Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Issue was whether a creditor could, through an application under s.60(5) IBC, revive a rejected financial claim filed beyond the stipulated period and challenge the rejection after substantial progress of CIRP. Although the record showed acknowledgment of liability in the corporate debtor's balance sheets and emails, and even admissions by a promoter/personal guarantor in parallel insolvency proceedings, the challenge to the RP's rejection was raised nearly a year later, by which time the CoC had approved a resolution plan awaiting adjudication. Reopening or restarting CIRP at that stage was held impermissible; the appeal was dismissed. - NCLAT
Issue was whether a creditor could, through an application under s.60(5) IBC, revive a rejected financial claim filed beyond the stipulated period and challenge the rejection after substantial progress of CIRP. Although the record showed acknowledgment of liability in the corporate debtor's balance sheets and emails, and even admissions by a promoter/personal guarantor in parallel insolvency proceedings, the challenge to the RP's rejection was raised nearly a year later, by which time the CoC had approved a resolution plan awaiting adjudication. Reopening or restarting CIRP at that stage was held impermissible; the appeal was dismissed. - NCLAT
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