The companies filed a writ petition in the Rajasthan High Court demanding that either GST be removed from such transactions or they be allowed to claim credit.
The fitment panel has blamed current liquidity crisis and troubles of NBFCs for auto sector woes.
In all, 83 agencies empanelled by the IBA would be appointed by lenders on case-to-case basis depending on size of the corporate and the complexity of their business.
Firms unable to pay current taxes without clearing earlier ones, but under IBC the tax department has to wait until all creditors get their dues.
SAT ruling went on to add that Sebi in fact has no jurisdiction banning any audit firm.
BSR and N Sampath Ganesh, a partner with the firm, had last month filed a case against the government after NCLT allowed its proposed removal as auditors of IL&FS Financial Services (IFIN) for its alleged role in financial irregularities in the firm.
On Wednesday, a division bench of the Bombay High Court comprising Justice Ranjit More and Justice NJ Jamdar stayed proceedings in NCLT in an oral order.
The spectre of investigations has alarmed firms looking for overseas investments.
Experts say most investments genuine as amended tax pacts and new rules have plugged loopholes.
Board may file PMLA complaint, hopes lookout notice will stop Thapar from fleeing country.
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