Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
The dominant issue was whether an assignee financial creditor was disqualified from CoC membership and voting as a "related party" under Section 21(2) read with Section 5(24) of the IBC. Applying Phoenix ARC, the tribunal held the related-party disability operates in praesenti and attaches to the creditor, not to the debt; an assignment in good faith to an independent third party does not attract disqualification unless it is a mala fide device to circumvent Section 21(2). As the assignee ARC had no common shareholding or directors with the corporate debtor or the alleged related creditor, it was held not to be a related party and entitled to CoC participation with proportionate voting rights; prior orders were modified accordingly and resolution plans were to be considered by the reconstituted CoC - NCLAT
The dominant issue was whether an assignee financial creditor was disqualified from CoC membership and voting as a "related party" under Section 21(2) read with Section 5(24) of the IBC. Applying Phoenix ARC, the tribunal held the related-party disability operates in praesenti and attaches to the creditor, not to the debt; an assignment in good faith to an independent third party does not attract disqualification unless it is a mala fide device to circumvent Section 21(2). As the assignee ARC had no common shareholding or directors with the corporate debtor or the alleged related creditor, it was held not to be a related party and entitled to CoC participation with proportionate voting rights; prior orders were modified accordingly and resolution plans were to be considered by the reconstituted CoC - NCLAT
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