Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
