[Arvind Tiwari is a IV year student at the National Law University, Delhi] The recent ruling of the National Company Law Appellate Tribunal (“NCLAT”) in Oriental Bank of Commerce v. Anil Anchalia has rekindled the debate concerning the significance of inter-se priorities among secured creditors in the process of liquidation. In this matter, it was held that once a secured financial...
Rectifying the Law: CoC Approval for Withdrawal of CIRP Proceedings
[Pradhyuman Singh is a V year student of law from Gujarat National Law University, Gandhinagar] On 4 January 2022 in Vinayak Deshpande v. Nexo Industries, the National Company Law Appellate Tribunal (“NCLAT”), Chennai allowed a corporate debtor to settle the matter with the creditor. Accordingly, the National Company Law Tribunal (“NCLT”) was directed to allow the application for withdrawing the...
Delhi High Court on the Overriding Effect of IBC over PMLA
[Pallavi Meena is a IV Year BSW, LL.B (Hons.) student and Ridhi Arora a IV Year B.A., LL.B (Hons.) student, both at Gujarat National Law University] In Nitin Jain, Liquidator, PSL Limited. v. Enforcement Directorate (15 December 2021), the Delhi High Court ruled that the power under the Prevention of Money Laundering Act, 2002 (“PMLA”) to attach properties ceases to exist when an order of...
Assessing the Recently Reinterpreted Period of Limitation under Section 61 of the IBC
[Raghav Sengupta is pursuing the B.A., LL. B (Hons.) course at Jindal Global Law School] In its recent decision in V. Nagarajan v. SKS Ispat and Power Ltd. (22 October 2021), the Supreme Court of India has ruled that the period of limitation to file an appeal against an order under section 61 of the Insolvency and Bankruptcy Code (“IBC”) would commence from the time of the decision’s...
Law Over Equity in Condonation of Delay under the IBC
[Anumeha Smiti is a final year B.A.LL.B (Hons.) student at National University of Study and Research in Law, Ranchi] In the recent matter of National Spot Exchange Limited v. Mr Anil Kohli, Resolution Professional for Dunar Foods Limited (14 September 2021), the Supreme Court reiterated the position of law on condonation of delay by the National Company Law Appellate Tribunal [NCLAT] under...
Provisional Attachment Orders under GST: Exception or the Norm?
[Amritesh Anand is a penultimate year student at NALSAR University of Law, Hyderabad] Enforcement authorities under the GST regime have been vested with a powerful tool under section 83 of the Central Goods & Services Tax Act, 2017 (“CGST Act”) to carry out provisional attachment of property of assessees. The rationale is to ensure that Government interest in revenue is not prejudiced by...
Validity of Arbitration Clause in Unstamped Instruments: The Saga Continues
[Abhishek Mishra is an alumnus of Symbiosis Law School, Pune and practices at the Delhi High Court] By way of its judgment dated January 11, 2021 in N.N. Global Mercantile Pvt. Ltd. v. Indo Unique Flame Ltd., the Supreme Court reopened the seemingly settled issue of whether non-payment of stamp duty on a contract will invalidate the constituent arbitration clause as well. Due to contrary...
FIU’s Penalty on PayPal: The Wisdom of Jurisprudence by Committee
Last week, the Supreme Court’s order constituting a committee to settle the ongoing farmer agitation was critiqued across the entire spectrum of left-to-right wing commentary. At about the same time, in a case involving PayPal, a popular online payment gateway service in India, the Delhi High Court passed an order directing the Finance Ministry to set up a committee to address the following...
Examining the Issues with Free Supplies under GST
[Manasvin Andra is a 4th year B.A., LL.B. (Hons.) student at NALSAR University, Hyderabad] Promotional offers have long been used by companies to draw attention to their products. These strategies have generally proved successful, as they incentivise consumers to buy more of the designated good. However, the tax treatment of these free supplies changed with the emergence of the GST, leading to...
Establishing Locus Standi under the Competition Act: A Problem-Solution Mismatch
[Kajal Singh and Nikunj Maheshwari are 4th year law students at Institute of Law, Nirma University] The Competition Act, 2002, is a comprehensive piece of legislation intended to identify and curb any anti-competitive practices, which goal is sought to be achieved by the Competition Commission of India (CCI). In furtherance of the same, the CCI has been vested with powers to initiate an inquiry...
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