Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
Specified regulatory authority income receives conditional tax exemption, subject to non-commercial activity, unchanged income character, and return f...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return-filing...
NCLAT held that the 10-day period under Section 99(1) for resolution professional (RP) to submit report is directory, not mandatory. The legislative scheme allows RPs to seek additional information and submit supplementary reports. In this case, the RP's initial and amended reports were properly submitted and considered by the adjudicating authority. The court found no undue delay or prejudice warranting rejection of reports. The Section 95(1) application by financial creditor was correctly admitted. Appellant's arguments challenging report timelines were rejected, and the appeal was dismissed without substantive merit.
NCLAT held that the 10-day period under Section 99(1) for resolution professional (RP) to submit report is directory, not mandatory. The legislative scheme allows RPs to seek additional information and submit supplementary reports. In this case, the RP's initial and amended reports were properly submitted and considered by the adjudicating authority. The court found no undue delay or prejudice warranting rejection of reports. The Section 95(1) application by financial creditor was correctly admitted. Appellant's arguments challenging report timelines were rejected, and the appeal was dismissed without substantive merit.
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