Corporate
NCLT Orders Liquidation Of Garvit Innovative Promoters Ltd Amidst Non-Cooperation & Absence Of Records
The National Company Law Tribunal (NCLT), Allahabad, comprising Mr. Praveen Gupta (Member-Judicial), has ordered the initiation of liquidation proceedings against M/s Garvit Innovative Promoters Ltd., following an application brought by the Resolution Professional. The present application was filed under section 33(2) read with section 60(5) of the IBC, 2016, by the...
Delhi High Court Bars Actor Ravi Mohan's Studio From Using 'BRO CODE' Title For Its Upcoming Tamil Film
The Delhi High Court has granted an ad-interim injunction against actor Ravi Mohan's production house, preventing the use of the trademark 'BRO CODE' for the title of its upcoming Tamil film, following a suit by the makers of the alcoholic beverage 'BROCODE'The order comes after Indospirit Beverages Private Limited, a leading alcoholic and non-alcoholic beverage company, alleged that the...
Deliberate Non-Participation In Arbitral Proceedings Not Grounds To Resist Enforcement Of Award: Madras High Court
The Madras High Court bench of Justice N Anand Venkatesh has observed that when a party purposely fails to avail an opportunity duly accorded by the Arbitral Tribunal to present its case, it cannot later use its own default as a ground to resist enforcement of the resultant award. Facts The Petitioner, M/s Vittera BV (“Vittera”) filed the present petition seeking enforcement...
Arbitrators Cannot Be Disqualified For Merely Participating In Prior Arbitration Involving Interpretation Of Similar Clause: Delhi High Court
The Delhi High Court dismissed a petition under section 34 of the Arbitration and Conciliation Act, 1996 (Act) filed by Steel Authority of India Limited (SAIL) against an arbitral award passed in favor of British Marine PLC.(Respondent). SAIL entered into Contract of Affreightment (COA) with the respondent for transportation of 3 million metric tonnes (±5%) of coking coal over five...
S.36(1)(vii) Income Tax Act | Closing Individual Debtor Accounts Not Mandatory For Bad Debt Deduction: Kerala High Court
The Kerala High Court stated that closing individual debtor accounts is not mandatory for bad debt deduction under Section 36(1)(vii) of the Income Tax Act, 1961. Section 36(1)(vii) of the Income Tax Act, 1961, deals with the deduction of bad debts. It allows the taxpayer to claim a deduction for bad debts that have been written off in the books of accounts during the previous...
Customs Brokers Licensing Regulations | 'Offence Report Need Not Be Penal'; 90-Day Period Begins Only Upon Receipt Of Report: Madras High Court
The Madras High Court stated that the offence report under Regulation 17(1) Customs Brokers Licensing Regulations, 2018, need not necessarily have a penal connotation. Also, it stated that the 90-day limitation period begins only upon receipt of the offence report.The bench stated that, "the offence report must be received by the office of the licensing authority, and the limitation period...
Supreme Court Allows Centre To Reconsider Demand For AGR Dues From Vodafone
The Supreme Court today permitted the Union to reconsider and reconcile Vodafone Idea's pending AGR dues worth ₹5,606 for the 2016-17 period. The bench comprising Chief Justice of India BR Gavai and Justice K Vinod Chandran was hearing a writ petition filed by Vodafone India challenging the Department of Telecommunications' additional demand towards AGR dues of 2016-17 period. According...
NCLAT Upholds CIRP Against Privilege Power; Rejects Sarang Wadhawan's Appeal
The National Company Law Appellate Tribunal at New Delhi, recently upheld the initiation of insolvency proceedings against Privilege Power and Infrastructure Pvt. Ltd. (PPIL), dismissing an appeal filed by its shareholder Sarang Kumar Wadhawan.Chairperson Ashok Bhushan and Memebers Barun Mitra and Arun Baroka held that the CIRP application filed by Unity Small Finance Bank Ltd. (successor...
Investors Who Were Promised Assured Returns Qualify As Financial Creditors U/S 5(7) Of IBC: NCLT Indore
The National Company Law Tribunal (NCLT), Indore Bench, comprising Mr. Mohan P. Tiwari (Member-Judicial) and Mr. Sanjeev Sharma (Member-Technical), has held that the deposit schemes with assured returns amount to financial debt and the investors promised assured returns qualify as the financial creditor under section 5(7) of the IBC, 2016. Background of the...
Guarantors Cannot Plead Non-Service Of Demand Notice After Admitting Receipt Before Supreme Court: NCLAT Chennai
The NCLAT, Chennai Bench, comprising Justice Sharad Kumar Sharma (Member-Judicial) and Jatindranath Swain (Member-Technical), has set aside the order of the NCLT, Amravati, and restored the SBI's insolvency petition against the personal guarantors of M/s Seven Hills Health Care Pvt. Ltd. Background of the Case The financial creditor (State Bank of India) had provided...