INTRODUCTION The Finance Minister Ms. Nirmala Sitharaman during her maiden budget, presented on 1st February, 2020, declared an amnesty scheme namely ‘Vivad Se Vishwas – A Dispute Resolution Scheme 2020′ (hereinafter referred to as “the Proposed Scheme”). The Proposed Scheme aims to settle the unresolved issues pertaining to Direct Tax regime, i.e. Income Tax Act, […]
In this case, the Hon’ble Tribunal decided in favour of the Appellant with respect to availability of the Cenvat Credit. Once it is admitted fact that the Appellant was eligible to avail Cenvat Credit of the duties i.e., CVD and SAD, the Appellant is eligible to claim refund of the said Cenvat Credit in terms of Section 142(6) of the CGST Act, 2017.
Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 w.e.f. 06-01-2020 The present amendment has brought various new restrictions and time frames as under: CORPORATE LIQUIDATION ACCOUNT Regulation 2 A clause (ca) under Regulation 2 has been inserted to make provision for “Corporate Liquidation Account”. It shall be operated and maintained by IBBI, […]
An OTS is a legitimate and valid acknowledgement of debt on the part of the Corporate Debtor and this just goes to show the liberal and pragmatic view of the NCLT while deciding such applications under Section 7. Unless overruled, this decision would set course for similar Section 7 applications in the future.
In this case, Corporate Insolvency Resolution Process was initiated against the Corporate Debtor in lieu of which Moratorium was declared. The writ petition was filed by the Resolution Professional in the High Court of Karnataka regarding a mining lease in the name of Corporate Debtor.
I. Jursdiction clause in a contract cannot oust the rights of NCLT/NCLAT under the I&B Code. Excel Metal Processors Limited Vs. Benteler Trading International GMBH and Anr [Company Appeal (AT) (Insolvency) No. 782 of 2019], NCLAT; The NCLAT, while referring to Binani Industries Limited vs. Bank of Baroda and Anr.2018 SCC Online NCLAT 521, observed […]
Insolvency and Bankruptcy Code, 2016 I.When the Appellant had Approached Appropriate Forum for Appropriate Remedy in time with continuous cause of action, then the claim is not barred by Limitation. Sanghvi Movers Ltd. v. Tech Sharp Engineers Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 118 of 2019, NCLAT, Date: 23.07.2019 The NCLAT, while relying upon […]
By virtue of the powers vested under, Section 90 of the Income Tax Act, 1961 (the Act), India has entered into the Double Taxation Avoidance Agreement on 18th July, 1994 with China signed at New Delhi. The aim of the Agreement is to avoid double taxation and to prevent fiscal evasion with regard to the taxes on income with the help of exchange of information between the countries.
Explore NCLAT’s decision on limitation in Sanghvi Movers Ltd. vs. Tech Sharp case. Key insights on approaching forums for timely relief and implications for IBC cases.
The Court held that Plaintiff’s and the Defendant’s claim needs to be adjudicated comprehensively by the same forum. Till the defence is adjudicated, there is no threat to the assets of the Plaintiff and the continuation of the counter claim would not adversely impact its assets.
