Case Law Details
Director General of Anti-Profiteering Vs Puma Realtors Pvt. Ltd (NAA)
NAA held that although Anti-Profiteering Provisions of Section 171 of CGST Act, 2017 were violated by Respondent, yet provisions of IBC, 2016 will nonetheless prevail.
DGAP had observed that a Corporate Insolvency Resolution Process (CIRP) was initiated against the Respondent under Insolvency and Bankruptcy Code 2016 (IBC) vide Order dated 17.10.2018 by the National Company Law Tribunal (NCLT), New Delhi. The Said CIRP had been concluded by NCLT vide its Order dated 01.06.2021 whereby the Resolution Plan filed by the M/s One City Infrastructure Pvt. Ltd was duly approved and subsequently implemented.
DGAP has further observed that as per provisions of Section 238 of the IBC, 2016 “the provisions of this code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law:” Although, it is argued that the provisions of Section 171 of the CGST Act, 2017 have been violated by the Respondent, yet the provisions of IBC, 2016 will nonetheless prevail.
FULL TEXT OF ORDER OF NATIONAL ANTI-PROFITEERING AUTHORITY
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