Business upkeep expenses despite no revenue, director's interest-free advances, and property gift additions-disallowances and notional interest delete...
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HC upheld the constitutional validity of the Empowered Committee's decision permitting transfer and restructuring of the tourism project in line with the NCLT-approved resolution plan under the IBC. It held that IBC provisions override the Telangana Infrastructure Development Enabling Act to the extent of inconsistency and that State consent to Respondent No. 4 was a lawful exercise of contractual and statutory discretion. Alleged violations of accrued rights, lack of notice, non-payment of compensation, and breach of FDI policy were rejected as contrary to the supervening effect of the IBC and prior HC/SC rulings. HC found the writ petition frivolous and dismissed it with costs.
HC upheld the constitutional validity of the Empowered Committee's decision permitting transfer and restructuring of the tourism project in line with the NCLT-approved resolution plan under the IBC. It held that IBC provisions override the Telangana Infrastructure Development Enabling Act to the extent of inconsistency and that State consent to Respondent No. 4 was a lawful exercise of contractual and statutory discretion. Alleged violations of accrued rights, lack of notice, non-payment of compensation, and breach of FDI policy were rejected as contrary to the supervening effect of the IBC and prior HC/SC rulings. HC found the writ petition frivolous and dismissed it with costs.
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