Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
The NCLAT upheld approval of the resolution plan, applying limited judicial review and the CoC's commercial wisdom because no breach of Section 30(2) or material procedural irregularity was shown. Objections on CIRP costs failed since the plan treated unpaid costs as payable at actuals and, in any event, the issue had become academic after implementation. The EPF treatment was sustained because the plan set aside funds from secured creditors' share for a contingent statutory liability, causing no prejudice to the dissenting creditor. The extension of the e-voting window, clarificatory communications, and rejection of a Swiss Challenge were also held permissible, and the appeals were dismissed.
The NCLAT upheld approval of the resolution plan, applying limited judicial review and the CoC's commercial wisdom because no breach of Section 30(2) or material procedural irregularity was shown. Objections on CIRP costs failed since the plan treated unpaid costs as payable at actuals and, in any event, the issue had become academic after implementation. The EPF treatment was sustained because the plan set aside funds from secured creditors' share for a contingent statutory liability, causing no prejudice to the dissenting creditor. The extension of the e-voting window, clarificatory communications, and rejection of a Swiss Challenge were also held permissible, and the appeals were dismissed.
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