Deductibility for charitable donations affirmed where payments to approved relief funds, even if CSR-driven, qualify under the donation deduction sche...
Mis-declaration in import descriptions must be deliberate to justify confiscation; withheld contemporaneous import documents invalidate value redeterm...
Liability for EPCG export shortfall: duty and interest sustained, but confiscation and penalties quashed where no fraud and causes beyond importer con...
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After approval of a resolution plan, CIRP does not remain a live insolvency proceeding capable of de novo revival merely because the successful resolution applicant later defaults in implementation. The NCLAT held that failure to perform even under a revised payment schedule does not permit the process to be reopened afresh; the statutory course in such circumstances is liquidation. The Tribunal also noted that an applicant who had already sought liquidation under Section 33 could not later take an inconsistent stand and ask for restoration of CIRP and appointment as Resolution Professional. The application for revival was therefore held not maintainable, and the appeal was dismissed, leaving liquidation to proceed.
After approval of a resolution plan, CIRP does not remain a live insolvency proceeding capable of de novo revival merely because the successful resolution applicant later defaults in implementation. The NCLAT held that failure to perform even under a revised payment schedule does not permit the process to be reopened afresh; the statutory course in such circumstances is liquidation. The Tribunal also noted that an applicant who had already sought liquidation under Section 33 could not later take an inconsistent stand and ask for restoration of CIRP and appointment as Resolution Professional. The application for revival was therefore held not maintainable, and the appeal was dismissed, leaving liquidation to proceed.
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