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GST Cafe – Take a look at the Highlights of the 37th GST Council Meeting

The following are the highlights of the 37th GST Council meeting held on September 20, 2019 along with notifications implementing decisions taken during the meeting. Law and Procedure related changes Requirement for filing of Annual Return for F.Y. 2017-18 & 2018-19 waived for composition taxpayers Requirement for filing of Annual Return for F.Y. 2017-18 & […]

NCLAT: The Insolvency and Bankruptcy Code, 2016 is not applicable to NBFCs

The National Company Appellate Law Tribunal (“NCLAT”) has, in the case of Housing Development and Finance Corporation Limited v. RHC Holding Private Limited (decided on July 10, 2019) held that the provisions of the Insolvency and Bankruptcy Code, 2016 (“Code”) are not applicable to ‘non- banking financial institutions’ (“NBFCs”). FACTS Housing Development and Finance Corporation […]

NCLT Cuttack: Failure to implement the resolution plan cannot reset the clock back to day one to restart the insolvency process

The National Company Law Tribunal (“NCLT”), Cuttack in the case of State Bank of India v. Adhunik Metaliks Limited and Others (decided on July 8, 2019) rejected the resolution plan submitted by the resolution applicant on the ground of delay and ordered for liquidation of the corporate debtor. FACTS State Bank of India (“State Bank”) […]

The fee structure contractually determined for the arbitral tribunal prevails over the fee structure provided under the Arbitration Act

The Supreme Court in the case of National Highways Authority of India v. Gayatri Jhansi Roadways Limited with Gammon Engineers and Contractors Private Limited v. National Highways Authority of India (decided on July 10, 2019) held that the fee structure for the arbitral tribunal previously agreed between the parties under the arbitration agreement, in case […]

Courts can imply a term in a contract only if literal interpretation fails to give the result intended by both the parties

The Supreme Court of India in the case of Adani Power (Mundra) Limited v. Gujarat Electricity Regulatory Commission (decided on July 2, 2019) held that courts can imply terms in a contract only when literal interpretation fails, and has enunciated the scenarios in which such implication is allowed. FACTS Gujarat Urja Vikas Nigam Limited (“GUVNL”), […]

CCI introduces fast track merger approval process – Green Channel route!

Competition Commission of India (‘CCI’) introduces “green channel” for Fast Track approvals of certain combinations – further amends Combination regulations. By way of a notification dated 13 August 2019 (“Notification”), the CCI has further amended the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (‘Combination Regulations’). […]