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Between the Lines | NCLAT: IBC has no bar for the ‘Promoter’ to file ‘resolution application’, even if otherwise not eligible in terms of Section 29A

The National Company Law Appellate Tribunal (“NCLAT”) in the case of Sreeram E. Techno School Private Limitedv. Beans and More Hospitality Private Limited Through R.P. Prabhjit Singh Soni (decided on September 11, 2019) upheld the order dated July 19, 2019 passed by the NCLT, III bench, Delhi (“Adjudicating Authority”) under Section 30(6) of the Insolvency […]

Between the Lines | NCLAT: Decree holder cannot be classified as a financial creditor for the purpose of initiating Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016

The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) has in its judgment dated August 14, 2020 (“Judgment”) in the matter of Sushil Ansal v. Ashok Tripathi and Others [Company Appeal (AT) (Insolvency) No. 452 of 2020], held that a decree holder cannot be classified as a financial creditor for the purpose of initiating Corporate […]

Between the Lines | Supreme Court: Limitation period for an application under Section 7 of the IBC for initiation of CIRP is three years from the date of default

The Supreme Court of India (“SC”) in Babulal Vardharji Gurjar v. Veer Gurjar Aluminium Industries Private Limited & Another (decided on August 14, 2020), held that the limitation period for an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) is three years, as per Article 137 of the Limitation Act, 1963 […]

GST Cafe | Recent developments under Goods and Services – Administrative Instructions

We are pleased to share with you the copy of our latest publication of GST Café, a briefing on the recent administrative instructions issued by the Ministry of Finance wherein the Ministry of Finance provides for recovery of interest on delayed tax payment on net-cash tax liability retrospectively from 01.07.2017. To read the GST Cafe, […]

GST Cafe | Issuance of Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020

We are pleased to share with you the copy of our latest publication of GST Café, a briefing on the introduction of the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR, 2020) under Chapter VAA of the Customs Act, 1962. The CAROTAR, 2020 intend to regulate the claims of preferential rate […]

Opportunity for Disqualified Directors – How to get rid of disqualification and avail the Company Fresh Start Scheme 2020

In the aftermath of COVID-19, benchmarking of profit margins of the low risk captive service providers from Transfer Pricing perspective would be a complex exercise, as the combined profitability in the value chain is shrinking and the associated enterprise would be seeking to renegotiate the remuneration paid as a cost plus mark-up, to reflect the […]