Transfer pricing comparability under TNMM: foreign exchange loss on ECB excluded from operating cost, and a functionally dissimilar comparator removed...
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NCLAT partly upheld adverse remarks against a resolution professional where the record showed belated filing of CIRP extension and liquidation applications, including one extension request made after the period had expired, so no expunction was warranted. It, however, removed the adverse inference that the resolution professional had a duty to file periodic progress reports, because no order, provision, or regulation requiring such reports was shown. It also held that the record did not support the charge of canvassing the CoC for approval of a particular resolution plan, since the CoC drove the negotiations and the RP acted on its directions within a creditor-driven CIRP.
NCLAT partly upheld adverse remarks against a resolution professional where the record showed belated filing of CIRP extension and liquidation applications, including one extension request made after the period had expired, so no expunction was warranted. It, however, removed the adverse inference that the resolution professional had a duty to file periodic progress reports, because no order, provision, or regulation requiring such reports was shown. It also held that the record did not support the charge of canvassing the CoC for approval of a particular resolution plan, since the CoC drove the negotiations and the RP acted on its directions within a creditor-driven CIRP.
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