|
Advanced Search Options
Case Laws
Showing 201 to 220 of 1346 Records
-
2021 (1) TMI 1148
Seeking to realize the third party guarantee at the earliest - seeking to remit the CIRP Cost/ Liquidation Cost to the Liquidator - seeking to foreclose the Fixed Deposits as per the Liquidator’s Letter and remit the proceeds of fixed deposits to Liquidation Bank Account and to pass suitable Orders for early dissolution of the Corporate Debtor - HELD THAT:- The facts as mentioned justify dissolution of the Company rather than to continue Corporate Debtor under Liquidation process, under the extant provisions of Code and the Rules there under. Since nothing remains to be realised, the liquidation process under the provisions of Code is deemed to have been completed under Chapter Ill of Part Il of Code. Therefore, it would be just and proper for the Adjudicating Authority to dissolve the Company, as prayed for by the Liquidator.
The Applicant without impleading necessary parties, cannot seek any directions against them and thus the Application is to be rejected on this ground alone. In addition to this, as rightly stated by Karnataka Bank Ltd., (Financial Creditor), the Applicant is not entitled for any additional fee as claimed. The Applicant got adequate fee in comparison to the work he has done.
It is hereby dissolved the Corporate Debtor namely, M/s. Bunt Solar India Pvt. Ltd., with immediate effect - Application allowed.
-
2021 (1) TMI 1147
Maintainability of application - initiation of CIRP - Corporate Debtor has defaulted in paying dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The Financial Creditor has established the debt and default through various documents filed along with the application. The application is, therefore, liable to be admitted
Petition admitted - moratorium declared.
-
2021 (1) TMI 1146
Scheme of Arrangement - seeking to convene the meeting the of Equity Shareholders of the Demerged and Resulting Companies and to convene the meeting of the Unsecured Creditors of the Demerged Company etc. - Sections 230 to 232 of the Companies Act, 2013, R/w Companies (Compromises, Arrangements and Arrangements) Rules, 2016 - HELD THAT:- Various directions with regard to holding, convening and dispensation of various meetings issued - directions with regard to issuance of notices also issued.
The scheme is approved - application allowed.
-
2021 (1) TMI 1145
Money Laundering - predicate/scheduled offences - Hearing on charges in the scheduled offence - entitlement to mould the prayer in the original petition by filing a memo, “that to take up the hearing on charges in the scheduled offence and the offence of money laundering simultaneously” - HELD THAT:- On careful reading of Section 43(2) of PML Act, it does not contemplate a trial of predicate/scheduled offence and the offence of money laundering simultaneously. The section only says that while trying an offence under the Act, a Special Court shall also try an offence, other than any offence referred to in sub-section (1) with which the accused may under the Code of Criminal Procedure be charged at the same trial - On reading of Section 44(1)(a) of PML Act, it only says that the offence punishable under Section 4 (PML Act) and any scheduled offence connected to the offence under that section shall be triable by the Special Court, in which the offence has been committed. The plain reading of the section goes to show that the Special Court can also try the scheduled offence but not simultaneously with money laundering offence.
Authorised person from Enforcement Directorate can also file an application before the Special Court which is dealing with the scheduled offence, which is other than the Special Court dealing with money laundering offence. On such application being filed by authorised person from Enforcement Directorate, predicate/scheduled offence can be committed to the Special Court as enshrined in Section 44(1)(c) of PML Act.
On careful reading of Section 2(1)(u) of PML Act, 2002, a wider definition is given to proceeds of crime including property not only derived or obtained from the scheduled offence, but also any property which may directly or indirectly be derived or obtained as a result of criminal activity relatable to a scheduled offence. Section 3 of PML Act, 2002, further clarifies that a person shall be guilty of offence of money laundering if such a person is found to have directly or indirectly attempted to indulge in concealment, possession, acquisition, use, projecting as untainted property, claiming as untainted property and the process or activity connected with the proceeds of crime is a continuing activity. Which itself shows the offence of money laundering is a continuing offence. Section 44(1)(d) Explanation provides for, that the Special Court shall not be dependent on any orders passed in respect of the scheduled offence - Sections 2(1)(u), 3 and 44(1)(d) of PML Act, 2002 clearly goes to show that the offence of money laundering is a stand-alone offence and the trial proceedings are completely different with that of the scheduled offence. Trial of money laundering offence is independent trial and it is governed by its own provisions, it will not meddle with the trial of scheduled offence.
