Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Page of 4792
Press 'Enter' after typing page number.
701 to 720 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the modified resolution plan by the National Company Law Tribunal (NCLT). The key points are: 1) The revenue department had raised a demand against Ruchi Soya for imported crude palm oil, which was not claimed during the Corporate Insolvency Resolution Process (CIRP) under IBC. 2) As per Section 32A of IBC, the revenue's demand stood extinguished since it was not part of the approved resolution plan. 3) The Gujarat High Court, in a similar case, held that upon completion of the resolution process and the revenue not lodging any claim as an operational creditor, any liability extinguishes u/ss 31 and 32A of IBC. 4) The resolution plan aims to continue the company's business as a going concern under IBC's insolvency resolution process, distinct from liquidation. 5) Rule 22 of the 1982 Rules, regarding abatement of appeals, is inapplicable when a resolution plan is approved. 6) The High Court ruled in favor of the assessee (Ruchi Soya/Patanjali), holding that the revenue's demand stood extinguished due to non-inclusion.
The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the modified resolution plan by the National Company Law Tribunal (NCLT). The key points are: 1) The revenue department had raised a demand against Ruchi Soya for imported crude palm oil, which was not claimed during the Corporate Insolvency Resolution Process (CIRP) under IBC. 2) As per Section 32A of IBC, the revenue's demand stood extinguished since it was not part of the approved resolution plan. 3) The Gujarat High Court, in a similar case, held that upon completion of the resolution process and the revenue not lodging any claim as an operational creditor, any liability extinguishes u/ss 31 and 32A of IBC. 4) The resolution plan aims to continue the company's business as a going concern under IBC's insolvency resolution process, distinct from liquidation. 5) Rule 22 of the 1982 Rules, regarding abatement of appeals, is inapplicable when a resolution plan is approved. 6) The High Court ruled in favor of the assessee (Ruchi Soya/Patanjali), holding that the revenue's demand stood extinguished due to non-inclusion.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
