Dhaval Vussonji & Associates

Kochhar's Mohit Kundu joins DVA's Real Estate Practice

DVA is pleased to welcome Mohit Kundu as a Partner in our Real Estate practice. He brings deep experience across land acquisitions, development, leasing, redevelopment, data centres, warehousing and renewable projects, advising developers, investors and financial institutions across India.

Celebrating Excellence at DVA

We are proud to announce the promotions of Roopali Gosar & Bharati Nibjiya as Partners, and Sugyata Choudhary & Saloni Sulakhe as Associate Partners. Congratulations on this milestone!

DVA advises on Strategic Land Acquisitions by TVS Emerald in Bengaluru and Chennai

DVA advised a leading NBFC on title due diligence for TVS Emerald’s land acquisitions in Chennai and Bengaluru, enabling real estate developments worth ₹4,400+ crore across 3.9 million sq. ft. Led by Prachi Dave, Bharati Nibjiya, and Sanjana K.

Asia Pragati Strategic Investment Fund – INR 505 Crores Bond Raise

DVA advised Asia Pragati Strategic Investment Fund (PAG) on its INR 505 Cr bond investment in Ricardo Constructions (Shapoorji Pallonji Group), including title due diligence. Funds will aid project completion and debt repayment.

Acquisition of land for setting up a Distillery by Pernod Ricard India Private Limited

DVA advised Pernod Ricard India on its INR 1,800 Cr land acquisition at Butibori MIDC, Nagpur, for Asia’s largest malt distillery. The project, backed by the Maharashtra Government, will drive jobs, skill development, and regional economic growth.

Are All The Indians Leaving For Abroad Required To Obtain Tax Clearance Certificate?

From Oct 1, 2024, Tax Clearance Certificates will also cover dues under the Black Money Act. This ensures persons with undisclosed foreign assets or pending liabilities can’t leave India without settling dues, strengthening the fight against black money and tax evasion.

ITC on construction of immovable property

The Hon'ble Supreme Court held ITC is allowed on construction of immovable property meant for renting, as such assets serve a business function. “On his own account” applies only to personal use. This ruling eases tax burden on developers and boosts commercial real estate investment.

EX Post Facto Environmental Clearances: A Constitutional And Statutory Analysis

The Hon'ble Madras HC ruled ex post facto environmental clearances are unlawful, striking down MoEF’s 2021 OMs allowing them. Prior EC is mandatory under EIA/CRZ rules. The Court upheld sustainable development and polluter pays principle, allowing pending cases to continue prospectively.

Fundamentals of a Legally Enforceable Arbitration Agreement: Key Principles and Pitfalls

A valid arbitration clause must show clear intent to arbitrate, bind parties to a final award, appoint a neutral tribunal, and meet Section 7 of the Arbitration Act. Courts reject clauses contingent on future consent. Pre-arbitration steps like conciliation are optional, not mandatory.

Impact of Gujarat High Court’s Ruling on Liability of GST on Transfer of Leasehold Rights

The Hon'ble Gujarat HC quashed 18% GST on transfer of leasehold rights for industrial land, calling it a sale of land and thus exempt under GST law. This contradicts the Telangana HC view and offers major relief to the industrial leasing sector, avoiding double taxation.

The Growing Consciousness of the Indian Judiciary – IBC Vs. Slum Act

The Hon'ble Bombay HCigh Court in *Anudan Properties* ruled that welfare laws, like slum rehab schemes, override IBC. Along with *Rajan Garg*, it affirms that bankrupt developers can’t use IBC to evade obligations, protecting rights of slum dwellers and public interest.

Supreme Court Accepts Unconditional Apology from the Tax Authorities for violating Resolution Plan

The Hon'ble Supreme Court held that government claims not part of an approved IBC resolution plan stand extinguished. JSW’s contempt plea against Chhattisgarh tax authorities was allowed; demands quashed. Court reaffirmed resolution plan finality and binding nature on all, including govt bodies.

A New Era for AIFs – Corporate Debt Market Development Fund, Liquidation Scheme and Much More

The article seeks to ascertain whether a scheme of fast track demerger is legally permissible under the relevant provisions of the Companies Act, 2013.