Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
The Appellate Tribunal dismissed the appeal filed by the Appellants, who were allottees seeking equitable treatment with other creditors in the same class, amendment of the Information Memorandum (IM) reflecting their units as cancelled, and refund of the amount paid. The key points are: The Resolution Professional (RP) lacks adjudicatory powers on claims filed before them and could not have reversed the cancellation action taken by the Corporate Debtor prior to the CIRP initiation. The Resolution Plan, approved by the Committee of Creditors (CoC) with 100% majority, provided treatment to the cancelled allottees, complying with Section 30 of the Code. The Appellants had approached UPRERA and accepted partial refunds from the erstwhile management, indicating acceptance of cancellation. The Appellants did not challenge the pre-CIRP cancellation and misrepresented their claims. The CoC and RP could not revoke the cancellation as it was beyond their jurisdiction. The cancellation was based on an unchallenged UPRERA order, and the CoC acted within its commercial wisdom in approving the Resolution Plan. The Appellate Tribunal found no fault in the due process followed by the Adjudicating Authority.
The Appellate Tribunal dismissed the appeal filed by the Appellants, who were allottees seeking equitable treatment with other creditors in the same class, amendment of the Information Memorandum (IM) reflecting their units as cancelled, and refund of the amount paid. The key points are: The Resolution Professional (RP) lacks adjudicatory powers on claims filed before them and could not have reversed the cancellation action taken by the Corporate Debtor prior to the CIRP initiation. The Resolution Plan, approved by the Committee of Creditors (CoC) with 100% majority, provided treatment to the cancelled allottees, complying with Section 30 of the Code. The Appellants had approached UPRERA and accepted partial refunds from the erstwhile management, indicating acceptance of cancellation. The Appellants did not challenge the pre-CIRP cancellation and misrepresented their claims. The CoC and RP could not revoke the cancellation as it was beyond their jurisdiction. The cancellation was based on an unchallenged UPRERA order, and the CoC acted within its commercial wisdom in approving the Resolution Plan. The Appellate Tribunal found no fault in the due process followed by the Adjudicating Authority.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
