Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Insolvency and BankruptcyDecember 24, 2022Case LawsHC
CIRP - Seeking appointment of a sole arbitrator for the resolution of disputes between the parties - The purpose and rationale behind granting a moratorium is to ensure that the assets of the corporate debtor are protected, with an intention to keep the company a going concern and to use the period to strengthen its financial position. It means, the intent of the order of the NCLAT is to protect the assets of IL&FS and its group companies in order to make the resolution process effective/purposeful. - Since, the matter is pending before the Supreme Court and there is no stay of the NCLAT order - HC
CIRP - Seeking appointment of a sole arbitrator for the resolution of disputes between the parties - The purpose and rationale behind granting a moratorium is to ensure that the assets of the corporate debtor are protected, with an intention to keep the company a going concern and to use the period to strengthen its financial position. It means, the intent of the order of the NCLAT is to protect the assets of IL&FS and its group companies in order to make the resolution process effective/purposeful. - Since, the matter is pending before the Supreme Court and there is no stay of the NCLAT order - HC
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