Company Law judiciary-2

NCLAT has power to grant case withdrawal under Rule 11 of NCLT Rules

Anuj Tejpal Vs Rakesh Yadav (NCLAT Delhi)

In present facts of the case the Hon’ble NCLAT have held that under Rule 11 of the NCLT Rules, 2016 they have power to grant of withdrawal of cases. It was also observed that prime objective of the Code is not recovery, but revival...

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Posted Under: Company Law | |

Liquidation should be the last resort after proper evaluation & calibration

Lotus City Plot Buyers Welfare Association Vs Three C Homes Pvt. Ltd &

In present facts of the case, the Hon’ble Appellate Tribunal held that Liquidation is the last resort and this programme of homebuyers needs some calibration and proper evaluation....

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Posted Under: Company Law | |

Statutory dues cannot be claimed if not exists in company’s approved RP for DHFL

Piramal Capital &

All the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the Company’s approved resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date the Adjudicating Authority was granting its approval under Sect...

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Posted Under: Company Law | |

Writ petition against an order of NCLT not maintainable before HC

Ideal Surgicals Vs National Company Law Tribunal (Kerala High Court)

Ideal Surgicals Vs National Company Law Tribunal (Kerala High Court) The challenge in these original petitions is against the proceedings of the National Company Law Tribunal (NCLT), Kochi Bench. IBC, 2016 is a Single Unified Umbrella Code, covering the entire gamut of the law relating to insolvency resolution of corporate persons and ot...

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No section 43B disallowance for PF deposited within permissible grace period

Zyg Pharma Pvt. Ltd. Vs. DCIT (ITAT Mumbai)

Zyg Pharma Pvt. Ltd. Vs. DCIT (ITAT Mumbai) While scrutinizing the return of income, the Assessing Officer noticed that the assessee has deposited the employees contribution to provident fund beyond the 15thday of next month and thereby violated the provisions of section 2(24)(x) r.w.s. 36(1)(va) and added the amount of Rs.1,41,324/- to t...

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Reactivate DIN/DSC of directors of defaulting Companies: Delhi HC

Anant Narain & Anr. Vs Union Of India & Anr. (Delhi High Court)

Anant Narain Vs Union Of India & Anr. (Delhi High Court) In furtherance of the purpose of CFSS-2020, directors of struck off companies who seek to be appointed as directors of other/new companies, ought to be provided an opportunity to avail of this scheme, provided that they have undergone a substantial period of their disqualificati...

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DIN of director cannot be deactivated merely for section 164(2) disqualification

Zacharta Maramkandathil Mohan Vs Union of India (Kerala High Court)

Director Identification Numbers (DINs) of assesses-director allotted under Rule 10 of the Companies (Appointments and Qualifications of Directors) Rules, 2014, were not liable to be deactivated or cancelled solely for the reason that assesses-director stood disqualified for appointment / reappointment as Directors of Companies by operatio...

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RoC cannot deactivate Director Identification Number (DIN) : HC

Baalu Renukadevi Vs Union of India (Madras High Court)

Baalu Renukadevi Vs Union of India (Madras High Court) Rules 9 and 10 of Companies (Appointment and Qualifications of Directors) Rules, 2014 deals with the application for allotment of DIN. Rule 10(6) specifies that the DIN is valid for the life time of the applicant and shall not be allotted to any other person. Rule […]...

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TDS not applicable on payment of lease financial amounts to lease financial companies

CIT Vs Texas Instruments India Pvt. Ltd. (Karnataka High Court)

Neither Section 194-C nor 194-I of the Act would be applicable to the lease financing of motor vehicles; thus there could have been no disallowance on the ground that there was no tax deduction at source made by the Assessee....

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Reassessment justified if bogus transaction found based on subsequent information

Navnidhi Dyeing And Printiing Mills Pvt. Ltd. Vs ACIT (Gujarat High Court)

Where the transaction itself, on the basis of the subsequent information, was found to be bogus transaction, the mere disclosure of that transaction at the time of original assessment proceedings could not be said to be disclosure of the 'true' and 'full' facts in the case and the Income Tax Officer would have the jurisdiction to re-open ...

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July 2021