Between the Lines | NCLAT: Neither the committee of creditors has the power to determine, nor the resolution professional has the power to reclassify the status of a creditor from financial creditor to operational creditor

The National Company Law Appellate Tribunal (“NCLAT”) has in its judgement dated December 18, 2020 (“Judgement”) in the matter of Mr Rajnish Jain v. BVN Traders and Others [Company Appeal (Insolvency) No. 519 of 2020], held that neither the Committee of Creditors (“CoC”) has the power to determine, nor the resolution professional has the power […]

Decoding tax fine-print, Finance Bill, 2021 – Clause by Clause Analysis

The Hon’ble Finance Minister presented the Finance Bill 2021 in an unprecedented environment of economic slowdown. The Budget focused on measures to boost the economy and as promised by the Hon’ble Finance Minister, it is a “Budget Like Never Before”. However, as it is said, the ‘Devil lies in the details’. In the Finance Bill, […]