Page 77 – Vaish Associates Advocates

Rajasthan HC strikes down demand notices, upholds binding nature of Resolution Plan

An issue plaguing successful resolution applicants under the Insolvency and Bankruptcy Code, 2016 (“IBC”) is with respect to government claims pertaining to the period prior to approval of the Resolution Plan. Government claims, such as those raised by the Income Tax Department, Central and State GST Department, extinguished by resolution plans continue to be pursued by such departments by way of issuance of demand notices under respective statutes.

UltraTech Nathdwara Cement Ltd. (formerly Binani Cements Ltd.) (“UNCL”) had filed a Writ Petition on the issue in the Rajasthan High Court, Jodhpur, for quashing the demand notices/ orders issued by the Tax Departments with respect to dues pertaining to the period prior to the approval of the Resolution Plan. The demand notices etc. were primarily with respect to disputes for the period prior to the corporate insolvency resolution contested by the Corporate Debtor i.e. Binani Cements Ltd.

To read the complete case summary, click at Download Newsletter.

For any further information/clarification, please feel free to write to:

Mr. Bomi F. Daruwala: [email protected]

Competition News Alert- CCI allows e-filing of complaints during lockdown due to COVID-19

The lockdown has been extended till 3rd May, 2020 and to allow parties to approach without having to visit its offices in New Delhi, the Competition Commission of India (CCI) has decided to allow filing of complaints / information (besides merger filings already on) electronically through e-filing facility as per latest Public Notice dated 13th April, 2020 .

To read the Competition News Alert, click at Download Newsletter.

We trust that you will find the same useful.

For any details and clarifications, please contact to:

Mr. M M Sharma at [email protected]

Taxbuzz | Eye on lockdown driven tax reliefs and various compliances under the Income Tax Act, 1961 (as amended by the Finance Act, 2020) knocking at our doorstep

In the present times of the prevailing COVID-19 outbreak, where workplaces are shut and there subsists a complete lockdown of humanity, a lot has happened in the domain of Direct taxes behind our back, either by way of enactment of changes in law through the Finance Act 2020 or through the Ordinance issued by the Government or various clarifications issued by the Ministry of Finance from time to time, which has an impact on various income tax compliances to be made w.e.f 1-4-2020 during the lockdown period.

With this Taxbuzz…, we have attempted to consolidate all the changes made in recent weeks through various enactments/notifications/judgments, having bearing on the tax compliances, at one place for ease of reference. Click at Download Newsletter to read the TaxBuzz in details.

We hope that you will find the same to be useful.

Stay home, be healthy and safe!!

For any details and clarifications, please feel free to write to:

Mr. Gaurav Jain at [email protected]
Ms. Meenal Goyal at [email protected]

Corporate Alert – FAQs on Questions on Companies Fresh Start Scheme -2020

Ministry of Corporate Affairs (“MCA”) vide its circulars dated March 24, 2020 and March 30, 2020 has come out with a “Companies Fresh Start Scheme-2020” giving one time opportunity to the companies to file belated documents without any additional fee.

Further, the scheme also provides for grant of an immunity certificate from any prosecution or penalty. The Scheme is applicable from April 1, 2020 till September 30, 2020.

For ease of understanding the Scheme, we have prepared a set of FAQs. The FAQs are educational in nature and are not intended to serve as legal advice, which would depend on the facts of each case.

A compilation of the FAQs is attached herewith for your ready reference. To read the FAQs, you may click at Download Newsletter. Trust you will find this useful.

For any further queries or follow up please contact:

Mr. Satwinder Singh: [email protected]
Mr. Lokesh Dhyani: [email protected]
Ms. Muskan Agarwal: [email protected]

Corporate Alert – FAQs – Impact of COVID-19 on Contractual Obligations

As you are aware that COVID-19, is a global pandemic. The Government of India, announced a nationwide lockdown with a view to ensure that the spread of this deadly virus is contained through social distancing. The lockdown is proving to be a good move, however, it has had an impact on businesses and the economy.

We have received several queries regarding the impact of COVID-19 on contractual obligations arising out of business dealings, and also about the practical remedies available to businesses.

Our team has therefore, prepared the FAQs dealing with some of the concerns relating to the impact on business. To read all FAQs, click at Download Newsletter.

Hope you find them useful. In case of any query, please reach out to us.

We wish you all the best, stay safe and healthy.

For any further queries or follow up please contact

Mr. Vinay Vaish: [email protected]
Mr. Satwinder Singh: [email protected]
Mr. Gaurav Varma: [email protected]
Mr. Sujoy Datta: [email protected]
Mr. Surekh Kant Baxy: [email protected]

IBC- Tax Perspective- Article by Mr. Rohit Jain and Mr. Deepesh Jain

We are pleased to share with you the copy of latest article authored by Mr. Rohit Jain and Mr. Deepesh Jain from our Direct Tax team. The same is also published Taxmann [(2020) 116 taxmann.com 96 (Article).

The article deals about the fate of statutory liabilities including income tax liabilities of the corporate debtors undergoing resolution process under the Insolvency and Bankruptcy Code, 2016.

To read the article, please click Download Newsletter. We trust that you will find the same useful.

We hope you and your family are staying healthy and safe.

In case of any clarifications, please feel free to contact.

Mr. Rohit Jain at [email protected]
Mr. Deepesh Jain at [email protected]