Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
A Section 97 order appointing a Resolution Professional in personal guarantor insolvency proceedings was set aside because it rested on misrepresentation of foundational jurisdictional facts. The NCLAT found that the creditor had proceeded as if a deed of guarantee and invocation letter were on record, even though the assignment documents showed guarantors as nil and the creditor later admitted that no such documents had been filed. Since proceedings under Section 95 depend on proper foundational materials, the order was held vitiated and void ab initio for misrepresentation, applying the principle that an order obtained by fraud or misstatement cannot stand. Liberty was granted to file a fresh Section 95 application with the relevant documents.
A Section 97 order appointing a Resolution Professional in personal guarantor insolvency proceedings was set aside because it rested on misrepresentation of foundational jurisdictional facts. The NCLAT found that the creditor had proceeded as if a deed of guarantee and invocation letter were on record, even though the assignment documents showed guarantors as nil and the creditor later admitted that no such documents had been filed. Since proceedings under Section 95 depend on proper foundational materials, the order was held vitiated and void ab initio for misrepresentation, applying the principle that an order obtained by fraud or misstatement cannot stand. Liberty was granted to file a fresh Section 95 application with the relevant documents.
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