Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
The HC quashed the summoning order and allowed the petition. It held that after the commencement of CIRP proceedings against the accused company and appointment of IRP under IBC, the control and management vested with IRP. The dishonoured cheques were post moratorium, and the petitioners cannot be held vicariously liable u/s 138 of NI Act. Proceedings u/s 138 cannot continue against the corporate debtor once moratorium u/s 14 of IBC is in effect.
The HC quashed the summoning order and allowed the petition. It held that after the commencement of CIRP proceedings against the accused company and appointment of IRP under IBC, the control and management vested with IRP. The dishonoured cheques were post moratorium, and the petitioners cannot be held vicariously liable u/s 138 of NI Act. Proceedings u/s 138 cannot continue against the corporate debtor once moratorium u/s 14 of IBC is in effect.
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