Section 153C jurisdiction requires timely deemed search and assessee-specific satisfaction material; otherwise reassessment must use the proper statut...
Credit-note turnover adjustments preserve inverted-duty refunds, while ministerial re-computation does not constitute an impermissible appellate reman...
NCLAT dismissed appeal concerning liquidator's fee payment under IBC 2016. Secured creditor (Bank) opted to realize security interest under SARFAESI Act without relinquishing security interest. Per Regulation 21-A of Liquidation Process Regulations, secured creditors must share liquidation costs within 90 days of deciding to realize security interest. Bank's contention that liquidator's fee applies only upon actual realization/distribution was rejected. NCLAT upheld that secured creditors are mandatorily obligated to pay their share as per Section 53(1)(a) and 53(1)(b)(i) waterfall mechanism, regardless of whether liquidator directly handled asset realization. Non-compliance would result in secured asset becoming part of liquidation estate under Regulation 21A(3).
NCLAT dismissed appeal concerning liquidator's fee payment under IBC 2016. Secured creditor (Bank) opted to realize security interest under SARFAESI Act without relinquishing security interest. Per Regulation 21-A of Liquidation Process Regulations, secured creditors must share liquidation costs within 90 days of deciding to realize security interest. Bank's contention that liquidator's fee applies only upon actual realization/distribution was rejected. NCLAT upheld that secured creditors are mandatorily obligated to pay their share as per Section 53(1)(a) and 53(1)(b)(i) waterfall mechanism, regardless of whether liquidator directly handled asset realization. Non-compliance would result in secured asset becoming part of liquidation estate under Regulation 21A(3).
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TaxTMI 
TaxTMI 
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