Our Bi-Monthly Tax Newsletter provides insight on recent judgments, circulars, notifications covering Direct and Indirect tax laws for the month of July and August.

In the recent judgment of Sundaresh Bhatt, Liquidator of ABG Shipyard v. Central Board of Indirect Taxes and Customs1, the Supreme Court observed that once the moratorium is introduced, either under Section 14 or Section 33(5) of the Insolvency and Bankruptcy Code, 2016 ("IBC"), the authorities under the Customs Act, 1961 (“Customs Act”) have limited powers to the extent that they can only initiate assessment or re-assessment of the duties and other levies and cannot initiate recovery proceedings.

Recently the #IBBI has brought in two key changes in the regulations around fees charged by resolution professionals (RPs). Our Associate Partner, Neha Naik in conversation with BusinessLine shared insights on the new changes.

Phoenix Legal advised Cians Analytics and its founders on acquisition of Cians Analytics by Equistone-Backed Acuity Knowledge Partners. Cians Analytics is a provider of high-quality, cost-effective research and analytical support for financial institutions. They support financial clients across the entire transaction spectrum from initial investment screening, business and financial due diligence, and market entry/market sizing to post-closing portfolio company/market update maintenance work. The acquisition represents the first bolt-on transaction made by Acuity since its buyout by Equistone, a leading European mid-market private equity investor, in 2019.