RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
Interim finance raised during CIRP from a related party and concurrent appointment of related legal counsel created a conflict of interest and breached the fiduciary duty and transparency obligations of the resolution professional, warranting corrective action. The RP failed to place terms of the loan and CIRP costs before the CoC for informed approval, and appropriated interim funds largely for his own and the related lawyers fees, justifying reduction of fees recoverable. The Appellate Tribunal upheld findings of misuse, disallowed certain interim finance refunds for interest and processing fees, and moderated the RPs recovery to Rs. 50 lakhs.
Interim finance raised during CIRP from a related party and concurrent appointment of related legal counsel created a conflict of interest and breached the fiduciary duty and transparency obligations of the resolution professional, warranting corrective action. The RP failed to place terms of the loan and CIRP costs before the CoC for informed approval, and appropriated interim funds largely for his own and the related lawyers fees, justifying reduction of fees recoverable. The Appellate Tribunal upheld findings of misuse, disallowed certain interim finance refunds for interest and processing fees, and moderated the RPs recovery to Rs. 50 lakhs.
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