Troubled times: 21 firms seek winding up on their own
A number of cases the parent companies had been trying to invest in their subsidiaries but these investments had not taken off. – Vinod Kothari. Read more
Archive for month: August, 2017
Brief of Amendments reflecting in FDI Policy, 2017
/0 Comments/in FEMA /by Vinod Kothari ConsultantsCS Vinita Nair, corplaw@vinodkothari.com
The Department of Industrial Policy and Promotion (DIPP) has issued the Consolidated FDI Policy 2017 (Policy 2017)[1] incorporating the amendments made to the erstwhile Consolidated FDI Policy 2016 (Policy 2016) through various Press Notes issued during the year 2016 (Press Notes 5 and 6 of 2016 series) and 2017 (Press Note 1 of 2017 series) as well as amendments made in FEMA (Transfer or Issue of Security by a Person Resident outside India) Regulation, 2000 (FDI Regulations) through various RBI notifications. This article describes the amendments made after comparing Policy 2016 and Policy 2017. Read more →
Inapplicability of Limitation Act to Insolvency and Bankruptcy Code?
/0 Comments/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsBy Richa Saraf , (legal@vinodkothari.com)
In a recent National Company Law Appellate Tribunal (NCLAT) ruling of Neelkanth Township and Construction Pvt. Ltd. v. Urban Infrastructure Trustees Ltd.[1] (11.08.2017), several issues with regard to the Insolvency and Bankruptcy Code, 2016[2] (IBC) were discussed. One of the issues for consideration before the NCLAT was whether the application under Section 7 of the IBC is time barred, as the debt claim related to the years 2011, 2012 and 2013 and it was held that the Limitation Act, 1963[3] (Limitation Act) does not apply to IBC. Below we discuss the ruling along with its analysis: Read more →
GST Rates on services relating to Motor Vehicles
/0 Comments/in Indirect Taxes /by Vinod Kothari ConsultantsBy GST Division (gst@vinodkothari.com)
The GST rates assigned for transaction in relation to motor vehicle is summarized in the below table:
STATUS OF THE CLAIM MADE BY AN ALLOTTEE OF A PROPERTY AGAINST THE DEVELOPER OF SUCH PROPERTY
/0 Comments/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsBy Preksha Dugar, under the aegis of Vinod Kothari & Company
Introduction:
Delays in delivering possession by housing developers after receiving the consideration for the same to the respective allottees, has become a prominent issue in the recent times. The issue of the delays has been highlighted owing to the fact that despite incurring the complete expenditure for the apartments or flats, the allottees are rendered helpless financially when the huge sums of money spent by them are with the developers who are either insolvent or incapable of delivering the possession of such apartments or flats even after passage of years beyond the agreed date of delivery. The insolvency of the developer leaves the individual or the entity, which is the allottee in a disadvantageous position with the developer unjustifiably gaining while the interests of the allottee are prejudiced. Read more →
Amendment in SAST and ICDR in line with the Insolvency Code.
/0 Comments/in Insolvency and Bankruptcy, SEBI /by Vinod Kothari ConsultantsBy Rohit Sharma (resolution@vinodkothari.com)
Introduction
That any Act or Statute evolves and gaps in it are removed while the same become effective and is implemented – is a known theory.
With the implementation of the Insolvency and Bankruptcy Code, 2016 (“IBC” or “Code”) and with passing days of such implementation, the gaps in the Code / linked statutes are being realized and accordingly corresponding amendments are being brought. Read more →
Home buyers breathe a sigh of relief
/0 Comments/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsBy Vallari Dubey, (resolution@vinodkothari.com)
IBBI amends CIRP Regulations to include claims of other creditors
IBBI has taken a step towards making positive changes in the Insolvency and Bankruptcy Board of India (‘the Code’). The amendments being brought to Regulations pertaining to Corporate Insolvency Resolution Process, provides a relief to home buyers, who are stuck in the depth of undelivered or unfinished houses. With the aid of the amendments, such home buyers can now proceed to file their claims to the Resolution Professional under the Code. Read more →