JSW Steel Ltd. Vs. Mahender Kumar Khandelwal & Ors.-NCLAT In the CIRP of Bhushan Power & Steel Limited- (Corporate Debtor), the Resolution Plan submitted by JSW Steel Limited (Resolution Applicant) has been approved by the Adjudicating Authority by impugned Judgment dated 5th September, 2019 with certain conditions. After the approval of plan when Monitoring Committee was monitoring the change of
India Asset Growth Fund and Ors. Vs CMRS projects Pvt Ltd (23.06.2020- NCLT Bangalore) The Hon’ble Tribunal decided on the matter specifically bearing in mind the intent of the Insolvency and Bankruptcy Code (IBC) and the parameters while considering admitting a Corporate Debtor (CD) into Corporate Insolvency Resolution Process (CIRP) in light of the prevalent economic slowdown due to COVID-19.
The Central Board of Direct Taxes (CBDT) has exempted the purchase of shares at a discount to the market price from income tax in companies undergoing insolvency proceedings and whose board has been taken over by the government. These exemptions would come into effect from April 1, 2020, and shall be applicable for the assessment year 2020-21 and thereafter. This
