Overhaul of Indian Contract Enforcement Regime

Tuesday, October 23, 2018

SESSION: 05:30 PM - 06:30 PM (IST)

INTRODUCTION

On October 1, 2018 the provisions of the Specific Relief (Amendment) Act, 2018 came into force. The Amending Act completely overhauls contract enforcement in India. We have now moved from a regime which preferred damages as a consequence of a breach of contract to a regime which allows the party to choose its remedy i.e. specific performance of the contract or damages. In fact, every industry or every person entering into any form of contract is affected by this seminal change in law. Businesses would now have to evaluate risk differently. Contract negotiations and deal documentation would also see a change.

We at NDA along with Ms. Nilima Bhadbhade would be discussing this landmark change, how it affects different types of contracts and industries and the lacunas in the amended law.

Focus Area

  • Amendments made to the Specific Relief Act, 1963?
  • The remedy of substituted performance
  • Future of contract negotiations, documentation and risk evaluation
  • Challenges which arise due to the change in law

Flow of the session

05:30 PM – 06:15 PM (IST) :

PANEL DISCUSSION

06:15 PM – 06:30 PM (IST) :

Q & A

Speakers

NILIMA BHADBHADE

Author, Trainer & Consultant

Nilima Bhadbhade has been teaching laws of contract, insurance, evidence and property in the ILS Law College, Pune, India, and lectures to participants from various commercial and government organisations on these subjects. She was a member of the Expert Committee appointed by the Government of India for amending the Specific Relief Act, following which the Act was amended in 2018. She has revised three editions of the Pollock and Mulla's Contract and Specific Relief Acts, and the second edition of the volume 'Contracts' of the Halsbury's Laws of India, both published by LexisNexis. She has contributed the monograph on Indian contract law to the International Encyclopaedia of Laws, the Hague, published by Kluwer International. Her book 'Specific Performance of Contracts. The Tests of Inadequacy and Effective Enforcement' published by LexisNexis in 2014 advocates that reliefs of specific performance and injunction should be available by choice. She is now a writer, trainer and consultant.

Vyapak Desai

Leader, International Litigation & Dispute Resolution

Nishith Desai Associates

Vyapak Desai leads the International Litigation & Dispute Resolution Practice at Nishith Desai Associates. Vyapak is also a Senior Attorney in the Corporate and Securities Practice group at the firm. Vyapak is a Co-chair- Council of MCIA, Director of CIArb India Branch. He is listed on SIAC Panel of Arbitrators, LCIA Database of Arbitrators and BVI IAC Panel of Arbitrators.

SIMONE REIS

Leader, Private Equity & Mergers & Acquisitions

Nishith Desai Associates

Simone is the Co-Head of Mergers & Acquisitions practice and Corporate Governance practice at the firm. Simone’s practice focuses on mergers and acquisitions, private equity and venture capital investments, domestic and international, and has advised a wide spectrum of clients, across several sectors.

ASHISH KABRA

Leader, International Litigation & Dispute Resolution Practice

Nishith Desai Associates

Ashish leads the International Litigation & Dispute Resolution practice at New Delhi. He focusses on cross border commercial disputes and has successfully represented clients across various forums including domestic and foreign arbitrations (SIAC, LCIA & UNCITRAL), High Court, Supreme Court of India, Company Law Tribunal etc. He specializes in advising investors and joint venture partners in contentious situations and is particularly adept in managing shareholder disputes.