Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...
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...
Income Tax : Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and fina...
Fema / RBI : The Karnataka High Court upheld the Appellate Tribunal's finding that the respondents satisfied the definition of person resident ...
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...
NCLAT Delhi held that trusteeship deeds are generally signed between the trust on behalf of the lenders and the personal/ corporate guarantor of the principal borrower and Creditors are the true beneficiaries of such deed of guarantee.
NCLAT Delhi held that CoC decision to liquidate the Corporate Debtor is acceptable as corporate debtor has no assets and thus CIRP Period only implies zero returns. Thus, adjudicating authority order accepting liquidation upheld.
After considering submissions made by both parties it is held that there is no dispute that the appellant stood as a guarantor for the loan availed by the CD which has already been admitted into CIRP
NCLAT Delhi held that based on recommendation made by the resolution professional, application under section 95 of IBC, 2016 is admitted. Notably, also held that application under section 95 is preferred within prescribed time limit.
Appellant-personal guarantor had signed a deed of guarantee for a corporate debtor’s credit facilities. Following the debtor’s default, the bank issued a Section 13(2) notice demanding Rs. 32.60 crore from the appellant.
A Corporate Insolvency Resolution Process (CIRP) was initiated by the adjudicating authority (NCLT) in respect of RITL-Corporate Debtor at the instance of Ericsson India Private Limited, and the Interim Resolution Professional (IRP) was appointed.
Where secured creditor failed to pay the liquidation costs within 90 days after its intention to realize the security interest, the security interest should stand relinquished under Regulation 21A(3) of the Liquidation Regulations, 2016.
NCLT Mumbai held that sale of property of personal guarantors by financial creditor under SARFAESI Act during protection of moratorium under section 96 of the IBC is invalid sale as protection of moratorium under section 96 is far greater than of section 14.
This appeal arises from an order dated 09.01.2024 by the National Company Law Tribunal (NCLT), Mumbai Bench-I. The Appellant, Mr. Puneet P. Bhatia, a suspended director of Barracks Retail India Pvt. Ltd.
In a recent ruling, the Delhi bench (NCLAT) while dismissing the appeal of the bank have held that Once the CIRP was initiated, the amount lying in the “No Lien Account”, is an asset of the Corporate Debtor if OTS did not materialize.
