December 2021

An Introduction of ESG Disclosures in Indian Regulatory Space

Introduction

The 2021 conference of parties (CoP26) on climate change was recently held in Glasgow, with the global community negotiating ways to manage climate change and mitigate its impact while ensuring that no adverse effect is felt on employment, food security, and living standards of the masses. Addressing climate change is one the most urgent tasks before us, particularly for India, due to rising threats from drastic physical events, such as floods, droughts, hurricanes, rising temperatures, and other climate change related events. It has become necessary to take immediate and consequential steps towards climate change adaption and mitigation; otherwise, the global community is set to lose trillions of dollars and millions of jobs.Continue Reading An Introduction of ESG Disclosures in Indian Regulatory Space – Part 1

TIME IS THE ESSENCE OF THIS CONTRACT - IS IT REALLY

INTRODUCTION

Negotiated, as also standard format contracts, are rife with clauses proclaiming time is of the essence. Parties are usually rest assured after spelling this out, hoping (nay assured) that such words employed would by themselves be adequate to enforce rights through a Court or an arbitral process. Sadly, mere words are usually never enough.

The Supreme Court, in the recent judgement of Welspun Specialty Solution Limited vs. Oil and Natural Gas Corporation Ltd.[i], has reiterated the principles basis which Courts are required to construe whether time is of the essence of a contract. The Court held that a collective reading of the entire contract and its surrounding circumstances is imperative to come to such a conclusion. Merely having an explicit clause in the contract may not be sufficient to make time the essence of it. The Court also held that the availability of extension procedures to fulfil obligations under a contract, along with consequent imposition of liquidated damages, are good indicators to hold that time is not of the essence.
Continue Reading Time is the Essence of this Contract: Is it Really?