News Updates
Arbitration Cases Weekly Round-Up: April 16 To April 22, 2023
Supreme Court: Supreme Court Deprecates Practice Of Filing Applications In Disposed Of SLPs To Side-Step Arbitration Process Case Title: Narsi Creation Pvt Ltd and Anr. vs State of Uttar Pradesh and Ors. The Supreme Court has reiterated that the courts normally ought not interfere with arbitral proceedings, especially till the time an award is not passed. The top...
Financial Creditors As Minority Debenture Holder Entitled To Initiate CIRP Irrespective Of Presence Of Debenture Trustee: NCLT Mumbai
The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao (Judicial Member) and Smt. Madhu Sinha (Technical Member), while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in Clearwater Capital Partners Singapore Fund IV Private Limited and Anr vs Rajesh Estates and Nirman Private Limited has held the...
Wooden Ice Cream Sticks And Spoons Exigible To 12% GST: AAR
The Karnataka Authority of Advance Ruling (AAR) ruled that 12% GST is exigible on wooden ice cream sticks and wooden ice cream spoons.The two-member bench of M.P. Ravi Prasad and Kiran Reddy T. has observed that heading 4419 covers tableware and kitchenware of wood, and specifically, 4419 90 covers tableware and kitchenware of other wood, i.e., other than bamboo wood. Further HSN...
Different Work Orders Can Be Clubbed To Satisfy The Minimum Threshold Under IBC: NCLT Mumbai Reiterates
The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli (Judicial Member) and Shri Prabhat Kumar (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in S. V. R Enterprises vs Netizen Engineering Private Limited has reiterated that debts arising from different work orders can be...
Poaching Of Employees By The Operational Creditor Does Not Fall Within The Ambit Of Pre-Existing Dispute: NCLT Kolkata
The National Company Law Tribunal, Kolkata Bench, comprising Shri Rohit Kapoor (Judicial Member) and Shri Balraj Joshi (Technical Member), while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”) in India Medtronic Private Limited vs Healthcare Associates Private Limited has refused to term poaching of employees by...
NCLT Mumbai Approves M/S Steel Line’s Resolution Plan For J-Marks Exim (India) Private Limited
NCLT Mumbai has approved a 8.91 crore Resolution Plan of M/s Steel Line (India) Private Limited for J-Marks Exim (India) Private Limited (“Corporate Debtor”) under section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 25.05.2020. The...
Goa Value Added Tax (12th Amendment) Act, 2020 Defies The Doctrine Of Separation Of Powers: Bombay High Court
The Bombay High Court has held that the Goa Value Added Tax (12th Amendment) Act, 2020, is an impermissible judicial override defying the doctrine of separation of powers.The bench of Justice M. S. Sonak and Justice Bharat P. Deshpande has observed that by simply not issuing sanction orders or delaying the issue of sanctions indefinitely or unreasonably, the state cannot arbitrarily deprive...
Income Tax Assessment Can’t Be Reopened Without Any Foundation: Gujarat High Court
The Gujarat High Court has held that when the foundation was missing, there could not have been the erection of ground to seek reopening of assessment.The bench of Justice N.V. Anjaria and Justice Devan M. Desai has observed that neither foundational facts existed nor could any tangible material be available with the assessing officer to justify the exercise of power to reopen the...
NCLT Mumbai Approves Resolution Plan Of ARCIL Lead Consortium For Unimark Remedies Limited
NCLT Mumbai has approved a 127 crore resolution plan of ARCIL, Intas Pharmaceuticals Ltd & Shamrock Pharmachemi (P) Ltd as consortium for Unimark Remedies Limited (“Corporate Debtor”) under section 30 (6) and 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC, 2016”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order...
NCLT New Delhi Orders Liquidation Of Samtex Desinz Private Limited Under Section 33 Of IBC
NCLT New Delhi has ordered for Liquidation of Samtex Desinz Private Limited (“Corporate Debtor”) under section 33 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 02.09.2021. Public announcements for inviting claims were made and the Committee of Creditors...
Non-Resident Shareholders Can’t Take Benefit Of Lower Tax Rate Prescribed In DTAAs For Taxation Of Dividend Where DDT Is Applicable: ITAT
The Mumbai Special Bench of the Income Tax Appellate Tribunal (ITAT) has held that non-resident shareholders cannot take advantage of the lower tax rate prescribed in Double Tax Avoidance Agreements (DTAAs) for taxation of dividends where Dividend Distribution Tax (DDT) is applicable.The bench of G. S. Pannu (President), N.V. Vasudevan (Vice President), and Vikas Awasthy (Judicial Member)...
AO Cannot Make Ad-Hoc Disallowance Of Expenses For Want Of Supporting For Each Expense, Without Pointing Defect In Vouchers: ITAT
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the AO cannot make an ad hoc disallowance of expenses for want of support for each expense, without pointing to defects in vouchers on a sample basis furnished by the assessee.The bench of Yogesh Kumar US (Judicial Member) and B. R. R. Kumar (Accountant Member) has observed that the assessee has furnished copies of...