Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
The IRP for corporate persons regulations were amended to tighten committee composition and insolvency cost control. Regulation 16 now requires the eighteen largest unrelated operational creditors to be considered, and if fewer than eighteen exist, all such unrelated operational creditors must be included. Where creditors other than scheduled banks or public financial institutions hold more than 66% voting share, the resolution professional must invite the five largest unrelated operational creditors, including the three largest statutory-dues authorities, as non-voting observers and record their observations. The committee must approve all insolvency resolution process costs, consider a Going Concern Assessment Report at the first meeting, and at each meeting review estimates and actuals. Resolution plans must now be recorded with reasons on viability, realisable value versus fair and liquidation values, and adequacy of market discovery.
The IRP for corporate persons regulations were amended to tighten committee composition and insolvency cost control. Regulation 16 now requires the eighteen largest unrelated operational creditors to be considered, and if fewer than eighteen exist, all such unrelated operational creditors must be included. Where creditors other than scheduled banks or public financial institutions hold more than 66% voting share, the resolution professional must invite the five largest unrelated operational creditors, including the three largest statutory-dues authorities, as non-voting observers and record their observations. The committee must approve all insolvency resolution process costs, consider a Going Concern Assessment Report at the first meeting, and at each meeting review estimates and actuals. Resolution plans must now be recorded with reasons on viability, realisable value versus fair and liquidation values, and adequacy of market discovery.
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