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 direction to convene meetings of remaining unsecured creditors and dispensed with the requirement to hold such meetings under Section 230 of the Companies Act. The Tribunal held that the NCLT's mandate to convene meetings despite recorded consents exceeding the 90% by value threshold constituted jurisdictional overreach and was legally unsustainable, particularly where the transferee's net worth materially improves post-scheme and unsecured claims are negligible relative to net worth. Applying Sections 230(6) and 230(9), the NCLAT concluded there is no compromise of unsecured creditors' rights and no necessity to call meetings, and accordingly allowed the appeal.
The NCLAT allowed the appeal, set aside the impugned NCLT direction to convene meetings of remaining unsecured creditors and dispensed with the requirement to hold such meetings under Section 230 of the Companies Act. The Tribunal held that the NCLT's mandate to convene meetings despite recorded consents exceeding the 90% by value threshold constituted jurisdictional overreach and was legally unsustainable, particularly where the transferee's net worth materially improves post-scheme and unsecured claims are negligible relative to net worth. Applying Sections 230(6) and 230(9), the NCLAT concluded there is no compromise of unsecured creditors' rights and no necessity to call meetings, and accordingly allowed the appeal.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
