Litigation and Arbitration Archives

IBC (Amendment) Bill, 2025: Creditor-Initiated Insolvency Resolution Process

Insights | November 28, 2025 | Practice Area: Banking and Finance, Litigation and Arbitration, Restructuring and Insolvency

One of the innovations proposed in the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 (the “Bill”) is a new resolution framework that is intended to serve as an alternative to the conventional corporate insolvency resolution process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016. Termed as the creditor-initiated insolvency resolution process (“CIIRP”), this process is designed as a largely out-of-court mechanism, but with the National Company Law Tribunal playing a supervisory role at key stages, including in case of a dispute, for grant of a moratorium and approval of a resolution plan. Another distinguishing feature of the CIIRP is that the corporate debtor continues to remain in control of the business (subject to certain checks and balances), in contrast to the CIRP where control is ceded to the resolution professional. This note analyzes the CIIRP framework as proposed in the Bill. For our analysis of other provisions of the Bill, please refer to our note here.

India’s Company Law Tribunals at a Crossroads: Jurisdictional Overlaps, Forum Shopping and the Way Forward

Insights | October 1, 2025 | Practice Area: Litigation and Arbitration, Regulatory, Restructuring and Insolvency

The establishment of the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”) represented a pivotal moment in India’s corporate litigation landscape. These statutory tribunals were conceived as part of a broader project to modernise the adjudication of corporate disputes in India by relevant domain experts. However, nearly a decade after their operationalisation, the functioning of the NCLT and NCLAT has exposed a growing tension. The statutory architecture of the NCLT and NCLAT rests on exclusive jurisdiction-conferring clauses such as Section 430 of the Companies Act, 2013 (the “Companies Act”), and Section 60 of the Insolvency and Bankruptcy Code, 2016 (the “IBC”). These provisions expressly bar the jurisdiction of civil courts in matters where these tribunals are empowered to adjudicate. Appellate mechanisms under both the above statutes envisage a streamlined appeal mechanism from the NCLT to the NCLAT, and ultimately to the Supreme Court of India.
While in theory, this framework appears robust, in practice, however, these tribunals have become increasingly enmeshed in jurisdictional conflicts with civil courts, arbitral tribunals, sectoral regulators, and specialised adjudicatory bodies. As a result, the corporate litigation regime in India is characterised by procedural inconsistency, overlapping authority, leading to the tactical use of forum shopping by litigants.
In this note, we investigate these conflicts through a focused examination of four key domains that fall within the remit of the NCLT and the NCLAT: (i) corporate insolvency; (ii) corporate restructuring; (iii) shareholder governance and remedies; and (iv) auditor fraud and misconduct. The ambiguities in these areas have enabled litigants to exploit institutional gaps, undermining efficiency, delaying resolution and producing conflicting outcomes. To address these concerns, we propose certain legislative and procedural reforms aimed at restoring the exclusivity and institutional integrity that the framework was originally designed to achieve.

The Insolvency and Bankruptcy Code (Amendment) Bill, 2025

Insights | September 15, 2025 | Practice Area: Banking and Finance, Litigation and Arbitration, Restructuring and Insolvency

The Insolvency and Bankruptcy Code (Amendment) Bill, 2025 (“Bill”) proposes the single biggest overhaul to the existing insolvency framework in India since the Insolvency and Bankruptcy Code, 2016 (“Code”) came into effect in December 2016. The Bill attempts to address various challenges that have arisen with the Code’s implementation and to clarify ambiguities and unintended consequences that have resulted from certain judicial decisions. These changes include amendments to streamline the corporate insolvency resolution process, changes to provide for supervision of the liquidation process by the committee of creditors, clarifications on treatment of security interests in liquidation and changes to the framework for preferential, undervalued, fraudulent, and extortionate credit transactions. In addition, the Bill introduces new concepts such as the creditor-initiated insolvency resolution process, which provides an alternative process to the corporate insolvency resolution process under the Code and enabling provisions for the Government to frame rules on group insolvency and cross border insolvency. These proposed amendments collectively aim to restore the Code’s core principles of clarity, speed, and commercial certainty, while adapting to the evolving requirements of creditors, insolvency professionals, and the broader financial ecosystem. The Bill, which was introduced in the Lok Sabha on August 12, 2025, has now been referred to a select committee of the Parliament for its consideration.
This note decodes the key amendments proposed by the Bill.

Dispute Resolution Clauses in Commercial Contracts: Lessons from the Supreme Court’s Ruling in South Delhi Municipal Corporation v. SMS Limited

Insights | August 27, 2025 | Practice Area: Litigation and Arbitration

Dispute resolution clauses in commercial contracts shape how parties address conflicts and the forums available for their resolution. In South Delhi Municipal Corporation v. SMS Limited, the Supreme Court has clarified that clauses which merely provide for internal review or administrative decision-making cannot be treated as arbitration agreements under Section 7 of the Arbitration and Conciliation Act, 1996. The Supreme Court stressed that an arbitration clause must clearly reflect the parties’ intent to arbitrate and align with best practices of modern arbitration. In this note, we examine the Supreme Court’s reasoning, compare the disputed clauses with model clauses of leading arbitral institutions, and highlight the lessons for drafting dispute resolution provisions in commercial contracts.

