The International Financial Services Centre Authority (IFSCA) had constituted an Expert Committee on Positioning GIFT IFSC as a Global Commodity Trading Hub (‘Committee’) in May 2024 to enable commodity trading in the International Financial Services Centre, GIFT City, Gandhinagar (‘IFSC’) with an aim to integrate IFSC ecosystem with global trade flow and capitalise on the integration opportunities with the global commodity hubs.

In a recent case, the Hon’ble Supreme Court has passed an order (‘Order’)[1], allowing the substitution of provisionally attached assets with unencumbered, marketable commercial units offered by the Petitioner subject to the satisfaction of certain conditions.

The Gujarat High Court has held that Rule 96(10) of the Central Goods and Services Tax Act, 2017 would stand omitted prospectively but would not be applicable to pending proceedings/cases where final adjudication has not taken place. Number of assessees were represented by Lakshmikumaran & Sridharan Attorneys here.