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NCLT, Mumbai: Reference to arbitration in an insolvency petition under Insolvency and Bankruptcy Code, 2016

The National Company Law Tribunal, Mumbai (“MNCLT”) has, by an Order dated June 9, 2020 (“Order”), allowed an application under Section 8 (power to refer parties to arbitration where there is an arbitration agreement) of the Arbitration and Conciliation Act, 1996 (“ACA”) thereby referring a matter pending before it to arbitration. The said Section 8 […]

NCLAT: To prevent detriment to the liquidation process and other secured creditors, company not having a minimum of 60% value in the security interest could not be allowed to realize security interest under the provisions of SARFAESI Act, 2002

The present appeal arose from order dated November 20, 2019 (“Impugned Order”) passed by the National Company Law Tribunal, Chennai (“NCLT”). By way of the Impugned Order, the NCLT had dismissed the liquidator’s application seeking permission to enable the sale of assets of ‘Surana Power Limited’ (“SPL”) on the basis of consent given by majority […]

NCLT: Dismisses appeal against refusal to register share transfer in a public company; upholds JVA and AoA clauses

The National Company Law Tribunal (“NCLT”), Mumbai in the matter of Riverdale Infrastructures Private Limited v. Kirloskar Ebara Pumps Limited, Ebara Corporation and Kirloskar Brothers Limited (decided on May 26, 2020), dismissed the appeal against refusal to register share transfer in a public company, thereby upholding the validity of clauses of joint venture agreement and […]

Alert – Section 9 of arbitration and conciliation act, 1996 cannot be invoked in a foreign seated arbitration after constitution of arbitral tribunal

We are pleased to share with you recent judgments passed by Hon’ble Delhi High Court on the maintainability of application under Section 9 of Arbitration and Conciliation Act, 1996 for seeking interim reliefs from Courts. In the case of Ashwani Minda And M/S Jay Ushin Limited v. M/S U-Shin Limited And M/S Minebea Mitsumi Inc., […]

Tax Alert – CBDT relaxes eligibility conditions for certain offshore funds to avail the safe harbour from taxability in India

Central Board of Direct Taxes has notified that the conditions to avail the safe harbour under section 9A of the Income Tax Act, 1961 shall not be applicable in case of an investment fund set up by a Category-I foreign portfolio investor (FPI) registered under the Securities and Exchange Board of India (Foreign Portfolio Investors) […]

Controversy surrounding interest on delayed payment of tax under goods and services tax act

“Justice delayed is Justice denied” and quiet aptly, it applies to the controversy revolving around the amount on which interest is to be levied for delayed payment of tax under the Central Goods and Services Tax Act, 2017 (the ‘CGST Act’). Goods and Services Tax (‘GST’) was introduced with the intention of ease of doing […]