Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
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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