We are pleased to share with you the copy of our latest edition of “TaxBuzz”. The Finance Bill, 2020 was introduced by the Finance minister while presenting this year’s Union Budget. Subsequently, several significant substantive changes in the Income-tax Act were proposed by way of amendments to the Finance Bill, 2020, which have been passed […]
The Hon’ble Finance Minister vide press conference held on 24.02.2020, announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially in the much needed area of statutory compliances under the Income Tax, which are tabulated hereunder: Reduced Interest rates The press release states that interest at reduced rate […]
The National Company Law Appellate Tribunal (“NCLAT”) by its judgement dated February 17, 2020 in the case of JSW Steel Limited v. Mahender Kumar Khandelwal and Others (Company Appeal (AT) (Insolvency) No. 957 of 2019) allowed JSW Steel to acquire Bhushan Power and Steel Limited (“BPSL”) for INR 19,700 crores, while at the same time […]
The National Company Law Appellate Tribunal, New Delhi (“NCLAT”) has, by its order dated February 04, 2020 (“Order”), in the case of Flat Buyers Association Winter Hills – 77, Gurgaon v. Umang Realtech Private Limited through IRP and Others, held that a Corporate Insolvency Resolution Process (“CIRP”) against a real estate company would have to […]
The Securities Appellate Tribunal by way of its order dated February 27, 2020 has set aside the orders passed by the Insurance Regulatory and Development Authority of India (“IRDAI”) (passed on December 4, 2019 and December 27, 2019) wherein, it was held that invocation of pledge in respect of the shares of Reliance General Insurance […]
The Supreme Court in its judgement dated February 26, 2020, in the case of Anuj Jain, Interim Resolution Professional for Jaypee Infratech Limited v. Axis Bank Limited, has clarified several issues including the scope and ambit for adjudication of preferential transactions, and the nature of financial debt particularly in relation to third-party mortgages amongst others. […]
