Section 10A and related deductions: Tribunal rejects separate-undertaking claim, but allows loss set-off, ESOP cost and foreign tax credit in principl...
The adjustment of a corporate debtor's security deposit was treated as a pre-CIRP decision because the material showed approval before commencement of CIRP, with later billing entries viewed as consequential. The Tribunal rejected the allegation of a Section 14 moratorium breach and found no clear reconciliation proving wrongful appropriation of CIRP-period payments. It also held that the adjusted claim had been filed and accepted during CIRP, carried into the information memorandum and resolution plan, and could not be reopened after the plan was approved and implemented. Restoration of the amounts would impermissibly disturb settled commercial assumptions under the approved plan.
The adjustment of a corporate debtor's security deposit was treated as a pre-CIRP decision because the material showed approval before commencement of CIRP, with later billing entries viewed as consequential. The Tribunal rejected the allegation of a Section 14 moratorium breach and found no clear reconciliation proving wrongful appropriation of CIRP-period payments. It also held that the adjusted claim had been filed and accepted during CIRP, carried into the information memorandum and resolution plan, and could not be reopened after the plan was approved and implemented. Restoration of the amounts would impermissibly disturb settled commercial assumptions under the approved plan.
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