"03 February 2024" Archive

NCLT Chandigarh: Bench 2 Cases Transferred to Bench 1

File No. 25.102/2023-NCLT 03/02/2024

Explore the order dated 03.02.2024 from NCLT Chandigarh transferring all pending cases from Bench 2 to Bench 1. Detailed analysis and implications....

Resolution plan meeting requirements of section 30(2) of IBC approved: NCLT Mumbai

S. Gopalakrishnan Vs Satish Damodar Akole &

NCLT Mumbai held that resolution plan of Saturn Rings and Forgings Private Limited submitted by S. Gopalkrishnan meeting the requirements of Section 30(2) of the Insolvency and Bankruptcy Code (IBC) and Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations is approved....

Posted Under: Company Law | |

Optionally Convertible Debentures covered within the purview of financial debt

Santosh Kumar Vs ASK Trusteeship Services Private Limited (NCLAT New Delhi)

NCLAT New Delhi held that Optionally Convertible Debentures (OCDs) are the financial debt within the meaning of section 5(8)(c) of the Insolvency and Bankruptcy Code (IBC). Accordingly, application filed u/s. 7 admissible....

Posted Under: Company Law | |

IBBI Amends Regulations for Personal Guarantors in Corporate Debtors’ Insolvency & Bankruptcy Processes

Press Release No. IBBI/PR/2024/05 03/02/2024

The Insolvency and Bankruptcy Board of India announces amendments to regulations for personal guarantors to corporate debtors, enhancing coordination and creditor involvement....

Ingredient of product having oils of fish is rightly classifiable under CTH 1504

Health and Happiness (H&H) Trading India Private Ltd Vs Commissioner of Customs (CESTAT Chennai)

CESTAT Chennai held that a decision on classification cannot be made merely because the goods are mentioned as ‘Food Supplement’ by the Food Safety and Standards Authority of India. Since ingredient of product clearly shows that they have oils of fish, the product is rightly classifiable under CTH 1504 20 20....

SC Quashes Additional Deposit Requirement in Tax Evasion Case

Sambhu Prasad Agarwal Vs State of West Bengal & Anr. (Supreme Court of India)

In a landmark judgment, the Supreme Court cancels the condition of an extra deposit for stay continuation in Sambhu Prasad Agarwal's tax evasion case. Full analysis here....

जीएसटी अधिनियम 2017 की धारा 125/126: दंड और न्यायिक घोषणाएं

जीएसटी अधिनियम 2017 की धारा 125/126 का विश्लेषण: सामान्य दंड, न्यायिक निर्णय, कम दंड, स्वैच्छिक प्रकटीकरण, और ई-वे बिल से संबंधित मुद्दे।...

Posted Under: Company Law |

Unjust Enrichment Bar Not Applicable Due to Ongoing Vessel Usage

Commissioner of Customs Vs Dredging Corporation of India Limited (Calcutta High Court)

In a recent judgment, Calcutta High Court resolves a Customs dispute, allowing Dredging Corporation of India Limited a refund. The court analyzes the application of Customs Act provisions and questions of unjust enrichment....

Consistent Methodology and Adherence to Accounting Standards Render Additions Unsustainable

ST Engineering Electronics Ltd. Vs ACIT (ITAT Chennai)

Read the detailed analysis of the ITAT Chennai order in the case of ST Engineering Electronics Ltd. vs ACIT regarding taxable contract income, addressing issues of revenue recognition and accounting standards....

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