CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
Export of Wheat Flour and related products subject to online allocation, eligibility criteria, non-transferable six-month authorisations and reporting...
Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
