Corporate restructuring is a broad term that encompasses various strategies used for rescuing failing businesses or unlocking growth potential, and value in others. Corporate restructuring led by CIRP-IBC-NCLT has marked a watershed moment in the field of this subject in India and put India on the world stage, yet several issues need to be ironed out before it is too late.
The judgment of the Hon’ble Supreme Court in the case of Amazon vs Future Retail Limited and Others provides support to emergency arbitration provisions contained in the institutional rules of various arbitration institutions in India and around the world. Parties can be expected to resort to institutional arbitration to avail benefits of emergency arbitration without worrying much about the enforcement.
The said judgment encourages contracting parties to choose the seat of arbitration as India.
The said judgment leaves much to be desired for those who want to choose a seat of arbitration other that India, and the legal fraternity shall await clarity regarding enforcement (in India) of foreign seated emergency awards.