Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
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Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
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Insolvency and BankruptcySeptember 5, 2024Case LawsHC
Petition challenging maintainability of approved resolution plan dismissed. Resolution applicant made full disclosure, not barred u/s 29A. Once resolution plan approved, corporate debtor proceeds on clean slate with successful applicant, debts satisfied as required then jettisoned. Approved resolution plan shields corporate debtor's assets from criminal prosecution and attachment, Section 32A clarificatory. Committee of Creditors acts for all creditors, balancing maximization of asset value and revival. Its commercially viable decisions approved by NCLT cannot be condemned. No grounds to interfere, writ petition dismissed with costs.
Petition challenging maintainability of approved resolution plan dismissed. Resolution applicant made full disclosure, not barred u/s 29A. Once resolution plan approved, corporate debtor proceeds on clean slate with successful applicant, debts satisfied as required then jettisoned. Approved resolution plan shields corporate debtor's assets from criminal prosecution and attachment, Section 32A clarificatory. Committee of Creditors acts for all creditors, balancing maximization of asset value and revival. Its commercially viable decisions approved by NCLT cannot be condemned. No grounds to interfere, writ petition dismissed with costs.
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