Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
Insolvency and BankruptcyJanuary 30, 2024Case LawsAT
Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC Bank's decision to oppose the CIRP withdrawal was based on commercial wisdom, considering the substantial financial loss involved. - The threshold for CIRP withdrawal under Section 12A – approval from 90% of the CoC – was not met, as HDFC Bank, holding 19.94% of the voting share, opposed the withdrawal. - AT
Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC Bank's decision to oppose the CIRP withdrawal was based on commercial wisdom, considering the substantial financial loss involved. - The threshold for CIRP withdrawal under Section 12A – approval from 90% of the CoC – was not met, as HDFC Bank, holding 19.94% of the voting share, opposed the withdrawal. - AT
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