Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Insolvency and BankruptcySeptember 6, 2024Case LawsAT
The NCLT had directed the release of an industrial promotion subsidy claim amount to the Corporate Debtor, which was sanctioned prior to the commencement of CIRP. The NCLAT held that after CIRP initiation, all amounts payable to the Corporate Debtor must be paid to the Corporate Debtor's account, and disbursement should occur as per the approved Resolution Plan by the CoC. The NCLAT set aside the direction to pay the subsidy amount directly to the government authorities and instead ordered that the unpaid subsidy amount be paid to the Corporate Debtor within the time allowed by the Adjudicating Authority.
The NCLT had directed the release of an industrial promotion subsidy claim amount to the Corporate Debtor, which was sanctioned prior to the commencement of CIRP. The NCLAT held that after CIRP initiation, all amounts payable to the Corporate Debtor must be paid to the Corporate Debtor's account, and disbursement should occur as per the approved Resolution Plan by the CoC. The NCLAT set aside the direction to pay the subsidy amount directly to the government authorities and instead ordered that the unpaid subsidy amount be paid to the Corporate Debtor within the time allowed by the Adjudicating Authority.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
