Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Liquidation of corporate Debtor - Eligibility of the Appellant to submit the Resolution Plan under section 29 A of IBC - The tribunal upheld the declaration that the appellant was a wilful defaulter, making him ineligible under Section 29A of the IBC to submit a resolution plan. This was a significant factor in the rejection of his resolution plan and the subsequent decision to liquidate. - The tribunal highlighted the autonomy of the CoC's commercial wisdom in deciding not to approve the resolution plan submitted by the appellant. It noted that such decisions are beyond the scope of judicial review. - The tribunal noted that any ad-interim relief obtained by the appellant against his wilful defaulter status did not override the CoC's decision-making power, as the stay was conditional and temporary.
Liquidation of corporate Debtor - Eligibility of the Appellant to submit the Resolution Plan under section 29 A of IBC - The tribunal upheld the declaration that the appellant was a wilful defaulter, making him ineligible under Section 29A of the IBC to submit a resolution plan. This was a significant factor in the rejection of his resolution plan and the subsequent decision to liquidate. - The tribunal highlighted the autonomy of the CoC's commercial wisdom in deciding not to approve the resolution plan submitted by the appellant. It noted that such decisions are beyond the scope of judicial review. - The tribunal noted that any ad-interim relief obtained by the appellant against his wilful defaulter status did not override the CoC's decision-making power, as the stay was conditional and temporary.
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