Unverified Insight Portal Information Cannot Justify Reassessment Without a Verified Taxpayer-Specific Income-Escape Nexus or Demonstrated Application...
Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
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Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
NCLAT upheld the NCLT's refusal to admit a fresh Section 7 application filed by a financial creditor (a banking institution) against the corporate debtor, noting that CIRP had already commenced and was ongoing pursuant to earlier orders, including project-wise CIRP directions for the real estate entity. The Appellate Tribunal found no legal infirmity or jurisdictional error warranting interference with the impugned order. However, it clarified that the applicant may pursue reliefs sought in the pending interlocutory application. NCLAT further recorded that, consistent with the amended CIRP Regulations, the Resolution Professional is at liberty to continue project-wise resolution for the unfinished project in which the applicant claims financial creditor status, including issuance of Information Memorandum and Form G.
NCLAT upheld the NCLT's refusal to admit a fresh Section 7 application filed by a financial creditor (a banking institution) against the corporate debtor, noting that CIRP had already commenced and was ongoing pursuant to earlier orders, including project-wise CIRP directions for the real estate entity. The Appellate Tribunal found no legal infirmity or jurisdictional error warranting interference with the impugned order. However, it clarified that the applicant may pursue reliefs sought in the pending interlocutory application. NCLAT further recorded that, consistent with the amended CIRP Regulations, the Resolution Professional is at liberty to continue project-wise resolution for the unfinished project in which the applicant claims financial creditor status, including issuance of Information Memorandum and Form G.
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