Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The NCLAT dismissed the appeal challenging the order and connected applications. The appellant sought to restore certain commercial complex assets as their property and restrain the RP and SRA from dealing with them, relying on a settlement agreement dated 30.05.2023. However, the Tribunal upheld that the assets were duly disclosed as belonging to the Corporate Debtor (CD) in the Information Memorandum and confirmed that the Resolution Plan was approved on 19.07.2020. Consequently, the appellant's claim to the assets was rejected. The Tribunal further noted that the SRA is entitled to deal with the assets per Regulation 37(1)(a) of the IBBI (CIRP) Regulations, 2016. The IA for approval of the Resolution Plan was remitted back to the CoC. The prayers to set aside the impugned order were refused and the appeal was dismissed.
The NCLAT dismissed the appeal challenging the order and connected applications. The appellant sought to restore certain commercial complex assets as their property and restrain the RP and SRA from dealing with them, relying on a settlement agreement dated 30.05.2023. However, the Tribunal upheld that the assets were duly disclosed as belonging to the Corporate Debtor (CD) in the Information Memorandum and confirmed that the Resolution Plan was approved on 19.07.2020. Consequently, the appellant's claim to the assets was rejected. The Tribunal further noted that the SRA is entitled to deal with the assets per Regulation 37(1)(a) of the IBBI (CIRP) Regulations, 2016. The IA for approval of the Resolution Plan was remitted back to the CoC. The prayers to set aside the impugned order were refused and the appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
