Can financial creditor file petition under Insolvency and Banking code when winding up petition is pending in HC

Yes , as per recent judgment of Supreme court in case of

​Forech India Ltd. Vs Edelweiss Assets Reconstruction Co. Ltd. (SC)  

para 22 read as :

" 22. This Section is of limited application and only bars a corporate debtor from initiating a petition under Section 10 of the Code in respect of whom a liquidation order has been made. From a reading of this Section, it does not follow that until a liquidation order has been made against the corporate debtor, an Insolvency Petition may be filed under Section 7 or Section 9 as the case may be, as has been held by the Appellate Tribunal. Hence, any reference to Section 11 in the context of the problem before us is wholly irrelevant. However, we decline to interfere with the ultimate order passed by the Appellate Tribunal because it is clear that the financial creditor's application which has been admitted by the Tribunal is clearly an independent proceeding which must be decided in accordance with the provisions of the Code."

Therefore it is now concluded that even proceedings related to winding up petition is pending before HC , Financial creditor  can file petition before NCLT under IBC and both proceedings will be  treated as independent proceedings. Considering present mood of NCLT and speed at which disposals are happening at NCLT , there will be hardly any time for  corporate debtor to cheat further and drag the proceeding for unlimited time by using various tactics.  

DO I NEED TO FILE ODI FORM EVEN FOREIGN REMITTANCE MADE UNDER LRS ?

YES ,  NOW  AMOUNT SENT UNDER LIBERLISED REMITTANCE SCHEME SHOULD ALSO COVERED UNDER ODI FORM FILING PROCEDURE . IT IS MANDATORY TO FILE ODI  WITHIN 30 DAYS  FROM DATE OF REMITTANCE . THIS WILL SAVE FROM PENALTY AND WILL BE HELPFUL FOR SECOND TRANCHE  OF REMITTANCE AS UNIQUE IDENTIFICATION NUMBER WILL BE ALLOTED AGAINST FILING THIS FORM . 

Sale of ‘going concern’ exempt from GST

Sale of a going concern by a business house will not attract Goods and Services Tax (GST), as per an order by the Authority for Advance Ruling (AAR).

The Karnataka bench of the AAR gave its ruling based on an application filed by Rajashri Foods Pvt Ltd which wanted to sell one of its units along with fixed and current assets as well as liabilities, including bank loans, for a lump sum consideration.

The AAR said that as per a government notification, any transfer of a going concern constitutes a ‘supply of service’ and ‘nil’ tax rate will apply on it.

A going concern is a concept of accounting and applies to the business of the company as a whole. Transfer of a going concern means transfer of a running business which is capable of being carried on by the purchaser as an independent business.