CORPO-LEX Legal Articles

  By Nirmal Behera Madhusudan Law College, Cuttack, India Email- nirmalbhr6@gmail.com   ABSTRACT- The objective of this article is to relate the concept of Corporate Debt Restructuring, to the resolution mechanism for insolvency envisaged by the Insolvency and Bankruptcy Code, 2016 (IBC) and to the arrangement and compromise the mechanism under the Companies Act, 2013. To explore the methods and ways of corporate debt restructuring and application of those methods to the IBC’s debt resolution process is the main intention of this article. To distinguish between the corporate debt restructuring process and the corporate debt resolution process under the IBC is the effort. A new proposal trending after the pandemic of Covid-19 to address the issue of delays of insolvency resolution and the decreasing matters of insolvency resolution applications in the NCLTs, due to suspension of sections 7, 9, and 10 under IBC, 2016, namely Pre-packed schemes have also been discussed. ...

  By Nirmal Behera Madhusudan Law College, Cuttack, India Email- nirmalbhr6@gmail.com Linkedin- www.linkedin.com/in/nirmal30   ABSTRACT- This Article goes through various aspects of business deals for the acquisition of undertakings and of business entities. Also, an effort has been made hereunder to establish a clear distinction among different kinds of business acquisition processes. The author seeks to explain, the manner and implications of such business acquisition deals. It will help the reader to get an over-all idea of the reasons behind such business deals and to conclude the pros and cons of all kinds of business acquisition mechanisms. This article also has elaboration on the tax implications and the computation aspect of such taxation, according to Income Tax Act, 1961 for methods of business sales, such as slump sale and asset sale.   INTRODUCTION-   Acquisitions and Transfers of Businesses and of undertakings are common in Business Wor...

  By Nirmal Behera Madhusudan Law College, Cuttack, India Email- nirmalbhr6@gmail.com Linkedin- www.linkedin.com/in/nirmal30   ABSTRACT- The objective of this article is to discuss the provisions of the Income Tax Act, 1961 with regards to deduction made in profit, when any loss is incurred by theft or embezzlement in a business or profession. To analyse the different cases with respect to theft and fraud in business of the assessee, and thereby try to understand the pattern, in the circumstances of which the courts have been allowing a deduction, in the profits of any accounting year in which loss due to theft or fraud have been occurred. This article attempts to analyse the relevant sections of the Income Tax Act, especially the section 37 which is directly related to the issue of deductions in profit with respect to trading losses. It discusses the scope of application of the section 37 and has outlined the condition required for the application of the section. ...

By Nirmal Behera Madhusudan Law College, Cuttack, India Email-  nirmalbhr6@gmail.com Linkedin-  www.linkedin.com/in/nirmal30     Abstract-   Since the creation of National Company Law Tribunals (NCLTs) and National Company Law Appellate Tribunals (NCLATs) according to the provisions of Companies Act, 2013 it was expected that disposal of corporate matters and cases will be expedient under the IBC, 2016. The High Courts of concerned jurisdiction were overloaded with insolvency matters and other matters related with corporate bodies. The time consuming procedural proceedings were acting like impediments to justice delivery system and were inefficient to protect creditors of their interest as well as an important economic concern for smooth growth of business in India.             After establishment of functioning NCLTs/ NCLATs the scenario is that the High Courts are gradually relieved from the burden of...