Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
HC ruled that principles of res judicata apply to subsequent applications u/s 466 of Companies Act, 1956. The Court dissolved the stay on winding-up proceedings, emphasizing that mere settlement with creditors or workers is insufficient grounds for staying liquidation. The discretionary power u/s 466(1) requires proof satisfying the Court that proceedings ought to be stayed. The Court must consider commercial morality beyond creditors' wishes. The jurisdiction to stay proceedings can only be exercised to revive the company or its business, not to facilitate acquisition of assets at undervalued prices. The appeal was allowed, setting aside previous orders for failing to properly apply Section 466 principles and consider vital evidence.
HC ruled that principles of res judicata apply to subsequent applications u/s 466 of Companies Act, 1956. The Court dissolved the stay on winding-up proceedings, emphasizing that mere settlement with creditors or workers is insufficient grounds for staying liquidation. The discretionary power u/s 466(1) requires proof satisfying the Court that proceedings ought to be stayed. The Court must consider commercial morality beyond creditors' wishes. The jurisdiction to stay proceedings can only be exercised to revive the company or its business, not to facilitate acquisition of assets at undervalued prices. The appeal was allowed, setting aside previous orders for failing to properly apply Section 466 principles and consider vital evidence.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
