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Between the Lines | Supreme Court: Once the resolution plan is approved by the Committee of Creditors and submitted to the Adjudicating Authority, a successful resolution applicant cannot withdraw or modify the resolution plan

The Hon’ble Supreme Court (“SC”) has held in its judgment dated September 13, 2021, in the matter of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited and Another (Civil Appeal No. 3224 of 2020) that a submitted resolution plan is binding and irrevocable as between the Committee of Creditors (“CoC”) and […]

GST Cafe | Advisory on Availment Of Input Tax Credit (ITC) For FY 2020-21

Section 16(4) of the Central Goods and Services Act, 2017 provides that no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after due date of furnishing of return for the month of September 2021. In this regard, the […]

Article | Google versus CCI : Whom to blame for the media leak?

So, has Google got it wrong this time? Recently, the Delhi High Court rapped the internet giant for “threatening” to sue the fair market regulator, the Competition Commission of India (CCI), for the “leak” of the confidential investigation report of its investigative arm, the director general, to the media, leading to headline stories in India. […]

GST Cafe | Input Tax Credit on CSR Activities not eligible: Gujarat AAR

In a recent ruling, the Gujarat Authority for Advance Ruling (the ‘GAAR’) in the case of M/s Adama India Private Limited[1] (the ‘Applicant’) observed that CSR activities are excluded from normal course of business of the applicant and therefore not eligible for Input Tax Credit, as per Section 16(1) of the Central Goods and Services […]

Between the Lines | Supreme Court: Neither the NCLT nor the NCLAT have an unchartered jurisdiction in equity in dealing with resolution plans approved by the CoC.

The Hon’ble Supreme Court (“SC”) has in its judgement dated August 10, 2021, in the matter of Pratap Technocrats (P) Limited and Others v. Monitoring Committee of Reliance Infratel Limited and Another [Civil Appeal No 676 of 2021] held that the National Company Law Tribunal (“NCLT”) and the National Company Law Appellate Tribunal (“NCLAT”) are […]

Between the Lines | Supreme Court: A foreign award is enforceable against non-signatories under Part II of the Arbitration and Conciliation Act, 1996

The Hon’ble Supreme Court (“SC”) has in the matter of M/s Gemini Bay Transcription Private Limited v. M/s Integrated Sales Services Limited and Others (Civil Appeal No. 8343-8344 OF 2018), held that the foreign arbitral awards are binding on non-signatories under Part II of the Arbitration and Conciliation Act, 1996 (“Act”). Facts M/s Integrated Sales […]