Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Self-assessed import entries remain appealable, while bona fide classification disputes without misdeclaration cannot justify confiscation or penaltie...
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The NCLAT held that the Adjudicating Authority had jurisdiction to determine whether the subject land is an asset of the corporate debtor, as such questions arise out of or relate to the insolvency resolution process. The proceedings conducted by the Sole Arbitrator and the orders passed did not amount to an arbitral award under the Arbitration & Conciliation Act, 1996, and thus were not binding on the parties. The IRP/RP could rightly include the subject land in the Information Memorandum/CIRP process by virtue of Section 18(1)(f) explanation, as the corporate debtor claimed development rights over the land. The Adjudicating Authority did not err in allowing the intervention petition filed by Art Construction Pvt. Ltd. Consequently, the appeal was dismissed.
The NCLAT held that the Adjudicating Authority had jurisdiction to determine whether the subject land is an asset of the corporate debtor, as such questions arise out of or relate to the insolvency resolution process. The proceedings conducted by the Sole Arbitrator and the orders passed did not amount to an arbitral award under the Arbitration & Conciliation Act, 1996, and thus were not binding on the parties. The IRP/RP could rightly include the subject land in the Information Memorandum/CIRP process by virtue of Section 18(1)(f) explanation, as the corporate debtor claimed development rights over the land. The Adjudicating Authority did not err in allowing the intervention petition filed by Art Construction Pvt. Ltd. Consequently, the appeal was dismissed.
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