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Mumbai: NCLT issues Insolvency Resolution Process against Wizcraft as principal loan borrower fails to repay Rs 60 cr
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The National Company Law Tribunal (NCLT) on Monday admitted a petition filed by IDBI Bank Ltd. seeking to invoke Insolvency and Bankruptcy proceedings against Wizcraft International Entertainment Private Limited for failing to pay around Rs 60 crore, an amount, which the original loan borrower - Great Indian Nautanki Company Private Limited (GINCL) failed to pay.
The bank alleged that Wizcraft being the corporate guarantor to the loan it granted to GINCL had issued an unconditional and unrecoverable Corporate Guarantee by which it undertook to pay forthwith upon demand without any demur all amounts payable by the borrower - GINCL. The bank even issued proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, in this matter.
State issues â¹3.36 crore tax waiver notification for Wizcraft International
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The Maharashtra Government on Monday issued notification reinstating waiver in entertainment tax and cess to Wizcraft International which had organised Michael Jackson Pop show way back in 1996. The government will give Rs 3.36 crore which was deposited in the high court due to its order. As reported by Free Press Journal, the state cabinet on January 6 had given its nod on the background of a long legal battle on the issue.
The cabinet approved the waiver after it was clarified by the law and judiciary department that the Michael Jackson concert was a pop show which is a part of beat music. It was further clarified that the âKing of Popâ concert did not fall in the category of cabaret dance or ball dance.
After 25 years, Ent Tax waiver granted to Michael Jackson s Mumbai concert
By IANS |
Published on
Wed, Jan 6 2021 20:42 IST |
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After 25 years, Ent Tax waiver granted to Michael Jackson s Mumbai concert. Image Source: IANS News
Mumbai, Jan 6 : The Maharashtra cabinet on Wednesday approved a proposal to grant entertainment tax waiver for the concernt of Michael Jackson held in Mumbai in November 1996.
The brainchild of Raj Thackeray, currently the President of Maharashtra Navnirman Sena (MNS), the mega show was organised by the Shiv Sena s employment wing, Shiv Udyog Sena (SUS) which he headed.
With the cabinet s approval, the event management company, Wizcraft International, can reclaim Rs 3.36 crore it earned in ticket sales which it had deposited with the court treasury as per an order of the Bombay High Court.
Maharashtra Cabinet upholds tax waiver to Michael Jackson’s 1996 concert
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Profits from the Mumbai event was deposited in high court
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Profits from the Mumbai event was deposited in high court
More than 24 years after a concert in Mumbai by King of Pop Michael Jackson, Maharashtra cabinet on Wednesday retrospectively upheld the entertainment tax waiver granted for it.
The program was conceptualised by the now defunct Shiv Udyog Sena then headed by Raj Thackeray, estranged cousin of Chief Minister Uddhav Thackeray and now Maharashtra Navnirman Sena (MNS) president and organised by Wizcraft Entertainment. The then Sena-Bharatiya Janata Party (BJP) coalition government under Manohar Joshi had granted waiver of entertainment tax stating it was a charity event.
Maha Cabinet Upholds Tax Waiver To 1996 Michael Jackson Show
FOLLOW US ON: Mumbai: The Maharashtra cabinet on Wednesday upheld a more than two-decade-old decision of the state government to grant entertainment tax waiver to Michael Jacksons musical concert held here in 1996. The decision was a taken at a cabinet meeting chaired by Chief Minister Uddhav Thackeray, his office said. The concert in Mumbai by the “King of Pop” was the brainchild of the Shiv Udyog Sena, then headed by Raj Thackeray who is now the MNS president, and a private event management company had helped organise the show. A Shiv Sena-BJP government was in power in 1996 and Manohar Joshi was the chief minister when the concert was organised.