Ex-promoters can submit bids if eligible under Section 29A of IBC: NCLAT

Ex-promoters can submit bids if eligible under Section 29A of IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Thursday said former promoters and directors of a company undergoing insolvency process will not be barred from submitting bids unless they are ineligible under sections of Section 29A of the Insolvency Act. . The appellate tribunal, while setting aside a Mumbai bench order, said the mere fact […]

Supreme Court on NCLT and NCLAT, Airport Fee, Market, Mandal Commission

Supreme Court on NCLT and NCLAT, Airport Fee, Market, Mandal Commission

“NCLT and NCLAT are now in a bad state.” Chief Justice of India DY Chandrachud made the harsh remarks while issuing contempt notices to two members of the appellate tribunal last week. Two members of NCLAT allegedly ignored the status quo order passed by the apex court and issued an order in the dispute related […]

IT department files appeal against Appellate Tribunal’s decision in favor of LIC

IT department files appeal against Appellate Tribunal’s decision in favor of LIC

Life Insurance Corporation (LIC) on Tuesday said the Income Tax Authority has filed an appeal in the Bombay High Court against the Income Tax Appellate Tribunal’s decision granting relief to the insurer in two tax disputes worth Rs 4,993 crore. “In accordance with the provision of Regulation 30(4)(i)(d) read with Para B of Part A […]

Income Tax Department conducts boards for advance ruling in Delhi, Mumbai

The Income Tax Department said in an official release on Saturday that the Advance Ruling Boards have become operational in Delhi and Mumbai. Earlier in September 2021, the Central Board of Direct Taxes (CBDT) constituted three boards for advance ruling. Further, the scheme of e-advance ruling was introduced with an aim to make the entire […]

NCLAT allows inspection to GoFirst lessor, modifies NCLT order

The National Company Law Appellate Tribunal (NCLAT) on Friday allowed Engine Lease Finance BV to inspect four of its engines leased to bankrupt airline GoFirst. NCLAT gave the resolution professional (RP) of the airline 10 days to give the date of inspection to the engine lessee. The NCLAT modified an interim order of the National […]