202001.09
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OTS PROPOSAL IS AN ACKNOWLEDGEMENT OF DEBT : NCLT

OTS PROPOSAL IS AN ACKNOWLEDGEMENT OF DEBT : NCLT NATIONAL COMPANY LAW TRIBUNAL, INDORE BENCH AT AHMEDABAD Bank of Baroda v/s. Pithampur Poly Products Pvt. Ltd. [C.P. (IB) No. 421/7/NCLT/AHM/2018]                                                                     DATE: 03.01.2020 FACTUAL BACKGROUND In this case, an application was filed by the Applicant Bank, i.e., Bank of Baroda against default of amount of…

202001.06
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“Venue” of arbitration to be “Seat”of arbitration

“Venue” of arbitration to be “Seat”of arbitration A 3 member bench of SC  comprising of Justice Rohinton Fali Nariman, Aniruddha Bose, V. Ramasubramanian in the matter of BGS SGS SOMA JV  Vs NHPC LTD held that “Venue” of arbitration to be “Seat”of arbitration. Provided contrary intention of the parties are not apparent. It differed from…

201912.30
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IBC Amendments Through An Ordinance on 28th December,2019

IBC Amendments Through An Ordinance on 28th December,2019 The Insolvency And Bankruptcy Code (Amendment) Ordinance,2019, promulgated on 28th December,2019. Objective The very objective of the said Amendment by way of an Ordinance is to consolidate and provide the following : a.to provide last mile funding to corporate debtor to prevent insolvency in case company goes…

201912.30
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Specific Relief Under Contract in India

SPECIFIC RELIEF UNDER CONTRACTS India finally has a new provision for granting specific relief under contract with a suitable amendment  w.e.f. 1st October, 2018 with The Specific Relief (Amendment) Act, 2017. INTRODUCTION The Specific Relief Act 1963 (“the Act”) sets out the remedies available to parties whose contractual or civil rights have been hampered. The…

201912.19
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Procedural Law & GST Rate Changes

38TH GST COUNCIL MEETING-18 DEC’19 The meeting had taken decisions towards procedural and law as well as rate changes. PROCEDURAL AND LAW 1.Input tax credit,of invoices or debit notes which are not reflected in GSTR-2A, to be restricted to 10%. Earlier it was 20%. 2.Deadline for GSTR-9 and GSTR-9C return filing for 2017-18 extended to…

201911.16
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Financial Service Provider Under IBC

Financial Service Provider Under IBC All financial service providers including NBFC have also been finally brought under the ambit of IBC. Banks are still excluded. Mandatory Permission of Regulator The regulator can only initiate proceedings under IBC against a financial service provider. Interim Moratorium There will be a suo motu interim moratorium as soon as…

201909.20
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MAT IS ABOLISHED – FM ANNOUNCES OTHER REFORMS

MAT IS ABOLISHED – FM ANNOUNCES OTHER REFORMS 🏽Corporate tax rate to be 22% without exemptions, inclusive of surcharge and cess.  🏽No Minimum Alternate Tax (MAT) applicable on such companies 🏽Effective corporate tax rate after surcharge to be 25.17 percent 🏽To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at…