Vivad se Vishwas Scheme (‘the Scheme’) was announced by the Union Finance Minister Smt. Nirmala Sitharaman in her budget speech on February 1, 2020. The Scheme aims to – (i) settle pending direct tax cases (around 4,83,000 cases) before various forums; (ii) generate timely revenues; and (iii) save time and energy to taxpayer and the […]
The National Company Law Tribunal, Ahmedabad Bench (“NCLT”) in the case of Bhavi Shreyansh Shah, Resolution Professional for VS Texmills Private Limited v. Canara Bank and Others (decided on January 01, 2020) held that as per the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”) automatic waiver of legal proceedings by/ against a corporate […]
The Supreme Court of India (“SC”) has, in the case of Pawan Hans Limited and Others v. Aviation Karmachari Sanghatana and Others (decided on January 17, 2020), held that the contractual employees in an establishment (not hired through a contractor) are also entitled to provident fund (“PF”) benefits. Facts Pawan Hans Limited (“Appellant”) is a […]
An application had been filed by home buyers, Shilpa Jain and Akash Jain (collectively, “Respondents”) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (“CIRP”) against Raheja Developers (“Corporate Debtor”). The National Company Law Tribunal, Special Bench at New Delhi (“NCLT”) by order dated August 20, 2020 (“Impugned […]
The Supreme Court (“SC”) has by its judgement (decided on January 22, 2020) held that there is no provision in the Insolvency and Bankruptcy Code, 2016 (“IBC”) that requires a resolution plan to match the liquidation value of the assets of the corporate debtor and that an approved resolution plan cannot be withdrawn by a […]
Introduction The Government of India in the recent budget, i.e. Finance Bill 2020 extended relief from filing income tax return to non-residents, whose total income consists income by way of royalty and/or fees for technical services [“FTS”] provided that such non-resident is not liable to pay tax other than the tax which has already been […]
