Income Tax - INTRODUCTION Section 60 (5) of the Insolvency and the Bankruptcy Code, 2016, talks about the jurisdiction of NCLT to dispose of the matters related to the insolvency concerning the corporate debtor. However, there are other provisions in the code that appears to contradict the provision given under section 60 (5). This issue again came in...
Read MoreIncome Tax - In Ravi Parthasarthy and Ors. v. State of Tamil Nadu [CRL. O.P. NOS. 3730, 4227, 4095 & 11206 OF 2021 CRL. M.P. NOS. 6647, 6649, 2218, 2601, 2679, 3388, 6708 & 6709 OF 2021 W.P. NO. 1397 OF 2021 AND W.M.P. NO. 5917 OF 2021 dated August 31, 2021]], Ravi Parthasarthy (Petitioner No. 1), Hari […]...
Read MoreIncome Tax - Supreme Court Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [CA No. 8129/2019] The Supreme Court (SC) held that the 2019 amendment to section 31 of the Code is clarificatory and declaratory in nature and is, therefore, effective from the date on which the Code came into effect. Ev...
Read MoreIncome Tax - DENA BANK (NOW BANK OF BARODA) VS. C. SHIVAKUMAR REDDY CIVIL APPEAL NO. 1650 OF 2020. FACTS In 2011, the Dena Bank had sanctioned a Term Loan and Letter of Credit Cum Buyers’ Credit in favour of M/s. Kavveri Telecom Infrastructure with an upper limit of Rs. 45.00 Crores. In 2013, the Loan Account of […]...
Read MoreIncome Tax - Synopsis of: NCLT, Ahmedabad Bench, order ArcelorMittal to pay Rs 1300 crores to SREI Infrastructure Applicant: SREI Infrastructure Finance Limited (SREI) Respondent: 1. Arcelormittal India Private Limited (AIPL) Successful Resolution Applicant of Essar Steel India Ltd. 2. Sh. Satish Kumar Gupta, RP of Essar Steel India Ltd 3. Arcelormitt...
Read MoreIncome Tax - Over the years, for violations under the Companies Act, 2013 the government had been filing criminal cases as per the provisions of the Act. Out of more than 40,000 cases filed under the Companies Act, 1956 and Companies Act, 2013, almost 39,000 cases (more than 97 per cent) did not involve lapses of serious nature....
Read MoreIncome Tax - Due to the various ground realties the corporates have not been able to take benefit of the scheme. Therefore in these difficult times the extension of CFSS, 2020 is imperative and paying such hefty penalties & fines will not be in best interest of all stakeholders. Thus we request your good office to extend the CFSS, 2020 and other r...
Read MoreIncome Tax - As on 31st July, 2020, total 19,844 cases were pending before National Company Law Tribunal (NCLT), including 12,438 cases under Insolvency and Bankruptcy Code (IBC)....
Read MoreIncome 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 MoreIncome 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 MoreTATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court of India) - TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court) Facts- The appellant and the Corporate Debtor entered into a Build Phase Agreement followed by a Facilities Agreement. The Facilities Agreement obligated the Corporate Debtor to provide premises with certain specifications and...
Read MoreATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) - ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) A ‘Government Company’ as defined under Section 2(45) of the Companies Act, 2013 is covered under the definition of a ‘Company’ as defined under Section 2(20) of Companies Act 2013. Since the Cor...
Read MoreReserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT kolkata) - Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT Kolkata) 1. The Court convened via video conferencing. 2. This is an application filed by the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2(zk) of the Insolvency and Bankruptcy Code, 2016 (in...
Read MoreShriraj Investment and Finance Ltd. & Ors. and Casper Consumer Electronics Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court): W.P.(CRL) 1823/2020, & W.P.(CRL) 1414/2021 - Shriraj Investment and Finance Ltd. & Ors. Vs Union of India & Anr. (Delhi High Court) Delhi HC: Where the case has been admitted in NCLT, all the contentions including power to initiate such proceeding should be raised before and concluded by NCLT only Shriraj Investment Pvt. Ltd. (Petition...
Read MoreJaiveer Singh Virk Vs Sir Sobha Singh & Sons Pvt. Ltd. (Delhi High Court) - Jaiveer Singh Virk Vs Sir Sobha Singh & Sons Pvt. Ltd. (Delhi High Court) The next question is- what is the nature of Appellant’s right and whether such a right is enforceable under law? The Appellant asserts that he is a shareholder of Respondent No. 1, which is a corporate entity, incorporat...
Read MoreNotification No.18/15/2020-E0(SM.II) - (11/09/2021) - The Appointments Committee of the Cabinet has approved the proposal for appointment of the following persons to the posts of Judicial Member and Technical Member in the National Company Law Tribunal, in the pay scale of Rs.67,000-79,000/- (pre-revised), for a period of 05 years from the date of assu...
Read MoreOrder No. 10/03/2021-NCLT - (25/06/2021) - It has been decided to start regular hearing in NCLT Benches w.e.f. 1.07.2021 through Video Conference on all working days or as mentioned in remarks Column. The Composition of the Benches is as follows:...
Read MoreFile No. 10/03/2021-NCLT - (09/04/2021) - Due to sharp increase in COVID-19 cases throughout the It has been decided to take up regular hearing through Video Conference w.e.f. 12.4.2021 at all NCLT Benches. The Benches shall sit as per Rule 9 of NCLT Rules, 2016- sitting hours of the Tribunal:...
Read MoreFile No. 10/03/2021-NCLT - (26/02/2021) - NCLT issues present Standard Operating Procedure (SOP) for physical hearing, as well as continuation of virtual hearing as per order dated 23.2.20201 which shall come into force w.e.f. 1.3.2021. The SOP is applicable to all NCLT Benches....
Read MoreNotification No. File No. 10/03/2021-NCLT - (23/02/2021) - All NCLT Benches shall start regular Physical hearing w.e.f. 1.03.2021. In case any counsel/ representative of party expresses difficulty in physical hearing, he/ she may be permitted for virtual hearing....
Read MoreTATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court of India) -
ATE Projects Pvt. Ltd. Vs Rajasthan Drugs and Pharmaceuticals Ltd. (NCLT Jaipur) -
Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT kolkata) -
Shriraj Investment and Finance Ltd. & Ors. and Casper Consumer Electronics Pvt. Ltd. Vs Union of India & Anr. (Delhi High Court): W.P.(CRL) 1823/2020, & W.P.(CRL) 1414/2021 -
Notification No.18/15/2020-E0(SM.II) - 11/09/2021