NCLT

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Bankruptcy Process Can Not Be Initiated Against Companies On The Basis Of TDS Dues: NCLAT

The National Company Law Appellate Tribunal (NCLAT) has held that insolvency proceedings cannot be initiated against any company on the basis of tax deducted at source (TDS) arrears. The NCLAT set aside an order of the Kolkata Bench of NCLT, saying that an operating lender of the company cannot use the process of Insolvency and …

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Lakshmi Narayan Sharma vs. Punjab National Bank

The Appellant was a promoter of the Corporate Debtor who was governing themajority of shareholdings of the corporate debtor through a holding company.The corporate debtor was an SPV incorporated for a PPP project to develop andoperate a Four-Star Hotel on a ‘Build Operate Transfer (BOT) Basis with the NationalInstitute of Tourism and Hospitality Management under …

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