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NCLT Cannot Declare an Assessment Order as Void: Kerala HC
The Kerala High Court in a recent judgment used strong words against an order of NCLT, Kochi Bench for declaring an assessment order passed under KVAT Act as void ab initio. The High Court observed that NCLT… Read More »NCLT Cannot Declare an Assessment Order as Void: Kerala HC
Delhi High Court Reiterates the Law on Interface of IBC and Tax
The Delhi High Court in a recent case[1] reiterated the legal position relating to outstanding tax of an entity which has or is undergoing the insolvency process under IBC, 2016. In the impugned case, the Revenue… Read More »Delhi High Court Reiterates the Law on Interface of IBC and Tax
Sanctity of IBC Prevails Over Tax Claims: NCLT Mumbai
In a recent order[1], NLCT Mumbai has ruled that the time bound process of Insolvency and Bankruptcy Code, 2016 (‘IBC’) will prevail over payment of belated Government dues, i.e., taxes. NCLT in the impugned case… Read More »Sanctity of IBC Prevails Over Tax Claims: NCLT Mumbai
Supreme Court Reiterates Non-Obstante Clause of Section 529A, Companies Act, 1956
In a recent judgment[1], the Supreme Court opined on the priority to be accorded to custom authorities vis-à-vis secured creditors under the Companies Act, 1956. It accorded due deference to the overriding nature of Section… Read More »Supreme Court Reiterates Non-Obstante Clause of Section 529A, Companies Act, 1956