The clawback will be applicable to creditors of all IL&FS companies across the board, including those which may have been paid after a February 11, 2019 order of the NCLAT on the same, the MCA suggested.
Days later, on October 1 that year, the government moved the National Company Law Tribunal (NCLT), seeking to supercede the IL&FS board and appoint a new board in its place. The government's plan was approved by the NCLT on October 2.
Since the new board took over in September 2018, IL&FS has only been able to complete the sale of its wind energy assets, thereby leading to a debt resolution of Rs 4,300 crore out of the total debt outstanding of around Rs 94,000 crore.
In case of most real estate companies, which work on multiple projects at the same time, there could a slight increase in compliance burden, Ashutosh Limaye, director and head of Consulting Services at ANAROCK Property Consultants, said.
The hitherto unused infrastructure will be used by these companies to expand their presence in rural India and offer 4G as well as other long-term evolution (LTE) mobile telephony services, according to official documents accessed by The Indian Express.
In its affidavit to the NCLAT, the MCA has said IBC does not “envisage any role of the central government to check that the resolution plan submitted during the course of a corporate insolvency resolution process satisfies the conditions” set forth in various provisions under the Code.
The SC directive to the telecom sector with respect to the AGR dues pales in comparison to the payout confronting the non-telcos, which face the prospect of shelling out over twice the amount that telcos are required to pay.
The current system of levying DDT leads to an increased tax burden for individuals, the Finance Minister said, adding that it cascaded for investors who were liable to pay tax at rates less than that of DDT, if the dividend is included in their income.