Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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A resolution plan that expressly addresses insolvency resolution process (CIRP) costs makes those costs final and unassailable; however, where claimed CIRP costs were never placed before or approved by the committee of creditors as CIRP costs, those claims cannot be allowed. The tribunal examined merits and found the impugned related-party transaction approvals were for business continuity, not approvals of CIRP cost under the CIRP Regulations, so the adjudicating authority correctly rejected the application seeking payment. Consequently, the appeals challenging that rejection were dismissed for lack of merit.
A resolution plan that expressly addresses insolvency resolution process (CIRP) costs makes those costs final and unassailable; however, where claimed CIRP costs were never placed before or approved by the committee of creditors as CIRP costs, those claims cannot be allowed. The tribunal examined merits and found the impugned related-party transaction approvals were for business continuity, not approvals of CIRP cost under the CIRP Regulations, so the adjudicating authority correctly rejected the application seeking payment. Consequently, the appeals challenging that rejection were dismissed for lack of merit.
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