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    June 30, 2026   Case LawsGST
    GST registration cancellation needs a specific show-cause notice and reasoned order; vague default allegations cannot sustain cancellation.
    June 30, 2026   Case LawsGST
    Interim protection in GST adjudication preserved a writ challenge to show-cause notice jurisdiction and prevented an ex parte final order.
    June 30, 2026   Case LawsGST
    Mistaken penalty provision references are not fatal, but a higher penalty rate can show substantive misapplication.
    June 30, 2026   Case LawsIncome Tax
    Section 14A disallowance cannot increase book profit under MAT, with binding precedent closing the Revenue's challenge.
    June 30, 2026   Case LawsIncome Tax
    TNMM comparability, operating foreign exchange gain, and interest deduction against other sources income were resolved in the assessee's favour.
    June 30, 2026   Case LawsIncome Tax
    Charitable trust's micro-credit facilitation did not amount to business, and approval was directed to be granted.
    June 30, 2026   Case LawsCustoms
    Provisional release conditions cannot nullify criminal court custody orders; additional security deposit for seized vehicle was struck down.
    June 30, 2026   Case LawsCustoms
    Tariff classification does not by itself trigger anti-dumping duty on laser engraving machines outside the product scope.
    June 30, 2026   Case LawsCustoms
    Diamond classification hinges on laser surface marking, with Galaxy-marked stones treated as engraved, semi-processed goods, not rough diamonds.
    June 30, 2026   Case LawsCustoms
    Strict reading of customs exemption limits DSIR research benefits to eligible imports meeting end-use and transfer conditions.
    June 30, 2026   Case LawsCustoms
    Tariff classification of Corinthian Raisin settled as raisins, preserving exemption for dark seedless dried grapes.
    June 30, 2026   Case LawsIndian Laws
    Security cheque dishonour can still trigger liability when probable defence is not established and debt remains enforceable.
    June 30, 2026   Case LawsIndian Laws
    Motor insurance premium receipt triggers risk assumption despite a later policy date, leaving insurer liable
    June 30, 2026   Case LawsIndian Laws
    Territorial writ jurisdiction under Article 226(2) can reach cross-state consequences when one cause of action spans both places.
    June 29, 2026   NotificationsSEZ
    Special Economic Zone de-notification revises Ahmedabad IT and IT-enabled services zone area and supersedes earlier notifications
    June 29, 2026   NotificationsIncome Tax
    Scientific research approval granted for tax deduction purposes, subject to compliance, annual reporting, and donor certificate requirements.
    June 29, 2026   NotificationsIncome Tax
    Scientific research approval granted to a university institution, subject to compliance, annual filing and donor certificate requirements.
    June 29, 2026   CircularsGST
    GST jurisdiction after migration: prior valid actions remain effective, while the transferee officer must continue and conclude proceedings.
    June 29, 2026   CircularsCustoms
    Green channel customs clearance streamlines emergency spill response consignments with priority coordination and statutory compliance.
    June 29, 2026   CircularsFEMA
    FEMA circular review withdraws obsolete directions superseded by later regulatory amendments and overlap under the revised framework.
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    June 30, 2026   Case Laws GST
    GST registration cancellation needs a specific show-cause notice and reasoned order; vague default allegations cannot sustain cancellation.
    June 30, 2026   Case Laws GST
    Interim protection in GST adjudication preserved a writ challenge to show-cause notice jurisdiction and prevented an ex parte final order.
    June 30, 2026   Case Laws GST
    Mistaken penalty provision references are not fatal, but a higher penalty rate can show substantive misapplication.
    June 30, 2026   Case Laws Income Tax
    Section 14A disallowance cannot increase book profit under MAT, with binding precedent closing the Revenue's challenge.
    June 30, 2026   Case Laws Income Tax
    TNMM comparability, operating foreign exchange gain, and interest deduction against other sources income were resolved in the assessee's favour.
    June 30, 2026   Case Laws Income Tax
    Charitable trust's micro-credit facilitation did not amount to business, and approval was directed to be granted.
    June 30, 2026   Case Laws Customs
    Provisional release conditions cannot nullify criminal court custody orders; additional security deposit for seized vehicle was struck down.
    June 30, 2026   Case Laws Customs
    Tariff classification does not by itself trigger anti-dumping duty on laser engraving machines outside the product scope.
    June 30, 2026   Case Laws Customs
    Diamond classification hinges on laser surface marking, with Galaxy-marked stones treated as engraved, semi-processed goods, not rough diamonds.
    June 30, 2026   Case Laws Customs
    Strict reading of customs exemption limits DSIR research benefits to eligible imports meeting end-use and transfer conditions.
    June 30, 2026   Case Laws Customs
    Tariff classification of Corinthian Raisin settled as raisins, preserving exemption for dark seedless dried grapes.
    June 30, 2026   Case Laws Indian Laws
    Security cheque dishonour can still trigger liability when probable defence is not established and debt remains enforceable.
    June 30, 2026   Case Laws Indian Laws
    Motor insurance premium receipt triggers risk assumption despite a later policy date, leaving insurer liable
    June 30, 2026   Case Laws Indian Laws
    Territorial writ jurisdiction under Article 226(2) can reach cross-state consequences when one cause of action spans both places.
    June 29, 2026   Notifications SEZ
    Special Economic Zone de-notification revises Ahmedabad IT and IT-enabled services zone area and supersedes earlier notifications
    June 29, 2026   Notifications Income Tax
    Scientific research approval granted for tax deduction purposes, subject to compliance, annual reporting, and donor certificate requirements.
    June 29, 2026   Notifications Income Tax
    Scientific research approval granted to a university institution, subject to compliance, annual filing and donor certificate requirements.
    June 29, 2026   Circulars GST
    GST jurisdiction after migration: prior valid actions remain effective, while the transferee officer must continue and conclude proceedings.
    June 29, 2026   Circulars Customs
    Green channel customs clearance streamlines emergency spill response consignments with priority coordination and statutory compliance.
    June 29, 2026   Circulars FEMA
    FEMA circular review withdraws obsolete directions superseded by later regulatory amendments and overlap under the revised framework.

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      Home› Highlights › IBC › 2024 › November, 2024 › This
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      IBC

      The Committee of Creditors (CoC) with 100% vote share can...

      Creditors' Committee Can Choose Liquidation Without Resolution Efforts if Recovery is Unlikely, Court Upholds Decision.

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      IBCNovember 16, 2024Case LawsAT
      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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