Revisional jurisdiction over export quota premium deductions requires both error and Revenue prejudice; a permissible assessment view cannot be displa...
Final benami adjudication bars contradictory tax-evasion prosecution where settlement findings confirm full disclosure and cooperation without conceal...
Faceless assessment and registration procedures are updated through electronic communication, revised recovery rules, extended deadlines, and replacem...
Risk-based selective vessel boarding requires accurate declarations and preserves master and agent liability where physical inspections are not select...
NCLAT held that a Resolution Plan cannot be approved under Section 30(2)(b) r/w Section 31 without ensuring minimum payment to Operational Creditors and dissenting Financial Creditors, which must not be less than liquidation value as per Section 53. The Adjudicating Authority's role is strictly limited to verifying plan compliance with statutory requirements, without exercising equitable jurisdiction. The Committee of Creditors retains exclusive commercial wisdom in determining resolution plan terms. The Appellate Tribunal cannot interfere with CoC's decision unless clear statutory violations exist. Consequently, the appeal was dismissed, affirming the original resolution plan's approval while emphasizing strict adherence to Insolvency Code provisions.
NCLAT held that a Resolution Plan cannot be approved under Section 30(2)(b) r/w Section 31 without ensuring minimum payment to Operational Creditors and dissenting Financial Creditors, which must not be less than liquidation value as per Section 53. The Adjudicating Authority's role is strictly limited to verifying plan compliance with statutory requirements, without exercising equitable jurisdiction. The Committee of Creditors retains exclusive commercial wisdom in determining resolution plan terms. The Appellate Tribunal cannot interfere with CoC's decision unless clear statutory violations exist. Consequently, the appeal was dismissed, affirming the original resolution plan's approval while emphasizing strict adherence to Insolvency Code provisions.
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