Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
NCLAT rejected contempt proceedings against resolution professional (RP) for filing Section 12A withdrawal application. The Tribunal determined that RP's application for CIRP withdrawal, approved by 98% Committee of Creditors (CoC) vote share, did not constitute willful disobedience of prior tribunal order. The RP was statutorily obligated to file withdrawal application, and since CoC did not approve fee payments to former or current RP, no contempt could be established. The tribunal found no merit in the contempt application, emphasizing that statutory compliance cannot be construed as contumacious conduct, thereby dismissing the application and protecting the RP's procedural actions under Insolvency and Bankruptcy Code.
NCLAT rejected contempt proceedings against resolution professional (RP) for filing Section 12A withdrawal application. The Tribunal determined that RP's application for CIRP withdrawal, approved by 98% Committee of Creditors (CoC) vote share, did not constitute willful disobedience of prior tribunal order. The RP was statutorily obligated to file withdrawal application, and since CoC did not approve fee payments to former or current RP, no contempt could be established. The tribunal found no merit in the contempt application, emphasizing that statutory compliance cannot be construed as contumacious conduct, thereby dismissing the application and protecting the RP's procedural actions under Insolvency and Bankruptcy Code.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
