Alternate statutory remedy governs GST assessment challenge, with statutory appeal preserved and limitation objection barred for the permitted filing ...
The Supreme Court held that the lookback period for related party transactions u/s 43 of the Insolvency and Bankruptcy Code (IBC) is two years before the insolvency commencement date, while for non-related parties, it is one year. If the outstanding amount pertains to a period beyond two years prior to the CIRP commencement date for a related party transaction, relief u/s 43 of the IBC would not be available. However, alternative actions, including u/s 66 of the IBC, may be pursued. The NCLAT order was set aside, and the appeal was disposed of accordingly.
The Supreme Court held that the lookback period for related party transactions u/s 43 of the Insolvency and Bankruptcy Code (IBC) is two years before the insolvency commencement date, while for non-related parties, it is one year. If the outstanding amount pertains to a period beyond two years prior to the CIRP commencement date for a related party transaction, relief u/s 43 of the IBC would not be available. However, alternative actions, including u/s 66 of the IBC, may be pursued. The NCLAT order was set aside, and the appeal was disposed of accordingly.
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