Credit-note turnover adjustments preserve inverted-duty refunds, while ministerial re-computation does not constitute an impermissible appellate reman...
Revisional jurisdiction over export quota premium deductions requires both error and Revenue prejudice; a permissible assessment view cannot be displa...
The National Company Law Appellate Tribunal, New Delhi, addressed the maintainability of a section 7 application concerning a real estate project with IT/ITES offices, residential units, and commercial spaces. The tribunal clarified that the number of allottees, not financial creditors, determines the threshold under Section 7. It emphasized that independent allotments to family members count as separate allottees. The tribunal also noted that no valid possession or occupancy certificates were issued, rejecting arguments to delete certain applicants. The Adjudicating Authority correctly admitted the section 7 application, including those claiming assured returns. The appeal was dismissed, with a directive to exclude a specific period from the Corporate Insolvency Resolution Process.
The National Company Law Appellate Tribunal, New Delhi, addressed the maintainability of a section 7 application concerning a real estate project with IT/ITES offices, residential units, and commercial spaces. The tribunal clarified that the number of allottees, not financial creditors, determines the threshold under Section 7. It emphasized that independent allotments to family members count as separate allottees. The tribunal also noted that no valid possession or occupancy certificates were issued, rejecting arguments to delete certain applicants. The Adjudicating Authority correctly admitted the section 7 application, including those claiming assured returns. The appeal was dismissed, with a directive to exclude a specific period from the Corporate Insolvency Resolution Process.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
