Photo of Aayushi Bindal

Associate in the Projects & Project Finance practice at the Mumbai office of Cyril Amarchand Mangaldas. Aayushi has graduated from Government Law College, Mumbai in 2019. Her experience includes project financing and debt financing transactions. She can be reached at aayushi.bindal@cyrilshroff.com

NeSL - THE NEW WAY OF ELECTRONIC EXECUTION

 INTRODUCTION

Execution of a document means the placement of signatures by all persons who are required by the character of the instrument to sign the same in order to give it a binding effect under law. It is based on the classic principle of consensus ad idem i.e. two parties entering a contract should agree upon the same thing in the same sense. One amongst the many problems for closure of transactions posed by COVID-19 is the mechanism of execution of documents. The traditional way of executing agreements involved the parties to be physically present at a place and affix the signatures, stamps, common seals, etc., along with paying the necessary stamp duty as prescribed under the relevant stamp laws. However, with the imposition of a nationwide lockdown, travel restrictions and norms of social distancing in place, the manner of execution of documents has had to be reimagined.
Continue Reading NeSL: THE NEW WAY OF ELECTRONIC EXECUTION

How special are “special equities”- Analysis of invocation of bank guarantee during COVID-19

A pandemic, of the nature which affects the world today, has not visited us during the lifetime of any of us and, hopefully, would not visit us hereinafter either. The devastation, human, economic, social and political, that has resulted as a consequence thereof, is unprecedented. The measures, to which the executive administration has had to resort, to somehow contain the fury of the pandemic, are equally unprecedented. The situation of nationwide lockdown, in which we find ourselves today, has never, earlier, been imposed on the country. The imposition of the lockdown was by way of a sudden and emergent measure, of which no advance knowledge could be credited to the petitioner – or, indeed, to anyone else.” – C. Hari Shankar, J., April 20, 2020.

The above quote aptly sums up the current situation globally and domestically. The COVID-19 outbreak has created a void in terms of performance of commercial contracts and has in many cases left the parties on edge. Through this article, we aim to provide an insight into the orders passed by the judiciary during COVID-19, dealing with an otherwise settled issue i.e. the invocation of bank guarantee.
Continue Reading How special are “special equities”- Analysis of invocation of bank guarantee during COVID-19

The idea of Mumbai Metro - Is the world developing or dying?

The Mumbai metro project (“Metro Project”) was conceptualised to develop an efficient and sustainable urban transport system in the financial capital of the country, involving  a significant investment of USD 2,500 million.[1] Every day some 80,00,000 commuters use the city’s suburban rail system, enabled through more than 2,800 trains a day. The network is severely overcrowded during peak hours when the number of passengers exceed the network’s carrying capacity by more than four times, leading to numerous safety hazards.[2]

Last year witnessed a massive protest for saving the Aarey milk colony located in suburban Goregaon (“Aarey’), a green belt with over 5,00,000 trees, a rarity in the concrete city. The construction of a metro car depot on the flood plains of the Mithi river at Aarey for expansion of metro services in the city received much wrath from environment activists, citizens and even courts for cutting down 2,600 trees overnight. While there is a stay on cutting more trees until the matter is sub-judice, the construction work of the Metro Project was not stopped, until the outbreak of a worldwide pandemic, COVID-19 or Coronavirus.
Continue Reading The Idea of Mumbai metro- Is the World Developing or Dying?