NCLAT

Summary of Orders related to IBC 2016 passed by IBBI, NCLT, NCLAT, HC & SC

Income Tax - Summary of Orders related to IBC 2016 passed by IBBI, NCLT, NCLAT, HC & SC during July to September 2020 Orders by Supreme Court M/s Marathe Hospitality Vs. Mahesh Surekha & Ors. [SLP (C) No. 8139/2020] The petitioner filed an appeal before the NCLAT. However, the NCLAT closed its functioning as one of its employees […]...

Conundrum on Merger between Company and LLP

Income Tax - The concept of LLP in India was introduced off late in 2008 by enacting the LLP Act, 2008 thereby allowing businesses to be registered as a new and hybrid structure. It was anticipated at that time that many corporate houses would consider LLP as a vehicle to run their business operations, mainly due to lower […]...

Merger Case Study- Private Limited Company with LLP

Income Tax - Recently there is judgment passed by the Chennai Bench of NCLT, on 11/06/2018 approving the scheme of Amalgamation where a merger was effected amongst an Indian company (private limited company) and a LLP (Limited Liability Partnership)....

Case review of State Bank of India Vs Metenree Ltd

Income Tax - This article is about judgment of NCALT/NCLT in the matter of STATE BANK OF INDA V. M/S METENERE Ltd, on aspect of Interim Resolution Professional (herein refers as IRP). NCALT affirmed in the judgement in which it has been held that an ex-employee of creditor, having long association with creditor should be substituted, because he [&he...

Calcutta HC strikes down NCLT order of creditor-filing of default record

Income Tax - On Aug 19th the Calcutta High Court has nullified the order of the National Company Law Tribunal (NCLT) order that provided earlier all financial creditors shall be required to mandatorily file a default record from information utility along with a plea under Section 7 of Insolvency & Bankruptcy Code. These findings were provided ...

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FM inaugurates Chennai Bench of NCLAT

Income Tax - Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurated the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) through virtual mode here today....

Revised SOP for Mentioning the matter for hearing through virtual mode before NCLAT

Income Tax - National Company Law Appellate Tribunal Revised Standard Operating Procedure for Ld. Advocate/ Authorised Representative/Party-in-Person for Mentioning the matter for hearing through virtual mode. As directed, the following is the revised Standard Operating Procedure for hearing of cases through virtual mode (Cisco Webex Meeting Platform)...

NCLAT SOP for hearing through virtual mode wef 01.06.2020

Income Tax - Standard Operating Procedure for Ld. Advocate/ Authorised Representative/Party-in-Person for Mentioning the matter for hearing through virtual mode In order to contain the spread of Coronavirus (COVID-19), and after considering the various instructions and advisories relating to coronavirus control and lockdown issued by the Government, H...

NCLAT & NCLT members to stick to time limits to cut delays in insolvency cases

Income Tax - Justice Mukhopadhaya raised serious concerns with regard to the constant delays in insolvency proceedings and said that the Members of NCLAT and NCLTs must cut the time period of insolvency proceedings short and focus on quicker disposal of cases. He emphasised that there are only limited grounds to argue at the stage of admission and tha...

Govt to set up National Company Law Appellate Tribunal Bench in Chennai

Income Tax - In pursuance of judgement of Hon’ble Supreme Court, the Government has decided to set up a bench of National Company Law Appellate Tribunal (NCLAT) at Chennai. This was stated by Shri Anurag Singh Thakur, Union Minister for State for Finance &Corporate Affairs, in a written reply to a question in Lok Sabha today....

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Exclude Period of Judicial Intervention in calculation of CIRP Period: NCLAT

Anil Tayal Vs Committee of Creditors of M/S. Horizon Buildcon Pvt. Ltd. (NCLAT) - We are of the considered opinion that the period of judicial intervention w.e.f 21st October, 2020 till 9th November, 2020 (the period covering the time spent in pursuing the extension application in the first instance) and 12th January, 2021 to 3rd February, 2021...

NCLAT directs IT Dept to Refund TDS collected under Section 194IA

Om Prakash Agrawal Liquidator-S.Kumars Nationwide Ltd. Vs CCIT (TDS) - Liquidator of a Company in liquidation under the Code is not required to file Income Tax Return, then there is no question of claiming refund of TDS deducted under Section 194 IA of the IT Act....

Operational Creditors not entitled to same treatment as given to Financial & Secured Creditors

Pratap Technocrats P Ltd & Ors Vs. Monitoring Committee of Reliance Infratel Ltd & Anr (NCLAT) - Pratap Technocrats P Ltd & Ors Vs. Monitoring Committee of Reliance Infratel Ltd & Anr (NCLAT) Brief Facts: The version of appellants says that they were kept unaware of the Corporate Insolvency Resolution Process qua the Corporate Debtor, thus being wholly unaware of the progress of Resolut...

Refusal to accept delivery of notice is deemed acceptance of delivery & service of notice

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT): Company Appeal (AT) (Insolvency) No. 880 of 2020 - Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT) Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Respondent- ‘Vaishnovi Infratech Ltd.’ (Corporate Debtor) filed by the Appellant- Operational Creditor was rejected by the Adjudicating Authori...

Application u/s 9 of IBC, 2016 is maintainable irrespective of amount of claim

Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT) - Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT) Brief Facts: An application was filed under Section 9 of IBC and the Adjudicating Authority issued Notice but none appeared for Respondent. The Adjudicating Authority disposed of by directing the Respondent to settle the is...

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NCLAT Chennai Bench to function through Virtual Mode wef 25.01.2021

Notice No. 025/2021 - (23/01/2021) - Take notice that the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) will start its functioning from 25.01.2021 through Virtual Mode....

MCA extends terms of Judicial Members & officiating Chairperson of NCLAT

Notification No. S.O. 3855(E), S.O. 3856(E) - (28/10/2020) - Term of office of Justice (Retd.) Shri Bansi Lal Bhat and Justice (Retd.) Shri A.I.S. Cheema as Judicial Member, National Company Law Appellate Tribunal is extended up to 31.12.2020....

Term of NCLAT Chairperson, Bansi Lal Bhat extended

Notification No. S.O. 3168(E) - (17/09/2020) - Term of office of Justice (Retd.) Shri Bansi Lal Bhat, Member (Judicial) as officiating Chairperson, NCLAT is extended upto 16.10.2020 or until a regular Chairperson is appointed or until further orders, whichever is the earliest....

NCLT & NCLAT(Procedure for investigation of misbehaviour or incapacity of Chairperson, President and other Members) Rules, 2020

Notification No. G.S.R. 470(E) - (28/07/2020) - These rules may be called the National Company Law Tribunal and National Company Law Appellate Tribunal (Procedure for investigation of misbehavior or incapacity of Chairperson, President and other Members) Rules, 2020....

Constitution of NCLAT Bench at Chennai

Notification No. S.O. 1060(E) - (13/03/2020) - Central Government hereby constitutes another Bench of the National Company Law Appellate Tribunal (NCLAT) at Chennai to hear the appeals against the orders of the Benches of the National Company Law Tribunal (NCLT) having jurisdiction of Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, Lak...

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