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
The National Company Law Tribunal in the month of November initiated Corporate Insolvency Resolution Process against leading Delhi based construction group “Today Homes and Infrastructure” under Section 7 of the Insolvency and Bankruptcy Code, 2016 wherein a Financial Debtor can go against the Corporate Debtor. Facts of the case The Construction group has been constructing Project site called Royal Elegancia
Demand notice to be issued to the Corporate Debtor by the Operational Creditor demanding payment of amount involved. The Corporate Debtor, within a period of ten days of the receipt of the demand notice shall notify the Operational Creditor of the existence of a dispute if any or show proof of repayment. After the expiry of the aforementioned ten days
