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Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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A registered sub-lease deed creating a first charge can constitute a security interest under the Insolvency Code, so NOIDA was not to be treated as an ordinary operational creditor and the resolution plan's distribution had to be reconsidered to that extent. By contrast, the lender's assignee could claim no higher security than the assignor, and its security over a real estate project was confined to unsold inventory because allotments to homebuyers were protected under RERA; the plan payment to the dissenting secured creditor therefore did not breach Sections 30(2)(b) or 53. Objections on valuation and plan comparison fell within the CoC's commercial wisdom, and no material irregularity was shown.
A registered sub-lease deed creating a first charge can constitute a security interest under the Insolvency Code, so NOIDA was not to be treated as an ordinary operational creditor and the resolution plan's distribution had to be reconsidered to that extent. By contrast, the lender's assignee could claim no higher security than the assignor, and its security over a real estate project was confined to unsold inventory because allotments to homebuyers were protected under RERA; the plan payment to the dissenting secured creditor therefore did not breach Sections 30(2)(b) or 53. Objections on valuation and plan comparison fell within the CoC's commercial wisdom, and no material irregularity was shown.
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