February 13 2020
No provision in the Code or insolvency regulations dictates that the bid of any Resolution Applicant has to match liquidation value of the estate of the Corporate Debtor. If the resolution plan has been approved by the Committee of Creditors by application of their commercial sense, as well as the plan has been considered as proper in terms of Section 30 of the Code, the Adjudicating Authority cannot interfere or re-assess the same under Section 31 of the said Code.
Statutory Arbitral Tribunals have power to grant interim injunction u/s. 17 of Arbitration and Conciliation Act
February 13 2020
Part I of the Arbitration and Conciliation Act, 1996 shall apply to all arbitrations, even carried out under another enactment, as long as the same is not inconsistent with such enactment or rules made there under.
February 06 2020
India is set to revise provisions relating to its trade remedy measures. While provisions relating to Safeguard duty have been proposed to be amended by the Finance Bill, 2020 as presented in the lower House of the Indian Parliament on 1-2-2020, Rules relating to Anti-dumping duty and Countervailing duty have been revised by notifications issued by the Ministry of Finance.
February 05 2020
India’s Finance Minister presented the Union Budget for the year 2020-21 in the Lok Sabha (lower house of the Indian Parliament) on 1st of February, 2020. While a new levy (Health Cess) has been imposed and Customs duty has been increased on import of many products, the Finance Bill, 2020 also proposes many changes in the Customs law and procedures, including administration of Rules of Origin under Trade Agreements.
January 28 2020
The Gujarat High Court has set aside the levy of separate Integrated GST on ocean freight in case of import of goods on CIF basis. It held that Sl. No. 9(ii) in Notification No. 8/2017-Integrated Tax (Rate) and Sl. No. 10 in Notification No. 10/2017-Integrated Tax (Rate), levying tax on supply of service of transportation of goods by a person in a non-taxable territory to a person in a non-taxable territory from a place outside India up to the customs station of clearance in India and making th
CCI directs investigation against two major e-commerce platforms for alleged vertical agreements in sale of smartphones
January 15 2020
Looking into the alleged violation of Competition Act based on four alleged practices, namely, exclusive launch of mobile phones, preferred sellers on the marketplaces, deep discounting and preferential listing/promotion of private labels, being followed by two major e-commerce platforms...
Social Welfare Surcharge payable in cash on imports under MEIS/SEIS – No recoveries for past cases where SWS paid through scrips
January 14 2020
Central Board of Indirect Taxes and Customs (CBIC) has clarified that in case of imports under Merchandise Exports from India Scheme (MEIS) and Services Exports from India Scheme (SEIS), Social Welfare Surcharge (SWS) is not exempted and must be levied and collected on the imported goods.
Electronic payments – Mandatory provision for accepting payments through prescribed electronic modes
January 08 2020
In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, CBDT has prescribed Debit Card powered by RuPay; Unified Payments Interface (UPI); and Unified Payments Interface Quick Response Code as the prescribed electronic modes for accepting payments under newly inserted Section 269SU of the Income Tax Act, 1961. Notification No. 105/2019, dated 26-12-2019 inserts Rule 119AA in the Income Tax Rules,
January 03 2020
Central Board of Indirect Taxes and Customs (CBIC) has recently issued many notifications to revise certain provisions of the GST law. The changes relate to amendments in the Central Goods and Services Tax Rules, 2017; changes in the rate and exemption notifications for goods and services; changes in notification relating to reverse charge mechanism for certain services;
Patents – Post-grant opposition – New evidence cannot be filed once Controller fixes date of hearing
January 01 2020
Observing that the provisions of the Patents Rules, 2003 place enormous sanctity on the two-stage decision making process in a post-grant opposition, the Delhi High Court has held that while additional evidence is permissible under Rule 60 of the Patents Rules, after review of Opposition Board, the same cannot be filed once the date of hearing has been fixed by the Controller.
Protection to Corporate Debtors for offences prior to commencement of CIRP – IBC (Amendment) Ordinance, 2019 promulgated
December 31 2019
In order to protect the Corporate Debtor and its assets from liabilities for offences committed prior to the commencement of Corporate Insolvency Resolution Process (CIRP), the President of India has on 28th of December 2019 promulgated an Ordinance – Insolvency and Bankruptcy (Amendment) Ordinance, 2019.
Trade restrictions at historically high levels even as many new measures for facilitating trade implemented: WTO report
December 26 2019
WTO Director General on 12th of December presented a report on “Overview of developments in the international trading environment”, with the WTO Members.
December 13 2019
Acknowledging that the right to privacy is a fundamental right and it is necessary to protect personal data as an essential facet of informational privacy, the Ministry of Electronics and Information Technology in India has introduced the Personal Data Protection Bill, 2019 in the Lok Sabha (lower house of the Indian Parliament) on 11th of December, 2019.
Insolvency - Secured creditor opting out of liquidation process cannot sell assets to persons ineligible to be resolution applicant
December 11 2019
NCLAT has held that a secured financial creditor while opting out of liquidation process is barred from selling secured assets to promoters or its related party or persons who are ineligible in terms of Section 29A of I&B Code.