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Companies Law - Case Laws

Showing 1 to 20 of 9862 Records

  • 2017 (9) TMI 1078 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Union Bank of India Versus Era Infra Engineering Limited

    Corporate Insolvency Resolution Process - provisions of Insolvency & Bankruptcy Code, 2016 - pendency of the winding up petitions - Held that - Taking into consideration all and more particularly the differing views taken by coordinate benches of this Tribunal, this Special Bench is of the considered view that the matter should be placed before the Hon ble President of NCLT for the purpose of being transferred to a Larger Bench or as the Hon ....... + More


  • 2017 (9) TMI 1077 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA

    Yogendra Pal Jain Versus South Eastern Carriers Pvt. Ltd.

    Corporate insolvency procedure - application under Sec.9 of Insolvency and Bankruptcy Code, 2016 - pre-existing dispute between the parties - Held that - In this case admittedly the petitioner has not given any document to prove the date of service of notice on the corporate debtor. Operational creditor has also failed to file affidavit to show that there is no compliance of sub-clause (c) of Clause (5) Rule 9. There is also no compliance of sub-....... + More


  • 2017 (9) TMI 1076 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Rastogi Enterprises Private Limited Versus Registrar of Companies

    Strike off the name of the petitioner company from the register of Registrar of Companies - seeking restoration of name - Held that - The primary grievance made by the petitioner is that no notice in terms of provisions Section 560 (1) & (2) has been issued and the principles of natural justice stand violated whereas the stand taken by the Registrar in its reply is that notice under Section 560 (5) of the Companies Act, 1956 was issued giving....... + More


  • 2017 (9) TMI 927 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI

    Tirupati Infra Project Pvt. Ltd. & Another Versus Bank of India

    Corporate Insolvency Resolution Process - Insolvency and Bankruptcy Code, 2016 - Initiation of corporate insolvency resolution process by financial creditor - completion of application - Held that - A defective application can be corrected by removing the defect. Similarly, if an application is incomplete, it can be completed, but if any misleading statement is made in an application no time can be granted to recall the misleading statement and s....... + More


  • 2017 (9) TMI 857 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD

    M/s. Socrato Capital Private Ltd. Versus Anil Limited

    Initiation of Insolvency Resolution Process - eligible financial debt - Held that - A perusal of the legal notice got issued by the Applicant and the statutory notice issued by Applicant clearly goes to show that Applicant recalled the entire loan amount both from the Principal Borrower and the Guarantor and both of them failed to repay the loan amount. The liability of the Respondent being a Guarantor is co- extensive with the liability of the P....... + More


  • 2017 (9) TMI 856 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA

    Calcutta Ispal Pvt. Ltd. Versus M/s Om Shakti Smelters Pvt. Ltd.

    Corporate insolvency resolution process - non-compliance of requisite statutory requirement given in Secs.8 and 9 of the I & B Code - operational creditor has not issued demand notice prescribed - Held that - In this case it is undisputed, that before filing an application in Form 5 under the I & B Code operational creditor has not issued demand notice prescribed in form and operational creditor has also not annexed affidavit relating to ....... + More


  • 2017 (9) TMI 855 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Maxim Tubes Company Pvt. Ltd. Versus International Coil Limited

    Proceedings under Insolvency and Bankruptcy Code, 2016 - maintainability of the Petition - claim of the Corporate Debtor - Held that - A strict onus is placed on the Corporate Debtor while raising the plea of dispute and that it must be genuine and bona fide in order to avoid the debt, which is claimed by the Operational Creditor as due from the Corporate Debtor and in making payment of the same. However, in the instant case we do not find any me....... + More


  • 2017 (9) TMI 854 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Knowiz Solutions Private Limited Versus Getit Transnational Private Limited

    Corporate insolvency resolution process - eligibility of Application by corporate applicant - whether the petition has been filed under Rule 7(1) read with Section 10 of the Code or the petition has to be treated as the one under Section 9 of the Code? - Held that - A perusal of the Rules shows that a Corporate Debtor can approach the Tribunal for initiation of a Resolution Process under Section 10 of the Code by filing an application on the Form....... + More


  • 2017 (9) TMI 751 - DELHI HIGH COURT

    S.S. Technologies Versus N.G. Technologies Ltd.

    Dissolution of the company - liquidation proceedings in progress - Held that - The fund position of the Company is ₹ 1,51,735-75 as on 30.06.2017 which is barely sufficient to meet the Liquidation Expenses as Govt. Commission, Income Tax, audit fee etc, hence, the Official Liquidator is not in a position to admit the claims as stated above. The Income Tax Department did not file its claim and the claim of other authorities namely Central Ex....... + More


  • 2017 (9) TMI 676 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    State Bank of India Versus Namdhari Food International Pvt. Ltd.

