Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Insolvency and BankruptcyFebruary 2, 2022Case LawsAT
Seeking withdrawal of main Insolvency and Bankruptcy Application - In the instant case on hand, the Committee of Creditors had voted under Section 12A of the Code without even getting a single sum from the promoter of the Corporate Debtor, in respect of the withdrawal of the CIRP pertaining to the Corporate Debtor. As a matter of fact, the Adjudicating Authority had in the impugned order had categorically observed that the ‘Settlement Proposal’ is not a Settlement Simpliciter but it is a business restructuring plan. - based on ambiguity of the terms of the settlement NCLT cannot order for withdrawal of CIRP - AT
Seeking withdrawal of main Insolvency and Bankruptcy Application - In the instant case on hand, the Committee of Creditors had voted under Section 12A of the Code without even getting a single sum from the promoter of the Corporate Debtor, in respect of the withdrawal of the CIRP pertaining to the Corporate Debtor. As a matter of fact, the Adjudicating Authority had in the impugned order had categorically observed that the ‘Settlement Proposal’ is not a Settlement Simpliciter but it is a business restructuring plan. - based on ambiguity of the terms of the settlement NCLT cannot order for withdrawal of CIRP - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
