Corporate Law Daily
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Today’s newsletter analytically summarizes the top Corporate Law stories reported at?taxmann.com.
Puissant Towers India (P.) Ltd. v. Neueon Towers Ltd. - [2023] 151 taxmann.com 213 (NCLAT - Chennai)
In the instant case, the Committee of Creditors (CoC) approved a resolution plan with a 98.70% majority. The Resolution professional (RP) filed an application before the Adjudicating Authority (NCLT) for the approval of the resolution plan.
However, the same was dismissed on the ground that one of the resolution co-applicants being an Asset Reconstruction Company (ARC), the resolution plan could not have been submitted without the prior approval of the Reserve Bank of India as per section 10(2) of SARFAESI Act, 2002.
Thereafter, an appeal was filed with the National Company Law Appellate Tribunal (NCLAT) against the order passed by the NCLT.
The appellant argued that the ARC did not require prior approval of the RBI to participate as a resolution co-applicant under the IBC, provided that any of the activities undertaken by the ARC as part of the resolution plan submitted by it was not prohibited under the SARFAESI Act.
The NCLAT observed that section 238 of the IBC would prevail over the provisions of the SARFAESI Act, 2002, if there was any inconsistency with any provisions of the IBC. Therefore, the Adjudicating Authority ought not to have placed reliance on Section 10(2) of the SARFAESI Act, 2002.
Consequently, the NCLAT held that the liquidation order of the Adjudicating Authority was to be set aside and the matter was remanded back to the Adjudicating Authority for the approval of the Resolution Plan.
Earlier, SEBI vide Circular no. CIR/LAD/1/2019 dated April 4, 2019 issued a circular regarding the issuance of certified copies of orders and circulars. Now, SEBI has amended the circular, eliminating the requirement for accepting demand drafts as payment for the fees charged on the certified copies of orders and circulars.
Accordingly, the fees for certified copies of orders and circulars shall be paid through direct credit in the bank account of the Board using NEFT/RTGS/IMPS or online payment via SEBI payment gateway or any other mode specified by SEBI. Further, the confirmation of payments made electronically through NEFT/RTGS/IMPS modes or online payment using the SEBI payment gateway should be sent to the concerned department and also to e-mail id: [email protected] in the format prescribed.
Earlier, RBI issued Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission dated April 1, 2023 which pertained to the claiming of agency commission. Now, the same circular has been modified. Accordingly, all agency banks authorized to collect GST, direct tax collection and indirect taxes through the ICEGATE payment gateway are advised to submit their agency commission claims for respective transactions at the Mumbai Regional Office, only.
Earlier, National Stock Exchange (NSE) issued directions for the filing of the Annual Secretarial Compliance Report (ASCR) in XBRL format on the NSE Electronic Application Processing System (NEAPS) platform. Now, the NSE emphasizes the importance of adopting the XBRL mode for submitting the Annual Secretarial Compliance Report. Accordingly, the due date for the submission of the ASCR in the XBRL format for the financial year ending on March 31, 2023, is June 30, 2023.
That’s it from us for today! Stay Tuned for more updates from Taxmann.com.
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