Prevention of Corruption Act, 1988 and The Prevention of Money Laundering Act, 2002, are two different enactments, they decide the controversies that arise under respective Acts, one authority cannot interfere with the function of other authority under different Acts. PML Act has overriding effect under Section 71.
There are no merits in the applications and the same are dismissed.
-
2021 (1) TMI 1144
Scheme of Amalgamation by way of Merger by Absorption - Sections 230-232 of the Companies Act, 2013 - HELD THAT:- Various directions regarding holding convening and dispensation of various meetings issued - directions regarding issuance of various notices issued.
The scheme is approved - application allowed.
-
2021 (1) TMI 1143
Seeking a direction to the respondents to unblock and make available the credit in the electronic credit register for the purposes of Goods and Service Tax - HELD THAT:- This writ petition is pre-mature since no representation has been made to the appropriate authorities seeking relief and this ought to have been done prior to approaching this Court with this Writ Petition.
Petition closed.
-
2021 (1) TMI 1142
Applicability of Clause 2.1.2 (i) or Clause 2.1.3 of RBI Master Circular, dated July 1, 2015 - cash credit facility given to the petitioner classified as Non-Performing Asset (NPA) - Section 13(2) of the SARFAESI Act, 2002 and Section 13(4) of the 2002 Act - HELD THAT:- It is clear that the concerned bank has a discretion with regard to marking an account as NPA upon the account running overdue for 90 days. Clause 2.1.3 has to be read with the other provisions of the Master Circular.
The RBI Circular bearing DOR No. BP.BC.34/21.04.048/2019-20 dated February 11, 2020 provides for restructuring of advances in the MSME (Micro, Small and Medium Enterprises) sector. Such provision for one-time restructuring of existing loans to MSMEs only pertain to those classified as ‘standard’, which the account of the petitioner no.1 ceased to be from February 29, 2020 onwards. Moreover, Clause (i) thereof provides that the aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower cannot exceed ₹ 25 crore as on January 1, 2020 for an MSME to be eligible for such restructuring. The petitioners, as per the annexures of the writ petition itself, had exceeded the ₹ 25 crore limit on November 30, 2019 itself, thus, rendering the petitioners ineligible for getting the benefit of the scheme contemplated by the Circular.
The petitioners have failed to prove any mala fides or arbitrariness on the part the respondents. The RBI Circulars cited by the petitioners are not attracted, since the account of the petitioner no.1 lost its status as a ‘standard’ account after February 28, 2020, when the same was classified as NPA. That apart, such classification on February 28, 2020 could not be said to be an arbitrary exercise beyond the pale of discretion of the bank and the respondent-authorities. Thus, there is no scope of finding fault with the legitimate exercise of discretion on the part of the respondents in the present case.
The acts/omissions complained of in the writ petition do not merit interference by the writ court - Appeal dismissed.
-
2021 (1) TMI 1141
Whether the Petitioner would have overriding claim over the dues of the Sales Tax Department? - HELD THAT:- The prayers as framed do not address this issue. Leave to frame a proper prayer is also granted.
Amendments be carried out within a period of one week - Issue notice to the Respondents, including added Respondent, returnable in two weeks thereafter.
-
2021 (1) TMI 1140
Maintainability of order where Judicial Member was transferred - HELD THAT:- In view of the order passed by the special Bench on 06.05.2020 directing petitioner company to hold meeting on 14.05.2020, in compliance of order the Applicant company has filed the compliance affidavit along with chairman’s report of the meeting of equity shareholders, which is taken on record. Therefore, nothing survives in this Application.
Application disposed off.
-
2021 (1) TMI 1139
Seeking approval of Resolution Plan - Section 30(6) and 31 of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Resolution Plan is in accordance with Section 30 and 31 of the Code and also complies with the requirement of Regulations 38 and 39 of CIRP Regulations - Resolution Plan approved by the CoC with the required majority satisfies all the criteria required for approval of Resolution Plan by the Adjudicating Authority.
The Resolution Applicant, on taking control of the Corporate Debtor, shall ensure compliance of all applicable law for the time being in force - the Resolution Applicant shall take over the Corporate Debtor with all its assets and liabilities as per terms of the approved Resolution Plan. If any relief concerning any identified liability of the Corporate Debtor is required, then that needs to be specifically mentioned and sought for in the Resolution Plan.
