International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
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 
of 4782
Join Channel
TaxTMI 
