Kindly add the below points after facts of case:-
1. Om Prakash Agrawal; LiquidatorS.Kumars Nationwide Limited ("Appellant" or "Liquidator") who has been appointed as Liquidator of S. Kumars Nationwide Limited a public limited company ("Corporate Debtor") under the provisions of Company Act 1956/2013 having its registered office at B2, 5TH Floor, Marathon Nextgen, off. G.K.Marg, Worli, Lower Parel (West), Mumbai, Maharashtra, India, 400013.
2. Liquidator had sought Adjudicating Authority's direction to prevent 1% TDS deduction on Rs. 43 Crores by the successful bidder (Respondent No.2) in auction held for sale of assets of the Corporate Debtor by Income Tax Authority, arguing inconsistency with Section 53 of the Insolvency and Bankruptcy Code ("IBC"). Contends Section 238 of IBC grants overriding effect to Code's provisions.
3. Adjudicating Authority dismisses Liquidator's plea, stating TDS deduction under IT Act Section 194-1A does not signify tax assessment or demand collection by the department. Emphasizes that TDS is the purchaser's duty, not tantamount to priority payment of government dues.
4. Being aggrieved with this order, the Appellant filed the Appeal against the order of Adjudicating Authority before National Company Law Appellate Tribunal, New Delhi.
The Applicant Company's submission:
Bu hikaye M & A Critique dergisinin December 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye M & A Critique dergisinin December 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Raymond Group continues Segregation of its Business Verticals
After successful demerger of \"Lifestyle Business,\" Raymond Limited announced yet another restructuring to unlock further value for stakeholders.
Ultratech Cements adds India Cement in its shopping cart
India's Cement Industry is poised for consolidation. In recent past we have seen multiple large & small acquisitions in cement segment for consolidating positions.
Valor Estate Limited: "Diversification" to "Sepration" of Hospitality Business
“From investments in hospitality business, the demerger transaction will enable VEL to start its construction in hospitality”
SIEMENS Energy to be a separate entity in alignment with global strategy
Siemens AG announced its Vision 2020+ which included the spin-off of its Gas & Power [G&P) i.e., Energy Business into Siemens Energy.
Arvind Group separates its Advanced Material Business for independent growth trajectory
Advanced Material Business (AMD) of Arvind Limited focuses on advanced materials and caters to customer needs across the textile value chain, including specialty yarns, fabrics, and ready-made products.
Merger for bail-out from debt obligation
Ind Swift Limited (herein after also referred to as 'ISL' or 'Transferor Company') is engaged in the business of manufacturing of Pharmaceutical Products.
Batliboi Ltd. merging its associate company
Batliboi Limited has a history of collaborations with various foreign technical partners and has subsidiaries like Hydraulic & General Engineers Ltd. and Batliboi International Ltd. In March 2024, the board of Directors of Batliboi Limited accorded their approval for the merger of promoter owned private company with itself.
TVS Motors issuances of convertible preference shares as bonus instead of dividend
Recently, well known auto manufacturer announced the issuance of preference shares as a bonus to all equity shareholders.
Aditya Birla Fashion & Retails Scheme to undo its consolidation
Corporate restructuring saga continues for Aditya Birla Group.
Advent International to combine its listed & private entity business
Recently, Advent International announced the merger of its privately held pharma company into recently acquired listed pharma company.
