The case involves two Company Appeals (AT) (Insolvency) No. 160 of 2017 and No. 258 of 2017, both arising from an order dated 20.10.2016 passed by the Board for Industrial and Financial Reconstruction in Case No. 63/2006. Appeal No. 160 was preferred by the Principal Director of Income Tax (Admn. & TPS) against a scheme of demerger sanctioned by the Board, alleging violation of natural justice and provisions of the SICA Act, 1985, leading to revenue loss. Appeal No. 258 was preferred by GBM Ceramics India Limited & Ors. under Section 32 of the I&B Code read with the SICA Repeal Act, 2003, challenging the same demerger scheme. The appellant in this case claimed to be a creditor of Spartek Ceramics India Limited and alleged that the Board did not consider
…The Principal Director of Income Tax (Admn. & TPS) and GBM Ceramics India Limited & Ors. filed appeals challenging a demerger scheme sanctioned by the Board for Industrial and Financial Reconstruction. The demerger scheme was sanctioned on 20.10.2016. The Principal Director of Income Tax argued that the scheme violated natural justice and provisions of the SICA Act, 1985, leading to revenue loss. GBM Ceramics India Limited & Ors., claiming to be creditors of Spartek Ceramics India Limited, contended that the Board did not adequately consider their objections or the liabilities of Neycer. The appeals were filed under Section 32 of the I&B Code read with the SICA Repeal Act, 2003. A key issue was whether the Central Government could empower the NCLAT to
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Order dated 20.10.2016 passed by the Board for…
The 'I&B Code' was…
The case involves two Company Appeals (AT) (Insolvency) No. 160 of 2017 and No. 258 of 2017, both arising from an order dated 20.10.2016 passed by the Board for Industrial and Financial Reconstruction in Case No. 63/2006. Appeal No. 160 was preferred by the Principal Director of Income Tax (Admn. & TPS) against a scheme of demerger sanctioned by the Board, alleging violation of natural justice and provisions of the SICA Act, 1985, leading to revenue loss. Appeal No. 258 was preferred by GBM Ceramics India Limited & Ors. under Section 32 of the I&B Code read with the SICA Repeal Act, 2003, challenging the same demerger scheme. The appellant in this case claimed to be a creditor of Spartek Ceramics India Limited and alleged that the Board did not consider
…The Principal Director of Income Tax (Admn. & TPS) and GBM Ceramics India Limited & Ors. filed appeals challenging a demerger scheme sanctioned by the Board for Industrial and Financial Reconstruction. The demerger scheme was sanctioned on 20.10.2016. The Principal Director of Income Tax argued that the scheme violated natural justice and provisions of the SICA Act, 1985, leading to revenue loss. GBM Ceramics India Limited & Ors., claiming to be creditors of Spartek Ceramics India Limited, contended that the Board did not adequately consider their objections or the liabilities of Neycer. The appeals were filed under Section 32 of the I&B Code read with the SICA Repeal Act, 2003. A key issue was whether the Central Government could empower the NCLAT to
…Order dated 20.10.2016 passed by the Board for…
The 'I&B Code' was…