The Fundamental Right

Commercial Suit under Commercial Courts Act, 2015 and transfer of pending commercial disputes

What is a Commercial Suit? A suit for the redressal of the commercial dispute of specified value/high value is a commercial suit. What is a commercial dispute? Commercial dispute is defined in Section 2 (1)(c) of the commercial courts act, 2015. A dispute relating to immovable property per se may not be a commercial dispute. But it becomes a commercial dispute, if it falls under Sub-clause (vii) of Section 2(1)(c) of the Act viz. "the agreements relating to immovable property used exclusively in trade or commerce". The words "used exclusively in trade or commerce" are to be interpreted purposefully. The word "used" denotes "actually used" and it cannot be either "ready for use" or "likely to be used" or "to be used". It should be "actually used". Ambalal Sarabhai Enterprises Limited—vs—KS Infraspace LLP and Another, [2020 15 scc 585] Where is it filed? It is filed in the Commercial Court. For a sui...

Arbitration Agreement pursuant to Amicable Family Settlement. Family settlement, Mitakshara School of Hindu Law.

ARBITRATION AGREEMENT Arbitration Agreement pursuant to amicable family settlement. Family settlement, Mitakshara School of Hindu Law. Arbitration Agreements are agreements or clause in a broader contract in which the parties agrees to settle the disputes, if arises, out of court, through arbitration, any dispute as defined that arises with your counterpart. Arbitration agreements are common in commercial contracts, consumer contracts and employment contracts, however, they can be proposed additions to any contract negotiation in which one, both or all parties agrees to settle it out of court. The awards and/or orders passed are binding in law and can be strictly enforced. Arbitration Agreement is rarely found for family settlements. But there are some wise men, who in order to save duties and taxes or otherwise, choose to settle the assets of the family, orally among themselves, and later on after acting upon such amicable settlement among themselves they decide to reduce such ...

What is a Bank Guarantee? Nature of of a Bank Guarantee. How to stop the invocation of Bank Guarantee?

WHAT IS A BANK GUARANTEE ? A Bank Guarantee is “the common mode, of securing payment of money in commercial dealings as the beneficiary, under the Guarantee, is entitled to realise the whole of the amount under that Guarantee in terms thereof irrespective of any pending dispute between the person on whose behalf the Guarantee was given and the beneficiary. In contracts awarded to private individuals by the Government, which involve huge expenditure, as, for example, construction contracts, Bank Guarantees are usually required to be furnished in favour of the Government to secure payments made to the contractor as "Advance" from time to time during the course of the contract as also to secure 'performance' of the work entrusted under the contract. Such Guarantees are executable in terms thereof on the lapse of the contractor either in the performance of the work or in paying back to the "Government Advance", the Guarantee is invoked and the amount is recov...

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