Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The SC delivered a split verdict regarding the interpretation of Section 31(4) proviso of IBC concerning CCI approval timing for resolution plans. The majority opinion (Roy and Dhulia, JJ.) held that obtaining CCI approval prior to Committee of Creditors' approval is mandatory, based on literal interpretation of the statute. They found the resolution plan unsustainable without prior CCI clearance and directed reconsideration of plans with existing CCI approvals. The dissenting opinion (Bhatti, J.) interpreted the provision as directory rather than mandatory, emphasizing CoC's commercial wisdom and arguing that CCI approval could be obtained before NCLT's final approval. The majority also identified procedural lapses in CCI's approval process, including failure to issue notice to the target company and discrepancies in operational data disclosures. The matter requires further jurisprudential development due to conflicting interpretations.
The SC delivered a split verdict regarding the interpretation of Section 31(4) proviso of IBC concerning CCI approval timing for resolution plans. The majority opinion (Roy and Dhulia, JJ.) held that obtaining CCI approval prior to Committee of Creditors' approval is mandatory, based on literal interpretation of the statute. They found the resolution plan unsustainable without prior CCI clearance and directed reconsideration of plans with existing CCI approvals. The dissenting opinion (Bhatti, J.) interpreted the provision as directory rather than mandatory, emphasizing CoC's commercial wisdom and arguing that CCI approval could be obtained before NCLT's final approval. The majority also identified procedural lapses in CCI's approval process, including failure to issue notice to the target company and discrepancies in operational data disclosures. The matter requires further jurisprudential development due to conflicting interpretations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
