Debt Recovery Mechanism strengthened with the Enactment of IBC, says Economic Survey
The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2018-19 in Parliament today. Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code,
Govt. notifies change in the location of Debts Recovery Tribunal, Pune [Read Notification]
The Government notified the change in the location of Debts Recovery Tribunal, Pune. The Government empowered under section 3 of the Recovery of Debts and Bankruptcy Act, 1993 notified the change in the location of
Finance Ministry directs Hearing of Cases in DRT through Video Conferencing amid COVID-19 lockdown
In the wake of Coronavirus Lockdown, the Ministry of Finance, on Friday issued a notification seeking to implement the online hearing of the Debt Recovery Tribunal (DRT) through video conferencing. With the outbreak of COVID-19,
Finance Ministry Notifies Amendment on Debt Recovery Tribunal Rules [Read Notification]
The Finance Ministry has recently notified an amendment on the Debts Recovery Appellate Tribunal, Chennai and Debts Recovery Tribunals at Ernakulam, Chennai, Madurai, Coimbatore and Bangalore Recruitment (Amendment) Rules, 2023.  In exercise of the powers
GST: CBIC issues Guidelines for Recovery Proceedings under CGST Act, 2017 [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has issued the guidelines for recovery proceedings under the provisions of section 79 of the CGST Act, 2017 in cases covered under explanation to sub-section (12)
Govt. mandates E-filing of pleading where Debt to be recovered is above Rs. 100 crores [Read Notification]
The Finance Ministry, on Thursday, mandated the E-filing of pleading where debt to be recovered is above Rs. 100 crores, which will come into force from 22nd July, 2021. The government empowered under clause (ccd)
Crisis due to non-recovery of Bank Dues a ‘Reasonable Cause’ for not producing documents during Assessment: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Jaipur Bench ruled that the crisis due to non-recovery of Bank Dues is a 'Reasonable Cause' for not producing documents during Assessment. The assessee, M/s Ishika Foods (P) Ltd.
Pre-Show Cause Notice Consultation not Mandatory for Recovery of Duties short levied or short paid or erroneously refunded, clarifies CBIC [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has clarified the pre-show cause notice consultation is not mandatory for recovery of duties short levied or short paid or erroneously refunded. As a trade-facilitation measure,
Denial of Cenvat Credit and Recovery u/R 14 against Input Service Distributor is without Authority of Law: CESTAT [Read Order]
The Customs, Excise & Service Tax Appellate Tribunal (CESTAT ) Mumbai, last week set aside an order passed by the Commissioner of GST, Mumbai to deny and recover Cenvat Credit under rule 14 of th
Govt asks Stakeholders to Approach Authorities/ Courts to Dispose Insolvency Cases instead of DRTs
A recent press release issued by the Finance Ministry asked the Stakeholders to Approach Authorities/ Courts to Dispose Insolvency Cases instead of Debt Recovery Tribunals (DRTs). It has come to notice of Ministry that Writ
GST / Customs Duty Recovery from Companies undergoing Liquidation: CBIC issues SOP for NCLT cases in respect of the IBC [Read Circular]
The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) for the National Company Law Tribunal (“NCLT”) cases in respect of the Insolvency and Bankruptcy Code, 2016 (“IBC”) in order to ensure
Central Government revises the working days of the Debt Recovery Tribunal [Read Notification]
The Central Government on Wednesday notified the Debts Recovery Tribunal (Procedure) Amendment Rules, 2020, which seek to amend the Debts Recovery Tribunal (Procedure) Rules, 1993. “In the Debts Recovery Tribunal (Procedure) Rules, 1993, in rule
Pendency of Alternate Remedy under Income Tax Act: Kerala HC grants interim relief to Assessee from Recovery Proceedings [Read Order]
Modifying a decision in an Income Tax matter, the Kerala High Court has granted interim protection to assessee from coercive actions and recovery during the appellate remedy in pendency. The Division Bench of Justice A.K.
Govt. Notifies Rules to amend the Debts Recovery Appellate Tribunal [Read Notification]
The Government notified the  Rules to amend the Debts Recovery Appellate Tribunal. The Government notified r the Debts Recovery Appellate Tribunal, Allahabad and Debts Recovery Tribunals at Allahabad, Ranchi, Jabalpur, Patna, Lucknow and Dehradun Recruitment
ITAT stays Recovery of demand from Infosys for a period of 180 days [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench stayed the recovery of demand from Infosys for a period of 180 days. The assessee, M/s Infosys Ltd. filed this stay application seeking an extension of the