Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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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