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The Hon’ble Bombay High Court in the case of Srei Equipment Finance Ltd. held that all claims, including statutory tax dues to the Government, which are not part of an approved insolvency resolution plan under Section 31 IBC, stand extinguished..
The Hon’ble Supreme Court in the case of Principal Commissioner of Customs v. Rajendra Prasad Tak & Ors [Civil Appeal Nos. 6432-6433 of 2023 dated October 30, 2023] reinforces the primacy of the waterfall mechanism under the Insolvency and Bankruptcy…
The Hon’ble Supreme Court in the matter of Paschimachal Vidyut Vitran Nigam Limited v. Raman Ispat Private Limited [Civil Appeal No. 7976 of 2019 dated July 17, 2023] held that Section 238 of the Insolvency and Bankruptcy Code, 2016 (“IBC”)…
The Delhi Bench of the Income Tax Appellate Tribunal in the case ACIT Versus ABW Infrastructure Ltd. observed and has held that the Insolvency and Bankruptcy Code, 2016 has an overriding effect on all the acts, which includes the Income…
Indirect tax appellate tribunal CESTAT has asked the Central Board of Indirect Taxes and Customs (CBIC) to frame guidelines to deal with outstanding tax demands against companies facing insolvency proceedings. Giving its ruling in the Ultratech Nathdwara Cement Ltd case,…