Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Fixed deposit receipts kept as margin money for expired bank guarantees were treated as assets of the corporate debtor, and therefore passed to the successful resolution applicant after implementation of the resolution plan. The tribunal held that the information memorandum is meant to disclose available assets and liabilities, but omission of an asset from it does not, by itself, vest that asset in the erstwhile Committee of Creditors or defeat the resolution applicant's title. It distinguished extinguishment of claims under the resolution plan from transfer of ownership of later-discovered assets, and held that the banks had no right to adjust the FDR proceeds after full implementation of the plan.
Fixed deposit receipts kept as margin money for expired bank guarantees were treated as assets of the corporate debtor, and therefore passed to the successful resolution applicant after implementation of the resolution plan. The tribunal held that the information memorandum is meant to disclose available assets and liabilities, but omission of an asset from it does not, by itself, vest that asset in the erstwhile Committee of Creditors or defeat the resolution applicant's title. It distinguished extinguishment of claims under the resolution plan from transfer of ownership of later-discovered assets, and held that the banks had no right to adjust the FDR proceeds after full implementation of the plan.
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