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Registrar of Companies cannot strike off the name of a company when there is litigation or insolvency proceedings pending by or against it – NCLT Ahmedabad

The National Company Law Tribunal, Ahmedabad (“NCLT Ahmedabad”) has by an order dated November 6, 2019 (“NCLT Order”), held that the Registrar of Companies cannot, during the pendency of Corporate Insolvency Resolution Process (“CIRP”), strike off the name of a company involved in pending litigation. FACTS M/s. J. R. Diamonds Private Limited (“Company”) was incorporated […]

GST Cafe – 27 December 2019 – Recent Developments Under GST

We are pleased to share with you a copy of our latest publication – GST Café, a briefing on recent developments related to Goods and Services Tax (GST). The present newsletter provides an insight into the amendments/changes notified on 26.12.2019 under GST pursuant to the 38th GST Council meeting held on 18.12.2019. We trust that […]

Taxbuzz | Direct Taxation (Amendment) Bill

With aim to provide fillip to the sluggish economy and promote growth and investment, the Government had by Ordinance made amendments in the Income Tax Act, 1961 (“the Act”) vide the Taxation Laws (Amendment) Ordinance, 2019 (‘the Ordinance’) which was promulgated by the President on 20.09.2019 since the Parliament was not in session. For discussion […]

Supreme Court: Definition of commercial disputes under the Commercial Courts Act, 2015 to include immovable property ‘actually used’ and not ‘likely to be used’, ‘ready to be used’ or ‘to be used’

The Honourable Supreme Court of India (“Supreme Court”) in its judgement, in Ambalal Sarabhai Enterprises Ltd. v. K.S. Infraspace LLP &Anr. {Civil Appeal No. 7843 of 2019} (decided on October 04, 2019) held that as far as disputes arising out of agreements relating to immovable property are concerned, only those disputes which arise of immovable […]

Delhi High Court: Applications seeking transfer of proceedings from the High Court to the National Company Law Tribunal operating under the IBC are maintainable

The Delhi High Court, in the case of Action Ispat and Power Limited v. Shyam Metalics and Energy Limited (decided on October 10, 2019) held that an application seeking transfer of proceedings from the Delhi High Court to the National Company Law Tribunal operating under the Insolvency and Bankruptcy Code, 2016 (“IBC”) is maintainable. FACTS […]

Promoter of a corporate debtor in liquidation is ineligible to apply for the compromise and arrangement of such corporate debtor

In Jindal Steel and Power Limited v. Arun Kumar Jagatramka and Another (dated October 24, 2019) the National Company Law Appellate Tribunal (“NCLAT”) has held that even though a compromise and arrangement is permissible with respect to a company undergoing liquidation, however, the promoter of such a company is ineligible to make an application for […]