Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The NCLAT held that after approval of a resolution plan by the Adjudicating Authority, it becomes binding on the corporate debtor, employees, creditors, guarantors and stakeholders. The plan cannot be modified by introducing new claims, as it would prejudice the successful resolution applicant (SRA) and create uncertainty. The Adjudicating Authority lacks power to modify an approved plan unilaterally and can only suggest modifications to the Committee of Creditors (CoC). As the respondent did not challenge the plan within the prescribed time, it attained finality. The SRA made payments per the approved plan, and no non-compliance was attributed to it. Thus, the Adjudicating Authority exceeded jurisdiction by reviving and directing payment of the respondent's gratuity claims, and the NCLAT set aside those orders.
The NCLAT held that after approval of a resolution plan by the Adjudicating Authority, it becomes binding on the corporate debtor, employees, creditors, guarantors and stakeholders. The plan cannot be modified by introducing new claims, as it would prejudice the successful resolution applicant (SRA) and create uncertainty. The Adjudicating Authority lacks power to modify an approved plan unilaterally and can only suggest modifications to the Committee of Creditors (CoC). As the respondent did not challenge the plan within the prescribed time, it attained finality. The SRA made payments per the approved plan, and no non-compliance was attributed to it. Thus, the Adjudicating Authority exceeded jurisdiction by reviving and directing payment of the respondent's gratuity claims, and the NCLAT set aside those orders.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
