Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Initiation of CIRP - Relevant date of default - The Tribunal noted the appellant’s arguments about defaults prior to the RBI’s COVID-19 moratorium guidelines but also observed that the application for CIRP and the recall notice came after the implementation of these guidelines. The Tribunal concluded that while the initial default might have occurred before the pandemic, the formal procedures for CIRP were only initiated after the pandemic began, thereby falling within the protective scope of Section 10A of the IBC. Consequently, the Tribunal dismissed the appeal, upholding the adjudicating authority's decision not to initiate CIRP, but noted that the appellant retains the right to pursue other legal remedies to recover the debt.
Initiation of CIRP - Relevant date of default - The Tribunal noted the appellant’s arguments about defaults prior to the RBI’s COVID-19 moratorium guidelines but also observed that the application for CIRP and the recall notice came after the implementation of these guidelines. The Tribunal concluded that while the initial default might have occurred before the pandemic, the formal procedures for CIRP were only initiated after the pandemic began, thereby falling within the protective scope of Section 10A of the IBC. Consequently, the Tribunal dismissed the appeal, upholding the adjudicating authority's decision not to initiate CIRP, but noted that the appellant retains the right to pursue other legal remedies to recover the debt.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
