Impugned award unaffected by fraud or corruption; Arbitral ...

Arbitral award upheld; GST implementation envisaged; tax incentives conditional; estoppel claim rejected. Secure awarded amount.

Case Laws GST

July 18, 2024

Impugned award unaffected by fraud or corruption; Arbitral Tribunal considered materials and submissions; no case made out regarding fraud in passing award. Parties contemplated GST implementation in Share Purchase Agreement; incentives payable only to extent tax accrued to State Government. Withdrawal of exemption notification pursuant to statutory mandate under CGST Act; legislature incorporated proviso allowing rescission of tax exemption incentives. Claim of estoppel rejected. Petitioners failed to make out prima facie case for unconditional stay; directed to secure awarded amount - 50% by transfer, 50% by bank guarantee within six weeks.

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Impugned award unaffected by fraud or corruption; Arbitral ...

Arbitral award upheld; GST implementation envisaged; tax incentives conditional; estoppel claim rejected. Secure awarded amount.

Case Laws GST

July 18, 2024

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