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. […]
We are glad to share the March 2020 edition of our newsletter – Competition News Bulletin . Some highlights of this issue are as under: NCLAT sets aside CCI’s order and directs investigation against Flipkart for alleged abuse of dominant position CCI directs investigation against Amazon and Flipkart for alleged exclusive tie-ups and preferential terms […]
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 […]
