CA Manindra Tiwari

24/10/2024

In a landmark ruling by the Hon’ble Karnataka High Court in the case of Patanjali Foods Ltd. Vs. Commissioner of Customs, the court clarified the application of the Insolvency and Bankruptcy Code (IBC) on pending customs claims.

Key Highlights:

1️⃣ The Custom Department did not file a claim during the CIRP, and thus, its demands were extinguished and could not be continued post-resolution.

2️⃣ Rule 22 of the CESTAT (Procedure) Rules, 1982, which provides for the abatement of appeals in certain cases (e.g., death, insolvency, winding up), does not apply where a resolution plan has been approved under the IBC.

This ruling reaffirms the finality of the resolution plan and the importance of timely claims during the CIRP process.

15/10/2024

𝐄𝐱𝐜𝐢𝐭𝐞𝐝 𝐭𝐨 𝐒𝐡𝐚𝐫𝐞 𝐌𝐲 𝐍𝐞𝐰 𝐀𝐩𝐩𝐨𝐢𝐧𝐭𝐦𝐞𝐧𝐭 𝐚𝐬 𝐈𝐑𝐏!

I am pleased to announce my recent appointment as the Interim Resolution Professional (IRP) for Paytail Commerce Private Limited, under the provisions of the Insolvency and Bankruptcy Code (IBC). Appointed by the National Company Law Tribunal (NCLT), Chandigarh Bench, I will be overseeing the Corporate Insolvency Resolution Process (CIRP) for the company.

Paytail Commerce Private Limited operates in the financial and e-commerce sector, and this new role presents an exciting opportunity to collaborate with various stakeholders in order to ensure a transparent and effective resolution process.

As part of this process, I am dedicated to working closely with the Committee of Creditors (CoC), bankers, and other stakeholders to facilitate a fair and successful resolution. Together, we will work towards an optimal solution that benefits all involved parties, helping to restructure and revitalize the company.

12/10/2024

May Lord Rama bless you with strength, courage, and determination to overcome all challenges in life. Happy Dussehra!

02/10/2024

Today, we remember Gandhi’s teachings of truth, non-violence, and simplicity. His values continue to inspire us to lead with integrity and compassion.

Let’s strive to embody his principles in our daily lives. 🙏

19/09/2024

The Himachal Pradesh High Court ruled that creating a charge on a Corporate Debtor’s property during the moratorium is illegal and violates the Insolvency and Bankruptcy Code (IBC). The court reaffirmed that the IBC has an overriding effect on all other laws, and the "Clean Slate" principle applies even during an acquisition plan. Claims of tax dues as “Crown Debt” cannot bypass the IBC’s provisions.

This decision reinforces the supremacy of IBC, ensuring fair treatment of creditors during insolvency.

12/09/2024

Grateful to have been invited by Indian Institute of Insolvency Professionals of ICAI to deliver a session for the 25th batch of the LIE Preparatory Classroom (Virtual) Program held from 3rd to 7th September 2024.

During my session as a speaker, I covered key topics under the Companies Act, 2013, including:
- Chapter III: Prospectus and Allotment of Securities
- Chapter IV: Share Capital and Debentures
- Chapter V: Acceptance of Deposits by Companies
- Chapter VI: Registration of Charges
- Chapter VII: Management and Administration
- Chapter IX: Accounts of Companies
- Chapter XV: Compromises, Arrangements, and Amalgamations
- Chapter XVII: Registered Valuers

Thank you to the IIIPI team and all participants for making the session interactive and insightful. Looking forward to more opportunities to share knowledge and learn together!

03/09/2024

𝐈𝐧𝐬𝐨𝐥𝐯𝐞𝐧𝐜𝐲 𝐚𝐧𝐝 𝐁𝐚𝐧𝐤𝐫𝐮𝐩𝐭𝐜𝐲 𝐍𝐄𝐖𝐒 𝐁𝐮𝐥𝐥𝐞𝐭𝐢𝐧 - 𝐀𝐮𝐠 𝟐𝟎𝟐𝟒

Welcome to the VI edition of the Insolvency and Bankruptcy News Bulletin by GSA & Associates LLP, Chartered Accountants. Our commitment is to provide you with in-depth analysis and updates on critical legal developments in the realm of insolvency and bankruptcy.

