Corporate
GST Not Payable On MGO Charges Collected By ONGC From GAIL For Shortfall In Gas Offtake: Tamil Nadu AAR
The Authority for Advance Ruling of Tamil Nadu recently held that Minimum Guaranteed Off-take (MGO) charges collected by ONGC from GAIL for short-lifting natural gas are not liable to Goods and Services Tax (GST).In a clarification key for the oil and gas sector, the authority ruled that these charges are in the nature of liquidated damages for breach of contract and do not constitute a...
Adoption Of Pay Revision Scheme Doesn't Automatically Bind Employer To Its Retrospective Date : Calcutta HC
A Division bench of the Calcutta High Court comprising Justice Debangsu Basak and Justice Md. Shabbar Rashidi held that a cooperative society's decision to implement ROPA 2009 from August 2014 without arrears is valid, and it is not bound to grant benefits from January 1, 2006. Background Facts The appellant was appointed as a Junior Clerk by the Board of Directors of...
NCLT Chandigarh Rejects Insolvency Plea Against ZTE Telecom India, Cites Pre-Existing Dispute
The National Company Law Tribunal (NCLT) at Chandigarh has recently rejected an insolvency application filed by TVS Supply Chain Solutions Limited against ZTE Telecom India Private Limited, the Indian subsidiary of Chinese telecom giant ZTE Corporation.The Tribunal held that a clear dispute existed between the parties before the insolvency proceedings began.The order was passed by a...
"Insolvency Professionals Acting Like Scavengers Must Be Dealt With Severely": Delhi High Court Slams Practitioner's Misconduct
The Delhi High Court recently slammed the conduct of a senior insolvency professional, warning that such individuals must not become “predators” of companies already in financial distress. In a scathing judgment, the Court said professionals under the Insolvency and Bankruptcy Code (IBC) must uphold the highest ethical standards and 'even a single act of negligence' is sufficient for a disciplinary actionThe judgment, delivered by Justice Subramonium Prasad on September 9, contained strong...
Civil Courts Cannot Grant Ex-Parte Injunction In Shareholder Disputes Due To Bar U/S 430 Companies Act: Calcutta High Court
The Calcutta High Court bench presided over by Justice Aniruddha Roy, has observed that a civil court cannot grant an ex parte ad interim injunction in a shareholder dispute, in light of the bar under section 430 of the Companies Act, 2013. The plaintiff filed a civil suit before the Civil Judge, Senior Division, Alipore, alleging that his shares in the Power Tools and Appliances...
Post-Facto Invocation Of Arbitration Not Valid Defense: NCLT Mumbai Admits Tata Power EV Charging's Insolvency Plea Against Cab-Eez Infra
The National Company Law Tribunal (NCLT), Mumbai Bench, comprising Shri Sameer Kakar (Member-Technical) and Shri Nilesh Sharma (Member-Judicial), has admitted Tata Power EV Charging's insolvency plea against Cab-Eez Infra, observing that the post-facto invocation of the arbitration is not a valid defense. Tata Power EV Charging Solutions Ltd. provided the charging...
'Big Corporations Must Adopt Reasonable Litigation Policy Against Small Enterprises': Bombay High Court
The Bombay High Court dismissed an appeal under section 37 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) filed by Mahindra Defence Systems Ltd. challenging an arbitral award passed by the Micro, Small and Medium Enterprises Facilitation Council in favour of Rajana Industries holding that the award was reasoned, fair and free from...
Retirees Completing 12 Months Service By 30th June Entitled To Annual Increment For Pension Revision: P&H HC
A Division bench of the Punjab & Haryana High Court comprising Justice Ashwani Kumar Mishra and Justice Rohit Kapoor held that employees retiring on 30th June are entitled to the benefit of annual increment if they completed 12 months of satisfactory service. Background Facts The petitioners were employees of the State of Haryana. They sought quashing of Rule 10 of the...
NCLT Can Direct Legal Heirs & Power Of Attorney Holders To Execute Sale Deeds To Perfect Title Of Corporate Debtor's Asset: NCLAT
The NCLAT, Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has held that the adjudicating authority can direct the legal heirs and the power of attorney holders to execute the sale deeds to perfect the title of the corporate debtor's asset under section 60(5) of the IBC, 2016. The appeal was filed against the order passed...
IIHL Tells NCLAT It Has RBI Nod For Name Change, Seeks 8 Weeks To Drop 'Reliance' Brand
IndusInd International Holdings Ltd (IIHL), the successful resolution applicant for Reliance Capital, informed the National Company Law Appellate Tribunal (NCLAT) on Friday that it has received approval from the Reserve Bank of India (RBI) to change the company's name and expects the rebranding process to be completed within eight weeks.The submission came amid an ongoing trademark dispute...
Non-Resident Company Need Not Have Permanent Office In India To Be Taxed On Income Accruing Here : Supreme Court
The Supreme Court has clarified that under the Income Tax Act, a non-resident company can be taxed in India on income that accrues or arises from a business connection within the country, even if it does not maintain a permanent office or physical establishment here.A Bench of Justice Manoj Misra and Justice Joymalya Bagchi, in its judgment examined the scope of Sections 4, 5(2), and 9(1)(i)...
NCLAT Cannot Record Settlement After Admission Of CIRP By NCLT: NCLAT New Delhi
The National Company Law Appellate Tribunal, Principal Bench, New Delhi, comprising Justice N. Seshasayee (Member-Judicial) and Arun Baroka (Member-Technical), has refused to record the settlement between the parties and remanded the matter back to the adjudicating authority. The appeal was filed challenging the adjudicating authority's order, which was passed without...