Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Material defects in the Information Memorandum, including overstated debt, omission of guarantor recovery, erroneous creditor ranking and undisclosed SEZ de-notification, distort voting, valuation and resolution-plan feasibility; commercial wisdom cannot cure those defects. A corporate guarantor that pays the financial creditor is subrogated to secured rights only to the amount paid and must be ranked as a secured financial creditor. The financial creditor's claim against the principal borrower must be recomputed from the finally adjudicated debt after crediting recovery from the guarantor. A plan requiring conversion or sub-leasing of SEZ leasehold land without statutory consent or completed approvals is neither feasible nor viable. The process must restart with a corrected Information Memorandum and fresh resolution invitation.
Material defects in the Information Memorandum, including overstated debt, omission of guarantor recovery, erroneous creditor ranking and undisclosed SEZ de-notification, distort voting, valuation and resolution-plan feasibility; commercial wisdom cannot cure those defects. A corporate guarantor that pays the financial creditor is subrogated to secured rights only to the amount paid and must be ranked as a secured financial creditor. The financial creditor's claim against the principal borrower must be recomputed from the finally adjudicated debt after crediting recovery from the guarantor. A plan requiring conversion or sub-leasing of SEZ leasehold land without statutory consent or completed approvals is neither feasible nor viable. The process must restart with a corrected Information Memorandum and fresh resolution invitation.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
