News & Briefings

The latest updates on relevant areas of law, curated by our team to be the most useful to clients as well as fellow legal practitioners.


NCLT has discretion to reject financial creditor’s CIRP application even when corporate debtor is in default

16 July 2022

The Supreme Court has held that Section 7(5)(a) of the Insolvency and Bankruptcy Code, 2016 confers discretionary power on the NCLT with respect to admission of application under said provision. The Court was however of the view...

Indian Central Bank notifies mechanism for international trade settlement in Indian Rupees

13 July 2022

The Reserve Bank of India has vide A.P. (DIR Series) Circular No.10 - RBI/2022-23/90, dated 11 July 2022 set up an international trade settlement mechanism in the Indian Rupee (‘INR’) to promote exports from India and to support the increasing interest of the global trading community in Indian rupee.

47th GST Council Meeting – Highlights of changes in respect of services

01 July 2022

The GST Council in its meeting held on 28 and 29 of June 2022 has recommended many changes in the GST rates for various services. Similarly, the Council has also sought to clarify on the rates of GST in respect of various specified services.

47th GST Council Meeting – Changes proposed in GST law and procedure

30 June 2022

The 47th GST Council Meeting held on 28th and 29th of June 2022 has recommended number of measures in respect of GST law and procedures, including many changes in the GST rates for various goods and services.

The ‘Geneva Package’ of WTO’s 12th Ministerial Conference – Highlights

20 June 2022

WTO’s 12th Ministerial Conference (‘MC’) concluded on 17 June 2022 with some great results. Among the 9 Ministerial declarations/decisions, the prominent ones include Agreement on Fisheries Subsidies and Ministerial Decision on the TRIPS Agreement.

TDS on perquisites and benefits – CBDT issues guidelines on new Section 194R

17 June 2022

The Central Board of Direct Taxes (CBDT) has issued elaborate guidelines on the provisions of Section 194R of the Income Tax Act, 1961 which mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ 10% of the value or aggregate of value of such benefit or perquisite.

Recovery certificate holder can initiate CIRP as financial creditor within three years of issuance of certificate

10 June 2022

Holding that liability in respect of a claim arising out of a recovery certificate would be a ‘financial debt’, the 3-Judge Bench of the Supreme Court has held that a person who holds a recovery certificate would be a ‘financial creditor’ within the meaning of clause (7) of Section 5 of the Insolvency and Bankruptcy Code, 2016.

IPR suits, even those valued below INR 0.3 million, to be instituted before District Judge (Commercial)

07 June 2022

The Delhi High Court has directed that all IPR suits are to be instituted before the District Judge (Commercial) and if IPR suit is valued below INR 0.3 million (INR 3 lakh), the Commercial Court shall examine the specified value and suit valuation to ensure it is not arbitrary or unreasonable and the suit is not undervalued.

Copyright infringement is a cognizable and non-bailable offense

30 May 2022

Allowing an appeal against the decision of the Delhi High Court, the Supreme Court has held that the offense of copyright infringement under Section 63 the Copyright Act, 1957 is a cognizable and non-bailable offence.

IGST not payable by Indian importer on RCM basis on ocean freight in case of CIF imports

23 May 2022

The Supreme Court in its judgment dated 19 May 2022 has held that the Indian importer cannot be subject to the levy of Integrated Goods and Services Tax (‘IGST’), on reverse charge basis, on the component of ocean freight paid by the foreign seller to a foreign shipping line, in a case of CIF imports, i.e. where the cost, insurance and freight were initially borne by the foreign exporter.

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