Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
Right to access seized electronic evidence: impugned adjudication treated as additional show cause notice, remand for fresh hearing and return of mate...
Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
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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