Taxbuzz | Amendments Passed in the Finance Act 2021

In continuation to our detailed analysis of the Finance Bill 2021, amendments made to the proposals of the Bill, which are now incorporated in the Finance Act, 2021, are summarised in our publication, TaxBuzz. To read the TaxBuzz, click at the ‘Download Newsletter. We trust that you will find the same useful. Looking forward to receiving […]

Taxbuzz | Refund and Deduction of Foreign Taxes in India

We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the recent decision of the Tribunal in the case of Bank of India denying the claim of refund of taxes paid outside India, in absence of tax liability in India on such foreign sourced income. The […]

Between the Lines | Delhi High Court: Order terminating arbitration proceedings under Section 32(2)(c) of Arbitration and Conciliation Act, 1996 is not an award

The Delhi High Court (“DHC”) has in its judgment dated January 12, 2021 in the matter of M/s PCL Sunconv. M/s National Highway Authority of India [O.M.P. (T) (COMM.) 80/2020], held that an order terminating arbitration proceedings under Section 32(2)(c) of the Arbitration and Conciliation Act, 1996 (“ACA”) is not an award, and can be […]

Between the Lines | Calcutta High Court: If a challenge is regarding lack of jurisdiction of NCLT under the IBC, writ jurisdiction of High Court can be invoked despite availability of alternative remedy under the IBC

In the case of Kolkata Municipal Corporation and Another v. Union of India and Others (W.P No. 977 of 2020), Calcutta High Court (“CHC”) by its judgement dated January 29, 2021, held that if a challenge is made regarding lack of jurisdiction of National Company Law Tribunal (“NCLT”) under the Insolvency and Bankruptcy Code, 2016 […]

Between the Lines | Supreme Court: If a corporate debtor has only offered security by pledging shares, without undertaking an obligation to discharge the borrower’s liability, then the creditor in such a case will not become ‘financial creditor’ vis-à-vis the corporate debtor as defined under the IBC

The Hon’ble Supreme Court (“SC”) has in its judgment dated February 03, 2021 (“Judgement”), delivered by a three judge bench, in the matter of Phoenix Arc Private Limited v. Ketulbhai Ramubhai Patel [Civil Appeal No.5146 Of 2019], held that if a corporate debtor has only offered security by pledging shares, without undertaking an obligation to […]