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...
The appeal challenged the maintainability of an application filed u/s 60(5) of the Insolvency and Bankruptcy Code seeking refund of an amount deposited as part of a settlement under a Memorandum of Understanding (MoU). The key points are: The CIRP of one corporate debtor (JDECL) was closed by allowing an application u/s 12A after payment of its entire debt of Rs. 3 crores. The MoU required payment of Rs. 25 lakhs for approval of the resolution plan for the other corporate debtor (UCL), but the plan was not approved. The NCLAT held that the application u/s 60(5)(c) was maintainable as it related to the insolvency resolution process. However, the prayer for refund of Rs. 3 crores paid for closing JDECL's CIRP was rejected as it would amount to double benefit. The NCLAT allowed refund of Rs. 25 lakhs paid for UCL's resolution plan, modifying the adjudicating authority's order to that extent.
The appeal challenged the maintainability of an application filed u/s 60(5) of the Insolvency and Bankruptcy Code seeking refund of an amount deposited as part of a settlement under a Memorandum of Understanding (MoU). The key points are: The CIRP of one corporate debtor (JDECL) was closed by allowing an application u/s 12A after payment of its entire debt of Rs. 3 crores. The MoU required payment of Rs. 25 lakhs for approval of the resolution plan for the other corporate debtor (UCL), but the plan was not approved. The NCLAT held that the application u/s 60(5)(c) was maintainable as it related to the insolvency resolution process. However, the prayer for refund of Rs. 3 crores paid for closing JDECL's CIRP was rejected as it would amount to double benefit. The NCLAT allowed refund of Rs. 25 lakhs paid for UCL's resolution plan, modifying the adjudicating authority's order to that extent.
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