Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
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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