On approval of the Resolution Plan as sought by the Resolution Professional, this Bench hereby discharges the Resolution Professional from duties of the RP by submitting all the records maintained by him to the Insolvency and Bankruptcy Board of India as provided under the Insolvency and Bankruptcy Code, 2016 and the Regulations thereunder - Resolution Applicant shall, pursuant to the Resolution Plan approved under Sub-Section (1) of Section 31, obtain necessary approval required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by this Tribunal under Sub-Section (1) of Section 31 or within such period as provided for in such law, whichever is later.
The resolution plan is approved - moratorium declared.
-
2021 (1) TMI 1138
The High Court of Rajasthan issued a notice to the respondents returnable within two weeks. The proceeding initiated by the show-cause notice will be on hold until the next date, which is set for 25.01.2021. Mr. Sandeep Pathak, Advocate, is to be served a copy of the writ petition and his name will be listed for the next hearing.
-
2021 (1) TMI 1137
Approval of Scheme of Amalgamation - sections 230 to 232 and other relevant provisions of the Companies Act, 2013 - HELD THAT:- Various directions regarding issuance of notices issued - Applicant Companies shall file affidavit with the Registry in compliance to the directions given in this Order have been duly complied with.
Application disposed off.
-
2021 (1) TMI 1136
Estimation of income on bogus purchases - CIT-A directing to make an addition of 5% of unverified purchases - HELD THAT:- As under Income Tax Act only real income can be taxed by the Revenue. We may further note that even in cases where the whole transaction is not verifiable due to various reasons, the only taxable is the taxable income component and not the entire transaction.
Hon’ble Bombay High Court in the case of “CIT vs. Hariram Bhambani” [2015 (2) TMI 907 - BOMBAY HIGH COURT] held that the Revenue is not entitled to bring the entire sales consideration to tax, but only the profit attributable on the total unrecorded sale consideration alone can be subject to income tax. In our view, wherein the allegation bogus purchases, if the assessee is failed to prove the complete transaction beyond doubt, the Assessing Officer is not entitled to make 100% disallowance of purchases without bringing sufficient material on record. In such cases only, profit element embedded in such transaction is liable to be disallowed. Therefore, we affirm the order of ld.CIT(A) - Appeal of the Revenue is dismissed.
-
2021 (1) TMI 1135
Recovery of service tax - non-payment of Service Tax on Taxable Services - petitioner did not reply to SCN - HELD THAT:- It is directed that the Petitioner, as undertaken before this Court by learned counsel for the Petitioner, will positively file its reply to the SCN dated 14th October, 2020 on or before 8th February, 2021. In that event, after giving the Petitioner an opportunity of hearing, the order on such SCN shall be passed by the Opposite Party not later than 15th March, 2021 and communicated to the Petitioner not later than 22nd March, 2021.
Petition disposed off.
-
2021 (1) TMI 1134
Disallowance u/s 14A r.w.r. 8D - assessee has suo-moto disallowed an amount - whether the disallowance under Rule 8D(2)(iii) is to be restricted to the extent of exempt income i.e. dividend income earned by assessee or the disallowance as suo-moto computed by assessee? - HELD THAT:- As gone through the decision of Hon’ble Supreme Court in the case of Maxopp Investments Ltd [2018 (3) TMI 805 - SUPREME COURT] wherein as categorically held that the disallowance cannot exceed the exempt income. Hence, we delete the suo-moto disallowance made by assessee at ₹ 5,86,52,973/- and restricted the disallowance to the extent of exempt income claimed by assessee at ₹ 13,17,233/-. We direct the Assessing Officer accordingly. Appeal of assessee is allowed.
-
2021 (1) TMI 1133
Approval of Resolution Plan of the Corporate Debtor as approved by Committee of Creditors - compliance with all the requirements of Section 30(2) of IBC, 2016 and r.w. relevant Regulations - Resolution Plan filed before the expiry period of CIRP - HELD THAT:- The Resolution Plan' filed with the Application meets the requirements of Section 30(2) of I&B Code, 2016 and Regulations 37, 38, 38 (1A) and 39 (4) of IBBI (CIRP) Regulations, 2016. The 'Resolution Plan' is also not in contravention of any of the provisions of Section 29A. The RP has also certified that the Resolution Plan t approved by the CoC does not contravene any of the provisions of the law for the time being in force. The Compliance Certificate is placed on record. The 'Resolution Plan' has been approved by the CoC with 100% voting share.
The Resolution Plan contains various reliefs and concessions as per annexure -4 of the said Resolution Plan. Certain reliefs have been granted specifically. Hence, general exemption granted now is in addition to those reliefs. The prayers as regard to various reliefs/ concessions sought by the Resolution Applicant is approved subject to condition that such grant/ approval is in accordance with the scheme and provisions of Insolvency & Bankruptcy Code, 2016 and CIRP Regulations made there-under.
