News & Media 3rd Mar 2022

Unsettling The Settled Doctrine Of Promissory Estoppel – The Ghost Of VVF

Authors

Kumar Visalaksh Partner | New Delhi | Noida
Akanksha Dikshit Senior Associate | Delhi NCR

Latest Thought Leadership

Alerts & Updates 12th Jul 2024

Notifications and Circulars issued by Central Board of Indirect Taxes and Customs (‘CBIC’)

Read More
Newsletter/Booklets 11th Jul 2024

ELP – Quarterly Update – Competition Law & Policy – Q2 of 2024

Read More
Articles 11th Jul 2024

BNS – Speedy Justice or Colonial Rollover?

Read More
News & Media 9th Jul 2024

India’s new criminal codes: What they mean for businesses

Read More

Amongst the few clear defenses available to a private party aggrieved by a Government renegading on its promise, the doctrine of promissory estoppel is the most prominent and time-tested defense. Arising from the common law principle, the doctrine over the decades has been used in almost all branches of law, including taxation. The doctrine of promissory estoppel has repeatedly come to the rescue of industries aggrieved by unilateral revocation of governmental commitments, involving investment benefits, tax incentives, rebates, remissions, etc.

Against this backdrop, Kumar Visalaksh, Partner  and Akanksha Dikshit, Associate at Economic Laws Practice (ELP) have co-authored an article for Mondaq, titled ‘Unsettling The Settled Doctrine Of Promissory Estoppel – The Ghost Of VVF’. In their article Kumar and Akanksha discuss the 3-judge bench ruling in VVF Industries (2020). The article analyzes how has the ruling diluted the principles of promissory estoppel, having severe financial implications on investors who have lived up to their commitment of investment in backward areas and have helped in generating employment opportunities.

Read the detailed article: Click Here