Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The Appellate Tribunal held that the Committee of Creditors could reject the resolution plans and annul the insolvency process because the RFRP, read with the CIRP framework, reserved a general right to accept, reject or terminate the bid process at any stage without reasons. Although the bid framework contemplated negotiations and a challenge mechanism, it did not impose a mandatory bar on stopping the process before that stage. The record also showed the applicant participated, revised its plan, and was not denied an opportunity. As the plans were found financially non-viable and below liquidation value, the decision fell within the CoC's commercial wisdom and warranted no appellate interference.
The Appellate Tribunal held that the Committee of Creditors could reject the resolution plans and annul the insolvency process because the RFRP, read with the CIRP framework, reserved a general right to accept, reject or terminate the bid process at any stage without reasons. Although the bid framework contemplated negotiations and a challenge mechanism, it did not impose a mandatory bar on stopping the process before that stage. The record also showed the applicant participated, revised its plan, and was not denied an opportunity. As the plans were found financially non-viable and below liquidation value, the decision fell within the CoC's commercial wisdom and warranted no appellate interference.
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TaxTMI 
TaxTMI 
of 4916 
