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...
The SC dismissed the appeals, upholding approval and implementation principles under the IBC. It held appellants (erstwhile promoters) had standing to challenge matters affecting guarantor rights but their conduct sought to thwart the CIRP and occasioned delays; NCLT costs against them were affirmed. The Court confirmed the CoC subsists until a resolution plan is implemented or liquidation ordered and retains authority over CIRP decisions. Delays in plan implementation were attributed to criminal and financial investigations impairing handover of unencumbered assets, not to the resolution applicant. Payments for pre-CIRP dues lacked CoC approval and were irregular; entitlement to EBITDA as claimed was unsubstantiated. No substantial question of law arose; appeals dismissed.
The SC dismissed the appeals, upholding approval and implementation principles under the IBC. It held appellants (erstwhile promoters) had standing to challenge matters affecting guarantor rights but their conduct sought to thwart the CIRP and occasioned delays; NCLT costs against them were affirmed. The Court confirmed the CoC subsists until a resolution plan is implemented or liquidation ordered and retains authority over CIRP decisions. Delays in plan implementation were attributed to criminal and financial investigations impairing handover of unencumbered assets, not to the resolution applicant. Payments for pre-CIRP dues lacked CoC approval and were irregular; entitlement to EBITDA as claimed was unsubstantiated. No substantial question of law arose; appeals dismissed.
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