Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
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 4788
Join Channel
TaxTMI 
