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 […]
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 […]
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 […]
The National Company Law Tribunal, Mumbai (“NCLT”) has in its judgment dated November 29, 2021 (“Judgement”), in the matter of Hubtown Limited v. GVFL Trustee Company Private Limited [M.A. 2411/2019 IN C.P. 4128/I&B/MB/2018 and others], held that shareholders are different from lenders. Facts Hubtown Limited (“Corporate Debtor”) was earlier known as Ackruti City Limited. The […]
The Supreme Court (“SC”) has in its judgment dated December 15, 2021 (“Judgement”), in the matter of Jharkhand Urja Vikas Nigam Limited v. The State of Rajasthan and Others [Civil Appeal No. 2899 of 2021], held that the Facilitation Council must before passing an award under the Micro, Small and Medium Enterprises Development Act, 2006 […]
We are glad to share the January 2022 edition of our newsletter – Competition News Bulletin. Some highlights of this issue are as under: Competition Commission of India (CCI) imposes penalty on beer cartel CCI directs investigation against Apple CCI directs investigation against Google CCI imposes penalty on Amazon, suspends approval The Bulletin, now in the […]
