Competition Commission Finds Basketball Federation Of India Prima Facie Liable For Abuse Of Dominance And Anti-Competitive Arrangements, Directs Investigation

Competition Commission of India (“Commission”) bench, comprising Ms. Ravneet Kaur (Chairperson), Ms. Sweta Kakkad (Member) and Mr. Deepak Anurag (Member) has passed a prima facie order directing an investigation against the Basketball Federation of India (“BFI”) for abuse of its dominant position and engaging in anti-competitive practices. Background Facts Elite Pro...

CCI Clears Toyota Group Restructuring, Investment Arm To Acquire Toyota Industries

The Competition Commission of India (CCI) has approved a proposed intra-group restructuring within the Toyota Motor group, clearing the acquisition of Japanese machine maker Toyota Industries Corporation (TIC) by Toyota Asset Preparatory Co., Ltd., an investment arm created specifically for the transaction. According to a CCI Press Release, Toyota Asset Preparatory will acquire 100%...

Pending Appeal Against CoC Formation Not Grounds To Oppose Appointment Of New Resolution Professional: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that an ongoing appeal questioning the validity or constitution of a Committee of Creditors (CoC) does not prevent the CoC, once constituted and functioning, from replacing the resolution professional (RP) with the approval of the NCLT.A bench of Chaiperson Justice Ashok Bhushan and Technical Member Barun Mitra...

No Further Anti–Profiteering Action Required Once Contractor Remits Residual ITC Benefit: GSTAT New Delhi

The Goods and Services Tax Appellate Tribunal (GSTAT), Principal Bench at New Delhi, has held that when a contractor voluntarily remits the residual input tax credit (ITC) benefit identified by the Directorate General of Anti‑Profiteering (DGAP) to its principal, no separate anti-profiteering action is required under Section 171 of the Central Goods and Services Tax Act, 2017...

Delhi High Court Sets Aside Rejection Of Medilabo's Patent For Neurodegenerative-Disease Drug

The Delhi High Court has set aside a Patent Office order refusing Medilabo RFP's patent application for a pharmaceutical composition used in treating neurodegenerative diseases, holding that the authority rejected the application without examining the amended claims and without explaining how the invention fell within the bar on “methods of treatment” under Section 3(i) of the Patents...

NCLT Delhi Seeks Tribunal President's View On Whether Banks Lending to Homebuyers Are Financial Creditors Of The Developer

The National Company Law Tribunal (NCLT), Delhi, has referred to its President the question of whether banks that advanced housing loans to homebuyers under a tripartite agreement be treated as Financial Creditors of the real estate developer undergoing insolvency, after its two members issued conflicting rulings in the CIRP of AVJ Developers (India) Pvt Ltd. AVJ has been in insolvency...

Karnataka High Court Orders Refund Of ₹10 Crore, Says Payment During GST Search Was 'Not Voluntary' U/S 74(5) CGST Act

The Karnataka High Court held that the assessee's payment of Rs. 10 crores could not be treated as a voluntary payment under Section 74(5) of the CGST Act (Central Goods and Services Tax Act), as the DRC-03 shows 'NIL' entries for both interest and penalty. The bench observed that the 'NIL' entries clearly indicated that the payment was made by the assessee under coercion and...

Arbitration | Unconditional Stay On Execution Of Award Only In Exceptional Cases: Supreme Court

The Supreme Court recently declined to grant an unconditional stay on the execution of the arbitral award, holding that the requirement to deposit the security amount was justified since the award was not shown to have been induced or tainted by fraud or corruption. Referring to its latest ruling in Lifestyle Equities C.V. and Another v. Amazon Technologies Inc., a bench of Justices...

Written OTS Offer Revives Time-Barred Debt, NCLT Delhi Admits Insolvency Plea Against JS Designer

The National Company Law Tribunal at New Delhi has recently admitted Central Bank of India's insolvency plea against JS Designer Ltd, holding that the company's written one-time settlement proposals in 2024 constituted a fresh and enforceable promise to pay a time barred debt. A coram of Judicial Member Jyotsna Sharma and Technical Member Anu Jagmohan Singh noted that JS Designer had remained...

Cannot Cancel GST Registration Without Passing Reasoned Speaking Order: Allahabad High Court

The Allahabad High Court has held that while cancelling GST registrations, authorities must pass reasoned and speaking orders. It held that doing otherwise would render the order unsustainable in the eyes of the law. “Once the impugned cancellation order has been passed without putting any proper notice or affording any opportunity of hearing to the petitioner, the same itself is...

NCLT Hyderabad Orders Liquidation Of Pavana Keerthi Hotels After SRA Fails To Furnish Bank Guarantee

The National Company Law Tribunal at Hyderabad has recently ordered the liquidation of Pavana Keerthi Hotels India Pvt. Ltd after observing that the successful resolution applicant failed to execute the resolution plan including the submission of a mandatory Performance Bank Guarantee (PBG). A coram of Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri in an order passed...

CoC Can Invite Fresh Bids, Regulations Only Limit Modification Of Existing Bids: NCLT Kochi

The National Company Law Tribunal (NCLT), Kochi Bench, has recently clarified that the Insolvency and Bankruptcy Board of India Regulations, 2016, restrict only the modification of an already issued Expression of Interest and do not prevent the Committee of Creditors from issuing a fresh call for EOIs. A coram of Judicial Member Vinay Goel and Technical Member Madhu Sinha dismissed...