The Supreme Court on Thursday rejected Axis Bank’s petition seeking reconsideration of its earlier judgment that held that the NCLT while examining the existence of debt and default by a corporate debtor on a financial creditor’s plea for initiating corporate insolvency resolution process has the discretion to admit or not admit the plea. A Bench comprising justices Indira Banerjee and
The NCLT MUMBAI has directed the income tax department to return the tax deducted at source (TDS) from Precision Fasteners after the auto-component maker was referred for liquidation. The ruling is expected to set a precedent in several such cases where the revenue department is seeking to recover statutory dues from companies facing liquidation. The liquidator of the company had
In the matter of Nupower Renewables Private Ltd. vs. Cape Infrastructure Private Ltd. (07.07.2017 – NCLT – Chennai) : MANU/NC/0983/2017: The Application has been filed by the Applicant u/s. 9 of the Insolvency and Bankruptcy Code, 2016 claiming the advance amount paid by the Applicant to the Respondent along with interest. Two main issues were discussed as follows: Whether the
