School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Insolvency and BankruptcyFebruary 14, 2024Case LawsSC
CIRP - Classification of Appellant as Operational Creditor and Exclusion from COC Meetings - Financial Creditor or Operational Creditor - The Supreme Court held that the RP's classification of the appellant as an operational creditor, based on the nature of the transaction (lease premium payments), was incorrect. The court emphasized that the appellant's claim, supported by statutory provisions under the U.P. Industrial Area Development Act, 1976, constituted a secured interest over the assets of the corporate debtor, thereby warranting treatment as a secured creditor.
CIRP - Classification of Appellant as Operational Creditor and Exclusion from COC Meetings - Financial Creditor or Operational Creditor - The Supreme Court held that the RP's classification of the appellant as an operational creditor, based on the nature of the transaction (lease premium payments), was incorrect. The court emphasized that the appellant's claim, supported by statutory provisions under the U.P. Industrial Area Development Act, 1976, constituted a secured interest over the assets of the corporate debtor, thereby warranting treatment as a secured creditor.
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