URL - https://shorturl.at/WHLsx

In this edition, we delve into several landmark cases, including notable judgments from the Hon’ble Supreme Court and High Courts. We also highlight significant news and updates on the Insolvency and Bankruptcy Code(IBC), as reported in leading financial magazines and newspapers in August 2024.

Thank you, and we look forward to hearing your feedback.

27/08/2024

I had the privilege of being the sole technical speaker for a comprehensive 3-hour session on "𝐈𝐁𝐂 𝐈𝐧𝐭𝐞𝐫𝐟𝐚𝐜𝐞 𝐰𝐢𝐭𝐡 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱, 𝐆𝐒𝐓, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫 𝐀𝐜𝐭𝐬," organized by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) on 23rd August 2024.

The webinar kicked off with an insightful foreword by CA Hans Raj Chugh, Central Council Member (CCM) of ICAI, followed by an in-depth introduction to the GST framework by CA Sushil Kumar Goyal, another distinguished CCM of ICAI. The session concluded with a gracious vote of thanks delivered by CA Rahul Madan, Managing Director of IIIPI.

It was an enriching experience to delve into the intricate relationships between the Insolvency and Bankruptcy Code (IBC) and various tax laws, including Income Tax and GST, for an engaged audience of Insolvency Professionals (IPs) and Registered Valuers (RVs). The interactive discussions and thoughtful questions from participants made the session truly impactful.

My heartfelt thanks to IIIPI ICAI for this wonderful opportunity and to all the participants for their active involvement. Looking forward to continuing these important conversations in the future!

23/08/2024

23/08/2024

𝐈𝐧 𝐭𝐡𝐞 𝐫𝐞𝐜𝐞𝐧𝐭 𝐜𝐚𝐬𝐞 𝐨𝐟 𝐄𝐦𝐭𝐚 𝐂𝐨𝐚𝐥 𝐋𝐭𝐝. 𝐯𝐬. 𝐏𝐡𝐨𝐞𝐧𝐢𝐱 𝐀𝐫𝐜 𝐏𝐯𝐭. 𝐋𝐭𝐝., the Hon'ble Supreme Court has upheld the NCLAT's decision, reinforcing the rights of an Assignee under the SARFAESI Act. The Court confirmed that when a Debt Assignment Agreement is registered without any objection on stamp duty, the Assignee is fully protected under Section 5(2) of the SARFAESI Act and is entitled to prosecute a Section 7 application under the Insolvency Code.

This ruling emphasizes the robustness of the SARFAESI Act in safeguarding the interests of assignees.

15/08/2024

🇮🇳 Happy Independence Day! 🇮🇳

As we celebrate the 78th year of our freedom, let's take a moment to honor the sacrifices of our freedom fighters who paved the way for the nation we are proud of today.

May the spirit of patriotism and unity continue to guide us in building a stronger, more prosperous India. Let's pledge to contribute towards the growth and development of our great nation with integrity, dedication, and a sense of responsibility.

Jai Hind!

13/08/2024

Honored to have been invited by ICAI to lead a session on "Offences & Penalties under IBC" on 9th August 2024, as part of the 12th batch of the Executive Development Program (EDP) on Mastering Legal Skills, Pleading, and Court Processes under IBC.

During the session, I covered crucial aspects, including:

- Meaning and Types of Offences
- Punishments under the Code
- Jurisdiction and Power of Special Courts
- Liability considerations
- The role of Central Government and IBBI in offences and penalties

Thank you to all the participants for the engaging discussion and insightful questions. Looking forward to more such interactive sessions!

24/07/2024

I had the privilege of being invited by News18 India to discuss the much-anticipated Budget 2024-25. This year's budget, presented with a focus on growth and sustainability, is a significant step towards achieving long-term economic stability and inclusive development.

𝐊𝐞𝐲 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:
The budget introduces significant tax reforms to simplify the tax system and provide relief to middle-income taxpayers, boosting disposable income and economic growth.

