Articles and Updates

• Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 21-01-2022

The Hon'ble Supreme Court in a recent decision in Bank of Baroda & Anr. v. MBL Infrastructures Ltd. & Ors.1 rendered an important judgment pertaining to interpretation of Section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC). The Apex Court was dealing with, amongst other things, the question as to whether the words 'such creditors' in Section 29A(h) would include all creditors or just one creditor who has invoked the insolvency process.

• Jatin Arora and Aman Bansal - 20-01-2022

Goods and Services Tax was introduced in India in July 2017 replacing the erstwhile taxation regime of multiple taxes applicable on business transactions. As a result, Service Tax was also subsumed into the GST system. However, even after more than four and half years of the implementation of GST, certain businesses are still grappling with the interpretational challenges of the service tax law on their past business activities. One such instance is the levy of service tax on the interchange fees applicable on credit card services. For years now this one question has kept the banking industry still guessing if the service tax was applicable on the interchange fees or not. If it was applicable, who was liable to pay the service tax!

• Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 18-01-2022

On 17 December 2021, the Competition Commission of India (CCI) imposed a cumulative penalty of ₹ 202 crores (₹ 2.02 billion) on Amazon for 'misleading' the Indian anti-trust regulator through 'false statements' and 'material omissions' made on its dealings with the Future group. This development comes after two years of CCI having approved, amongst other things, Amazon's acquisition of 49% shareholding in Future Coupons Pvt. Ltd. (FCPL).

• Zoeb Cutlerywala - 14-01-2022

The interplay between Insolvency and Bankruptcy Code, 2016 ("IBC, 2016") and Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 ("Admiralty Act") once again came to fore in Commercial Admiralty Suit (L) No. 4 of 2020 filed by Angre Port Private Ltd. v/s TAG 15 (IMO. 9705550) & Anr. before the Bombay High Court ("Matter"). The Bombay High Court while passing a summary judgment and decree on 3rd January 2022, in favour of Angre Port Private Ltd., the Plaintiff/Applicant in the Matter, once again succinctly harmonized the provisions of the Admiralty Act viz-a-viz the provisions of IBC, 2016 and resolved that there exist no inconsistencies between the two laws.

• Vasanth Rajasekaran , Saurabh Babulkar and Harshvardhan Korada - 12-01-2022

In a recent order passed in Re: Cognizance for Extension of Limitation1 the Hon'ble Supreme Court has restored the order extending limitation period for filing of cases and applications in courts and tribunals. This development comes as India is witnessing a surge in Covid-19 cases. In this article, we briefly navigate through the background of the matter, and the order passed by the Hon'ble Supreme Court.