Since its inception, the National Law Institute University’s Centre for Business and Commercial Laws(CBCL), has been recognised as a “Centre of Excellence”. Constituted in 2008, the Centre is dedicated to fostering research and promoting awareness of Indian business and commercial laws. The flagship event of CBCL, the NLIU-Trilegal Summit on Corporate and Commercial Laws, is a culmination of the efforts of the Centre towards research and publication in business laws. The Summit has grown into one of the most prestigious corporate law events in the law school circuit over the past nine years. The upcoming 10th edition, being hosted this year, saw an overwhelming response from law students across the country, with numerous entries received. Following a rigorous selection process, the top 15 manuscripts have been shortlisted for presentation.
Day 1: 11:00 am: The registrations for the NLIU- Trilegal Summit have begun!
The participants are gathering in the University Auditorium for the event. The Summit has seen a surge in submissions this year with over 180 papers being sent from more than 40 Law Schools spanning the country. The selected papers reflect a diverse range of participants, with many submissions coming from collaborations between different universities. The qualifying universities include:
- Gujarat National Law University
- Hidayatullah National Law University (HNLU)
- Institute of Law, Nirma
- National Law Institute University (NLIU)
- National Law University, Jodhpur
- National Law University, Nagpur
- National University of Study and Research in Law (NUSRL), Ranchi
- Panjab University, Chandigarh
- Rajiv Gandhi National University of Law
- Ram Manohar Lohiya National Law University
- Symbiosis Law School, Noida
3:00 pm: The Inaugural Ceremony.
The much-anticipated 10th NLIU-Trilegal Summit on Corporate and Commercial Laws, 2025 has officially commenced, marking a decade of insightful discussions and academic excellence. The inaugural ceremony began with the Joint Convenor of CBCL, extending her warm greetings to the esteemed guests, panellists, participants, and attendees. Her address set a gracious tone for the event, reflecting the collaborative spirit of the summit. Following this, the Chairperson of CBCL, presented tokens of appreciation in the form of mementos to all the esteemed panellists, acknowledging their valuable contribution to this platform of legal scholarship. The ceremonial lighting of the lamp, a symbol of wisdom and knowledge, was then conducted by our esteemed guests and the Vice-Chancellor. In his opening address, Chairperson of CBCL expressed his deep gratitude to the panellists for their time and insights, as well as to the participants for their enthusiasm in engaging with the evolving dimensions of corporate and commercial law. The Vice-Chancellor of NLIU, extended his best wishes for the summit’s continued success. He emphasized the importance of fostering strong partnerships in the legal academia and industry, specifically acknowledging the fruitful association with Eastern Book Company (EBC) and Trilegal. The event was further graced by the chief guest, who emphasized the philosophy of working hard without focusing solely on the outcomes. He further advised students to cultivate an enduring aptitude for law and lifelong learning, stressing that a strong foundation in legal basics is essential for growth in the profession.
Day 2: 11:00 am- Guest Lecture by Mr. Debajyoti Ray Chaudhuri – Evolving Role of Information Utility under IBC 2016
Day two of the summit featured an insightful lecture by Mr. Debajyoti Ray Chaudhuri, Managing Director and CEO of National E-Governance Services Limited, on the evolving role of Information Utility (IU) under the Insolvency and Bankruptcy Code (IBC) 2016.
The discussion began with an overview of IBC, emphasizing its role in addressing insolvency through a structured resolution process. Unlike traditional mechanisms focused on recovery, IBC prioritizes resolution, ensuring corporate debtors can regain stability, thereby benefiting creditors, consumers, and the economy. The reform has been instrumental in enhancing the efficiency of insolvency proceedings.
Mr. Debajyoti elaborated on the significance of Information Utility, a crucial pillar in the resolution process. He described it as an electronic repository of financial data, streamlining insolvency cases by reducing delays. The presence of IU in the Economic Survey highlights its growing importance in the financial ecosystem. Delays in resolution remain a concern, as they can erode the value of corporate assets. By providing authenticated information and ensuring transparency, IU facilitates faster resolutions, benefiting all stakeholders.
