Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
Effective service requirement: officers must explore alternative service modes beyond the GST portal and afford personal hearing; non-compliance voids...
A sanctioned scheme of arrangement, approved with requisite creditor consent, operates as a binding novation that resolves antecedent debt and precludes initiation of insolvency proceedings under Section 7 when sanction predates the admission; Section 391(3) and (6) principles bind parties and stay coercive action. Where objections and a stay on recall of sanction were pending before a higher bench and the petitioner failed to disclose the sanction, the adjudicating authority should have deferred exercising its discretionary power under Section 7 until appellate disposal. Consequently the admission under Section 7 was set aside while the Section 7 petition is to be kept pending for reconsideration after the appellate outcome.
A sanctioned scheme of arrangement, approved with requisite creditor consent, operates as a binding novation that resolves antecedent debt and precludes initiation of insolvency proceedings under Section 7 when sanction predates the admission; Section 391(3) and (6) principles bind parties and stay coercive action. Where objections and a stay on recall of sanction were pending before a higher bench and the petitioner failed to disclose the sanction, the adjudicating authority should have deferred exercising its discretionary power under Section 7 until appellate disposal. Consequently the admission under Section 7 was set aside while the Section 7 petition is to be kept pending for reconsideration after the appellate outcome.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
