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Goods and Services Tax - An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 [...
Read MoreGoods and Services Tax - Oppression and Mismanagement is envisaged in Section 241 of the Companies Act, 2013 and allows the petitioners i.e. the minority shareholders to file a suit if they believe the affairs of the company are conducted in a manner prejudicial and/or oppressive to themselves, to the interests of the company or to the public...
Read MoreGoods and Services Tax - Introduction The fundamental legislative intent behind the enactment of IBC has been the resolution of Corporate Debtors. Compared to previous laws, the distinguishing feature of the Code is that it does not to operate as a mere debt recovery route for creditors. The doctrine of fresh slate is of much significance in achieving the objecti...
Read MoreGoods and Services Tax - The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues of Indian Companies. NCLT was established underneath the Companies Act 2013 and was set up in June 2016 and is founded on the advice of the V. Balakrishna Eradi committee on law relating to the insolvency and the winding up […]...
Read MoreGoods and Services Tax - Mandatory procedures under Corporate Insolvency Resolution Process such as interim financing for insolvent assets, time-bound resolution process, and a creditor in control model may not be easily met under the present COVID-19-induced conditions. Another concern can be an over-burdened NCLT besides everything. These could be the probable ...
Read MoreGoods and Services Tax - National Company Law Tribunal 6th Floor, Block-3, CGO Complex, Lodhi Road New Delhi-110003 Dated: 24.3.2020 NOTICE 1.With regard to Limitation,it is clear that the order dated 23.3.2020 passed by Hon’ble Supreme Court in suo motu WP-03/2020 is binding on everyone in India,for further clarification,it is hereby clarified that the lit...
Read MoreGoods and Services 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...
Read MoreGoods and Services 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....
Read MoreGoods and Services Tax - Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code, 2016 came into effect, the Survey proposes further strengthening of the National Company Law Tribunals (NCLT) and the appellate tribunal....
Read MoreGoods and Services Tax - 9,073 cases are under consideration in NCLT, including 1,630 cases of Merger and Amalgamation; 2,511 cases of insolvency and 4,932 cases under other sections of Companies Act. The Company Law Board (CLB) set up under Companies Act 1956 stands dissolved with the setting up of National Company Law Tribunal (NCLT). As on 12.03.2018, only o...
Read MoreIn re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) - In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the appli...
Read MoreFoseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) - Whether increase in threshold by CG through notification for initiating CIRP is prospective or retrospective in effect?...
Read MoreAbhijit Guhathakurta R.P. for the 13 Videocon Group Companies Vs Central Goods & Services Department (National Company Law Tribunal) - NCLT directs the GST Department to (a) To restore the e-way facility for filing of the GST returns in respect of Corporate Debtors all Companies including Techno Electronics Limited currently under Corporate Insolvency Resolution Proceedings....
Read MoreVijay Pal Garg & Ors. Vs Pooja Bahry (NCLAT) - Adjudicating Authorities cannot possess the power to direct the Central Government to conduct/order the investigation against any company. Taking a look at Section 210(3) of the Act, it is clear that the Central Government ought to conduct an investigation into the affairs of the Company by appointi...
Read MoreNational Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) - National Plywood Industries Ltd. Vs Union of India And Anr. (Gauhati High Court) In the given case the issue under consideration is whether the order of moratorium of the National Company Law Tribunal also covers the proceeding pending before the GST authorities under the GST Act 2017? The Hon’ble...
Read MoreNotification No. File No. 25/02/2020-NCLT - (12/05/2020) - All concerned are directed to file default record from Information Utility alongwith the new petitions being filed under section 7 of Insolvency and Bankruptcy Code, 2016 positively. No new petition shall be entertained without record of default under section 7 of IBC, 2016...
Read MoreNotification No. G.S.R. 80(E) - (03/02/2020) - These rules may be called the National Company Law Tribunal (Amendment) Rules, 2020. They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification No. G.S.R. 682(E). - (23/09/2019) - Rule 15 A. Posting and transfer of Members. - (1) Initial posting of a Member shall be done by the Central Government in consultation with the President. (2) Subsequent transfers to different Benches shall be done by the President having regard ordinarily to the following:—...
Read MorePublic Notice No. 39/2015-2020-DGFT - (18/10/2019) - A new para has been added in Chapter 2 of Foreign Trade Policy 2015-20 for operational modalities to be followed for the cases referred to National Company Law Tribunal vide Public Notice No. 39/2015-2020 dated: 18th October, 2019. Government of India Ministry of Commerce and Industry Department of ...
Read MoreNotification No. 25/2015-2020-DGFT [S.O. 3752(E)] - (18/10/2019) - A new para has been added in Chapter 2 of Foreign Trade Policy 2015-20 about the cases referred to the National Company Law Tribunal vide Notification No. 25/2015-2020 dated 18th October 2019. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign...
Read MoreIn re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) -
Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) -
