Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
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The NCLAT upheld the Adjudicating Authority's finding that the Resolution Plan submitted by the appellant, approved by the CoC with an 80.13% vote share, did not violate Section 30(2) of the IBC. However, the Adjudicating Authority identified non-compliance with the CIRP Regulations, 2016 by the Resolution Professional and issued remedial directions, including a fresh valuation. The Tribunal modified interim orders to permit the Resolution Professional to conduct transaction audits and valuations. The appellant, as a successful resolution applicant, remains entitled to submit a resolution plan upon the CoC's issuance of a fresh Request for Resolution Plan. The appeal was disposed of accordingly, affirming the appellant's right to participate in the CIRP process while ensuring regulatory compliance through remedial measures.
The NCLAT upheld the Adjudicating Authority's finding that the Resolution Plan submitted by the appellant, approved by the CoC with an 80.13% vote share, did not violate Section 30(2) of the IBC. However, the Adjudicating Authority identified non-compliance with the CIRP Regulations, 2016 by the Resolution Professional and issued remedial directions, including a fresh valuation. The Tribunal modified interim orders to permit the Resolution Professional to conduct transaction audits and valuations. The appellant, as a successful resolution applicant, remains entitled to submit a resolution plan upon the CoC's issuance of a fresh Request for Resolution Plan. The appeal was disposed of accordingly, affirming the appellant's right to participate in the CIRP process while ensuring regulatory compliance through remedial measures.
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