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The article in this issue of Corporate Amicus discusses laws relating to termination of employees and workmen in India. It summarises various requirements under the Industrial Disputes Act, 1947 and the Industrial Employment (Standing Orders) Act, 1946, and notes that the notice and payment of service compensation as provided under the state-specific shops and establishment acts (which differ from State to State) must also be complied with by the employers for terminating employees. The article also elaborates on the requirements in case of termination of an employee on account of misconduct. The author recommends that to avoid prolonged litigation one must have robust HR policies and appropriate documentation, in case of termination for misconduct. He also suggests obtaining an acknowledgement recording full settlement of dues, and execution of a separation agreement which also includes no-disparaging provisions.
Notifications and Circulars
IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023 notified
Listing of non-convertible debt securities by listed entities - SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2023 notified
Redressal of investor grievances through SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform - SEBI Circular
Holding of AGM, EGM through video conference clarified by MCA
Regulatory reporting by Alternative Investment funds - SEBI Circular
Insolvency Professional Entities acting as Insolvency Professionals to submit CIRP forms on IBBI platform
Ratio decidendi
Contracts - Party when allowed to escape effect of a document signed by it - Plea of non est factum when available - Supreme Court
Agreements inextricable in nature, containing non-compatible Arbitration clauses - Disputes to be resolved as per the main/umbrella Agreement - Delhi High Court
After expiry of extension granted for completion of CIRP, Insolvency Resolution Professional / RP is not obliged to accept claim of creditor for considering it in the Resolution Plan - NCLAT
News Nuggets
Arbitration clause in an unstamped agreement, whether valid? - Issue referred to 7-Judge Bench of the Supreme Court
Insolvency - Liquidator does not possess unfettered discretion to cancel valid auction on mere expectation of higher price in future - Former promoter director is not a ‘related person’ in case of bidding of assets
Insolvency - New management of corporate debtor is not responsible for non-compliances of MCA filings occurring before insolvency commencement date
Insolvency - No provision for re-opening of a CIRP under IBC - Where a settlement fails, only a petition for fresh admission admissible
Insolvency - CoC’s decision to accept relinquishment of personal guarantees is a commercial decision which cannot be challenged by dissenting financial creditor
Arbitration - Claims cannot be referred to arbitration when prerequisites to arbitration as per the agreement are not fulfilled
Arbitration - Court can, within the limited scope of judicial scrutiny under Section 11 of A&C Act, examine if claims are frivolous or meritless
