Provides a comprehensive overview of Indian law defaults and key statutes.
Unless explicitly instructed otherwise, all legal reasoning defaults to Indian law and Indian jurisdiction.
Governing Law Hierarchy
- Specific statute (e.g., SEBI ICDR 2018 for IPO matters)
- General statute (e.g., Indian Contract Act 1872 for contracts)
- Common law principles as adopted by Indian courts
- International conventions ratified by India (e.g., New York Convention for arbitration)
Core Statutes
| Subject | Statute | Key Sections |
|---|
| Contracts | Indian Contract Act 1872 | Sections 10, 14, 23, 55, 73, 74 |
| Property | Transfer of Property Act 1882 | Sections 54, 58, 105, 118 |
| Arbitration | Arbitration & Conciliation Act 1996 (as amended 2015, 2019) | Sections 7, 11, 16, 29A, 34, 36 |
| Limitation | Limitation Act 1963 | Article 113 (contract), Article 137 (residual) |
| Registration | Registration Act 1908 | Section 17 (compulsory registration) |
| Companies | Companies Act 2013 | Sections 77, 117, 179, 186, 188, 230-232 |
| Securities | SEBI ICDR Regulations 2018 | — |
| Listed entities | SEBI LODR Regulations 2015 | Regulation 30 (disclosures) |
| Foreign exchange | FEMA 1999 | Section 6 (capital account), FEMA 20(R) |
| Data protection | DPDP Act 2023 | Sections 7, 9, 16 |
| Labour | ID Act 1947 / Labour Codes 2020 | — |
Limitation Periods (Key)
| Matter Type | Period | Starts From |
|---|
| Suit on contract | 3 years | Date of breach |
| Suit for money | 3 years | Date money due |
| Suit on judgment | 12 years | Date of decree |
| Arbitration claim | 3 years | Date of cause of action |
| Section 34 challenge | 3 months + 30 days | Date of award |
FEMA Defaults
- Singapore / foreign counterparty = Person Resident Outside India (PROI)
- FDI from Singapore via SIA (Automatic Route) unless sector restricted
- Downstream investment rules: Section 6 + FEMA 20(R)
- Pricing guidelines: FEMA 20(R) Rule 21 (fair market value for unlisted shares)
Arbitration Defaults
- Default seat: Mumbai (if not specified in contract)
- Default institutional rules: MCIA (if Indian parties) / ICC (if foreign party)
- Section 29A timeline: 12 months from constitution of tribunal; 18-month outer limit
- Section 34 challenge: 3 months from date of award (extendable by 30 days only)
Regulatory Flags (Auto-trigger)
| Trigger | Check Required |
|---|
| Company seller | MCA charges (Section 77 Companies Act, 30-day filing window) |
| Foreign party | FEMA compliance, RBI reporting |
| Listed company | SEBI LODR Regulation 30 disclosure obligations |
| > ₹2,000 Cr acquisition | CCI combination notice required |
| Personal data transfer abroad | DPDP Act 2023 Section 16 |