The Tribunal admitted the voluntary insolvency application after examining financial statements, bank records, and other documents showing continuing default. It held that the application was complete and complied with Section 10 of the Insolvency and Bankruptcy Code.
NCLT Mumbai admitted a Section 10 application after finding the company had defaulted on over ₹65 crore in financial and operational debt and was unable to repay its liabilities.
NCLT Chandigarh held that successive written acknowledgments by the borrower extended the limitation period under Section 18 of the Limitation Act. The tribunal admitted the Section 7 IBC petition as it was filed within the extended limitation period.
The Court issued notice in a plea to quash criminal proceedings where the applicant argued that alleged cash payments exceeding ₹2 lakh should first be examined under Section 269ST of the Income Tax Act.
The Court refused to review its earlier ruling that retrospective GST cancellation was invalid due to lack of reasons in the show cause notice and absence of prior notice to the taxpayer.
The Gauhati High Court held that when a taxpayer clears outstanding tax, interest, and late fees and files pending returns, authorities must consider restoration of GST registration under Rule 22(4).
The Supreme Court criticized the growing practice of filing delayed appeals only after contempt proceedings begin. It held that such tactics undermine the authority of courts and directed that such litigants be dealt with strictly.
Major regulatory developments across Income Tax, GST, Customs, RBI, and SEBI were released during the week. The updates include crypto reporting rules, important court decisions, and new digital fraud protection proposals.
ROC Patna penalised a company and its directors for failing to file the annual return within the prescribed time under Section 92 of the Companies Act, directing them to rectify the default.
The ROC Patna imposed penalties on two directors for violating Section 155 of the Companies Act by possessing more than one Director Identification Number, directing rectification and payment within 90 days.
