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Between the Lines | NCLAT: A ‘Successful Bidder’ cannot make ‘conditional bids’ or withdraw bid after paying earnest money deposit

The National Company Law Appellate Tribunal (“NCLAT”) has in its judgment dated January 11, 2022 (“Judgement”), in the matter of Visisth Services Limited v. Mr. S. V. Ramani and Others [Company Appeal (AT) (Insolvency) No.896 of 2020], held that a ‘Successful Bidder’ cannot wriggle out of the contractual obligations and withdraw the bid after payment […]

Between the Lines | Supreme Court: Guarantor is barred from being a resolution applicant under Section 29A(h) of the Insolvency and Bankruptcy Code, 2016 if guarantee has been invoked by any creditor, not necessarily being the creditor initiating the insolvency proceedings

The Hon’ble Supreme Court (“SC”) has in its judgment dated January 18, 2022 (“Judgement”) in the matter of Bank of Baroda and Another v MBL Infrastructures Limited and Others [Civil Appeal No. 8411 of 2019] held that once a personal guarantee is invoked by any creditor, notwithstanding the fact that the application initiating the corporate […]

Webinar on “Analysis of Union Budget” | Presentation and Video Link

Vaish Associates organised a Budget Webinar on 4th February, 2022 which was chaired by Mr. Ajay Vohra, Senior Advocate, the leading legal luminary and one of the most respected jurists, who lead the discussions along with Partners of Vaish Associates. Please find below link of video and presentation analyzing threadbare, the proposals of Finance Bill […]

GST Cafe | Entitlement of a Taxpayer is limited to the Input Tax Credit reflecting in Form GSTR-2B: CBIC

The Central Board of Indirect Taxes and Customs (‘Board’), vide Notification No.39/2021-Central Tax[1] has notified new provisions under the Finance Act, 2021 (“the Act”), seeking to amend various provisions of the Central Goods and Services Act, 2017 (“CGST Act”). These provisions, namely Section 108, 109, 115, 116 and 120, have come into force from 1st January 2022. The […]

Between the Lines | NCLT: A foreign award is not sufficient to initiate insolvency proceedings against the corporate debtor under the Insolvency and Bankruptcy Code, 2016.

The Hon’ble National Company Law Tribunal, Cuttack Bench (“NCLT”) in the matter of Jaldhi Overseas Pte. Limited v. Steer Overseas Private Limited [TP No. L8/CTB/2019], held that a foreign award is not sufficient to initiate insolvency proceedings against the corporate debtor under the Insolvency and Bankruptcy Code, 2016 (“IBC”). Facts Steer Overseas Private Limited (“Corporate […]

Between the Lines | Supreme Court: The Adjudicating Authority and the Appellate Authority can encourage, but cannot compel the parties to settle a dispute under the Insolvency and Bankruptcy Code, 2016

The Hon’ble Supreme Court (“SC”) has in its judgement dated December 14, 2021, in the matter of E S Krishnamurthy and others v. M/s Bharath Hi Tech Builders Private Limited [Civil Appeal No. 3325 of 2020], held that the National Company Law Tribunal (“Adjudicating Authority”) and the National Company Law Appellate Authority (“Appellate Authority”) can […]