He further explained the three types of alerts generated by IU: Default, Corporate Insolvency Resolution Process (CIRP) Application, and Public Announcements. These alerts enable early-stage resolutions and minimize disruptions. While public announcements are traditionally published in newspapers, digital alerts ensure broader and more efficient dissemination of critical insolvency information.
The session also covered the workings of NeSL, India’s first Information Utility, and its digital advancements. Features like two-way communication allow creditors and debtors to validate financial claims, while innovations such as Digital Document Execution (DDE) and Electronic Bank Guarantees (e-BG) have simplified financial transactions. The lecture concluded with an engaging Q&A session, allowing attendees to delve deeper into the subject.
2:00 PM-5:00 PM, 8th March, 2025- Paper Presentations
The paper presentations will be conducted in two sessions, each featuring five presentations. These will be evaluated by a distinguished panel comprising Mr. Debajyoti Ray Chaudhuri (MD and CEO, NeSL), Mr. Yogesh Singh (Partner, Trilegal), Mr. Ramakant Rai (Partner, Trilegal), Mr. Siddharth Raja (Senior Partner, VERTICES), and Prof. Mahendra Soni.
Set A presentations
The presenters and panelists have gathered in the auditorium for the Set A presentations, where five papers will be discussed. The panel consists of Mr. Ramakant Rai (Partner, Trilegal), Mr. Siddharth Raja (Vertices Legal), and Prof. Mahendra Soni.
Paper I: Charting a Roadmap to Equitable Innovation: Assessing the Antitrust Conundrum of Big Tech Influence over Generative AI Market by Anudha Singhai & Mayank
This paper examines the dominance of big tech firms in the generative AI market and the resulting competition concerns. It highlights how strategic partnerships and vertical integrations allow dominant players to consolidate market power by restricting access to key inputs like cloud computing, data, and funding.
Paper 2: Un(Equal) Treatment Clauses in Companies with Dual Class Shares: Positioning to Stake a Claim in Change of Control by Anubhuti Raje & Shubhanker Sharan
This paper explores the role of Equal Treatment Clauses in the corporate charters of Dual Class Shares (DCS) companies, particularly during a change of control. It examines their potential to protect ordinary shareholders while balancing contractual freedom and regulatory oversight.
Paper 3: Foreign Subsidies and Market for Corporate Control: Is India Ready for a Bold Regulatory Leap? by Malak Seth
The paper argues that India should adopt a regulatory framework similar to the EU’s Foreign Subsidy Regulation (FSR) to address market distortions in M&A caused by foreign state subsidies. It assesses the adequacy of India’s existing competition laws in tackling these challenges.
Paper 4: Regulating the Silos: Harnessing DigiTwin Innovation to Unlock Secure and Efficient Cross Border Payments in India by Siddhi Joshi & Aaditya Singh
This paper explores how Digital Twin Technology (DTT)- a virtual replica of the banking model can transform India’s cross-border payment system. It examines the challenges of digital payments and the role of AI-driven solutions in enhancing efficiency and compliance.
Paper 5: Breaking the Data Silos: A Case for In-Situ Data Sharing as a Remedy for Data Monopolies under Draft Digital Competition Bill, 2024 by Yatharth Chugh & Aditi Sawant
This paper examines how dominant digital platforms create data monopolies, restricting competition for smaller players. It evaluates the Draft Digital Competition Bill, 2024 (DCB) and its approach to regulating data usage while balancing competition and innovation. The session continues with panel discussions and expert insights on these critical issues.
Set B Presentations:
Presenters and panelists have gathered in the Rajiv Gandhi Cyber Law Centre for the Set B presentations. In this session, 5 papers will be presented in front of a panel consisting of Mr. Debjyoti Ray Chaudhari (MD & CEO, National E-governance Services Ltd.), Prof. (Dr.) Ghayur Alam and Mr. Yogesh Singh (Partner, Trilegal).
Paper 1: Navigating the Murky Waters at the Confluence of Arbitration and Insolvency: Why India Urgently Needs a Framework To Augment Certainty in Cases of Domestic Cross-Border Insolvency Insolvency” by Tejbeer Singh and Ankit Singh
The paper examines the conflict between arbitration and insolvency law in India, focusing on the automatic stay of proceedings under Section 14 of the Insolvency and Bankruptcy Code (IBC). The presenters discuss the evolving stance of the Supreme Court, which has allowed certain arbitrations to proceed despite insolvency proceedings, and compare this with approaches in the UK and Singapore that align with the UNCITRAL Model Law on Cross-Border Insolvency. They suggest that India adopt a more nuanced approach, permitting arbitrations to continue under specific conditions during insolvency, to harmonise arbitration and insolvency frameworks effectively.
