Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
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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