News Updates
A Petition Against A Corporate Guarantor Cannot Be Dismissed Simply Because A Resolution Plan For The Corporate Debtor Is Under Consideration: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Smt. Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in M/s. Edelweiss Asset Reconstruction Company Limited vs Sadguru Multitrade Private Limited has held that insolvency...
NCLT Mumbai Admits Section 7 Petition Against Sterling Oil Resources Limited For Defaults Of More Than Rs. 1655 Crores
The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has admitted a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against Sterling Oil Resources Limited (“Sterling Oil”) and initiated Corporate Insolvency Resolution Process (“CIRP”) against it. State Bank...
Govt. Brings International Credit Card Spending Under LRS, 20% TCS Payable
By including credit card transactions in the $250,000 Liberalized Remittance Scheme (LRS) limit, the government has moved to amend the Foreign Exchange Management (Current Account Transaction) Rules after consulting with the RBI.The liberalized remittance scheme (LRS) enables citizens of India to send money abroad for a variety of predetermined uses without any restrictions or prior...
Arbitral Award Passed After Inordinate, Unexplained Delay Is Contrary To Justice and Public Policy : Delhi High Court
The Delhi High Court has ruled that an arbitral award passed after an inordinate, substantial and unexplained delay would be “contrary to justice and would defeat justice”. Consequently, the same would also be in conflict with the public policy of India. The bench of Justice Chandra Dhari Singh was hearing a petition filed under Section 34 of the Arbitration and...
NCLT Mumbai Dismisses Section 7 Petition Against Direct Media Distribution Ventures Limited
The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has dismissed a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against Direct Media Distribution Ventures Limited (“Direct Media”) and refused to initiate Corporate Insolvency Resolution Process (“CIRP”) against...
Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer (Judicial Member) and Smt Anuradha Sanjay Bhatia (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Birla Cotsyn (India) Limited vs Birla Global Corporate Private Limited has held that prior approval of the Adjudicating...
NCLT Mumbai Admits Section 7 Petition Against M/S Tulip Hotels Private Limited For Defaults Of More Than Rs. 900 Crores
The NCLT Mumbai bench comprising of Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member) has admitted a petition under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) against M/s Tulip Hotels Private Limited (“Tulip Hotels”) and initiated Corporate Insolvency Resolution Process (“CIRP”) against it. The Application...
AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that an AO cannot make additions merely on the basis of a statement without corroborating it with any other material.The bench of Pavan Kumar Gadale (Judicial Member) and B.R. Baskaran (Accountant Member) has observed that the AO has assessed entire cash receipts as income of the assessee without examining the nature of...
ITAT Imposes Cost On Assessee For Being Delinquent And Lethargic In Pursuing The case Before The Authorities
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has imposed a fine of Rs. 2000 for being delinquent and lethargic in pursuing the matter before the tax authorities."Since the assessee has not appeared before any of the tax authorities below, in the interest of justice, we are of the view that the assessee may be provided with an opportunity to present his case properly before the...
Excise Duty To Be Demanded From Job Worker, Not From Principal Manufacturer, When Transaction Is On Principal To Principal Basis: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that there has to be excise duty demanded from the job worker and not from the principal manufacturer when transactions between the two are on a principal-to-principal basis.The bench of Anil Choudhary (Judicial Member) and Hemambika R. Priya, (Technical Member) remanded the matter to the...
CESTAT Allows Interest On Auction Sale Proceeds From The Date The Amount Has Been Received By The Customs Dept., Till The Date Of Disbursal
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has allowed interest on the auction sale proceeds from the date the amount was received by the Customs Department until the date of disbursal.The Bench of Anil Choudhary, (Judicial Member), has observed that the department shall disburse the number of sale proceeds pursuant to auction sales by only adjusting...
Centre Notifies Appointment Of Four Judicial Officers As Additional Judges Of Madras High Court
The Union Government on Friday notified the appointment of four district judges as new additional judges of the Madras High Court.“In exercise of the power conferred by clause (1) of Article 224 of the Constitution of India, the President is pleased to appoint S/Shri (i) Ramasamy Sakthivel, (ii) P. Dhanabal, (iii) Chilmasamy Kumarappan and (iv) Kandasamy Rajasekar, to be Additional Judges...