The NCLT dismissed an appeal filed by the Central Goods and Service Tax, Vizianagaram CGST Division against the Liquidator of Veda Biofuel Ltd. Corporate Debtor vide order dated 07-08-2023. The CGST department had sought the admission of a rejected claim amount of Rs. 8.67 crores.
This article examines the vires of the recent amendments to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 in relation to the Insolvency and Bankruptcy Code, 2016.
This article critiques the judgment in the case of POSCO India Pune Processing Center Pvt Ltd vs. Dhaval Jitendrakumar Mistry RP for Poggenamp Nagarsheth Powertronics Pvt Ltd (2021) ibclaw.in 01 NCLT, where the Hon’ble NCLT Ahmedabad Bench ruled that a Corporate Debtor which was not an MSME on the date of initiation of CIRP, cannot assume itself to be one later due to change in MSME classification norms vide notification dated 01.06.2020.
Sai Sumed Yasaswi Kondapalli Corporate Debtor turned MSME During Insolvency due to change in Classification Norms With the introduction of the notification (‘Notification’) on classification of Micro, Small, And Medium Enterprises (‘MSMEs’), new conditions have been laid down for the…