Between The Lines - January 2023

KEY HIGHLIGHTS

• Supreme Court: Arbitration clauses in unstamped agreements enforceable, seven-judge bench overrules 'NN Global' decision.
• Supreme Court: Non-signatories to an arbitration agreement can be made parties to an arbitration proceeding under the group of companies doctrine.
• Supreme Court: An instrument which is compulsorily convertible into shares such as a compulsorily convertible debenture, is to be treated as an equity instrument and not regarded as a financial debt under IBC.
• Delhi High Court: Petition under Section 34 of the Arbitration Act dismissed twice for non-prosecution, court denies benefit under Section 14 of the Limitation Act citing lack of diligent prosecution.