Anti-profiteering obligations survive business demerger, complaint withdrawal, and customized supply arrangements where rate-reduction benefits are no...
Road restoration charges constitute taxable services when requested for commercial pipeline activity, requiring reverse-charge GST from the business r...
Interest on delayed release of requisitioned cash includes statutory pre-assessment interest and restitutionary compensation for unlawful post-assessm...
Incomplete inventory records justify rejecting accounts, while profit estimation requires relevant comparable material and interest falls under other ...
Transfer-pricing comparability requires functional alignment; delayed associated-enterprise receivables need separate LIBOR-based benchmarking, while ...
NCLAT upheld NCLT's rejection of Section 12A withdrawal application filed before Committee of Creditors constitution. Corporate debtor's Interim Resolution Professional filed withdrawal application after settling dues with one financial creditor, but another financial creditor timely filed claims and objected. NCLAT held that when CoC is not constituted, stakeholders may directly approach NCLT under Regulation 30A of CIRP Regulations. Adjudicating Authority properly considered relevant factors including nature and quantum of claims, noting NCLT is not merely a post office for Section 12A applications. Court emphasized no rigid formula exists for deciding withdrawal applications; each case requires fact-specific analysis considering objecting stakeholders' claims and settlement amounts with other creditors.
NCLAT upheld NCLT's rejection of Section 12A withdrawal application filed before Committee of Creditors constitution. Corporate debtor's Interim Resolution Professional filed withdrawal application after settling dues with one financial creditor, but another financial creditor timely filed claims and objected. NCLAT held that when CoC is not constituted, stakeholders may directly approach NCLT under Regulation 30A of CIRP Regulations. Adjudicating Authority properly considered relevant factors including nature and quantum of claims, noting NCLT is not merely a post office for Section 12A applications. Court emphasized no rigid formula exists for deciding withdrawal applications; each case requires fact-specific analysis considering objecting stakeholders' claims and settlement amounts with other creditors.
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