In present facts of the case, the Hon’ble Supreme Court of India invoked Article 142 of the Constitution of India and have directed to form new arbitral Tribunal due to disputes in the fee structure provided in IV Schedule of the Arbitration and Conciliation Act, 1996.
The Resolution Plan of the Successful Resolution Applicant could not be approved as it had breached the waterfall mechanism of payments as given under Section 53 of IBC and selectively favoured certain creditors without according any reason for the same and the Plan ineffectively dealt with the interests of all stakeholders of the Corporate Debtor and was non-compliant of Section 30(2)(e) and Section 30(2)(f) of IBC.
Since remanding of a resolution plan back to Committee of Creditors (COC) on the grounds of the procedural deviations raised by a dissenting minority in class of creditors, would render the CIRP a never ending process and was against the time bound resolution objective of the IBC.
Held that if there is bona fide dispute, it is only the jurisdictional assessing officer to decide the issue and it is not by the Roving Squad Officers.
Held that Section 48 of the GVAT Act is not contrary to or inconsistent with Section 53 of the IBC. U/s. 53(1)(b)(ii), the debts owed to a secured creditor, which would include the State under the GVAT Act. Accordingly, the Government can claim first charge over the property of the Corporate Debtor
F.No. 450/28/2016-Cus-IV Government of India Department of Revenue Ministry of Finance (Central Board of Indirect Taxes & Customs) North Block, New Delhi, Circular No. 18/2022-Customs |Dated: 10th of September , 2022 To, All Principal Chief Commissioners/ Chief Commissioners of Customs / Customs (Preventive) / Customs and Central Tax, All Principal Commissioners/ Commissioners of Customs / […]
Net Direct Tax collections upto 08.09.2022 at Rs. 5.29 lakh crore are 30.17% higher than net Direct Tax collections for same period last Year
FSSAI agreed to keep the requirement of AGMARK certification for imported food consignments in abeyance further orders
Finance Minister Smt. Nirmala Sitharaman chairs meeting on Illegal Loan Apps. Multiple steps outlined to prevent operations of such Illegal Loan Apps. Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a meeting yesterday to discuss the various issues related to ‘Illegal Loan Apps’ outside the regular banking channels. The meeting was attended […]
Income Tax Department conducts searches on prominent business groups in Maharashtra The Income Tax Department carried out a search & seizure action on 25.08.2022 on two groups engaged in the business of sand mining, sugar manufacturing, road construction, healthcare, running of medical college etc. The search action covered more than 20 premises spread over Solapur, […]
