Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
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NCLAT allowed the appeal, setting aside the NCLT's order rejecting the Section 7 IBC application on the ground of lack of competence of the creditor's representative. It held that, after reserving judgment, NCLT could not entertain an oral objection on authorization and then disregard the subsequently filed Board Resolution and IA under Section 60(5) IBC without reasoned adjudication. The procedure adopted was found to be legally flawed and not a proper adjudication of the lis on merits. The matter was remitted to NCLT, Hyderabad Bench, to reconsider the Section 7 petition afresh on all issues, including authorization, after granting effective opportunity of hearing to both sides.
NCLAT allowed the appeal, setting aside the NCLT's order rejecting the Section 7 IBC application on the ground of lack of competence of the creditor's representative. It held that, after reserving judgment, NCLT could not entertain an oral objection on authorization and then disregard the subsequently filed Board Resolution and IA under Section 60(5) IBC without reasoned adjudication. The procedure adopted was found to be legally flawed and not a proper adjudication of the lis on merits. The matter was remitted to NCLT, Hyderabad Bench, to reconsider the Section 7 petition afresh on all issues, including authorization, after granting effective opportunity of hearing to both sides.
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