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...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Once a Section 9 application was admitted and an interim resolution professional appointed, control of the corporate debtor's affairs vested in the IRP, so a suspended director could not file an appeal in the corporate debtor's name as its authorised representative. The appeal was inherently non-maintainable at inception, not a curable procedural defect, and the NCLAT erred in allowing later amendment of the cause title and memo of appeal. Given the strict limitation regime under the Code, with only a limited condonable period, the belated attempt to convert the incompetent appeal into a valid one was rejected. The appeal was dismissed on this ground alone.
Once a Section 9 application was admitted and an interim resolution professional appointed, control of the corporate debtor's affairs vested in the IRP, so a suspended director could not file an appeal in the corporate debtor's name as its authorised representative. The appeal was inherently non-maintainable at inception, not a curable procedural defect, and the NCLAT erred in allowing later amendment of the cause title and memo of appeal. Given the strict limitation regime under the Code, with only a limited condonable period, the belated attempt to convert the incompetent appeal into a valid one was rejected. The appeal was dismissed on this ground alone.
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