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[Author: Ms. Sharadaa C]   No fixed place of Business in India and yet wish to effect supplies of taxable goods or services from any state/union territory in India? Goods and Services Tax (GST) legislation has a remedy.   GST provides temporary registration to persons who wish to effect taxable supplies occasionally from any place […]

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[Authors Mr. Saisunder and Ms. Srividya Sundaresan] The provisions of Section 25 of the Trademarks Act, 1999 (“Act”), r/w Rules 58-61 of the Trademark Rules, 2017 (“Rules”) cast certain obligations on the registered proprietor and the Registrar of Trademarks vis-à-vis three R’s (renewal, restoration and removal) of registered trademarks. The basic principles associated with the […]

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[First published in Lexology on 3rd October 2019]

 

The National Company Law Appellate Tribunal (“NCLAT”) vide its order dated 23.09.2019 passed in the matter of Vinayaka Exports and another Vs. M/s. Colorhome Developers Pvt. Ltd., overturned the decision of the National Company Law Tribunal, Chennai Bench (“NCLT”) dismissing an application filed by two financial creditors under Insolvency and Bankruptcy Code (“Code”) owing to the pendency of a civil suit and pre-existing dispute between the parties.

FACTS:

Two financial creditors who had lent a sum of Rs. 82 million and Rs. 20 million filed an application seeking commencement of insolvency resolution process on the corporate debtor M/s. Colorhome Developers Pvt. Ltd., who had also issued two promissory notes for the aforesaid sums. The corporate debtor had also executed a mortgage deed dated 05.06.2015 in favour of one of the financial creditors.

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