The reduction in corporate tax rates aims to make India more attractive for business investments, leading to job creation. Incentives for startups and small businesses will foster innovation and entrepreneurship.

Increased spending on infrastructure, healthcare, education, and rural development ensures inclusive growth. Maintaining fiscal discipline remains crucial for sustainable economic recovery.
Overall, I’m optimistic about the budget’s potential to revitalize the economy post-pandemic through tax reliefs, corporate incentives, and substantial public investments.

18/07/2024

Hon'ble Delhi High Court in Mr. Rajan Chadha and Anr. vs. Mr. Sanjay Arora and Anr. reaffirms that contempt of court jurisdiction requires proof beyond a reasonable doubt and disobedience must be willful. In this case, financial constraints due to the company's CIRP, managed by a Resolution Professional, do not constitute contempt. This highlights the importance of intent and control in contempt proceedings.

11/07/2024

I had the privilege of being invited by as faculty and delivering a lecture on 2nd July 2024 as part of the 20th Batch of the Executive Development Program on Managing Corporate Debtors as a Going Concern under CIRP for a batch of 50 Insolvency Professionals.

The session covered a range of crucial topics including:
- Taking Control of Corporate Debtors (CD – V)
- Recent Amendments in Income Tax and GST
- Ongoing Disputes and Cases
- Applicable Labour Laws
- Banking and Commercial Laws
- Applications before Adjudicating Authority and Appearing before Judicial Authorities

Thank you to IIIPI for this wonderful opportunity and to all the participants for their engagement and insightful discussions. Looking forward to more such enriching experiences!

01/07/2024

We on this auspicious occasion take a vow to discharge our professional obligations in most ethical and competent manner and keep the flag of profession flying high.

12/06/2024

I'm pleased to share highlights and photos from an impactful event on June 6th and 7th, where I participated as the Honorary Director (Finance & International Cooperation) at IISD-CMI. We were honored to have esteemed guests, including Ms. Rupinder Brar, IRS, Additional Secretary to the Government of India, Ministry of Coal; Mr. Yugal Joshi, Hon'ble Advisor, NRM & Mission Director, LiFE NITI Aayog; Dr. Amarjit Chopra, Former President, ICAI & Founder Partner, GSA & Associates LLP; and Dr Srikanta K. Panigrahi, Distinguished Research Fellow & Director General, IISD-CMI. Over 50 high-ranking officials from sustainability departments of various public and private sector organizations attended this course.

𝐏𝐫𝐨𝐠𝐫𝐚𝐦 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
In response to the critical challenges posed by a 1.5°C increase in global temperatures—leading to biodiversity loss, reduced agricultural productivity, and deteriorating water quality—IISD-CMI hosted a National Certificate Course on Carbon Management. The course aimed to equip professionals with essential skills to lead sustainability efforts.

𝐄𝐯𝐞𝐧𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬:
Organizer: Carbon Minus India (CMI) – An IISD Initiative
Venue: India International Centre (IIC) Annexe, Lodhi Estate, New Delhi
Dates: 6th – 7th June, 2024

A heartfelt thank you to everyone who contributed to the success of this event. Together, we are paving the way for a sustainable future. 🌱

01/06/2024

𝐃𝐢𝐫𝐞𝐜𝐭𝐨𝐫𝐬 𝐍𝐨𝐭 𝐋𝐢𝐚𝐛𝐥𝐞 𝐟𝐨𝐫 𝐂𝐡𝐞𝐪𝐮𝐞 𝐃𝐢𝐬𝐡𝐨𝐧𝐨𝐮𝐫 𝐃𝐮𝐫𝐢𝐧𝐠 𝐂𝐈𝐑𝐏

In the landmark case Varun Vs. Toolika Pandey, the High Court ruled that directors cannot be prosecuted for dishonoured cheques issued in the company's name during the Corporate Insolvency Resolution Process (CIRP). With the Insolvency Resolution Professional (IRP) taking control, the liability shifts away from directors during this period. This decision highlights the crucial role of the IRP in managing company affairs under CIRP.