Transfer pricing adjustments for software services, corporate guarantees, expense characterisation and foreign tax credit affirmed under arm's length ...
Scientific Research approval for Sikshya O Anusandhan under section 35(1)(ii) granted subject to reporting, certification, and compliance requirements...
A promoter's restructuring proposal was treated as not being a resolution plan under the I&B Code because it was not submitted in accordance with the CIRP framework, including the expression of interest process and the requirements of Section 30(2). The Appellate Tribunal held that such a proposal could, at best, be considered a Section 12A withdrawal request to financial creditors, not a compliant resolution plan. As no valid plan had been approved, liquidation followed under Section 33(1)(b). The Tribunal also noted that the corporate debtor had already been sold in liquidation and a sale certificate issued, making the appeal infructuous and leaving no effective relief available.
A promoter's restructuring proposal was treated as not being a resolution plan under the I&B Code because it was not submitted in accordance with the CIRP framework, including the expression of interest process and the requirements of Section 30(2). The Appellate Tribunal held that such a proposal could, at best, be considered a Section 12A withdrawal request to financial creditors, not a compliant resolution plan. As no valid plan had been approved, liquidation followed under Section 33(1)(b). The Tribunal also noted that the corporate debtor had already been sold in liquidation and a sale certificate issued, making the appeal infructuous and leaving no effective relief available.
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