A four-member GST Appellate tribunal likely in each state to streamline dispute resolution
A four-member Appellate tribunal is likely to be set up in each state in order to streamline and expedite the dispute resolution process with regard to Goods and Services Tax (GST), reported PTI citing official. Each state Appellate tribunal would have two technical members (one officer each from the centre and states) and two judicial members. Key Points
Economic TimesIndia moots 3-pt plan to fully revive dispute settlement body
India emphasizes restoring the Appellate body as the top priority in the WTO dispute settlement system reform. New Delhi proposes a three-point action plan, opposes the EU's MPIA proposal, and calls for formalizing ongoing informal discussions. Disputes can be settled through adjudication or a mutually agreed solution. Key Points
Economic TimesNCLAT stays NCLT order in Dream 11 case, directs IRP not to take any step till Feb 23
The National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT Mumbai bench's order to initiate a Corporate Insolvency Resolution Process (CIRP) against Sporta Technologies, the operator of the fantasy sports platform Dream11. The stay will remain in effect until the next hearing on February 23. Key Points
Economic TimesCentre asks state governments to approve changes in GST laws by October
The tribunal will have benches across states by December. Parliament had given its nod to changes in the GST law in March. Key Points
FinancialexpressFM tables CGST Second Amendment Bill in Lok Sabha
The amendment was proposed after the approval of the GST council in its 52nd meeting on October 7. In October the centre had notified the detailed rules for the appointment and service of president and member of the Goods and Services tax (GST) Appellate Tribunal. Key Points
Economic Times
NCLAT allows Reliance Capital lenders' plea for another round of bidding
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. Key Points
Economic TimesJet Airways insolvency: Creditors question source of Rs 200 cr deposited by Jalan-Kalrock Consortium
The creditors of Jet Airways have raised concerns over the source of Rs 200 crore deposited by the Jalan-Kalrock Consortium, stating that it does not align with the resolution plan. Additional Solicitor General N Venkataraman, representing lenders including SBI, expressed apprehensions about the source of funds and possible money laundering. The consortium claims that a part of the money came from another source while the majority was paid by Murari Lal Jalan. The National Company Law Appellate Tribunal has directed the matter to be listed for the next hearing on October 12. Key Points
Economic TimesIndia appeals WTO panel report on Tech tariffs
India on Thursday appealed against a ruling by the dispute settlement body of the World Trade Organization (WTO) against New Delhis imposition of tariffs on mobile phones and electronic components, among other ICT goods. The case, which was brought by Japan to the global trade watchdog and a WTO panel in April, said that Indias tariffs had violated global trading rules under the Information Technology Agreement (ITA). Key Points
Economic TimesAs a leader, India must ensure a successful meet: WTO DG Ngozi Okonjo-Iweala
India, Brazil and South Africa are the troika of the G20, the WTO DG said. “We hope they will work together to ensure MC13 is a success... the entire package… not one issue or the other… it is across the board,” she told ET. “Not just G20, they are also BRICS (members)… they should support the UAE to ensure the UAE is a successful host, like it was for COP28,” she said, referring to the climate summit held late last year in Dubai. Key Points
Economic TimesCentral Board of Indirect Taxes & Customs app to cut litigation time
Named 'Samay', the app will capture all the pending orders across levels from adjudicating officer to the Customs, Excise and Service Tax Appellate Tribunal (Cestat) to High Courts, and reflect the pendency of review orders that are either under process at various levels or awaiting processing at the commissionerate level. The initiative will greatly reduce the litigation time, CBIC officials said. Key Points
Economic Times
CBIC raises threshold for filing appeals before CESTAT and courts
The Central Board of Indirect Taxes and Customs (CBIC) has increased the threshold for filing appeals before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by ten times to Rs 50 lakh, aiming to reduce litigations. The thresholds for appeals in high courts and the Supreme Court have been doubled to Rs 1 crore and Rs 2 crore, respectively. Key Points
Economic TimesIndia calls for initiating formal talks on WTO's dispute settlement body reforms
India has called for the start of formal negotiations by WTO members to reform the dispute settlement body of the World Trade Organisation (WTO). These negotiations are essential as informal deliberations are preventing several nations from participating in the talks. The formal talks aim to arrive at a consensus by the 13th ministerial conference of the WTO in Abu Dhabi in February 2023. Key Points
Economic TimesAir India begins non-stop Bengaluru-Singapore flight
Air India on Tuesday said it has launched a non-stop service between Bengaluru and Singapore. Launched from October 22. PTI Key Points
The Tribune IndiaZee Entertainment, IndusInd settle payments issue, NCLAT disposes of appeal
Zee Entertainment and IndusInd Bank on Monday announced that all the due payments have been settled between the two entities, as per media reports. Therefore, the National Company Law Appellate Tribunal (NCLAT) has disposed of the appeal. The two companies had informed NCLAT that they have reached a settlement in relation to their payment dispute, paving way for the Sony deal, in March 2023. Key Points
Economic TimesZee-Sony merger: NCLAT sets aside NCLT order directing bourses to reconsider approval
The National Company Law Appellate Tribunal (NCLAT) on Friday set aside an NCLT order which had directed bourses NSE and BSE to review the grant of NOC to the merger between Zee Entertainment and Culver Max Entertainment (earlier known as Sony Pictures Networks India), reports said. Earlier this month, Japanese conglomerate Sony Group Corporation Chairman and CEO Kenichiro Yoshida said he expects the merger to be complete within the first half of this fiscal. Key Points
Economic Times