Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
The article explains that a resolution plan approved by the Committee of Creditors could not be rejected on subjective concerns about valuation, negotiation, claim treatment, voting pattern, disputed assets, or procedural points, because these fall within the CoC's commercial wisdom and are not open to judicial reappraisal absent a specific breach of Section 30(2). It further states that disputed properties may be included in the information memorandum where relevant to the corporate debtor's assets, that prior directions preventing a fresh reference back to the CoC had to be followed, and that promoters had no locus to seek withdrawal under Section 12A after rejection of their settlement proposals. It also treats later compliance with Rainbow Papers as implementable through an additional payment by the successful applicant.
The article explains that a resolution plan approved by the Committee of Creditors could not be rejected on subjective concerns about valuation, negotiation, claim treatment, voting pattern, disputed assets, or procedural points, because these fall within the CoC's commercial wisdom and are not open to judicial reappraisal absent a specific breach of Section 30(2). It further states that disputed properties may be included in the information memorandum where relevant to the corporate debtor's assets, that prior directions preventing a fresh reference back to the CoC had to be followed, and that promoters had no locus to seek withdrawal under Section 12A after rejection of their settlement proposals. It also treats later compliance with Rainbow Papers as implementable through an additional payment by the successful applicant.
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