Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
SC upheld the termination of the Development and Supplementary Agreements by Respondent No.1 Society as lawful, effective and based on prolonged contractual defaults unrelated to insolvency. It held that the developer only had a limited licence, with no proprietary or transferable interest in the land; hence no "asset" or "property" of the corporate debtor subsisted on the second CIRP commencement date, and Section 14 IBC moratorium could not revive or protect extinguished contractual rights. NCLT lacked jurisdiction under Section 60(5)(c) IBC to interfere with such termination. SC further held that HC rightly exercised writ jurisdiction to direct processing of approvals for Respondent No.8 and that no violation of natural justice occurred. The appeal was dismissed.
SC upheld the termination of the Development and Supplementary Agreements by Respondent No.1 Society as lawful, effective and based on prolonged contractual defaults unrelated to insolvency. It held that the developer only had a limited licence, with no proprietary or transferable interest in the land; hence no "asset" or "property" of the corporate debtor subsisted on the second CIRP commencement date, and Section 14 IBC moratorium could not revive or protect extinguished contractual rights. NCLT lacked jurisdiction under Section 60(5)(c) IBC to interfere with such termination. SC further held that HC rightly exercised writ jurisdiction to direct processing of approvals for Respondent No.8 and that no violation of natural justice occurred. The appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
