Income Tax : Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, incl...
Income Tax : Understand the taxation of trusts in India, covering registered and unregistered trusts. Learn about relevant sections, exemptions...
Income Tax : Shalki Bansal Charitable/religious trusts are the trusts which are formed with an objective of providing relief to poor, education...
Finance : Despite the clear objective behind enacting SARFAESI Act, 2002, while implementing the provisions of the Act, many complications h...
Fema / RBI : The enactment of ‘Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’ has fa...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : Delhi ITAT held that before the amendment effective from 01.04.2015, exemption under Section 54 could be claimed for investment in...
Corporate Law : The Tribunal admitted the voluntary insolvency application after examining financial statements, bank records, and other documents...
Income Tax : The tribunal ruled that section 263 cannot be invoked merely because the Commissioner believes further enquiry was possible. Unles...
Corporate Law : The High Court ruled that wilful default and pending recovery proceedings do not, by themselves, justify Look Out Circulars. Witho...
NCLT Cuttack held that application for initiation of Corporate Insolvency Resolution Process [CIRP] under section 7 of the Insolvency and Bankruptcy Code [IBC] admitted against Corporate Debtor [Fortune Spirit Limited] as debt and default in payment of debt duly proved.
Held that the statutory right of a Financial Creditor bestowed u/s. 7 of the ‘IBC’ cannot be curtailed to any ‘Inter-Creditor Agreement’ or Consortium agreement executed between the lender banks, as the same was only for regulating the inter se affairs of the consortium and the OTS proposal cannot be claimed by a borrower as a matter of right.
NCLAT Delhi held that rejection of application under section 95 of the Insolvency and Bankruptcy Code justifiable since application filed after expiry of period of three years is barred by limitation. Accordingly, appeal dismissed.
DRAT Chennai held that measures taken under SARFAESI Act for sale of property is not in accordance with also since affixture of the impugned sale notice was not proved by the appellant bank and valuation of the property was not properly done.
NCLT Ahmedabad admitted CIRP application under section 7 of the Insolvency and Bankruptcy Code by Central Bank of India [Financial Creditor] against M/s. Repute Foods Pvt. Ltd. [Corporate Debtor] as debt and default established.
NCLT Kolkata held that financial creditors can file simultaneously two application under section 7 of the Insolvency and Bankruptcy Code, 2016 against the principal borrower and corporate guarantor. Accordingly, CIRP application against corporate debtor allowed as debt and default proved.
NCLT Ahmedabad held that application u/s. 7(2) of Insolvency and Bankruptcy Code [IBC] for initiation of corporate insolvency resolution process [CIRP] against Corporate Guarantor admitted as default duly proved.
Held that the liability of the corporate guarantor is co-extensive with the principal borrower, and accordingly, both the principal borrower and corporate guarantor are equally liable for the default. Accordingly, CIRP application u/s. 7 of IBC allowed.
ITAT Chennai dismisses an appeal, ruling that a property sale is subject to a pre-existing equitable mortgage, validating a bank’s action under SARFAESI Act.
Assessee’s remedy lied in recovering the amounts wrongly disbursed through the liquidation process, with the liquidator assisting in such recovery. Upon full satisfaction of the 1st Respondent’s dues, the attachment should stand vacated.
