The LC has opined against minimizing the exercise of power of contempt of Court by the judiciary
The Law Commission has opined against minimizing the exercise of power of contempt of Court by the judiciary such dilution, the Commission has held, “would not be a meaningful exercise and would not be in larger public interest”. The Commission headed by Justice (retd) B S Chauhan, has opined that “viewed from the angle of the frequent indulgence of unscrupulous litigants and lawyers alike with administration of justice, it would not be in the interest of litigants and the public at large to minimize the effect of the exercise of powers of contempt as and when the need arises”.
Simplified GST returns form in the works
A new simplified form is in the works for filing goods and services tax (GST) returns and could be taken up for consideration at the next meeting of the GST Council. “A new form incorporating best features of a ‘fusion’ of two models that have been under discussions will be prepared. This will also take into account all suggestions that have come from the stakeholders,” said Sushil Modi, Bihar deputy chief minister and chairman of the group of ministers tasked by the GST Council to look at the IT issues.
Electro steel Steels goes to Vedanta, first of 12 IBC cases resolved
The Kolkata Bench of the National Company Law Tribunal (NCLT) has approved Vedanta’s resolution plan for Electro steel Steels, paving the way for the debt resolution of the first of 12 cases mandated by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC). The resolution plan, which was approved by a 100 per cent vote by the committee of creditors (CoC), will come into force with immediate effect, according to the NCLT order. The stipulated 270-day period, by when debt resolution for Electro steel Steels was to be approved, ended on Tuesday.
Banks to recover 48% from NPA accounts in RBI list: Edelweiss Securities
Banks in India will recover only 48 per cent of their debts from the top accounts that have turned into non-performing assets (NPAs), according to a research report by Edelweiss Securities. The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation. This is down from the initial expectations of a 60 per cent haircut for the stressed accounts under insolvency proceedings.
SBI seeks SC view on mortgaged asset of personal guarantor under IBC
The SBI has sought the Supreme Court view on whether the liability of a personal guarantor of a company under insolvency resolution process can be enforced when a moratorium against the corporate debtor for recovery of dues is on under the IBC Code. The apex court will also look into the issue whether the benefit of such moratorium would be available to such an individual/ personal guarantor in case the insolvency resolution process has not been initiated and whether a secured creditor is entitled to initiate proceeding for recovery independently against the personal guarantor without initiating action against the principal borrower.
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