Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Limitation in customs appeals permits exclusion for bona fide refund proceedings, enabling restoration of Bill of Entry assessment challenges on merit...
Warehousing permission requires deposit at the designated bonded warehouse; unauthorised diversion triggers confiscation, redemption fine and importer...
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The Appellate Tribunal examined the applicability of Section 240A of the Insolvency and Bankruptcy Code (IBC) to the Corporate Debtor registered as an MSME and whether the Successful Resolution Applicant (SRA) was ineligible u/s 29A(c) of the IBC to submit the Resolution Plan. The Adjudicating Authority had held the SRA ineligible, considering the Managing Director's control over the Corporate Debtor and Financial Creditor. However, the Appellate Tribunal observed that the Corporate Debtor's account became a Non-Performing Asset after it was registered as an MSME. Applying Section 240A, the SRA's ineligibility u/s 29A(c) cannot be reckoned when the account was declared non-performing under its management. No other ineligibility was pointed out. The Appellate Tribunal set aside the Adjudicating Authority's order, dismissed the Suspended Director's application, allowed the Resolution Professional's application, and approved the Resolution Plan.
The Appellate Tribunal examined the applicability of Section 240A of the Insolvency and Bankruptcy Code (IBC) to the Corporate Debtor registered as an MSME and whether the Successful Resolution Applicant (SRA) was ineligible u/s 29A(c) of the IBC to submit the Resolution Plan. The Adjudicating Authority had held the SRA ineligible, considering the Managing Director's control over the Corporate Debtor and Financial Creditor. However, the Appellate Tribunal observed that the Corporate Debtor's account became a Non-Performing Asset after it was registered as an MSME. Applying Section 240A, the SRA's ineligibility u/s 29A(c) cannot be reckoned when the account was declared non-performing under its management. No other ineligibility was pointed out. The Appellate Tribunal set aside the Adjudicating Authority's order, dismissed the Suspended Director's application, allowed the Resolution Professional's application, and approved the Resolution Plan.
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