RERA: Issue 2 of 2025

Periodic Roundups | July 30, 2025 | Practice Area: Banking and Finance, Litigation and Arbitration, Real Estate

We are pleased to present the second issue of S&R’s Quarterly RERA Roundup for the period January to March 2025. This publication provides a curated overview of significant legal developments under the Real Estate (Regulation and Development) Act, 2016 (“RERA”), as reflected in recent judgments and passed by various Real Estate Regulatory Authorities and appellate forums/courts across India.
As the regulatory landscape continues to evolve, these decisions offer valuable insight into the interpretative trends shaping the enforcement of RERA. This edition aims to serve as a practical guide for stakeholders seeking to understand the Act’s application in an increasingly dynamic real estate sector.

Employment Bonds that Bind

Insights | July 10, 2025 | Practice Area: Employment, General Corporate, Litigation and Arbitration

The Supreme Court of India in its recent judgement inVijaya Bank and Ors. v. Prashant B. Narnawareconsidered the legal standing of employment bonds in India. This note analyzes the Court’s affirmation of a differential approach in respect of restrictions effective during employment and those post-termination. It further highlights the Court’s stance on unequal bargaining power and its view on public policy considerations in India’s employment law paradigm.

Supreme Court Reaffirms Enforceability of Forum Selection in Employment Contracts

Insights | July 3, 2025 | Practice Area: Employment, Litigation and Arbitration

The Supreme Court of India recentlyreaffirmed the enforceability of exclusive jurisdiction clauses in employment contracts. InRakesh Kumar Verma v. HDFC Bank Ltd.the Court held that where multiple courts may have territorial jurisdiction under Section 20 of the Code of Civil Procedure, 1908, parties are free to contractually select one such court as the exclusive forum for dispute resolution, provided that the chosen court has a legitimate nexus to the dispute.
This decision is particularly relevant for corporations with large numbers of employees working across jurisdictions or employers with remote or hybrid workforces, as it provides clarity on how to mitigate forum shopping risks and ensure consistency in dispute resolution. The Court’s ruling also offers practical guidance on how employers can structure jurisdiction clauses to withstand legal scrutiny.

The Cape Town Convention: Its Application and Benefits in India

Insights | July 2, 2025 | Practice Area: Banking and Finance, International Trade, Litigation and Arbitration, Projects; Infrastructure and Energy, Restructuring and Insolvency

S&R Associates and Stewarts are pleased to present their co-authored note on the Cape Town Convention.
India’s new Cape Town Convention act enforces global rules for aircraft financing, boosting investor confidence and lowering leasing costs. It streamlines repossession in insolvencies and aligns India’s aviation laws with international standards, encouraging growth and efficiency. The reform is set to attract foreign lessors and benefit passengers with better service and pricing.
This note discusses the implications and expected benefits of the Protection of Interests in Aircraft Objects Act 2025, which gives legal effect from May 1, 2025 to the Convention on International Interests in Mobile Equipment (known as the “Cape Town Convention” and referred to here as the “CTC” or the “Convention”) and the Protocol to the Convention on Matters Specific to Aircraft Equipment (the “Protocol”), which were adopted on December 16, 2001 in Cape Town, South Africa.
The Convention entered into force on April 1, 2004 and is applied to different sectors through individual protocols, one of which is the Protocol, which entered into force on March 1, 2006.

Environmental Law: Issue 1 of 2025

Periodic Roundups | May 7, 2025 | Practice Area: Clean Energy, Corporate Governance and ESG, Litigation and Arbitration, Regulatory

Issue 1 of 2025 of our Quarterly Newsletter on Environmental Law covers key judicial and regulatory developments between the months of January and March 2025. In respect of judicial updates, Issue 1 includes judgements and orders of the Supreme Court, High Courts and the National Green Tribunal related to inter-alia color-coded registration plates for diesel and petrol vehicles; investigation into illegal earth mining and unauthorized brick kilns in elephant corridors; coastal regulation zone clearances; wetlands of international importance; and tree-felling restrictions and industrial expansion in the Taj Trapezium Zone.
In addition, Issue 1 also tracks regulatory updates related to inter-alia plastic and battery waste management; end-of-life vehicles; revised classifications in respect of industrial sectors; consent guidelines; standard operating procedure for petrol depots; effluent and emission standards for the caustic soda industry; amendments to environment impact assessment norms in respect of linear projects; and mandatory registration requirements for lead acid battery dealers, refurbishers and recyclers.

Protective Preliminary Orders under the SIAC Rules 2025: Key Strategic Considerations for India-related Disputes

Insights | April 1, 2025 | Practice Area: Litigation and Arbitration

The Singapore International Arbitration Centre (“SIAC”) has introduced a critical update to its emergency arbitration mechanism this year. Under the SIAC Rules 2025, parties can now apply to an emergency arbitrator for a provisional ex parte order to prevent a counterparty from frustrating the emergency relief requested. With Indian parties topping the charts in the usage of SIAC emergency arbitration, our note explores the key strategic implications of this development for India-related disputes.