Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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IBC prevails over electricity law where pre-CIRP dues were not included in an approved resolution plan, because Sections 31 and 238 bind all stakeholders and give the plan finality on a clean slate basis. The Court held that statutory electricity authorities are also bound by the resolution plan, and pre-resolution claims not filed during CIRP stand extinguished by operation of law. Public announcement of CIRP was sufficient notice; separate individual service was not required. The impugned demand notices were quashed insofar as they sought recovery of pre-CIRP dues, while liberty was reserved to raise fresh demands only for lawful post-resolution liability.
IBC prevails over electricity law where pre-CIRP dues were not included in an approved resolution plan, because Sections 31 and 238 bind all stakeholders and give the plan finality on a clean slate basis. The Court held that statutory electricity authorities are also bound by the resolution plan, and pre-resolution claims not filed during CIRP stand extinguished by operation of law. Public announcement of CIRP was sufficient notice; separate individual service was not required. The impugned demand notices were quashed insofar as they sought recovery of pre-CIRP dues, while liberty was reserved to raise fresh demands only for lawful post-resolution liability.
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