tool can be employed to resolve issues and clear the bottleneck in the resolution process which had led to delays.
The allottees long waiting for justice will now be able to secure the relief with the speedy process of hearing by single member benches.
The National Company Law Tribunal has paved the way for operational creditors to revive their debt and proceed as decree holder.
The timelines prescribed under the Limitation Act or different laws like Insolvency and Bankruptcy Code, 2016, the Arbitration Act, 1996 or any other action will stand extended.
Initiation of the Corporate Insolvency Resolution Process can be done in the name of the Individual who is the owner of a Sole Proprietorship.
A judgement has been held by Hon’ble Supreme Court that the powers of the NCLT under the IBC do not extend to adjudicating disputes relating to quasi- judicial or statutory authorities.
What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.
If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.
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