There are three basic types of dispute resolution process i.e. Mediation, Arbitration and Litigation

Mediation is essentially process of negotiation, which is conducted by a neutral third person, called a ‘Mediator’ to help the disputing parties come to an amicable consensus on their own.

Arbitration:  is an alternative method of dispute resolution process by which a dispute is submitted, by an agreement amongst the disputing parties, for adjudication to an arbitral tribunal consisting of one or more private individual known as arbitrators. It has all the trappings of a court, but without the strict rules of court procedure.

Litigation: the most common type of civil dispute resolution process through the courts by filing a case in the concerned court often known as a ‘Suit’. The dispute is decided by a Judge after weighing in all the evidence presented by the disputing parties

A legal notice is a formal communication to a person or an entity, calling upon them to “cure” a default, and informing them of the intention to undertake legal proceedings against them if such default is not cured. Certain laws (such as Insolvency and Bankruptcy Code, Negotiable instrument Act) compulsorily mandate a notice before instituting proceedings under a specific Act against the other person.

Generally, the law provides a period of three years from the date the dispute had arisen for commencement of a dispute resolution process, popularly known as limitation period. However there are several exceptions to the general rule to be accounted for in computing the limitation period.

For Mediation and Arbitration there are fees of the mediators and arbitrators which are generally equally shared between the disputing parties. For litigation there are court fees to be paid by the person initiating the process which are based on the quantum of monetary claims.

Not accounting for appeals, Mediation and Arbitration proceedings  generally are completed within 1 to 2 years. Litigation is dependent on the court and due to the current pending backlog, it generally takes several years to be completed.

Unlike buying or selling of day to day items, while purchasing property you would be signing contracts and a substantial amount of money will likely be involved, it is therefore  advisable to engage advocates to protect your interests and ensure that the entire process is legal and valid.

The title of the property should be searched to ensure that the property is marketable, free and clear of any claims or liens. A real estate advocate can do this for you and ensure that it’s safe to go ahead and purchase the property or land you’re interested in.

Registration of sale/purchase documents in respect of property on registration become a public record and is deemed to be a notice to the general public that such immovable property has been transferred by the owner to the new buyer.

Once the document is registered the world at large are deemed to have had notice of the same. Indian Registration Act 1908 makes it mandatory to register the document regarding transfer, sale, gift or lease of a property.

Failure to register the purchase agreement of a property, could put you at a huge risk. Any document that is mandatorily required to be registered but is not registered, cannot be admitted as evidence in any court of law.

Stamp duty is a legal tax payable in full and acts as an evidence for any sale or purchase of a property. The levy of stamp duty is a state subject and thus the rates of stamp duty vary from state to state and are also dependent on whether the property is old or new.  Since stamp duty shall form a substantial part of the cost of acquisition it is better to be aware of the same before finalizing your transaction.

As per Section 5(8) of the Code, Financial Debt means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes:-

1. 1. Any money borrowed against the payment of interest.
   2. Any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent.
   3. Any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument.
   4. The amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards

Stamp duty is a legal tax payable in full and acts as an evidence for any sale or purchase of a property. The levy of stamp duty is a state subject and thus the rates of stamp duty vary from state to state and are also dependent on whether the property is old or new.  Since stamp duty shall form a substantial part of the cost of acquisition it is better to be aware of the same before finalizing your transaction.

As per Section 3(6) of the Code, Claim means a right to payment or right to remedy for breach of contract if such breach gives rise to a right to payment whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured.

As per Section 3(11) of the Code, Debt means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt.

As per Section 3(8) of the Code, Corporate Debtor means a corporate person who owes a debt to any person.

As per Section 5(21) of the Code, Operational Debt means a claim in respect of

1. Provision of goods or
2. Provision of services including employment c
3. a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority.

The corporate insolvency process may be initiated against any defaulting corporate debtor by a) Financial creditor, b) Operational creditor c) Corporate debtor

No, the Demand Notice has to be issued in Form No. 3 as provided in the Application to Adjudicating Authority Rules.

It can be achieved in multiple ways, depending on the nature of the assets and the objectives of the person. Primarily it is achieved through execution of a will and naming the beneficiaries therein, or by way of private family trusts, establishing specific power of attorneys, setting up of other special purpose entity  or through a combination of them all.

The main objectives are (a) ensure smooth transfer of assets from the deceased to the named beneficiary, (b) avoid conflicts between beneficiaries/family members, (c) protection of family assets and (d) appointment of guardians of minor children and ensuring financial security for them.

A will is legal document in which you specify how and to whom your assets are to be distributed after your demise.

A codicil is a document which acts as an amendment to the will, modifying or deleting certain clauses of the will

Probate is the legal process through courts which establishes the legal validity of the will.

Life is quite unpredictable and the earlier one plans the better it is. However once a person has dependents i.e. wife and kids, estate and succession planning should be done irrespective of age. In fact, you can change your estate and succession planning with time on an ongoing basis.

There is no stamp duty payable on a will. Legally, a will is not required to be registered but a registered will strengthens it authenticity and validity.

A person who passes without leaving a will, is legally referred to as intestate. In such a scenario, the estate is divided and transferred to the beneficiaries according to the laws of succession applicable to the concerned person, without any discretion.

The documents required for incorporation of a company are- PAN card, address proof and current residential proof of the director along with identity and address proof of all the shareholders of the Company (i.e., subscribers to the MOA and AOA. The registered address proof of the Company is also required.

It is business entity that is allowed to operate in a flexible and efficient manner while providing limited liability to the partners. Advantages of an LLP are- No minimum capital requirement, no upper limit on number of partners, no requirement of compulsory audit, dividend distribution tax not applicable on LLP’s.

A One-Person Company or an OPC is a company that has only one person as its member. There is only 1 (one) shareholder and 1 (one) director in an OPC.

A private company can issue shares by way of private placement, rights issue of shares, issue of shares on a preferential basis, issue of sweat equity shares, issue of bonus shares or conversion of debt into shares.

It is an agreement made between the shareholders which governs the relationship between them. It is advisable to have a shareholder’s agreement in place to set out terms governing issue and transfer of shares, right of shareholders, directorship, etc.

Stamp duty is a legal tax payable in full and acts as an evidence for any sale or purchase of a property. The levy of stamp duty is a state subject and thus the rates of stamp duty vary from state to state and are also dependent on whether the property is old or new.  Since stamp duty shall form a substantial part of the cost of acquisition it is better to be aware of the same before finalizing your transaction.

Yes, IPR rights are territorial in nature. It means that an Indian registration is valid only in India. For protection of IPR in any other country, one has to seek registration/protection separately under the relevant law of that specific country.

Yes, it is possible to transfer the right through assignment, agreement, transmission with terms and condition in writing or by operation of law.

Depending on the type of IPR, a person has to apply for registration of their original works, ideas and/or invention before the concerned government authorities and obtain a certificate of registration for the respective IPR.

Intellectual Property Rights (‘IPR’) are granted by law to creators of new and original works, ideas, and/or inventions and come with limited monopoly and exclusivity.

There are different types of IPR namely Patents, Copyrights, Trademarks, Industrial Designs, Geographical Indications (GI’s), Trade Secrets, Layout Designs of Integrated Circuits, New Plant Varieties.

An intellectual property rights owner can initiate legal action in the concerned court against the infringer seeking an order of injunction to restrain the infringement of IPR in future Further, for the past infringement, a person can claim monetary damages caused as a result of the infringement.

Depending on the type of IPR, the Court can also impose a penalty on the infringer which can be in the form of a monetary fine, or imprisonment or both.