The Resolution Applicant of the corporate debtor will have all liberty to approach or may approach the concerned Statutory/ Competent Authority for any concession, waiver or exemption as per the applicable laws - the resolution plan is approved - approved 'Resolution Plan' shall become effective from the date of passing of this order - application allowed.
-
2021 (1) TMI 1132
Maintainability of appeal - time limitation - penalty order was served on the driver of the vehicle and not on the petitioner against whom that order was passed - Section 129 of Uttar Pradesh Goods & Services Tax Act, 2017 - HELD THAT:- Reference has been made to the recital made in the appeal order itself wherein it has been clearly recorded that order dated 06.09.2018 was served on the person in-charge of the vehicle which would be the driver and not the appellant.
No useful purpose would be served in keeping the present petition pending or calling for counter affidavit at this stage, the present petition is allowed.
-
2021 (1) TMI 1131
Admission of application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 is set aside - CoC not constituted - rejection on the ground that a settlement has been arrived at between the Respondent No.1- Creditor and the Corporate Debtor - HELD THAT:- Keeping in view the dictum of the Hon’ble Apex Court in “Swiss Ribbons and Ors. V. Union of India & Ors [2019 (1) TMI 1508 - SUPREME COURT], the Corporate Debtor may avail the opportunity of seeking exit from Corporate Insolvency Resolution Process (CIRP) at the stage of pre-constitution of COC but whether the same takes care of interest of all the stakeholders involved and can be permitted is a decision to be taken by the Adjudicating Authority on the peculiar facts of the case. It would, therefore, be appropriate for the Appellant to approach the Adjudicating Authority to seek exit from CIRP by filing the terms of settlement and the Adjudicating Authority will have to pass the appropriate order.
Since it is submitted by learned counsel for the Appellant that the Adjudicating Authority could not be accessed due to holidays it is deemed appropriate to dispose off this appeal with direction to Appellant to approach the Adjudicating Authority for seeking exit after filing Settlement Terms before it. To enable the Appellant to seek such exit, we direct that the COC shall not be constituted for one week from today.
-
2021 (1) TMI 1130
Rectification of mistake u/s 254 - determination of ALP of the international transaction of Management Fees - Tribunal has restored the issue of determination of the Arm’s Length Price (ALP) of the international transaction of payment of Management Fees to the AO/TPO with a direction to select the correct method and then determine its ALP - Tribunal, in its order u/s 254(1), has rejected the selection of the Cost Plus method (CPM), the Transaction Net Marginal method (TNMM) and the Comparable Uncontrolled Price (CUP) method - HELD THAT:- Tribunal observed certain inconsistencies in the application of the methods by the assessee and the TPO, which did not properly fit into the application mechanism. Those were the raison d’etre for discarding their application. For example, the assessee wrongly considered foreign AE as a tested party or did benchmarking under the TNMM in an aggregate manner.
The Tribunal did not approve this. Both these fall in the domain of wrong application of method. Similarly, the TPO did not select any comparable uncontrolled transaction under the CUP method, which got disapproved by the Tribunal in its order u/s 254(1) of the Act. This is again an instance of wrong application of method.
Overruling the wrong application of the method doesn’t mean ruling out the selection of that Method as well. If the wrong application of a method is corrected, there can be no impediment in its selection. To put it simply, it is still open in the fresh proceedings to choose the assessee as a tested party and benchmark the transaction on segregate basis and apply the TNMM; or to find out a suitable comparable uncontrolled transaction and apply the CUP method; so on and so forth. The long and the short of the whole thing is that selection of any of the methods is open before the TPO, who can reshuffle the existing data or require the assessee to make good the deficiencies in the existing data as observed by the Tribunal in its order u/s 254(1) and proceed with the determination of the ALP of the international transaction.
Once the matter has been sent back to the TPO for a fresh determination of the ALP of the international transaction of the payment of Management services, we do not wish to clip his wings by directing to adopt a particular method only. Now it is within his domain to find out the most appropriate method in the facts and circumstances and proceed accordingly.
-
2021 (1) TMI 1129
Seeking sanction of Scheme of Amalgamation and Arrangement - Section 230-232 of the Companies Act, 2013 - HELD THAT:- Directions regarding passing of resolutions by transferor and transferee company is issued - various directions regarding holding and dispensation of various meetings issued - directions regarding issuance of various notices issued.
The scheme is approved - application allowed.
............
|
9911796707
