Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS
 
 
« News Headlines »
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…
 File income tax returns in time to carry forward losses

Debt recovery
November, 20th 2006

The Supreme Court has set aside an interim order of the Madras High Court in a case, Industrial Investment Bank of India Ltd versus Marshals Power & Telecom (I) Ltd, involving recovery of loans. 
 
While the bank moved the debt recovery tribunal, the company moved the civil court and obtained injunction against action by the bank for recovery. The high court also passed such an order. 
 
The bank appealed to the Supreme Court and said the high court had erred on several counts. It could not pass a discretionary injunction restraining the enforcement of any order that might be passed by the debt recovery tribunal. Such orders may be passed only in exceptional cases. 
 
Arbitration case 
 
The Supreme Court last week set aside a judgment of the Jharkhand High Court in a case, Chief Engineer versus Scoot Wilson Kirpatrick Ltd, in which the high court had held that the chief engineer's petition in an arbitration case was not maintainable under the Arbitration and Conciliation Act 1996. 
 
According to Section 37(1)(b) of the Act, an appeal shall lie from an order of the court setting aside or refusing to set aside an arbitral award. The Supreme Court stated that the high court's view was wrong and the appeal was clearly maintainable. 
 
Arbitration award 
 
An award rendered under the Arbitration and Conciliation Act, 1996, cannot be treated as a decree under the insolvency law, the Supreme Court has held in a judgment in Paramjeet Patheja versus ICDS Ltd. 
 
Patheja was a guarantor for a company, Patheja Forgings & Auto Parts Manufactures Ltd. The company became sick and an award for Rs 3 crore was rendered by the arbitrators. Patheja argued that an award by the arbitrators was neither a decree nor an order for the purpose of the Insolvency Act. 
 
The Bombay High Court did not accept this argument. On appeal, the Supreme Court accepted the argument and set aside the high court order. 
 
Re-look at bid 
 
The Supreme Court has asked the Maharashtra State Power General Co Ltd to consider an offer of BSN Joshi & Sons Ltd once again though the Bombay High Court had quashed the award of a contract to it. 
 
The rival contenders for a tender for procuring coal for generation of power had challenged the award of contract in the high court. The high court quashed the award in favour of BSN Joshi Ltd, which approached the Supreme Court. 
 
Allowing the appeal, the court observed that though the employer was not bound to accept a bid only because it was the lowest, in this case, the company had been in this business for 52 years and doing similar work throughout the country. 
 
It was quoting low rates and still making profits and so should be given another chance to bid. 
 
The court further noted that the firms which won the contract had formed a cartel after the high court order. In the interest of all, the court ordered that if the contract was given to BSN Joshi for one year, the rivals be given sufficient time to wind up their business.

M J Antony

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions