Natural justice and pre-CIRP labour awards protect termination compensation, permitting withdrawal of court deposits despite later insolvency resoluti...
Arbitration of SEZ sub-lease monetary claims preserves rent, maintenance, termination, improvements and damages disputes while unused premises are vac...
Scientific research approval grants a research association tax recognition, subject to annual donor reporting, certification, and regulatory complianc...
The NCLAT held that the NCLT erred in unilaterally changing the appointed date from 1.4.2019 to 1.4.2020 while admitting the scheme of arrangement. The application was filed on 1.12.2019, and as per the circular, the appointed date within a year of filing did not require any justification. Even if the appointed date was ante-dated beyond a year, mere justification that it was not against public interest was sufficient. Despite the Covid-19 pandemic delay, the appointed date should have remained 1.4.2019. The NCLT's role is supervisory, and if statutory compliance and no violation of law or public policy is found, it cannot sit in appeal over the commercial wisdom of the parties approving the scheme. Altering the appointed date would have serious financial implications. The NCLAT allowed the appeal, restoring the appointed date as 1.4.2019.
The NCLAT held that the NCLT erred in unilaterally changing the appointed date from 1.4.2019 to 1.4.2020 while admitting the scheme of arrangement. The application was filed on 1.12.2019, and as per the circular, the appointed date within a year of filing did not require any justification. Even if the appointed date was ante-dated beyond a year, mere justification that it was not against public interest was sufficient. Despite the Covid-19 pandemic delay, the appointed date should have remained 1.4.2019. The NCLT's role is supervisory, and if statutory compliance and no violation of law or public policy is found, it cannot sit in appeal over the commercial wisdom of the parties approving the scheme. Altering the appointed date would have serious financial implications. The NCLAT allowed the appeal, restoring the appointed date as 1.4.2019.
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TaxTMI 
TaxTMI 
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