Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
The Committee of Creditors (CoC) with 100% vote share can directly proceed for liquidation of the Corporate Debtor without taking steps for resolution, as the power given to the CoC to decide liquidation is wide and can be exercised immediately after constitution of the CoC. The CoC is not required to complete all resolution steps before liquidation, as the legislative intent allows liquidation "at any time" even before inviting resolution plans. The CoC found no positive signs for revival and good grounds to prolong the CIRP process, considering the Corporate Debtor's unfavorable financial position. The Resolution Professional faced difficulties in obtaining records and information from the suspended management, hindering preparation of the Information Memorandum (IM). The CoC's decision to liquidate was not abrupt, hasty or arbitrary. The Adjudicating Authority cannot adjudicate the merits of the CoC's commercial wisdom to liquidate with requisite majority. No infirmity was found in the Adjudicating Authority's order approving the CoC's liquidation decision, and the appeal was dismissed.
The Committee of Creditors (CoC) with 100% vote share can directly proceed for liquidation of the Corporate Debtor without taking steps for resolution, as the power given to the CoC to decide liquidation is wide and can be exercised immediately after constitution of the CoC. The CoC is not required to complete all resolution steps before liquidation, as the legislative intent allows liquidation "at any time" even before inviting resolution plans. The CoC found no positive signs for revival and good grounds to prolong the CIRP process, considering the Corporate Debtor's unfavorable financial position. The Resolution Professional faced difficulties in obtaining records and information from the suspended management, hindering preparation of the Information Memorandum (IM). The CoC's decision to liquidate was not abrupt, hasty or arbitrary. The Adjudicating Authority cannot adjudicate the merits of the CoC's commercial wisdom to liquidate with requisite majority. No infirmity was found in the Adjudicating Authority's order approving the CoC's liquidation decision, and the appeal was dismissed.
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