Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Insolvency and BankruptcyMarch 20, 2024Case LawsAT
Consideration of Resolution Plan from Non-Listed Applicants - Authority of CoC to Modify Invitation for Expression of Interest (EOI) - The NCLAT upheld Regulation 39(1)(b) which states that the CoC should not consider plans from applicants not listed as PRAs. It was noted that neither the mentioned applicant nor other similar applicants submitted an Expression of Interest (EOI) or were listed as PRAs. - The NCLAT affirmed that the CoC has the authority to modify the EOI and decide not to consider applications from non-listed applicants. It was emphasized that the CoC's decision was crucial in determining the direction of the Corporate Insolvency Resolution Process (CIRP).
Consideration of Resolution Plan from Non-Listed Applicants - Authority of CoC to Modify Invitation for Expression of Interest (EOI) - The NCLAT upheld Regulation 39(1)(b) which states that the CoC should not consider plans from applicants not listed as PRAs. It was noted that neither the mentioned applicant nor other similar applicants submitted an Expression of Interest (EOI) or were listed as PRAs. - The NCLAT affirmed that the CoC has the authority to modify the EOI and decide not to consider applications from non-listed applicants. It was emphasized that the CoC's decision was crucial in determining the direction of the Corporate Insolvency Resolution Process (CIRP).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
