Infrastructure facility: energy-efficient public lighting held integral to road projects, qualifying the operator as a developer and eligible for dedu...
Fourth Proviso to Section 153A: extended-period inquiry requires a reasonable, material-based satisfaction that escaped income likely exceeds the thre...
NCLAT held that a shareholder had no locus to reopen concluded insolvency proceedings or to agitate the corporate debtor's grievance after approval and implementation of the resolution plan. It found that repeated challenges based on the same memorandum of understanding and alleged fraud had already been rejected through prior proceedings, including appellate and Supreme Court scrutiny, and that the later application was a belated, suppressed and de novo attempt to relitigate settled issues. The Tribunal also held that NCLT's inherent powers could not be used to compel criminal action in a civil insolvency forum. The appeal was dismissed with costs for abuse of process.
NCLAT held that a shareholder had no locus to reopen concluded insolvency proceedings or to agitate the corporate debtor's grievance after approval and implementation of the resolution plan. It found that repeated challenges based on the same memorandum of understanding and alleged fraud had already been rejected through prior proceedings, including appellate and Supreme Court scrutiny, and that the later application was a belated, suppressed and de novo attempt to relitigate settled issues. The Tribunal also held that NCLT's inherent powers could not be used to compel criminal action in a civil insolvency forum. The appeal was dismissed with costs for abuse of process.
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