Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
The AT addressed the interplay between PMLA and IBC provisions regarding attached properties of a corporate debtor. The tribunal held that Section 32-A(2) prohibits actions against corporate debtor properties for offenses predating the corporate insolvency resolution process. The resolution plan for the corporate debtor was approved by the Committee of Creditors, permitting property disposal as per resolution plan terms. If the resolution plan fails, the appellant bank can seek auction sale through the PMLA Court, with an undertaking to deposit excess proceeds. The tribunal emphasized that no punitive action shall be taken against corporate debtor properties covered under an approved resolution plan, effectively balancing investigative interests with insolvency resolution mechanisms. Appeal disposed of.
The AT addressed the interplay between PMLA and IBC provisions regarding attached properties of a corporate debtor. The tribunal held that Section 32-A(2) prohibits actions against corporate debtor properties for offenses predating the corporate insolvency resolution process. The resolution plan for the corporate debtor was approved by the Committee of Creditors, permitting property disposal as per resolution plan terms. If the resolution plan fails, the appellant bank can seek auction sale through the PMLA Court, with an undertaking to deposit excess proceeds. The tribunal emphasized that no punitive action shall be taken against corporate debtor properties covered under an approved resolution plan, effectively balancing investigative interests with insolvency resolution mechanisms. Appeal disposed of.
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