Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
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...
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The NCLAT held that the erstwhile Resolution Professional (RP) acted in deference to the commercial wisdom of the Committee of Creditors (CoC), which is paramount. Although the Adjudicating Authority observed irregularities and non-compliance with the CIRP Regulations by the RP, the NCLAT modified the order to expunge those adverse remarks against the RP's performance and conduct. The RP had taken necessary steps envisaged under the IBC for conducting the CIRP, including preparing the Information Memorandum, inviting Expressions of Interest, appointing a Transaction Auditor, and filing applications u/ss 43 and 66. The CoC had approved the resolution plan with the requisite majority, exercising its commercial wisdom. Therefore, the RP cannot be blamed for breaching the IBC by acting on the CoC's decision. The rest of the Adjudicating Authority's order remained unchanged.
The NCLAT held that the erstwhile Resolution Professional (RP) acted in deference to the commercial wisdom of the Committee of Creditors (CoC), which is paramount. Although the Adjudicating Authority observed irregularities and non-compliance with the CIRP Regulations by the RP, the NCLAT modified the order to expunge those adverse remarks against the RP's performance and conduct. The RP had taken necessary steps envisaged under the IBC for conducting the CIRP, including preparing the Information Memorandum, inviting Expressions of Interest, appointing a Transaction Auditor, and filing applications u/ss 43 and 66. The CoC had approved the resolution plan with the requisite majority, exercising its commercial wisdom. Therefore, the RP cannot be blamed for breaching the IBC by acting on the CoC's decision. The rest of the Adjudicating Authority's order remained unchanged.
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