Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The Appellate Tribunal upheld the replacement of the Resolution Professional (RP) appointed u/s 97 of the Insolvency and Bankruptcy Code (IBC). The RP had previously represented the Corporate Debtor and Personal Guarantor as counsel in a dispute arising from the same debt, which was a rational ground for the Financial Creditor to form an opinion u/s 98 for replacement. The scheme of Section 98 does not require proving a particular ground for replacement. Although Section 94 allows a debtor to initiate insolvency resolution personally or through an RP, the stage u/s 98 for replacement is subsequent to the RP's appointment u/s 97. The Adjudicating Authority did not err in allowing the Financial Creditor's application for replacement, and the appeal was dismissed.
The Appellate Tribunal upheld the replacement of the Resolution Professional (RP) appointed u/s 97 of the Insolvency and Bankruptcy Code (IBC). The RP had previously represented the Corporate Debtor and Personal Guarantor as counsel in a dispute arising from the same debt, which was a rational ground for the Financial Creditor to form an opinion u/s 98 for replacement. The scheme of Section 98 does not require proving a particular ground for replacement. Although Section 94 allows a debtor to initiate insolvency resolution personally or through an RP, the stage u/s 98 for replacement is subsequent to the RP's appointment u/s 97. The Adjudicating Authority did not err in allowing the Financial Creditor's application for replacement, and the appeal was dismissed.
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