Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
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.
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