Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
NCLAT examined allegations of collusion between CoC, RP and an entrant in condoning delay in submission of EoI and alleged concealment from other PRAs, claimed as material irregularity under the CIRP Regulations. NCLAT held that not every procedural breach under the Regulations constitutes "material irregularity"; the test is whether the deviation results in an outcome that is plainly illegal or so unfair as to undermine the integrity of the CIRP. Treating the Regulations as facilitative, the Tribunal found that the alleged violations, even if assumed, did not attain the threshold of material irregularity warranting invalidation of the resolution process. Accordingly, NCLAT set aside the order of the Adjudicating Authority and allowed the appeal, upholding the challenged resolution approval.
NCLAT examined allegations of collusion between CoC, RP and an entrant in condoning delay in submission of EoI and alleged concealment from other PRAs, claimed as material irregularity under the CIRP Regulations. NCLAT held that not every procedural breach under the Regulations constitutes "material irregularity"; the test is whether the deviation results in an outcome that is plainly illegal or so unfair as to undermine the integrity of the CIRP. Treating the Regulations as facilitative, the Tribunal found that the alleged violations, even if assumed, did not attain the threshold of material irregularity warranting invalidation of the resolution process. Accordingly, NCLAT set aside the order of the Adjudicating Authority and allowed the appeal, upholding the challenged resolution approval.
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