CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Whether the approved resolution plan was liable to be rejected for alleged non-compliance with s.29A(g) IBC turned on the time at which ineligibility must be assessed. Applying the principle that disqualification of a successful resolution applicant is to be tested as on the date of submission of the resolution plan, and relying on the resolution professional's confirmation and independent professional certifications showing no ineligibility on that date, the finding that the plan was non-compliant with s.29A(g) was set aside. The plan was remitted for fresh consideration by the adjudicating authority within a stipulated time, and the appeal was disposed of. - NCLAT
Whether the approved resolution plan was liable to be rejected for alleged non-compliance with s.29A(g) IBC turned on the time at which ineligibility must be assessed. Applying the principle that disqualification of a successful resolution applicant is to be tested as on the date of submission of the resolution plan, and relying on the resolution professional's confirmation and independent professional certifications showing no ineligibility on that date, the finding that the plan was non-compliant with s.29A(g) was set aside. The plan was remitted for fresh consideration by the adjudicating authority within a stipulated time, and the appeal was disposed of. - NCLAT
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