IBC Weekly Round Up [23rd December-29th December 2024]

NOMINAL INDEX China Development Bank vs Doha Bank OPSC and others, 2024 LiveLaw (SC) 1029 Ram Kishor Arora, Suspended Director of Supertech Ltd. vs. Union Bank of India & Anr., Company Appeal (AT) (Insolvency) No. 406 of 2022 & Interlocutory Application No.6557 of 2024 Harpal Singh Chawla (Suspended Director of Spaze Towers Pvt. Ltd.) Versus Vivek Khanna & Ors., Interlocutory Application No.7853 of 2024 in Company Appeal (AT) (Insolvency) No. 2002 of 2024 Mr. ...

Tax Weekly Round-Up [23rd December - 29th December 2024]

HIGH COURTS Bombay HC ITO Acted On Complete Change Of Opinion On Same Material With Intent To Review Assessment Order Passed By Him: Bombay HC Quashes Reopening Case Title: Imperial Consultants and Securities vs. Deputy CIT Case no.: Writ Petition No. 1783 of 2022 While setting aside the reassessment proceedings, the Bombay High Court held that 'change of opinion' or 'review of already completed assessment', is not permitted to AO. While holding so, the Division Bench of...

Arbitration Cases Weekly Round Up [23rd December-29th December 2024]

High Courts Calcutta High Court Remedy Under A&C Act Is In Addition To Remedies Under Special Statutes, But Once Elected Other Remedies Are Barred For Same Dispute: Calcutta HC Case Title: Smt. Rita Banerjee & Anr. Versus S.E. Builders & Realtors Limited Case Number: IA No. GA 3 of 2022 in CS No. 57 of 2022 The Calcutta High Court bench comprising Justice Krishna Rao has observed that the remedy available under the Arbitration and Conciliation Act, 1996 is in...

Arbitration Cases Weekly Round Up [16th December-22nd December 2024]

Supreme Court Arbitration Can't Be 'Optional' When Agreement Provides Arbitration Clause : Supreme Court Case Title: TARUN DHAMEJA VERSUS SUNIL DHAMEJA & ANR. Citation : 2024 LiveLaw (SC) 996 The Supreme Court held that there cannot be an 'optional' arbitration, where parties are required to mutually agree to invoke the arbitration clause. Setting aside the MP High Court's decision, the Court said that there is nothing like 'optional arbitration' that could be invoked...

IBC Weekly Round-Up: 16th December -20th December 2024

NCLAT Disbursement Of Non Fund-Based Facilities Cannot Be Refused By Lenders When Resolution Plan Contains Clause For Disbursement: NCLAT The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member), Barun Mitra (Technical Member) and Arun Baroka (Technical Member) has held that Non Fund Based facilities cannot be refused to be disbursed when the approved Resolution Plan contains a clause for their disbursement. Case Title: State Bank of India & Ors. Vs. Jyoti...

Tax Weekly Round-Up [16th December - 22nd December 2024]

SUPREME COURT Coconut Oil Classifiable As 'Edible Oil' For Central Excise Tariff; If Sold As Cosmetic, Taxable As 'Hair Oil' : Supreme Court Case : Commissioner of Central Excise, Salem v. M/s Madhan Agro Industries (Pvt) Ltd Case no.: CIVIL APPEAL NO. 1766 OF 2009 The Supreme Court has held that pure coconut oil, packaged and sold in small quantities ranging from 5 ml to 2 litres, would be classifiable as 'Edible oil' for the purposes of the Central Excise Tariff Act, 1985. It...

Arbitration Weekly Round Up [9th December To 15th December 2024]

Supreme Court S. 14 Limitation Act Applicable To Proceedings Under Arbitration & Conciliation Act : Supreme Court Case : Kirpal Singh Vs Government Of India Citation : 2024 LiveLaw (SC) 970 The Supreme Court has held that Section 14 of the Limitation Act, 1963 is applicable to the Arbitration and Conciliation Act, 1996. Section 14 of the Limitation Act provides for the exclusion of the time spent in pursuing bona fide proceedings in a wrong forum from the computation of...

Tax Weekly Round-Up: December 09 - December 15, 2024

HIGH COURTS Allahabad HC [GST] Assesee Cannot File For Requisite Documents Once Plea Is Accepted And Notice Is Issued: Allahabad High Court Case Title: M/s Laxmi Telecom v. State of U.P. and Anr. Case no.: WRIT TAX No. - 2160 of 2 The Allahabad High Court has held that an assessee cannot file for the supply of requisite documents after the adjudicating body has accepted the plea placed by them and issued notice pursuant to it. The bench of Chief Justice Arun Bhansali and...

IBC Weekly Round-Up [9th December To 15th December 2024]

NOMINAL INDEXIndian Renewable Energy Development Agency Limited Versus Waaree Energies Limited and Anr., Company Appeal (AT) (Insolvency) No.1380 of 2024 Suraksha Asset Reconstruction Ltd. Vs. Varsha Bagri, Liquidator of Bharat NRE Coke Ltd., Company Appeal (AT) (Insolvency) No. 650 of 2024 & I.A. No. 2325 of 2024 Harish Chander Arora Liquidator of Rathi Super Steel Ltd. Versus The Principal Commissioner of Income Tax, Ghaziabad, & Anr., Comp. App. (AT) (Ins) No. 306 of...