Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The SC affirmed that the NCLT possesses jurisdiction under Section 60(5) of the IBC to adjudicate disputes arising from insolvency resolution processes, including claims relating to pre-CIRP dues. It upheld the primacy of the IBC over conflicting statutes by virtue of Section 238, specifically overriding provisions of the Electricity Act, 2003. The Court confirmed that an approved resolution plan is binding on all stakeholders, effectively extinguishing outstanding dues predating the CIRP unless properly claimed during the process. Consequently, the SC dismissed the appeal, finding no merit to disturb the NCLAT's decision that nullified the appellant's claims for pre-CIRP dues, thereby validating the resolution plan's finality and the insolvency framework's comprehensive jurisdiction.
The SC affirmed that the NCLT possesses jurisdiction under Section 60(5) of the IBC to adjudicate disputes arising from insolvency resolution processes, including claims relating to pre-CIRP dues. It upheld the primacy of the IBC over conflicting statutes by virtue of Section 238, specifically overriding provisions of the Electricity Act, 2003. The Court confirmed that an approved resolution plan is binding on all stakeholders, effectively extinguishing outstanding dues predating the CIRP unless properly claimed during the process. Consequently, the SC dismissed the appeal, finding no merit to disturb the NCLAT's decision that nullified the appellant's claims for pre-CIRP dues, thereby validating the resolution plan's finality and the insolvency framework's comprehensive jurisdiction.
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