Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Insolvency and BankruptcyAugust 16, 2024Case LawsAT
Section 32A of the IBC provides immunity to the Corporate Debtor and its assets after approval of the Resolution Plan, overriding powers under PMLA. The legislature intended to grant a clean slate to the new management. The Adjudicating Authority erred in not extending Section 32A(2) benefit to the Resolution Applicant, lifting the attachment by the Enforcement Directorate over the Corporate Debtor's assets. The NCLAT relied on Supreme Court and High Court judgments upholding Section 32A's legislative scheme and the NCLT's jurisdiction to adjudicate on release of attachments. The appeal was allowed, granting relief to the Resolution Applicant.
Section 32A of the IBC provides immunity to the Corporate Debtor and its assets after approval of the Resolution Plan, overriding powers under PMLA. The legislature intended to grant a clean slate to the new management. The Adjudicating Authority erred in not extending Section 32A(2) benefit to the Resolution Applicant, lifting the attachment by the Enforcement Directorate over the Corporate Debtor's assets. The NCLAT relied on Supreme Court and High Court judgments upholding Section 32A's legislative scheme and the NCLT's jurisdiction to adjudicate on release of attachments. The appeal was allowed, granting relief to the Resolution Applicant.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4786
Join Channel
TaxTMI 
