SC: “ARBITRATION” OR ” ARBITRATOR IN A CLAUSE DOES NOT MAKE IT AN ARBITRATION AGREEMENT

The Supreme Court said an arbitration agreement should include an obligation and responsibility to arbitrate. The bench of Justices DY Chandrachud and AS Bopanna noted that just using the word “arbitration” or “arbitrator” in a clause does not make it an arbitration agreement if it requires or contemplates a new consent of the parties for … Read more

DESPITE SUBMITTING A REQUEST TO THE MSME FACILITATION COUNCIL, THE REQUEST FOR AN ARBITRATOR APPOINTMENT MAY STILL BE MAINTAINED.

The Jharkhand High Court has ruled that the application for the appointment of an arbitrator cannot be deemed to be unreliable simply because one of the parties sought the Facilitation Council’s decision on a related dispute under the Micro, Small, and Medium Enterprises Development Act, 2006 (MSME Act). Even though similar matters were pending before … Read more

E-INVOICE REQUIREMENTS BEGIN ON OCTOBER 2 FOR BUSINESSES WITH A TURNOVER OF MORE THAN RS. 10 CRORES.

With effect from October 1, the centre would require enterprises with a combined annual turnover of more than Rs 10 crore to use electronic invoicing. This action will further plug revenue leaks and ensure improved tax compliance from businesses. Currently, companies having a yearly revenue of more than Rs 20 crore are required to use … Read more

IMPORTANCE OF CONTRACTS FOR BUSINESSES

Introduction to Contracts The Indian Contracts Act, 1872, section 2(h), defines contracts as: A legally enforceable agreement is a contract. To simplify this definition, a contract is a written or verbal agreement regarding a legally enforceable duty. In a contract, the parties specify their respective responsibilities, rights, and duties with regard to the pertinent terms … Read more

GOVERNMENT LAUNCHES INITIATIVE FOR SME

Government has created the Raising and Accelerating MSME Performance (RAMP) Central Sector Program, which is sponsored by the World Bank. The initiative intends to develop institutions and governance at the Central and State levels, improve Centre-State ties and collaborations, and enhance MSMEs’ access to markets and financing, technological upgradation, and the resolution of concerns relating … Read more