International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
The NCLAT held that the amount of Rs. 1 crore lying in the "No Lien Account" with the Appellant bank belongs to the Corporate Debtor and is an asset of the Corporate Debtor. Once the CIRP was initiated, the IRP/RP was obliged to take control/custody of this amount as per Section 18 of the IBC, 2016. Since the moratorium had commenced upon initiation of CIRP, the bank could not have appropriated this money. Following a previous judgment, the NCLAT found that the Adjudicating Authority rightly held that the said amount is an asset of the Corporate Debtor, and the IRP/RP has rightly claimed the said deposit for utilization in CIRP. Consequently, the NCLAT dismissed the appeal.
The NCLAT held that the amount of Rs. 1 crore lying in the "No Lien Account" with the Appellant bank belongs to the Corporate Debtor and is an asset of the Corporate Debtor. Once the CIRP was initiated, the IRP/RP was obliged to take control/custody of this amount as per Section 18 of the IBC, 2016. Since the moratorium had commenced upon initiation of CIRP, the bank could not have appropriated this money. Following a previous judgment, the NCLAT found that the Adjudicating Authority rightly held that the said amount is an asset of the Corporate Debtor, and the IRP/RP has rightly claimed the said deposit for utilization in CIRP. Consequently, the NCLAT dismissed the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
