Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Objective characteristics govern magnesium bis-glycinate chelate classification as an amino-acid coordination compound, not a food preparation or anti...
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Rejection of Application for Pre-Packaged Insolvency Resolution Process (PPIRP) based on Ineligibility or Deficiency in Application - The NCLAT found the application was indeed complete and compliant with the IBC requirements, indicating an error in the NCLT's rejection based on the merits of the base resolution plan, which was premature and outside the scope of examination at the application stage. - The NCLAT clarified that the statutory scheme of the IBC does not envisage consideration of the base resolution plan's merits at the application stage. The Tribunal emphasized that the scheme mandates examination of the resolution plan's approval by the Committee of Creditors (CoC) post the initiation of PPIRP, with the base resolution plan neither being final nor requiring adjudicatory approval at the application stage.
Rejection of Application for Pre-Packaged Insolvency Resolution Process (PPIRP) based on Ineligibility or Deficiency in Application - The NCLAT found the application was indeed complete and compliant with the IBC requirements, indicating an error in the NCLT's rejection based on the merits of the base resolution plan, which was premature and outside the scope of examination at the application stage. - The NCLAT clarified that the statutory scheme of the IBC does not envisage consideration of the base resolution plan's merits at the application stage. The Tribunal emphasized that the scheme mandates examination of the resolution plan's approval by the Committee of Creditors (CoC) post the initiation of PPIRP, with the base resolution plan neither being final nor requiring adjudicatory approval at the application stage.
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