Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The SC upheld the primacy of the CoC's commercial wisdom under Section 14(1)(d) of the IBC during CIRP, affirming that the CoC's decision to relinquish possession of property to the owner is binding and lawful. The CoC, supported by the Resolution Professional, determined that retaining the property was financially imprudent, prompting the order for possession to be returned. The NCLAT's contrary order was set aside, and the NCLT's original decision restoring possession to the owner was reinstated. The Resolution Professional was directed to implement the possession handover without delay. The appeal was allowed, emphasizing that property recovery by the owner during moratorium is subject to the CoC's approval, which must be respected to avoid unwarranted delays in CIRP.
The SC upheld the primacy of the CoC's commercial wisdom under Section 14(1)(d) of the IBC during CIRP, affirming that the CoC's decision to relinquish possession of property to the owner is binding and lawful. The CoC, supported by the Resolution Professional, determined that retaining the property was financially imprudent, prompting the order for possession to be returned. The NCLAT's contrary order was set aside, and the NCLT's original decision restoring possession to the owner was reinstated. The Resolution Professional was directed to implement the possession handover without delay. The appeal was allowed, emphasizing that property recovery by the owner during moratorium is subject to the CoC's approval, which must be respected to avoid unwarranted delays in CIRP.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
