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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.

News

Foreclosure charges are not liable to service tax – CESTAT Larger Bench

20 July 2020

The Larger Bench of the CESTAT has held that ‘foreclosure charges’ levied by banks and non-banking financial companies on premature termination of a loan can not be subjected to levy of service tax under Banking and Other Financial Services (“BoFS”).

Civil Court’s jurisdiction barred in copyright suit arising from insolvency resolution plan – NCLT to adjudicate

10 July 2020

In an interesting case of intersection of insolvency and copyright laws, the Delhi High Court has held that the suit for alleged infringement of copyrights, arising out of and/or is in relation to the insolvency resolution plan of a corporate debtor must be adjudicated by the NCLT and that the proceedings in the Civil Court are barred.

Loans on exorbitant interest rates covered under Extortionate Credit Transactions

06 July 2020

Observing that the short-term loans advanced by few Appellants on exorbitant rates of interest (40% to 60% per annum) were covered under Extortionate Credit Transactions as prohibited under Section 50(1) of the Insolvency and Bankruptcy Code, 2016, the NCLAT has set aside the entire transactions as illegal and void and held them as not entitled to any relief.

TRAN-1 – Delhi High Court decision in Brand Equity stayed by Supreme Court

22 June 2020

The Supreme Court of India has on 19-06-2020 stayed the Delhi High Court decision in the case of Brand Equity Treaties Ltd. v. Union of India (decision dated 05-05-2020). The High Court had held that an assessee can avail Input Tax Credit of the accumulated Cenvat credit as on 30-06-2017 by filing GST Form TRAN-1 beyond the period of limitation prescribed under Rule 117 of Central Goods and Services Tax Rules, 2017.

Every breach not justifiable merely on invocation of COVID-19 as a force majeure

15 June 2020

The Delhi High Court has recently held that every breach or non-performance cannot be justified or excused merely on the invocation of COVID-19 as a force majeure condition.

GST liability on director’s renumeration clarified

11 June 2020

Central Board of Indirect Taxes and Customs (CBIC) has clarified various circumstances when the renumeration paid to the director is liable to GST under reverse charge. Circular No. 140/10/2020-GST, dated 10-06-2020, issued for the purpose, observes that there were doubts as to whether the remuneration paid by companies to their directors...

CCI can entertain complaint in matters of exercise of patent rights

03 June 2020

Relying upon its decision in the case of Telefonaktiebolaget L.M. Ericsson, the Delhi High Court has rejected the contention that the remedies against alleged abuse of any rights by the patentee would fall exclusively within the remedies as provided under the Patents Act and, therefore, the jurisdiction of the Competition Commission of India (CCI) to entertain such disputes is impliedly excluded.

Amendment of plaint in trademark dispute – Jurisdiction of Joint Registrar and maintainability of appeal before Commercial Appellate Court

09 April 2020

Deliberating on the issue as to whether the Joint Registrar acted without jurisdiction while deciding on the application for amendment in the plaint, the Delhi High has held that the amendments, which alter the period with effect from which the trademark “SUPERON” had been adopted by the respondent (plaintiff), and also claimed, for the first time, that the original adoption of the said trademark was by the plaintiff through sister concern, introduced changes of substance, and not merely of form

Foreign Trade Policy extended till 31-3-2021 – Last dates for various obligations relaxed

02 April 2020

Foreign Trade Policy 2015-20 and the Handbook of Procedures Vol. 1, which were expiring on 31st of March 2020, have been extended till 31st of March 2021. DGFT has in this regard, with immediate effect, also made various other changes in the FTP and in the HoP, extending the validity and time periods of various provisions and thus granting relief to the exporters and importers in the present troubled times. Notification No. 57/2015-20 and Public Notice No. 67/2015-20, both dated 31-3-2020 have b

Condonation of delay in filing documents – Companies Fresh Start Scheme introduced, and LLP Settlement Scheme modified

01 April 2020

Ministry of Corporate Affairs has introduced the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement Scheme, 2020” to provide an opportunity to both companies and LLPs to make good any filing related defaults and make a fresh start as a fully compliant entity.

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