Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
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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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