ITC Cannot Be Denied To Bona Fide Purchasers If Seller Defaults On Tax Payment : Supreme Court

The Supreme Court recently held that the Input Tax Credit (ITC) on goods purchased from registered dealers cannot be denied to bona fide purchasers merely because the seller failed to deposit the Value Added Tax (VAT) with the government.A bench of Justice Manoj Misra and Justice Nongmeikapam Kotiswar Singh observed that there was no infirmity in the order of Delhi High Court granting credit...

NCLT Ahmedabad Initiates Insolvency Proceedings Against Gensol Co-founder Puneet Singh Jaggi

The National Company Law Tribunal (NCLT), Ahmedabad Bench, on Monday initiated personal guarantor insolvency proceedings against Puneet Singh Jaggi, co-founder and whole-time director of Gensol Engineering Ltd.This follows a petition by Equentia Financial Services Pvt. Ltd. over an alleged default of ₹9.91 croreThe order was passed by a coram of Judicial Member Shammi Khan and Technical...

Reverse CIRP Can't Be Claimed As Right: NCLAT Upholds Insolvency Against Supertech Realtors

The National Company Law Appellate Tribunal (NCLAT) New Delhi upheld an admission order under section of the Insolvency and Bankruptcy Code, 2016 (IBC) against Supertech Realtors Pvt. Ltd. and dismissed an appeal filed by Ram Kishore Arora, its suspended director. A bench comprising Justice Ashok Bhushan and Mr. Barun Mitra (Technical Member) observed that once debt and default...

Pendency Of Appeal U/S 37 A&C Act Against First Award Does Not Bar Fresh Arbitration Proceedings: Bombay High Court

The Bombay High Court held that pendency of an appeal under section 37 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) does not prohibit a party from initiating a fresh round of arbitration when an earlier arbitral award has already been set aside. Accordingly, the present application under section 11 of the Arbitration Act was allowed and a sole...

Apportionment Of Liability Without Evidence Is Akin To 'Panchayati Approach': Bombay High Court Sets Aside NSE Arbitral Award Against Broker

The Bombay High Court set aside an arbitral award passed under National Stock Exchange (NSE) bye-laws that had upheld an order passed by Investor Grievance Redressal Panel (IGRP) directing Peerless Securities Limited to pay ₹7.18 lakhs to Vostok (Fareast) Securities Pvt. Ltd. for the losses caused by unauthorised trading in the trading and future segment. The IGRP had held that...

CCI Approves Vedanta's Acquisition Of Jaipraksh Associates

The Competition Commission of India (CCI) on Tuesday said that it has approved the proposed acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC). Vedanta had submitted a resolution plan to acquire JAL, which is currently undergoing insolvency proceedings initiated by an order...

ED Cannot Retain Attached Assets After Approval of Resolution Plan : NCLAT

The National Company Law Appellate Tribunal on Tuesday held that any attachment of assets by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) ceases to have effect once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC).A coram of Chairperson Justice Ashok Bhushan, along with Technical Member Barun Mitra observed that the section...

IRCTC's Food Plaza Licenses Not 'Renting Of Immovable Property': CESTAT Quashes ₹2.88 Crore Service Tax Demand

The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), New Delhi, recently held that the arrangement between Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) and private vendors for operating Food Plazas at railway premises does not amount to 'renting of immovable property' and, thus, does not attract service tax under that category.A two-member coram comprising...

[SARFAESI Act] HC Cannot Interfere In Commercial Matters When Relief Is Available Before DRT: Kerala High Court

The Kerala High Court reaffirmed that the interference of the High Court in commercial matters under Article 226 was not maintainable when an effective statutory remedy is available before the Debts Recovery Tribunal (DRT) under Section 17 of the SARFAESI Act.The Division Bench comprising Justice Anil K Narendran and Justice Muralee Krishna S were delivering the judgment in a writ appeal filed...

Supreme Court Seeks Union & SEBI Responses On Sahara Company's Plea To Sell Assets To Adani Properties Ltd

The Supreme Court on Tuesday (October 14) sought the response of the Union Government and SEBI on the applications filed by Sahara India Commercial Corporation Ltd seeking permission to sell its 88 properties, including Amby Valley in Maharashtra and Sahara Seher in Lucknow, to Adani Properties Pvt Ltd.The Court directed Sahara to implead the Ministries of Finance and Corporate Affairs in...

Saraswati Power Moves NCLAT Against Reinstatement of Y S Jagan Mohan Reddy as Shareholder; Tribunal Orders Status Quo

Saraswati Power and Industries Pvt Ltd has moved the National Company Law Appellate Tribunal (NCLAT), Chennai challenging a National Company Law Tribunal (NCLT) order that reinstated former Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy, his wife Y S Bharathi, and Reddy's mother Y S Vijaya as shareholders in the company.A bench of Justice N Seshasayee and Technical member Jatindranath...

CCI Tells Delhi High Court It Will Defer Summons Issued To Madison Communications Executives Amid Ongoing Probe

The Competition Commission of India informed the Delhi High Court on Tuesday that the summons issued to Madison Communications's executives for appearing today will be adjourned, after a request was made by the advertising agency. The statement was made by Senior Advocate Jayant Mehta appearing for CCI before Justice Sachin Datta. Mehta said that although summons were issued to...