Paper 2: Overlooked Claimants: Recovering Subrogation Rights for Guarantors in the Indian Insolvency Regime by Soham Niyogi
The presenters examined the exclusion of personal guarantors from subrogation rights under India’s Insolvency and Bankruptcy Code, 2016 (IBC), highlighting how this deprives them of reimbursement despite fulfilling creditor obligations. This imbalance imposes liabilities on guarantors without corresponding rights, leading to the unjust enrichment of corporate debtors.
They proposed legal reforms across pre- and post-CIRP stages, including recognizing personal guarantors as financial creditors with voting rights, creating escrow mechanisms, and integrating best international practices to balance guarantor rights and corporate restructuring.
Paper 3: Decoding the Initial Public Offering Rush: Market Influence, Retail Participation and Global Reflections by Parth Birla and Sakshi Tiwari
The presenters examined the remarkable surge in the Indian IPO market during 2024, driven by retail investor enthusiasm and favorable market conditions. They noted that small and medium-sized enterprises (SMEs) played a significant role in this growth. Globally, while India and the US led in IPO activities, other markets faced challenges.
The presenters emphasized the importance of understanding market sentiment and offered practical suggestions for investors navigating the evolving IPO landscape.
Paper 4: Delisting Déjà Vu: Minority Shareholders in the Privatisation Predicament by Abhinav Shukla and Muskan Suhag
The presenters examined SEBI’s 2024 amendments to the Delisting of Equity Shares Regulations, focusing on the reintroduction of the Fixed Price Method and its impact on minority shareholders’ rights. They analyzed SEBI’s Fixed Price Method, the Tata Sons–SP Group feud, and delisting frameworks in the US, UK, Germany, Singapore, and the Philippines to identify stronger protections for minority investors.
The presenters suggested three amendments: (i) Reforming the Reverse Book Building (RBB) method through independent valuation and mandatory disclosures, (ii) Enhancing the Fixed Price Method with independent oversight and shareholder approval, and (iii) Introducing a hybrid delisting model incorporating global best practices.
Page 5: Debt, Disputes and Decrees: Demystifying Creditor-Cum-Award Holder Classification under the IBC through a Sliding Scale Test by Mohak Dua
The presenters examined the misclassification of arbitral award holders under India’s Insolvency and Bankruptcy Code (IBC), highlighting how equating them with decree holders limits their rights in the Corporate Insolvency Resolution Process (CIRP). The discussion critiqued India’s inconsistent jurisprudence, particularly the Shubhankar Bhowmik judgment, which denied decree holders recognition as financial or operational creditors. The presenters proposed adopting a Sliding Scale Test to ensure correct classification, aligning arbitration and insolvency frameworks to reflect commercial realities and foster a fairer resolution process.
Day 3: 11:00 AM- Set B Presentations:
Presenters and the panelists gathered in the NLIU-Auditorium for the Set 3 presentations. In this session, 5 papers were presented in front of a panel comprising of Mr. Albin George Thomas (Partner, Trilegal) Ms. Ajantha Gupta (Consultant at IBBI), Ms. Krati Rajoriya (Assistant Professor, NLIU) and Mr. Amit Pratap Singh (Assistant Professor, NLIU).
Paper 1: “The Data Dilemma: Reimagining the Essential Facilities Doctrine for the Digital Age” by Rishab Arora and Aakriti Verma
The paper examined the applicability of the Essential Facilities Doctrine (EFD) in the digital economy, focusing on whether data could be classified as an essential facility under modern competition law. It was analyzed if traditional EFD criteria, designed for physical infrastructure, could apply to digital markets, considering data’s replicability, non-rivalrous nature, and contextual value. The presenters observed that the characteristics of data made it unsuitable for EFD regulation and noted conflicts with privacy laws. They concluded that alternative solutions like data portability, mandated APIs, and data commons better addressed data monopolies while balancing competition, privacy, and innovation.
