Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
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Insolvency and BankruptcyApril 17, 2024Case LawsAT
CIRP - Liquidation of corporate debtor - Refusal to approve the private sale - The Tribunal acknowledged the procedural challenges presented by the liquidator’s initiation of a private sale, which was contested by another interested party leading to the Adjudicating Authority's decision to allow more bidders to participate, ensuring a competitive process to maximize asset recovery. The Tribunal found that despite the withdrawal of one of the interested parties, the original decision to seek more bids was justified given the potential for higher recovery. It was held that the auction process should proceed with a fresh notice and the opportunity for all interested parties, including those who had expressed earlier interests, to participate.
CIRP - Liquidation of corporate debtor - Refusal to approve the private sale - The Tribunal acknowledged the procedural challenges presented by the liquidator’s initiation of a private sale, which was contested by another interested party leading to the Adjudicating Authority's decision to allow more bidders to participate, ensuring a competitive process to maximize asset recovery. The Tribunal found that despite the withdrawal of one of the interested parties, the original decision to seek more bids was justified given the potential for higher recovery. It was held that the auction process should proceed with a fresh notice and the opportunity for all interested parties, including those who had expressed earlier interests, to participate.
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