Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
The National Company Law Appellate Tribunal (NCLAT) dismissed the appeals filed against the order of the Adjudicating Authority directing lenders to release Non-Fund Based (NFB) facilities as per the approved Resolution Plan. The NCLAT held that when a Resolution Plan is approved, it is obligatory for all stakeholders to act in a manner to implement it. Except Bank of Baroda, no other lender had issued bank guarantees or letters of credit, despite the Resolution Plan providing for roll-over of NFB facilities. The company, being an EPC contractor, requires NFB facilities to undertake contracts and generate revenue for repayment obligations under the Resolution Plan. Non-release of NFB limits would jeopardize the company's operations and impact repayment to assenting creditors. The NFB Agreement must be interpreted harmoniously with the Resolution Plan to give effect to its intent and not render its clauses unworkable.
The National Company Law Appellate Tribunal (NCLAT) dismissed the appeals filed against the order of the Adjudicating Authority directing lenders to release Non-Fund Based (NFB) facilities as per the approved Resolution Plan. The NCLAT held that when a Resolution Plan is approved, it is obligatory for all stakeholders to act in a manner to implement it. Except Bank of Baroda, no other lender had issued bank guarantees or letters of credit, despite the Resolution Plan providing for roll-over of NFB facilities. The company, being an EPC contractor, requires NFB facilities to undertake contracts and generate revenue for repayment obligations under the Resolution Plan. Non-release of NFB limits would jeopardize the company's operations and impact repayment to assenting creditors. The NFB Agreement must be interpreted harmoniously with the Resolution Plan to give effect to its intent and not render its clauses unworkable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
