Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
Timely resolution under the IBC was held to outweigh an indefinitely delayed plan approval process where the post-remand refiling timeline was missed, no extension or condonation was sought, and defects in the approval application remained unresolved for months. The Appellate Tribunal held that extension beyond the outer limit is reserved for exceptional cases where delay stems from legal proceedings or factors not attributable to the parties, which was not shown here because the delay was caused by the resolution professional and the committee of creditors. Liquidation was therefore upheld, and the challenge to the rejection of the plan failed. Adverse remarks against the resolution professional were also sustained as fact-based and supported by the record.
Timely resolution under the IBC was held to outweigh an indefinitely delayed plan approval process where the post-remand refiling timeline was missed, no extension or condonation was sought, and defects in the approval application remained unresolved for months. The Appellate Tribunal held that extension beyond the outer limit is reserved for exceptional cases where delay stems from legal proceedings or factors not attributable to the parties, which was not shown here because the delay was caused by the resolution professional and the committee of creditors. Liquidation was therefore upheld, and the challenge to the rejection of the plan failed. Adverse remarks against the resolution professional were also sustained as fact-based and supported by the record.
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