Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
The Appellate Tribunal ruled that the Resolution Professional (RP) was entitled to possess the land admeasuring 10.81 acres, where the corporate debtor had constructed the Canary Greens project. The development agreement envisaged 50% shares to the owners and 50% shares (10.81 acres) to the developer. The corporate debtor, having obtained development rights through agreements, was in possession of the project land. The definition of 'property' under the IBC includes development rights, as clarified by the Supreme Court. The Adjudicating Authority erred in observing that the RP could not prove physical possession, as sufficient evidence established the corporate debtor's possession. The Appellate Tribunal held that the Adjudicating Authority was competent to decide the possession issue without relegating it to a civil court. Excluding the 10.81 acres from the corporate insolvency resolution process, as sought by the owners, was not warranted.
The Appellate Tribunal ruled that the Resolution Professional (RP) was entitled to possess the land admeasuring 10.81 acres, where the corporate debtor had constructed the Canary Greens project. The development agreement envisaged 50% shares to the owners and 50% shares (10.81 acres) to the developer. The corporate debtor, having obtained development rights through agreements, was in possession of the project land. The definition of 'property' under the IBC includes development rights, as clarified by the Supreme Court. The Adjudicating Authority erred in observing that the RP could not prove physical possession, as sufficient evidence established the corporate debtor's possession. The Appellate Tribunal held that the Adjudicating Authority was competent to decide the possession issue without relegating it to a civil court. Excluding the 10.81 acres from the corporate insolvency resolution process, as sought by the owners, was not warranted.
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