Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
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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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