Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
NCLAT held that the Adjudicating Authority's order excluding 5% margin (capped at fair value) from the corporate debtor's assets in favour of Respondent No.1 was unsustainable and is set aside. The Tribunal found an unenforced equitable mortgage did not convert into trust property; where guarantees, FLC/LC/BGs had devolved or been invoked prior to CIRP and no live guarantees existed, the secured asset remained part of the corporate debtor's estate. The Adjudicating Authority exceeded its limited jurisdiction and could not override the commercial wisdom of the CoC or permit enforcement of security outside liquidation. Distribution to secured creditors shall be pro rata on admitted claims per the CoC's decision.
NCLAT held that the Adjudicating Authority's order excluding 5% margin (capped at fair value) from the corporate debtor's assets in favour of Respondent No.1 was unsustainable and is set aside. The Tribunal found an unenforced equitable mortgage did not convert into trust property; where guarantees, FLC/LC/BGs had devolved or been invoked prior to CIRP and no live guarantees existed, the secured asset remained part of the corporate debtor's estate. The Adjudicating Authority exceeded its limited jurisdiction and could not override the commercial wisdom of the CoC or permit enforcement of security outside liquidation. Distribution to secured creditors shall be pro rata on admitted claims per the CoC's decision.
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