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Between The Lines | Supreme Court: Proceedings under SARFAESI cannot be continued against corporate debtor once CIRP is admitted and moratorium is ordered.

The Supreme Court (“SC”) has in the judgement dated May 18, 2022 (“Judgement”), in the matter of Indian Overseas Bank v M/S RCM Infrastructure Limited and Another [Civil Appeal No. 4750 of 2021] held that once corporate insolvency resolution process (“CIRP”) is initiated, all actions under Securitisation and Reconstruction of Financial Assets and Enforcement of […]

Between The Lines | Supreme Court: A liability in respect of a claim arising out of a recovery certificate under the Recovery of Debts and Bankruptcy Act, 1993 would be a “financial debt” under the IBC and a holder of such recovery certificate would be a “financial creditor” under the IBC.

The Supreme Court (“SC”) has in its judgment dated May 30, 2022, in the matter of Kotak Mahindra Bank Limited v. A. Balakrishna and Another [Civil Appeal No. 689 of 2021] held that a liability in respect of a claim arising out of a recovery certificate under the Recovery of Debts and Bankruptcy Act, 1993, […]

GST Cafe | Supreme Court rules service tax to be applicable on inter-company reimbursement of salary and other expenses in relation to secondment of expat personnel in India

Context This update relates to a ruling of Supreme Court of India (CCE&ST vs. Northern Operating Systems Pvt. Ltd.) relating to applicability of Service Tax on inter-company payment of salary and other expenses in relation to seconded expatriate employees in India. The Respondent, Northern Operating Systems Pvt. Ltd., had entered into agreements with its overseas […]

Between The Lines | Supreme Court: Application under Section 11(6) of the Arbitration and Conciliation Act, 1996 for the appointment of arbitrator can be filed only before high courts possessing jurisdiction

The Hon’ble Supreme Court (“SC”) has in the judgement dated March 24, 2022 (“Judgement”), in the matter of M/s. Ravi Ranjan Developers Private Limited v. Aditya Kumar Chatterjee [Civil Appeal Nos. 2394-2395 of 2022 (Arising out of SLP (C) Nos. 17397-17398 of 2021)] held that an application under Section 11(6) of the Arbitration and Conciliation […]

Between The Lines | NCLAT: A fresh resolution plan cannot be considered by committee of creditors

The National Company Law Appellate Tribunal (“NCLAT”) has in the judgement dated April 18, 2022 (“Judgement”), in the matter of Steel Strips Wheels Limited. v. Shri Avil Menezes, Resolution Professional of AMW Autocomponent Limited and Others [Company Appeal (AT) (Insolvency) No. 89 of 2022] held that a fresh resolution plan cannot be considered by committee […]

NCLAT: Nil payment to operational creditors is permissible under the resolution plan

The National Company Law Appellate Tribunal (“NCLAT”) has in the judgement dated April 7, 2022 (“Judgement”), in the matter of M/s. Genius Security and Allied Services v. Shivadutt Bannanje and Another [Company Appeal (AT) (Insolvency) No. 110 of 2021] held that nil payment to operational creditors is permissible under the resolution plan if the liquidation […]