Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The HC dismissed a petition challenging NCLT's jurisdiction to entertain an application under Section 95 of the Insolvency and Bankruptcy Code, 2016. Petitioner contended that NCLT's initiation of proceedings violated IB Code provisions. The HC relied on Supreme Court precedent in Dilip B Jiwrajka v Union of India, which upheld constitutional validity of Sections 95-100 and rejected arguments requiring parties to be heard before Resolution Professional appointment. The Court held that Resolution Professional's enquiry is merely facilitative to collate facts, with the report being recommendatory. Guarantors receive adequate hearing opportunity at adjudication stage under Section 99(10) after receiving the report, ensuring no natural justice violation. The HC found petitioners had challenged application maintainability before NCLT, making tribunal consideration appropriate, with effective remedies available against adverse decisions.
The HC dismissed a petition challenging NCLT's jurisdiction to entertain an application under Section 95 of the Insolvency and Bankruptcy Code, 2016. Petitioner contended that NCLT's initiation of proceedings violated IB Code provisions. The HC relied on Supreme Court precedent in Dilip B Jiwrajka v Union of India, which upheld constitutional validity of Sections 95-100 and rejected arguments requiring parties to be heard before Resolution Professional appointment. The Court held that Resolution Professional's enquiry is merely facilitative to collate facts, with the report being recommendatory. Guarantors receive adequate hearing opportunity at adjudication stage under Section 99(10) after receiving the report, ensuring no natural justice violation. The HC found petitioners had challenged application maintainability before NCLT, making tribunal consideration appropriate, with effective remedies available against adverse decisions.
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