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...
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The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding effects over other laws as per Section 238. After approval of the Resolution Plan by NCLT, pending appellate proceedings cannot continue and are liable to be dismissed as infructuous and violative of IBC provisions. This aligns with judicial pronouncements wherein after NCLT approval u/s 13(6) of IBC, the Assessing Officer lacks jurisdiction to reopen assessments. Post Resolution Plan approval, all proceedings against the Corporate Debtor are barred, and only claims as per the plan can be recovered. The Successful Resolution Applicant is entitled to pursue actionable claims favoring the Corporate Debtor after plan approval. Consequently, the assessee's appeal cannot continue and is dismissed as infructuous.
The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding effects over other laws as per Section 238. After approval of the Resolution Plan by NCLT, pending appellate proceedings cannot continue and are liable to be dismissed as infructuous and violative of IBC provisions. This aligns with judicial pronouncements wherein after NCLT approval u/s 13(6) of IBC, the Assessing Officer lacks jurisdiction to reopen assessments. Post Resolution Plan approval, all proceedings against the Corporate Debtor are barred, and only claims as per the plan can be recovered. The Successful Resolution Applicant is entitled to pursue actionable claims favoring the Corporate Debtor after plan approval. Consequently, the assessee's appeal cannot continue and is dismissed as infructuous.
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