Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an application for withdrawal of CIRP u/s 12A of the IBC. The NCLAT relied on the Supreme Court's judgment in GLAS Trust Company LLC, which held that after admission of CIRP, the proceedings become in rem, and the Resolution Professional must conduct them. The NCLAT found no error in the Adjudicating Authority's order permitting withdrawal of the Section 12A application after the claim of a creditor was admitted, necessitating reconstitution of the CoC. The appeal against the earlier order became infructuous due to the subsequent order.
The NCLAT dismissed the appeal, holding that the Resolution Professional had jurisdiction to file an application for withdrawal of CIRP u/s 12A of the IBC. The NCLAT relied on the Supreme Court's judgment in GLAS Trust Company LLC, which held that after admission of CIRP, the proceedings become in rem, and the Resolution Professional must conduct them. The NCLAT found no error in the Adjudicating Authority's order permitting withdrawal of the Section 12A application after the claim of a creditor was admitted, necessitating reconstitution of the CoC. The appeal against the earlier order became infructuous due to the subsequent order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
