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GST Cafe | Expenses incurred for the management of a VCF fund established as a trust, taxable: Central Excise and Service Tax Appellate Tribunal, Bangalore

The Bangalore Central Excise and Service Tax Appellate Tribunal (“CESTAT”) in the case of ICICI Econet and Internet Technology Fund vs. Commissioner of Central Tax, Bangalore, has ruled for the Venture Capital Funds (“VCF”) which are set-up as trusts that these trusts act as a service provider, thereby suggesting that arrangement between the contributor and the […]

Between the Lines | NCLAT: Withdrawal of corporate insolvency resolution process proceedings filed against the corporate debtor allowed, prior to the constitution of the committee of creditors.

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) has in its judgment dated July 07, 2021 (“Judgement”), in the matter of Anuj Tejpal v. Rakesh Yadav and Another [I.A. No. 815 of 2021 in Company Appeal (AT) (Insolvency) No. 298 of 2021], allowed withdrawal of corporate insolvency resolution process (“CIRP”) proceedings filed against the […]

Between the Lines | NCLAT: The commercial wisdom of the committee of creditors is paramount and could not be interfered with.

The National Company Appellate Law Tribunal (“NCLAT”) by order dated May 05, 2021, in the matter of Ramasamy Palaniappan v. Radhakrishnan Dharmarajan and Others [Company Appeal (AT) (CH) (Ins.) No. 19 of 2021] with Chandrasekaran v. Radhakrishnan Dharmarajan and Others [Company Appeal (AT) (CH) (Ins.) No. 20 of 2021] held that, commercial wisdom of the committee […]

Between the Lines | Karnataka High Court: If the departments of ‘Central’ or ‘State’ government(s) do not file an application or participate in the corporate insolvency resolution process, their claims automatically get extinguished

The High Court of Karnataka (“KHC”) has in its judgment dated May 27, 2021 (“Judgement”), in the matter of Union of India and Others v. M/s. Ruchi Soya Industries Limited [Writ Appeal No.2575/2018 (T-TAR)], held that if the departments of Central or State government(s) do not file an application or participate in the resolution process, […]

Between the Lines | Supreme Court: Dissenting secured creditor cannot challenge an approved resolution plan basis the value of security held by it over the corporate debtor.

In the matter of India Resurgence ARC Private Limited v. M/s Amit Metaliks Limited & Another [Civil Appeal No. 1700 of 2021] decided on May 13, 2021 (“Judgement”) the Supreme Court (“SC”) held that a dissenting secured creditor cannot challenge an approved resolution plan under the Insolvency and Bankruptcy Code, 2016 (“IBC”) and insist on […]

#TaxMantra | Paradigm shift in reassessment regime – A new tangle? (Part-I)

We are pleased to share with you the video link of our web series #TaxMantra on the contemporary topic of “Paradigm shift in reassessment regime – A new tangle?” We would be releasing Part-II shortly. Till then, stay tuned and keep watching our web series #TaxMantra.