Paper 2: “Post-Achmea Investor Protection: Sunset Clauses and Alternative Strategies” by Paridhi Gupta
The paper examined the European Union’s efforts to remove intra-EU investor-state dispute settlement mechanisms by terminating Bilateral Investment Treaties and withdrawing from the Energy Charter Treaty. The presenter analyzed the legal impact of the CJEU’s Achmea decision, the nullification of sunset clauses, and the reactions of arbitral tribunals and domestic courts. She pointed out that despite the EU’s efforts, tribunals continued asserting jurisdiction, while investors adopted strategies like corporate restructuring and enforcing awards outside the EU. The presenter concluded by suggesting that investment arbitration would become more fragmented, with domestic courts playing an increasingly greater role along with potential new dispute resolution mechanisms.
Paper 3: “Unshackling the Sharks of India: Special Rights of PE Investors, SEBI’s Position, and the Recent Ambiguities” by Rashi Upadhyay
The paper examined the recent informal advisories issued by the Securities Exchange Board of India (SEBI), which required that no investor retain special rights in a company at the time of its public listing. The presenter analyzed the reasoning behind these directives, the legal framework governing private equity investors’ special rights in listed companies, and the ambiguities arising from the advisories. The study found that companies have applied SEBI’s directive inconsistently through “Amendment-cum-Waiver Agreements,” adding to the confusion. It was recommended by the presenter that SEBI establish a clear, investor-friendly framework for relinquishing, restoring, and retaining special rights.
Paper 4: “Front Running in India: A Regulatory Quandary Amidst Lax Laws” by Agastya Shukla and Arihant Sethia
The paper examined the issue of front running in the Indian financial market, highlighting recent cases like Ketan Parekh and Quant Mutual Fund that underscored the need for stronger regulations. The presenters analyzed existing regulatory and enforcement measures to identify gaps in the current framework. They also discussed global best practices that could be tailored for India. While they acknowledged that front running could not be entirely eliminated, they suggested it could be significantly reduced through preventive measures. The presenters recommended real-time surveillance, disclosure norms, information barriers, and a Market Abuse Detection Authority (MADA) to resolve this issue.
Paper 5: “Global Policy Perspectives on the Draft Digital Competition Bill, 2024: Insights from South Korea and the EU” by Akshay Nasi and Aniruddha Kishore
The paper examined the regulatory challenges of India’s rapidly expanding digital economy and the proposed Digital Competition Bill (DCB). It explored how ex-ante regulations could address anti-competitive practices of major technology firms, drawing insights from the European Union’s Digital Markets Act (DMA) and South Korea’s Telecommunications Business Act (TBA). The presenters analyzed the limitations of India’s current ex-post competition framework and assessed the potential impact of the DCB’s ex-ante approach. They observed that while the DCB aimed to curb monopolistic practices, its broad SSDE criteria and rigid provisions risked stifling innovation and burdening emerging sectors like fintech and e-commerce. The presenters also raised concerns about regulatory fragmentation and unintended effects on competition. They recommended a balanced regulatory framework with inter-ministerial collaboration, flexible SSDE designations, and pro-business exemptions, ensuring alignment with global best practices while protecting competition, innovation, and consumer welfare.
3:00 PM- 4:00 PM- Valedictory Ceremony:
The most exciting evening of the event is here and is about to commence, we are already at the valedictory ceremony, awaiting the announcement of the results.
The dignitaries were invited to share their thoughts and experiences regarding the event. The chief guest, Mr. Albin George Thomas (Partner, Trilegal), Dr. (Prof.) Ghayur Alam (Chairperson, CBCL) and Dr. (Prof.) Atul Kumar Pandey (Dean UG NLIU), all enlightened the audience and participants with their words of wisdom and encouragement.
Ms. Mahek Saxena (Joint Convenor, CBCL), announced the results. The same are as follows-
Winner– Paridhi Gupta (SLS, Noida)
Runner up– Siddhi Joshi and Aaditya Singh (NUSRL, Ranchi)
Second Runner up– Yatharth Chugh and Aditi Sawant (MNLU, Nagpur)
Ms. Sradha Santhanu (Secretary, CBCL), congratulated the winners and thanked everyone involved in making the event a success.
