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Between the Lines | NCLAT: Creditor could not be restrained from simultaneously initiating CIRP against both the principal borrower and the guarantor

The National Company Law Appellate Tribunal (“NCLAT”) by way of its judgement dated November 24, 2020 in the matter of State Bank of India v. Athena Energy Ventures Private Limited [CA (AT) (Ins) No. 633 of 2020] set aside the order passed by the National Company Law Tribunal, Hyderabad Bench (“NCLT”) on March 4, 2020. […]

Between the Lines | Supreme Court: Proceedings under Section 34 of the Arbitration and Conciliation Act, 1996 not maintainable against foreign award

The Supreme Court (“SC”) has in its judgment dated November 26, 2020 in the matter of M/s Noy Vallesina Engineering SpAv. M/s Jindal Drugs Limited and Others [Civil Appeal No. 8607 of 2010], held that proceedings under Section 34 of the Arbitration and Conciliation Act, 1996 (“ACA”) are not maintainable against a foreign award. Facts […]

GST Cafe | Amendment to Rule 59 of the Central Goods and Service Tax Rules, 2017

We are pleased to share with you the copy of our latest publication of GST Café, a briefing on the amendment made to Rule 59 of the Central Goods and Services Rules, 2017 by the Central Government, vide notification no. 01/2021 dated 1st January, 2021. To read the GST Cafe, click at the Download Newsletter. We […]

GST Cafe | Levy of Goods and Services Tax on lottery is an actionable claim, prize money is included in the taxable value: Supreme Court

We are pleased to share with you the copy of our latest publication of GST Café, a briefing on the judgment of the Hon’ble Supreme Court in Skill Lotto solutions P. Ltd V Union of India. In the present case levy of Goods and Services Tax (“GST”) on the sale and distribution of lotteries has […]

Between the Lines | Supreme Court: Trivial procedural lapses not a ground to nullify SARFAESI proceedings initiated by secured creditor if no substantial prejudice was caused to borrower

The Supreme Court (“SC”) has in its judgment dated October 27, 2020 in the matter of M/s L&T Housing Finance Limited v. M/s Trishul Developers and Another [Civil Appeal No.3413 OF 2020], observed that proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (“SARFAESI Act”), initiated by secured […]

Between the Lines | NCLT, Mumbai: The jurisdiction to grant reliefs for recovery of rent from the tenant and the eviction of tenant from the property of the corporate debtor is in the exclusive domain of the civil court

The National Company Law Tribunal, Mumbai (“NCLT”) has in its judgement dated October 27, 2020 (“Judgement”) in the matter of Asset Reconstruction Company (India) Limited v. Precision Fasteners Limited [C.P. (IB) No. 1339/NCLT/MB/2017], held that jurisdiction to grant reliefs of recovery of rent from tenant and the eviction of tenant from the property of the […]