The National Company Law Appellate Tribunal ( NCLAT ) has upheld the order directing State Bank of India ( SBI ) to the substitution of a financial creditor’s ex-employee as the proposed interim resolution professional...
The Central Government to decriminalise the violations involving minor technical and procedural defaults (shortcomings in CSR reporting, inadequacies in board report, filing defaults, delay in holding AGM) under the Companies Act. In a press conference...
The National Company Law Tribunal ( NCLT ) has canceled the Summer Vacation 2020 for all its benched across the Country due to the non-working day of the Corona pandemic. In an Office Order issued...
The Bombay High Court has quashed criminal complaints filed by the Serious Fraud Investigation Office (SFIO) against the erstwhile auditors of Infrastructure Leasing and Financial Services Ltd (IL&FS). and its non-bank lending arm for alleged...
The Central Board of Indirect Taxes and Customs ( CBIC ) has issued clarifications in respect of issues under GST law for companies under the Insolvency and Bankruptcy Code, 2016 (IBC) in connection with the...
In order to curb the outbreak of Coronavirus ( COVID-19 ), all the benches of the National Company Law Tribunal (NCLT ) will remain closed till March 31, 2020. The Chennai bench of National Company...
The Government of India has introduced the Companies (Amendment) Bill, 2020 in Lok Sabha with the motive to decriminalise the procedural lapses. The Government of India with the objective to ease the Corporate Social Responsibility...
The National Company Law Appellate Tribunal (NCLAT) affirmed that the limitation period will not be extended in The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI) and Debt Recovery Tribunal...
The National Company Law Appellate Tribunal (NCLAT) is being constituted in Chennai to handle matters arising from Southern states. The Central Government notifies that in the exercise of the powers conferred by section 410 of...
The National Company Law Appellate Tribunal (NCLAT) rejected the pleas of Deloitte, KPMG, and Auditors against the impleadment fraud in the IL&FS subsidiary. In the case of Deloitte Haskins & Sells LLP vs. Union of...
After Lok Sabha, the upper house of Parliament, Rajya Sabha also cleared the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was promulgated on December 28, 2019. ...
The National Company Law Appellate Tribunal (NCLT) has confirmed the penalty on Adani Gas for abuse of dominant position. The Adani Gas Limited’ (AGL) has preferred the instant appeal being passed by the Competition Commission...
The National Company Law Tribunal (NCLT) has directed the Limited Liability Partnership ( LLP ) to pay INR 1,00,000/- for the revival of the struck down Limited Liability Partnership ( LLP ). In the case...
The National Company Law Appellate Tribunal (NCLAT) overturned the ruling of Competition Commission of India (CCI) and directed CCI to conduct a re-probe against the unfair practice of Flipkart. In the case of All India...
The Ministry of Corporate Affairs (MCA) issued a circular to clarify the statutory compliances of Corporate Insolvency Resolution (CIR) under Insolvency Bankruptcy Code, 2016 (IBC). The circular was issued on March 3, 2020, in the...
The Lower House of Parliament, Lok Sabha has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. Highlights of the Ordinance The Code allows creditors to initiate an insolvency resolution process if a company...
The Ministry of Corporate Affairs (MCA) has issued a Standard Operating Procedure regarding prosecution filed or internal adjudication proceedings initiated against Independent Directors, non-promoters and non-KMP, non-executive directors. These clarifications include: Non-promoter and non-KMP, NEDs,...
The Gauhati High Court has asked the Central government for fresh consideration by examining the aspect as to whether the order of moratorium of the National Company Law Tribunal (NCLT) also covers the proceeding pending...
The National Company Law Tribunal (NCLT), Mumbai has ordered to restore the E-way Bill Facility for Taxpayers undergoing Insolvency Proceedings. In the case of Videocon Group vs. Central Goods and Service Department, the Goods and...
The National Company Law Tribunal (NCLAT), New Delhi held that the auditor cannot be debarred for 5 years under Companies Act, 2013 in the absence of evidence supporting fraudulent intentions. In the case of Mukesh...
The Ministry of Corporate Affairs (MCA) under the Government of India issued a Circular on February 17, 2020, mandating the Insolvency professionals who are also called Interim Resolution Professional (IRP) or Resolution Professionals (RP) or...
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