No back-door Entry for Defaulters
202009.24
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No back-door Entry for Defaulters

National Company Law Appellate Tribunal, New Delhi Bank of Baroda Vs. Mr. Sisir Kumar Appikatla [C.A. (AT) (Insolvency) No. 579 of 2020] | Date: 20.07.2020 FACTS M/s. Priya Trading Company (“Operational Creditor) has initiated the Corporate Insolvency Resolution Process under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“Code”) against the Veda Biofeuel Ltd….

Taxability of Supply of Wellness or Therapy Services under GST
202009.24
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Taxability of Supply of Wellness or Therapy Services under GST

GUJARAT AUTHORITY OF ADVANCE RULINGS In Re Oswal Industries Ltd. (M/s. Nimba Nature Cure Village) Advance Ruling No. GUJ/GAAR/R/25/2020 | Date: 09.07.2020 FACTS The applicant, M/s. Oswal Industries ltd. (M/s. Nimba Nature Cure Village), is a body corporate registered under the CGST Act, 2017 read with the provisions of the GGST Act, 2017. The Nimba Nature Cure…

Limitation Period for Enforcement of a Foreign Award
202009.23
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Limitation Period for Enforcement of a Foreign Award

SUPREME COURT OF INDIA Government of India v. Vedanta Limited & Anr. CIVIL APPEAL NO. 3185 OF 2020 | 16.09.2020 FACTS  In 1994, the Production Sharing Contract (“PSC”)  was signed between Government of India (“GOI”) on one side and Vedanta Limited, Ravva Oil Singapore Pte. Ltd. and Videocon Industries Ltd. (“Respondents”) on the other side…

Debt Confirmation Letter = Fresh Limitation Period
202009.21
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Debt Confirmation Letter = Fresh Limitation Period

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Yogeshkumar Jashwantlal Thakkar Vs. Indian Overseas bank & Anr.   [Company Appeal (AT) (Insolvency) No. 236 of 2020] | Date: 14.09.2020 BRIEF FACTS The Appeal was filed by the Appellants against the order passed by the National Company Law Tribunal, Ahmedabad Bench (“NCLT”), wherein it ordered admission of…

Decree Holder ≠ Financial Creditor
202009.17
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Decree Holder ≠ Financial Creditor

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Sh. Sushil Ansal v. Ashok Tripathi  Company Appeal (AT) (Insolvency) No. 452 of 2020 | Date: 14.08.2020 FACTS The Respondent had filed complained the RERA Authority against the Appellant for not completing the construction and demanded a refund. The Authority issued a recovery certificate in favour of the…

Arbitrability of Fraud
202009.17
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Arbitrability of Fraud

SUPREME COURT OF INDIA Avitel Post Studioz Limited & Ors. Vs. HSBC PI Holdings (Mauritius) Ltd. Civil Appeal No. 5145 of 2016 | Date: 19.08.2020 FACTS The Appellant and the Respondent entered into a Share Subscription Agreement (“Agreement”), wherein the Parties decided that the Respondent would invest in Appellant’s equity capital. The Appellant made representation…

202009.11
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Dichotomy of Inability to Pay-Off Debts and Committing Default

National Company Law Appellate Tribunal, New Delhi Monotrone Leasing Private Limited Vs. PM Cold Storage Private Limited CA (AT) (Ins) No. 99 of 2020 | 16.07.2020 FACTS An application under Section 7 of the Insolvency and the Bankruptcy Code, 2016 (“Code”) was filled by Monotrone Leasing Private Limited (“Appellant”) for initiating Corporate Insolvency Resolution Process…

Anti-Arbitration Injunction
202009.09
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Anti-Arbitration Injunction

INTRODUCTION The regular reforms by way of amendments to the Arbitration and Conciliation Act, 1996 (hereinafter referred as “the Act”) have primarily aimed at limiting the extent of judicial interference in arbitral proceedings; providing a structure for rapid and efficient arbitration and developing India a credible commercial arbitration centre. The fundamental trend of these policy…

Independence of Resolution Professional:  Test of Biasness
202009.08
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Independence of Resolution Professional: Test of Biasness

NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI State Bank of India Versus  M/s. Metenere Ltd. [Company Appeal (AT) (Insolvency) No. 76 of 2020] | Date: 22.05.2020 FACTS The appointed Resolution Professional (“RP”), Shailesh Verma (“SV”)  was an ex-employee of the Appellant Financial Creditor and was also drawing pension from it. Thus, on objection raised by…

Law of Limitation for Execution of Decrees from Reciprocating Territories
202009.08
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Law of Limitation for Execution of Decrees from Reciprocating Territories

SUPREME COURT OF INDIA Bank of Baroda v. Kotak Mahindra Bank Civil Appeal no. 2175 of 2020 | Date: 17.03.2020 FACTS Kotak Mahindara Bank (“Respondent”) on the behalf of Aditya Steel Industries issued a letter of credit in favour of M/s. Granada Worldwide Investment Company, London (“GWIC”). Bank of Baroda (“Appellant”) was the confirming bank…

Power of IRP to liquidate Corporate Debtor during CIRP without taking any step for Resolution
202009.02
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Power of IRP to liquidate Corporate Debtor during CIRP without taking any step for Resolution

National Company Law Appellate Tribunal, New Delhi Sunil S. Kakkad v. Atrium Infocom Pvt. Ltd. & Others Company Appeal (AT) (Insolvency) no. 194/2020 | Date: 10.08.2020 FACTS  In the present case, Sunil S. Kakkad (hereinafter referred to as “the Appellant”) had filed an application under Section 7 of the I&B Code, 2016 to Initiate CIRP…

Interest on Delayed GST Payments applicable Prospectively
202009.02
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Interest on Delayed GST Payments applicable Prospectively

AMENDMENT TO THE FINANCE ACT, 2019 The Central Board of Indirect Taxes and Customs (CBIC), through Notification No. 63/2020 – Central Tax, dated 25.08.2020, has notified that the provisions of Section 100 of the Finance Act, 2019 (hereinafter referred to as “the Act”) shall come into force on 01.09.2020. CBIC was empowered under Section 1(2)…