Appeal allows marketing payments as deductible business expenses under Sec.37; director pay retained; R&D deductible from certificate date under Sec.3...
Registration under s.12AB upheld; CIT(Exemptions) exceeded jurisdiction by deciding taxability instead of preliminary verification and registration di...
NCLAT allowed the appeal, set aside the impugned AA order and upheld approval of the resolution plan submitted by the Successful Resolution Applicant, holding it received the requisite approvals under Section 30(4). The Tribunal directed admission of the additional MCA email into the record, found the AA's disqualification findings under Section 29A clauses (c), (e), (g), (i) and (j) to be unsustainable, and held the SRA eligible. The Tribunal held the third-party deposit of the Performance Bank Guarantee did not contravene Regulation 36B(4A), found Regulation 38(3) inapplicable as relied upon, and concluded net-worth criteria under the RFRP were satisfied. The appeal was disposed and the AA order dated 22.07.2025 set aside.
NCLAT allowed the appeal, set aside the impugned AA order and upheld approval of the resolution plan submitted by the Successful Resolution Applicant, holding it received the requisite approvals under Section 30(4). The Tribunal directed admission of the additional MCA email into the record, found the AA's disqualification findings under Section 29A clauses (c), (e), (g), (i) and (j) to be unsustainable, and held the SRA eligible. The Tribunal held the third-party deposit of the Performance Bank Guarantee did not contravene Regulation 36B(4A), found Regulation 38(3) inapplicable as relied upon, and concluded net-worth criteria under the RFRP were satisfied. The appeal was disposed and the AA order dated 22.07.2025 set aside.
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