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 NCLAT allowed the appeal, set aside the impugned NCLT order dismissing the restoration application, and directed revival of the original petition. The Appellate Tribunal held that the withdrawal before the NCLT was predicated on a settlement deed containing an express revival clause permitting restoration upon default by the respondent/corporate debtor; the adjudicating authority erred by refusing restoration on a hyper-technical basis that the withdrawal order did not expressly reserve revival rights. The NCLAT found such dismissal manifestly illegal, restored the petition filed by the appellant, and remitted the matter for fresh adjudication by the NCLT strictly in accordance with law.
The NCLAT allowed the appeal, set aside the impugned NCLT order dismissing the restoration application, and directed revival of the original petition. The Appellate Tribunal held that the withdrawal before the NCLT was predicated on a settlement deed containing an express revival clause permitting restoration upon default by the respondent/corporate debtor; the adjudicating authority erred by refusing restoration on a hyper-technical basis that the withdrawal order did not expressly reserve revival rights. The NCLAT found such dismissal manifestly illegal, restored the petition filed by the appellant, and remitted the matter for fresh adjudication by the NCLT strictly in accordance with law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