    Insolvency Application - application filed by the applicant bank as a Financial Creditor against the Corporate Debtor on the ground that the Corporate Debtor has defaulted in the payment of a sum - statutory period computation - Held that - It is not in doubt that the main insolvency application has been filed by State Bank of India being the Financial Creditor for unleashing the Corporate Insolvency Resolution Process against the Corporate Debto....... + More


  • 2017 (9) TMI 536 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD

    Atmaram B. Agarwal & Ors., Anita A. Agarwal, Vatika Filaments P. Ltd. Versus Supriya Prints Pvt. Ltd. & Ors., Pradeep Kumar Binani And Vinodkumar Maheshwari

    Acts of oppression and mismanagement - validity of EOGM - Held that - Petitioner having signed several statutory documents along with respondent No. 2 as Director, after lapse of nearly three years raised the plea that respondent No.2 ceased to be Director with effect from 01.10.2010. This issue was raised by petitioner No. 1 for the first time only after steps were taken by respondent No. 2 to get the plots transferred in the name of respondent ....... + More


  • 2017 (9) TMI 535 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI

    Capri Bathaid Private Limited Versus Angel Infrarealcon Private Limited

    Proceedings under Insolvency and Bankruptcy Code, 2016 - default of operational debtor - Held that - We find it safe to conclude that there has been default within the meaning of Section 3(12) read with Sections 4 and 6 of the Code. The judgment and decree of the Civil Court in a suit filed under Order XXXVII CPC clearly shows that the operational debtor is in default when the amount has not been paid on the demand raised by issuing a demand noti....... + More


  • 2017 (9) TMI 494 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH

    Punjab National Bank Versus Concord Hospitality Pvt. Ltd.

    Insolvency & Bankruptcy procedure - default by Corporate-Debtor - Held that - We are of the view that as per paragraph 7 Part-V of Form No.1 the bank is required to file copies of the Entries in the Banker s Books maintained in accordance with the Bankers Books Evidence Act, 1891 which the Financial-Creditor had furnished but to make the said statements admissible per se necessary certificate was appended on the statements of account furnishe....... + More


  • 2017 (9) TMI 493 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI

    Power House Versus Nutri First Agro International Pvt. Ltd.

    Proceedings under Insolvency and Bankruptcy Code - Held that - Since the Corporate Debtor has admitted issuing Purchase Orders and work order, thereafter the petitioner raising invoices and acknowledging Delivery Challans with signature of the Corporate Debtor side, in case if the Corporate Debtor is to prove some of the goods returned, the burden is cast upon this Corporate Debtor to prove that some of the goods have been returned, since this Co....... + More


  • 2017 (9) TMI 492 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI

    Shobha Limited And Sadashiv Lazman Jogalekar Versus Pancard Clubs Ltd.

    Insolvency and Bankruptcy process - violated Regulation 3 of CIS Regulations - Debtor Company had launched CIS without registering itself as Collective Investment Management Company (CIMC) - Held that - On seeing the present petition filed by the Operational Creditor, it seems there was no correspondence between this Creditor and the Corporate Debtor in between 2013 and 2016 except giving a notice in the year 2016 u/s 434 of the Companies Act, 19....... + More


  • 2017 (9) TMI 436 - GUJARAT HIGH COURT

    Textile Labour Association Versus Official Liquidator of New Rajpur Mills Ltd & 4

    Winding up petition - whether the secured creditors as well as unsecured creditors who are found to be eligible on verification by Chartered Accountant would be entitled to a total amount of ₹ 3,90,20,035? - Held that - Mr. Uday Bhatt, learned counsel appearing for respondent no.2 which was formerly represented by Mr. Bhagat has relied upon the affidavit dated 19.08.2017 and has submitted that SBI, respondent no.2 has lodged claim under sec....... + More


  • 2017 (9) TMI 435 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA

    DBM Geotechnics and Constructions Private Ltd. Versus Gopalpur Ports Limited

    Proceedings under Insolvency & Bankruptcy Code, 2016 - Held that - Section 5(6) of the Insolvency & Bankruptcy Code, dispute includes a suit or arbitration proceeding relating to -(a) the existence of the amount of debt; (b) the quality of goods or service; (c) the breach of a representation or warranty. The fact that the quality of service required to be performed by the applicant under the work order is in dispute is evidenced by the te....... + More


  • 2017 (9) TMI 392 - THE SECURITIES APPELLATE TRIBUNAL, MUMBAI

    Paramjit Singh Gill, Dr. Vijay Mallya, Mr. Sowmiyanarayanan, Mr. S.N. Prasad And Mr. Ainapur S.R. Versus SecuritieS & Exchange Board of India, Mumbai

    SEBI proceedings - discretion on SEBI to pass ad interim orders - unnatural or unreasonable delay on the part of the SEBI in passing the impugned order - Held that - It is true that Section 11, 11(b) and 11(4) do confer wide discretion on SEBI to pass ad interim orders in order to protect the investors interest and for a healthy and orderly growth of the capital market. It is also equally true that by way of various judicial pronouncements this T....... + More


  • 2017 (9) TMI 391 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH

    Balageria Central Co-op Bank Ltd. Versus S.R. Green Housing Projects India Limited

    Winding up proceedings - Interim Insolvency Resolution process - Held that - The matter has been quite well settled by the Hon ble Appellate Tribunal in JK Jute Mills Co. Ltd. v. Surendra Trading Company 2017 (6) TMI 254 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, ALLAHABAD wherein it was held that the seven days period for the rectification of the defects as stipulated under the proviso to the relevant provisions of sections 7, 8, or 9 is require....... + More


  • 2017 (9) TMI 390 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD

    Somnath Textile Pvt. Ltd. Versus State Bank of India

    Proceedings under Insolvency and Bankruptcy Code, 2016 - admission of application and appointment of the Interim Resolution Professional - Held that - A perusal of the application and the annexures goes to show that the application is complete. The applicant has recommended name of Interim Resolution Professional. The applicant has also filed written communication given by the proposed Interim Resolution Professional. The applicant is admitting t....... + More


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Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.



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