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...
Acknowledgment of debt in the corporate debtor's auditor's report and balance sheet extended limitation for insolvency proceedings against the personal guarantors, and an acknowledgment by the principal borrower was treated as effective for the guarantors. On that basis, a fresh limitation period began from 31.12.2020, with the COVID-19 exclusion applied, so the Section 95 petitions filed on 13.10.2023 were within time. The Tribunal also held that SARFAESI, arbitration and DRT proceedings do not bar concurrent insolvency action against personal guarantors, because remedies under SARFAESI and the IBC are independent and the Code has overriding effect. The dismissal on limitation was reversed and both petitions were allowed.
Acknowledgment of debt in the corporate debtor's auditor's report and balance sheet extended limitation for insolvency proceedings against the personal guarantors, and an acknowledgment by the principal borrower was treated as effective for the guarantors. On that basis, a fresh limitation period began from 31.12.2020, with the COVID-19 exclusion applied, so the Section 95 petitions filed on 13.10.2023 were within time. The Tribunal also held that SARFAESI, arbitration and DRT proceedings do not bar concurrent insolvency action against personal guarantors, because remedies under SARFAESI and the IBC are independent and the Code has overriding effect. The dismissal on limitation was reversed and both petitions were allowed.
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