Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Withdrawal of CIRP under Section 12A before constitution of the CoC may be considered through the IRP, with the adjudicating authority examining statutory requirements, settlement terms and CIRP costs, and may also exercise inherent powers under Rule 11. An unadmitted claimant has no crystallised right to participate in or object to the withdrawal merely because a claim has been filed. Applying the Supreme Court's guidance in Glas Trust Company LLC v. BYJU Raveendran, the Appellate Tribunal upheld the withdrawal order as within jurisdiction and in accordance with Section 12A read with Regulation 30A, while leaving the claimant free to pursue other remedies in law.
Withdrawal of CIRP under Section 12A before constitution of the CoC may be considered through the IRP, with the adjudicating authority examining statutory requirements, settlement terms and CIRP costs, and may also exercise inherent powers under Rule 11. An unadmitted claimant has no crystallised right to participate in or object to the withdrawal merely because a claim has been filed. Applying the Supreme Court's guidance in Glas Trust Company LLC v. BYJU Raveendran, the Appellate Tribunal upheld the withdrawal order as within jurisdiction and in accordance with Section 12A read with Regulation 30A, while leaving the claimant free to pursue other remedies in law.
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